JSMSX vs. IRSPX

Last updated Jun 4, 2026

JSMSX (JPMorgan SmartRetirement 2030 Fund) and IRSPX (Voya Target Retirement 2045 Fund) are both Target Retirement Date funds. Over the past 10 years, JSMSX returned 9.87%/yr vs 11.85%/yr for IRSPX. With a 0.97 correlation, they move nearly in lockstep. JSMSX charges 0.25%/yr vs 0.19%/yr for IRSPX.

Performance

JSMSX vs. IRSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan SmartRetirement 2030 Fund (JSMSX) and Voya Target Retirement 2045 Fund (IRSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JSMSX achieves a 6.37% return, which is significantly lower than IRSPX's 12.56% return. Over the past 10 years, JSMSX has underperformed IRSPX with an annualized return of 9.87%, while IRSPX has yielded a comparatively higher 11.85% annualized return.

JSMSX

• 1D: 0.19%
• 1M: 2.73%
• YTD: 6.37%
• 6M: 6.66%
• 1Y: 16.72%
• 3Y*: 12.77%
• 5Y*: 5.84%
• 10Y*: 9.87%

IRSPX

• 1D: 0.39%
• 1M: 5.50%
• YTD: 12.56%
• 6M: 13.39%
• 1Y: 28.63%
• 3Y*: 19.58%
• 5Y*: 10.27%
• 10Y*: 11.85%

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

JSMSX vs. IRSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JSMSX JPMorgan SmartRetirement 2030 Fund	6.37%	14.15%	6.89%	18.54%	-16.76%	10.72%	12.45%	41.23%	-7.64%	18.74%
IRSPX Voya Target Retirement 2045 Fund	12.56%	20.26%	14.80%	20.14%	-18.48%	18.90%	17.49%	24.79%	-9.02%	20.77%

Correlation

The correlation between JSMSX and IRSPX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 26, 2012	0.97

The correlation between JSMSX and IRSPX has been stable across timeframes, ranging from 0.88 to 0.97 - a consistent structural relationship.

Return for Risk

JSMSX vs. IRSPX — Risk / Return Rank

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

JSMSX

JSMSX Risk / Return Rank: 55
JSMSX Sharpe Ratio Rank: 55
JSMSX Sortino Ratio Rank: 56
JSMSX Omega Ratio Rank: 56
JSMSX Calmar Ratio Rank: 48
JSMSX Martin Ratio Rank: 57

IRSPX

IRSPX Risk / Return Rank: 82
IRSPX Sharpe Ratio Rank: 84
IRSPX Sortino Ratio Rank: 82
IRSPX Omega Ratio Rank: 76
IRSPX Calmar Ratio Rank: 78
IRSPX 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.

JSMSX vs. IRSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan SmartRetirement 2030 Fund (JSMSX) 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.

	JSMSX	IRSPX	Difference
Sharpe ratio Return per unit of total volatility	2.20	2.74	-0.54
Sortino ratio Return per unit of downside risk	3.17	3.93	-0.76
Omega ratio Gain probability vs. loss probability	1.42	1.51	-0.09
Calmar ratio Return relative to maximum drawdown	2.64	3.56	-0.92
Martin ratio Return relative to average drawdown	11.44	17.12	-5.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JSMSX vs. IRSPX - Sharpe Ratio Comparison

The current JSMSX Sharpe Ratio is 2.20, which is comparable to the IRSPX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of JSMSX and IRSPX, 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

	JSMSX	IRSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.74	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.71	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.76	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.75	-0.25

Drawdowns

JSMSX vs. IRSPX - Drawdown Comparison

The maximum JSMSX drawdown since its inception was -50.05%, which is greater than IRSPX's maximum drawdown of -32.60%. Use the drawdown chart below to compare losses from any high point for JSMSX and IRSPX.

Drawdown Indicators

	JSMSX	IRSPX	Difference
Max Drawdown Largest peak-to-trough decline	-50.05%	-32.60%	-17.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-8.99%	+2.55%
Max Drawdown (3Y) Largest decline over 3 years	-9.53%	-15.18%	+5.65%
Max Drawdown (5Y) Largest decline over 5 years	-22.56%	-25.80%	+3.24%
Max Drawdown (10Y) Largest decline over 10 years	-25.42%	-32.60%	+7.18%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.38%	-4.41%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	1.80%	-0.32%

Volatility

JSMSX vs. IRSPX - Volatility Comparison

The current volatility for JPMorgan SmartRetirement 2030 Fund (JSMSX) is 2.59%, while Voya Target Retirement 2045 Fund (IRSPX) has a volatility of 3.55%. This indicates that JSMSX 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.

Volatility by Period

	JSMSX	IRSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	3.55%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	6.24%	9.51%	-3.27%
Volatility (1Y) Calculated over the trailing 1-year period	7.72%	11.67%	-3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.38%	14.85%	-4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.45%	15.79%	-3.34%

JSMSX vs. IRSPX - Expense Ratio Comparison

JSMSX has a 0.25% 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

JSMSX vs. IRSPX - Dividend Comparison

JSMSX's dividend yield for the trailing twelve months is around 5.50%, less than IRSPX's 10.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRSPX Voya Target Retirement 2045 Fund	10.37%	11.68%	3.04%	2.02%	6.08%	22.70%	3.26%	4.76%	5.54%	5.68%	2.00%	0.44%
JSMSX JPMorgan SmartRetirement 2030 Fund	5.50%	5.85%	5.49%	2.50%	8.25%	12.28%	4.20%	31.61%	6.17%	4.18%	2.83%	3.20%

Frequently Asked Questions

Can I hold both JSMSX and IRSPX in my portfolio?

JSMSX and IRSPX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JSMSX or IRSPX?

IRSPX has higher volatility (3.55%) compared to JSMSX (2.59%). In terms of maximum drawdown, JSMSX dropped -50.05% vs IRSPX's -32.60%.

Which has better risk-adjusted returns?

IRSPX currently has the higher Sharpe Ratio (2.74 vs 2.20), 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.