ITIOX vs. IIVAX

Last updated Jun 4, 2026

ITIOX (Transamerica Inflation Opportunities Fund) and IIVAX (Transamerica Small/Mid Cap Value Fund) are both mutual funds - ITIOX is a Inflation-Protected Bonds fund managed by Transamerica, while IIVAX is a Mid Cap Value Equities fund managed by Transamerica. Over the past 10 years, ITIOX returned 2.80%/yr vs 10.02%/yr for IIVAX. At a 0.05 correlation, their price movements are largely independent. ITIOX charges 0.65%/yr vs 1.23%/yr for IIVAX.

Performance

ITIOX vs. IIVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transamerica Inflation Opportunities Fund (ITIOX) and Transamerica Small/Mid Cap Value Fund (IIVAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITIOX achieves a 1.51% return, which is significantly lower than IIVAX's 10.90% return. Over the past 10 years, ITIOX has underperformed IIVAX with an annualized return of 2.80%, while IIVAX has yielded a comparatively higher 10.02% annualized return.

ITIOX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.51%
• 6M: 1.14%
• 1Y: 4.99%
• 3Y*: 4.39%
• 5Y*: 1.47%
• 10Y*: 2.80%

IIVAX

• 1D: 0.21%
• 1M: 2.25%
• YTD: 10.90%
• 6M: 11.33%
• 1Y: 23.71%
• 3Y*: 13.74%
• 5Y*: 6.96%
• 10Y*: 10.02%

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

ITIOX vs. IIVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITIOX Transamerica Inflation Opportunities Fund	1.51%	6.10%	2.13%	5.96%	-10.81%	4.02%	8.95%	8.79%	-1.99%	4.06%
IIVAX Transamerica Small/Mid Cap Value Fund	10.90%	9.49%	8.57%	12.02%	-8.35%	27.49%	3.25%	24.62%	-11.87%	15.16%

Correlation

The correlation between ITIOX and IIVAX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.05

The correlation between ITIOX and IIVAX shifts across timeframes, from 0.05 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ITIOX vs. IIVAX — Risk / Return Rank

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

ITIOX

ITIOX Risk / Return Rank: 41
ITIOX Sharpe Ratio Rank: 35
ITIOX Sortino Ratio Rank: 39
ITIOX Omega Ratio Rank: 36
ITIOX Calmar Ratio Rank: 53
ITIOX Martin Ratio Rank: 40

IIVAX

IIVAX Risk / Return Rank: 45
IIVAX Sharpe Ratio Rank: 41
IIVAX Sortino Ratio Rank: 43
IIVAX Omega Ratio Rank: 37
IIVAX Calmar Ratio Rank: 55
IIVAX Martin Ratio Rank: 48

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.

ITIOX vs. IIVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transamerica Inflation Opportunities Fund (ITIOX) and Transamerica Small/Mid Cap Value Fund (IIVAX). 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.

	ITIOX	IIVAX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.86	-0.13
Sortino ratio: Return per unit of downside risk	2.61	2.76	-0.15
Omega ratio: Gain probability vs. loss probability	1.32	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	2.80	2.85	-0.05
Martin ratio: Return relative to average drawdown	8.69	9.86	-1.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITIOX vs. IIVAX - Sharpe Ratio Comparison

The current ITIOX Sharpe Ratio is 1.73, which is comparable to the IIVAX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of ITIOX and IIVAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ITIOX	IIVAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.86	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.38	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.49	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.49	+0.07

Drawdowns

ITIOX vs. IIVAX - Drawdown Comparison

The maximum ITIOX drawdown since its inception was -13.98%, smaller than the maximum IIVAX drawdown of -57.38%. Use the drawdown chart below to compare losses from any high point for ITIOX and IIVAX.

Drawdown Indicators

	ITIOX	IIVAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.98%	-57.38%	+43.40%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-8.87%	+7.08%
Max Drawdown (3Y) Largest decline over 3 years	-4.04%	-19.76%	+15.72%
Max Drawdown (5Y) Largest decline over 5 years	-13.98%	-23.12%	+9.14%
Max Drawdown (10Y) Largest decline over 10 years	-13.98%	-44.13%	+30.15%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.69%	-8.34%	+5.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	2.56%	-1.98%

Volatility

ITIOX vs. IIVAX - Volatility Comparison

The current volatility for Transamerica Inflation Opportunities Fund (ITIOX) is 0.82%, while Transamerica Small/Mid Cap Value Fund (IIVAX) has a volatility of 3.06%. This indicates that ITIOX experiences smaller price fluctuations and is considered to be less risky than IIVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITIOX	IIVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	3.06%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	2.02%	8.91%	-6.89%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	13.60%	-10.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	18.58%	-13.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	20.48%	-16.03%

ITIOX vs. IIVAX - Expense Ratio Comparison

ITIOX has a 0.65% expense ratio, which is lower than IIVAX's 1.23% expense ratio.

Dividends

ITIOX vs. IIVAX - Dividend Comparison

ITIOX's dividend yield for the trailing twelve months is around 3.13%, less than IIVAX's 9.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIVAX Transamerica Small/Mid Cap Value Fund	9.54%	10.58%	12.75%	4.83%	9.72%	10.94%	0.48%	3.17%	12.58%	13.20%	5.91%	9.34%
ITIOX Transamerica Inflation Opportunities Fund	3.13%	3.98%	2.66%	3.12%	5.85%	3.60%	1.17%	1.29%	2.72%	1.56%	0.34%	0.00%

Frequently Asked Questions

Can I hold both ITIOX and IIVAX in my portfolio?

ITIOX and IIVAX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITIOX or IIVAX?

IIVAX has higher volatility (3.06%) compared to ITIOX (0.82%). In terms of maximum drawdown, ITIOX dropped -13.98% vs IIVAX's -57.38%.

Which has better risk-adjusted returns?

IIVAX currently has the higher Sharpe Ratio (1.86 vs 1.73), 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.