IRSNX vs. IRSOX

Last updated Jun 23, 2026

IRSNX (Voya Target Retirement 2035 Fund) and IRSOX (Voya Target Retirement 2040 Fund) are both Target Retirement Date funds from Voya. Over the past 10 years, IRSNX returned 10.21%/yr vs 11.25%/yr for IRSOX. With a 1.00 correlation, they move nearly in lockstep. IRSNX charges 0.20%/yr vs 0.23%/yr for IRSOX.

Performance

IRSNX vs. IRSOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Target Retirement 2035 Fund (IRSNX) and Voya Target Retirement 2040 Fund (IRSOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IRSNX achieves a 9.57% return, which is significantly lower than IRSOX's 11.15% return. Over the past 10 years, IRSNX has underperformed IRSOX with an annualized return of 10.21%, while IRSOX has yielded a comparatively higher 11.25% annualized return.

IRSNX

• 1D: 0.89%
• 1M: 1.53%
• YTD: 9.57%
• 6M: 9.50%
• 1Y: 22.75%
• 3Y*: 15.37%
• 5Y*: 8.29%
• 10Y*: 10.21%

IRSOX

• 1D: 1.00%
• 1M: 1.72%
• YTD: 11.15%
• 6M: 11.03%
• 1Y: 25.96%
• 3Y*: 17.22%
• 5Y*: 9.58%
• 10Y*: 11.25%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IRSNX vs. IRSOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRSNX Voya Target Retirement 2035 Fund	9.57%	17.23%	12.30%	17.56%	-17.97%	15.51%	15.76%	22.33%	-7.50%	19.14%
IRSOX Voya Target Retirement 2040 Fund	11.15%	19.10%	13.74%	19.25%	-18.43%	17.65%	16.93%	23.69%	-8.31%	20.15%

Correlation

The correlation between IRSNX and IRSOX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012	1.00

The correlation between IRSNX and IRSOX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

IRSNX vs. IRSOX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IRSNX

IRSNX Risk / Return Rank: 81
IRSNX Sharpe Ratio Rank: 80
IRSNX Sortino Ratio Rank: 81
IRSNX Omega Ratio Rank: 77
IRSNX Calmar Ratio Rank: 77
IRSNX Martin Ratio Rank: 87

IRSOX

IRSOX Risk / Return Rank: 81
IRSOX Sharpe Ratio Rank: 82
IRSOX Sortino Ratio Rank: 81
IRSOX Omega Ratio Rank: 77
IRSOX Calmar Ratio Rank: 78
IRSOX Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IRSNX vs. IRSOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Target Retirement 2035 Fund (IRSNX) and Voya Target Retirement 2040 Fund (IRSOX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IRSNX	IRSOX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.46	-0.03
Sortino ratio: Return per unit of downside risk	3.54	3.54	0.00
Omega ratio: Gain probability vs. loss probability	1.46	1.46	0.00
Calmar ratio: Return relative to maximum drawdown	3.30	3.34	-0.05
Martin ratio: Return relative to average drawdown	15.36	15.54	-0.18

IRSNX vs. IRSOX - Sharpe Ratio Comparison

The current IRSNX Sharpe Ratio is 2.43, which is comparable to the IRSOX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of IRSNX and IRSOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IRSNX vs. IRSOX - Drawdown Comparison

The maximum IRSNX drawdown since its inception was -29.52%, smaller than the maximum IRSOX drawdown of -31.25%. Use the drawdown chart below to compare losses from any high point for IRSNX and IRSOX.

Drawdown Indicators

	IRSNX	IRSOX	Difference
Max Drawdown Largest peak-to-trough decline	-29.52%	-31.25%	+1.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.45%	-8.38%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-12.03%	-13.84%	+1.81%
Max Drawdown (5Y) Largest decline over 5 years	-24.44%	-25.24%	+0.80%
Max Drawdown (10Y) Largest decline over 10 years	-29.52%	-31.25%	+1.73%
Current Drawdown Current decline from peak	-0.38%	-0.46%	+0.08%
Average Drawdown Average peak-to-trough decline	-4.10%	-4.27%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.74%	-0.20%

Volatility

IRSNX vs. IRSOX - Volatility Comparison

The current volatility for Voya Target Retirement 2035 Fund (IRSNX) is 3.90%, while Voya Target Retirement 2040 Fund (IRSOX) has a volatility of 4.38%. This indicates that IRSNX experiences smaller price fluctuations and is considered to be less risky than IRSOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IRSNX	IRSOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	4.38%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	9.34%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	10.09%	11.38%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.48%	13.96%	-1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.48%	14.84%	-1.36%

IRSNX vs. IRSOX - Expense Ratio Comparison

IRSNX has a 0.20% expense ratio, which is lower than IRSOX's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IRSNX vs. IRSOX - Dividend Comparison

IRSNX's dividend yield for the trailing twelve months is around 8.78%, less than IRSOX's 12.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRSNX Voya Target Retirement 2035 Fund	8.78%	9.62%	2.15%	2.25%	6.05%	17.46%	4.26%	4.23%	6.04%	6.30%	1.73%	0.37%
IRSOX Voya Target Retirement 2040 Fund	12.33%	13.71%	2.25%	2.13%	6.01%	17.52%	3.71%	4.14%	5.84%	5.86%	1.98%	0.41%

Frequently Asked Questions

Can I hold both IRSNX and IRSOX in my portfolio?

With a correlation of 1.00, IRSNX and IRSOX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IRSNX or IRSOX?

IRSOX has higher volatility (4.38%) compared to IRSNX (3.90%). In terms of maximum drawdown, IRSNX dropped -29.52% vs IRSOX's -31.25%.

Which has better risk-adjusted returns?

IRSOX currently has the higher Sharpe Ratio (2.46 vs 2.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.