MLLIX vs. IRSOX

Last updated Jun 5, 2026

MLLIX (MFS Lifetime Income Fund) and IRSOX (Voya Target Retirement 2040 Fund) are both Target Retirement Date funds. Over the past 10 years, MLLIX returned 5.05%/yr vs 11.16%/yr for IRSOX. Their correlation of 0.82 suggests significant overlap in exposure. MLLIX charges 0.00%/yr vs 0.23%/yr for IRSOX.

Performance

MLLIX vs. IRSOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Lifetime Income Fund (MLLIX) 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, MLLIX achieves a 3.31% return, which is significantly lower than IRSOX's 10.89% return. Over the past 10 years, MLLIX has underperformed IRSOX with an annualized return of 5.05%, while IRSOX has yielded a comparatively higher 11.16% annualized return.

MLLIX

• 1D: -0.32%
• 1M: 0.70%
• YTD: 3.31%
• 6M: 3.58%
• 1Y: 9.18%
• 3Y*: 7.88%
• 5Y*: 3.36%
• 10Y*: 5.05%

IRSOX

• 1D: -0.70%
• 1M: 3.45%
• YTD: 10.89%
• 6M: 11.54%
• 1Y: 25.42%
• 3Y*: 18.10%
• 5Y*: 9.15%
• 10Y*: 11.16%

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

MLLIX vs. IRSOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLLIX MFS Lifetime Income Fund	3.31%	9.32%	5.62%	9.12%	-11.99%	6.63%	10.06%	13.91%	-2.37%	8.24%
IRSOX Voya Target Retirement 2040 Fund	10.89%	19.10%	13.74%	19.25%	-18.43%	17.65%	16.93%	23.69%	-8.31%	20.15%

Correlation

The correlation between MLLIX and IRSOX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 26, 2012	0.82

The correlation between MLLIX and IRSOX has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

MLLIX vs. IRSOX — Risk / Return Rank

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

MLLIX

MLLIX Risk / Return Rank: 58
MLLIX Sharpe Ratio Rank: 59
MLLIX Sortino Ratio Rank: 65
MLLIX Omega Ratio Rank: 62
MLLIX Calmar Ratio Rank: 45
MLLIX Martin Ratio Rank: 58

IRSOX

IRSOX Risk / Return Rank: 80
IRSOX Sharpe Ratio Rank: 82
IRSOX Sortino Ratio Rank: 81
IRSOX Omega Ratio Rank: 75
IRSOX Calmar Ratio Rank: 77
IRSOX Martin Ratio Rank: 87

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.

MLLIX vs. IRSOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Lifetime Income Fund (MLLIX) 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.

	MLLIX	IRSOX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.63	-0.43
Sortino ratio: Return per unit of downside risk	3.30	3.82	-0.52
Omega ratio: Gain probability vs. loss probability	1.42	1.49	-0.06
Calmar ratio: Return relative to maximum drawdown	2.48	3.38	-0.90
Martin ratio: Return relative to average drawdown	11.16	16.17	-5.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLLIX vs. IRSOX - Sharpe Ratio Comparison

The current MLLIX Sharpe Ratio is 2.20, which is comparable to the IRSOX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of MLLIX 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.

Sharpe Ratios by Period

	MLLIX	IRSOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.63	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.67	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.76	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.75	+0.10

Drawdowns

MLLIX vs. IRSOX - Drawdown Comparison

The maximum MLLIX drawdown since its inception was -17.32%, smaller than the maximum IRSOX drawdown of -31.25%. Use the drawdown chart below to compare losses from any high point for MLLIX and IRSOX.

Drawdown Indicators

	MLLIX	IRSOX	Difference
Max Drawdown Largest peak-to-trough decline	-17.32%	-31.25%	+13.93%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-8.38%	+4.52%
Max Drawdown (3Y) Largest decline over 3 years	-5.74%	-13.84%	+8.10%
Max Drawdown (5Y) Largest decline over 5 years	-16.08%	-25.24%	+9.16%
Max Drawdown (10Y) Largest decline over 10 years	-16.08%	-31.25%	+15.17%
Current Drawdown Current decline from peak	-0.32%	-0.70%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.15%	-4.28%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	1.69%	-0.83%

Volatility

MLLIX vs. IRSOX - Volatility Comparison

The current volatility for MFS Lifetime Income Fund (MLLIX) is 1.43%, while Voya Target Retirement 2040 Fund (IRSOX) has a volatility of 3.42%. This indicates that MLLIX 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

	MLLIX	IRSOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	3.42%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	3.45%	8.86%	-5.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	10.78%	-6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.91%	13.87%	-7.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.71%	14.80%	-9.09%

MLLIX vs. IRSOX - Expense Ratio Comparison

MLLIX has a 0.00% 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

MLLIX vs. IRSOX - Dividend Comparison

MLLIX's dividend yield for the trailing twelve months is around 7.71%, less than IRSOX's 12.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRSOX Voya Target Retirement 2040 Fund	12.36%	13.71%	2.25%	2.13%	6.01%	17.52%	3.71%	4.14%	5.84%	5.86%	1.98%	0.41%
MLLIX MFS Lifetime Income Fund	7.71%	6.01%	6.26%	3.70%	3.92%	6.12%	3.18%	3.80%	4.20%	3.56%	4.21%	2.51%

Frequently Asked Questions

Can I hold both MLLIX and IRSOX in my portfolio?

MLLIX and IRSOX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLLIX or IRSOX?

IRSOX has higher volatility (3.42%) compared to MLLIX (1.43%). In terms of maximum drawdown, MLLIX dropped -17.32% vs IRSOX's -31.25%.

Which has better risk-adjusted returns?

IRSOX currently has the higher Sharpe Ratio (2.63 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.