LIWPX vs. IRSPX

Last updated Jun 4, 2026

LIWPX (BlackRock LifePath Index 2065 Fund) and IRSPX (Voya Target Retirement 2045 Fund) are both Target Retirement Date funds. Over the past 5 years, LIWPX returned 10.44%/yr vs 10.27%/yr for IRSPX. With a 0.97 correlation, they move nearly in lockstep. LIWPX charges 0.35%/yr vs 0.19%/yr for IRSPX.

Performance

LIWPX vs. IRSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Index 2065 Fund (LIWPX) and Voya Target Retirement 2045 Fund (IRSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with LIWPX having a 13.09% return and IRSPX slightly lower at 12.56%.

LIWPX

• 1D: 0.49%
• 1M: 5.68%
• YTD: 13.09%
• 6M: 13.96%
• 1Y: 29.84%
• 3Y*: 20.01%
• 5Y*: 10.44%
• 10Y*: —

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)

LIWPX vs. IRSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LIWPX BlackRock LifePath Index 2065 Fund	13.09%	21.32%	14.17%	21.22%	-18.52%	18.51%	15.12%	5.67%
IRSPX Voya Target Retirement 2045 Fund	12.56%	20.26%	14.80%	20.14%	-18.48%	18.90%	17.49%	5.16%

Correlation

The correlation between LIWPX and IRSPX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 31, 2019	0.97

The correlation between LIWPX and IRSPX has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

Return for Risk

LIWPX vs. IRSPX — Risk / Return Rank

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

LIWPX

LIWPX Risk / Return Rank: 67
LIWPX Sharpe Ratio Rank: 68
LIWPX Sortino Ratio Rank: 63
LIWPX Omega Ratio Rank: 60
LIWPX Calmar Ratio Rank: 68
LIWPX Martin Ratio Rank: 74

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.

LIWPX vs. IRSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Index 2065 Fund (LIWPX) 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.

	LIWPX	IRSPX	Difference
Sharpe ratio Return per unit of total volatility	2.40	2.74	-0.34
Sortino ratio Return per unit of downside risk	3.33	3.93	-0.60
Omega ratio Gain probability vs. loss probability	1.43	1.51	-0.07
Calmar ratio Return relative to maximum drawdown	3.17	3.56	-0.39
Martin ratio Return relative to average drawdown	14.08	17.12	-3.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LIWPX vs. IRSPX - Sharpe Ratio Comparison

The current LIWPX Sharpe Ratio is 2.40, which is comparable to the IRSPX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of LIWPX 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

	LIWPX	IRSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.74	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.71	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.75	-0.05

Drawdowns

LIWPX vs. IRSPX - Drawdown Comparison

The maximum LIWPX drawdown since its inception was -33.12%, roughly equal to the maximum IRSPX drawdown of -32.60%. Use the drawdown chart below to compare losses from any high point for LIWPX and IRSPX.

Drawdown Indicators

	LIWPX	IRSPX	Difference
Max Drawdown Largest peak-to-trough decline	-33.12%	-32.60%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.57%	-8.99%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-16.97%	-15.18%	-1.79%
Max Drawdown (5Y) Largest decline over 5 years	-26.57%	-25.80%	-0.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.60%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.88%	-4.41%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.80%	+0.35%

Volatility

LIWPX vs. IRSPX - Volatility Comparison

BlackRock LifePath Index 2065 Fund (LIWPX) has a higher volatility of 3.88% compared to Voya Target Retirement 2045 Fund (IRSPX) at 3.55%. This indicates that LIWPX's price experiences larger fluctuations and is considered to be riskier than IRSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIWPX	IRSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.55%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	9.51%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	12.63%	11.67%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.84%	14.85%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	15.79%	+2.77%

LIWPX vs. IRSPX - Expense Ratio Comparison

LIWPX has a 0.35% expense ratio, which is higher than IRSPX's 0.19% expense ratio.

Dividends

LIWPX vs. IRSPX - Dividend Comparison

LIWPX's dividend yield for the trailing twelve months is around 1.38%, 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%
LIWPX BlackRock LifePath Index 2065 Fund	1.38%	1.57%	0.00%	1.76%	1.50%	1.58%	1.13%	0.83%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LIWPX and IRSPX in my portfolio?

With a correlation of 0.90, LIWPX 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.

Which is riskier, LIWPX or IRSPX?

LIWPX has higher volatility (3.88%) compared to IRSPX (3.55%). In terms of maximum drawdown, LIWPX dropped -33.12% vs IRSPX's -32.60%.

Which has better risk-adjusted returns?

IRSPX currently has the higher Sharpe Ratio (2.74 vs 2.40), 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.