IRSOX vs. IRSPX
IRSOX (Voya Target Retirement 2040 Fund) and IRSPX (Voya Target Retirement 2045 Fund) are both Target Retirement Date funds from Voya. Over the past 10 years, IRSOX returned 11.25%/yr vs 11.85%/yr for IRSPX. With a 1.00 correlation, they move nearly in lockstep. IRSOX charges 0.23%/yr vs 0.19%/yr for IRSPX.
Performance
IRSOX vs. IRSPX - Performance Comparison
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Returns By Period
In the year-to-date period, IRSOX achieves a 11.15% return, which is significantly lower than IRSPX's 11.93% return. Over the past 10 years, IRSOX has underperformed IRSPX with an annualized return of 11.25%, while IRSPX has yielded a comparatively higher 11.85% annualized return.
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%
IRSPX
- 1D
- 1.08%
- 1M
- 1.72%
- YTD
- 11.93%
- 6M
- 11.79%
- 1Y
- 27.83%
- 3Y*
- 18.27%
- 5Y*
- 10.39%
- 10Y*
- 11.85%
IRSOX vs. IRSPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IRSPX Voya Target Retirement 2045 Fund | 11.93% | 20.26% | 14.80% | 20.14% | -18.48% | 18.90% | 17.49% | 24.79% | -9.02% | 20.77% |
Correlation
The correlation between IRSOX and IRSPX 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 | 1.00 |
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 IRSOX and IRSPX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
IRSOX vs. IRSPX — Risk / Return Rank
IRSOX
IRSPX
IRSOX vs. IRSPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya Target Retirement 2040 Fund (IRSOX) and Voya Target Retirement 2045 Fund (IRSPX). 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.
| IRSOX | IRSPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.45 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 3.36 | -0.02 |
| Martin ratioReturn relative to average drawdown | 15.54 | 15.71 | -0.17 |
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Drawdowns
IRSOX vs. IRSPX - Drawdown Comparison
The maximum IRSOX drawdown since its inception was -31.25%, roughly equal to the maximum IRSPX drawdown of -32.60%. Use the drawdown chart below to compare losses from any high point for IRSOX and IRSPX.
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Drawdown Indicators
| IRSOX | IRSPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.25% | -32.60% | +1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -8.38% | -8.99% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -13.84% | -15.18% | +1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -25.24% | -25.80% | +0.56% |
Max Drawdown (10Y)Largest decline over 10 years | -31.25% | -32.60% | +1.35% |
Current DrawdownCurrent decline from peak | -0.46% | -0.56% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -4.27% | -4.40% | +0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.86% | -0.12% |
Volatility
IRSOX vs. IRSPX - Volatility Comparison
The current volatility for Voya Target Retirement 2040 Fund (IRSOX) is 4.38%, while Voya Target Retirement 2045 Fund (IRSPX) has a volatility of 4.72%. This indicates that IRSOX experiences smaller price fluctuations and is considered to be less risky than IRSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IRSOX | IRSPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.38% | 4.72% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 9.34% | 10.10% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.38% | 12.34% | -0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.96% | 14.95% | -0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.84% | 15.83% | -0.99% |
IRSOX vs. IRSPX - Expense Ratio Comparison
IRSOX has a 0.23% expense ratio, which is higher than IRSPX's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IRSOX vs. IRSPX - Dividend Comparison
IRSOX's dividend yield for the trailing twelve months is around 12.33%, more than IRSPX's 10.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IRSPX Voya Target Retirement 2045 Fund | 10.43% | 11.68% | 3.04% | 2.02% | 6.08% | 22.70% | 3.26% | 4.76% | 5.54% | 5.68% | 2.00% | 0.44% |
Frequently Asked Questions
With a correlation of 1.00, IRSOX and IRSPX 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.
IRSPX has higher volatility (4.72%) compared to IRSOX (4.38%). In terms of maximum drawdown, IRSOX dropped -31.25% vs IRSPX's -32.60%.
IRSOX currently has the higher Sharpe Ratio (2.46 vs 2.45), 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.
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