PADLX vs. LIWKX

Last updated Jun 5, 2026

PADLX (Putnam Retirement Advantage Maturity Fund) and LIWKX (BlackRock LifePath Index 2065 Fund Class K) are both Target Retirement Date funds. Over the past 5 years, PADLX returned 3.94%/yr vs 10.34%/yr for LIWKX. Their correlation of 0.84 suggests significant overlap in exposure. PADLX charges 0.22%/yr vs 0.09%/yr for LIWKX.

Performance

PADLX vs. LIWKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Retirement Advantage Maturity Fund (PADLX) and BlackRock LifePath Index 2065 Fund Class K (LIWKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PADLX achieves a 4.51% return, which is significantly lower than LIWKX's 12.23% return.

PADLX

• 1D: -0.35%
• 1M: 1.39%
• YTD: 4.51%
• 6M: 5.05%
• 1Y: 13.15%
• 3Y*: 10.30%
• 5Y*: 3.94%
• 10Y*: —

LIWKX

• 1D: -0.88%
• 1M: 3.66%
• YTD: 12.23%
• 6M: 12.93%
• 1Y: 28.79%
• 3Y*: 19.90%
• 5Y*: 10.34%
• 10Y*: —

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

PADLX vs. LIWKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PADLX Putnam Retirement Advantage Maturity Fund	4.51%	10.83%	8.34%	11.01%	-12.54%	2.93%	7.84%
LIWKX BlackRock LifePath Index 2065 Fund Class K	12.23%	21.71%	14.22%	21.64%	-18.33%	18.87%	14.49%

Correlation

The correlation between PADLX and LIWKX 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	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.84

The correlation between PADLX and LIWKX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

PADLX vs. LIWKX — Risk / Return Rank

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

PADLX

PADLX Risk / Return Rank: 87
PADLX Sharpe Ratio Rank: 90
PADLX Sortino Ratio Rank: 90
PADLX Omega Ratio Rank: 86
PADLX Calmar Ratio Rank: 82
PADLX Martin Ratio Rank: 87

LIWKX

LIWKX Risk / Return Rank: 64
LIWKX Sharpe Ratio Rank: 63
LIWKX Sortino Ratio Rank: 59
LIWKX Omega Ratio Rank: 58
LIWKX Calmar Ratio Rank: 65
LIWKX Martin Ratio Rank: 73

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.

PADLX vs. LIWKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Retirement Advantage Maturity Fund (PADLX) and BlackRock LifePath Index 2065 Fund Class K (LIWKX). 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.

	PADLX	LIWKX	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.31	+0.69
Sortino ratio: Return per unit of downside risk	4.45	3.21	+1.24
Omega ratio: Gain probability vs. loss probability	1.59	1.42	+0.18
Calmar ratio: Return relative to maximum drawdown	3.75	3.07	+0.69
Martin ratio: Return relative to average drawdown	16.42	13.62	+2.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PADLX vs. LIWKX - Sharpe Ratio Comparison

The current PADLX Sharpe Ratio is 2.99, which is comparable to the LIWKX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of PADLX and LIWKX, 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

	PADLX	LIWKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.31	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.65	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.71	-0.06

Drawdowns

PADLX vs. LIWKX - Drawdown Comparison

The maximum PADLX drawdown since its inception was -18.87%, smaller than the maximum LIWKX drawdown of -33.02%. Use the drawdown chart below to compare losses from any high point for PADLX and LIWKX.

Drawdown Indicators

	PADLX	LIWKX	Difference
Max Drawdown Largest peak-to-trough decline	-18.87%	-33.02%	+14.15%
Max Drawdown (1Y) Largest decline over 1 year	-3.63%	-9.54%	+5.91%
Max Drawdown (3Y) Largest decline over 3 years	-6.63%	-17.14%	+10.51%
Max Drawdown (5Y) Largest decline over 5 years	-18.87%	-26.41%	+7.54%
Current Drawdown Current decline from peak	-0.35%	-0.88%	+0.53%
Average Drawdown Average peak-to-trough decline	-4.83%	-5.78%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	2.14%	-1.31%

Volatility

PADLX vs. LIWKX - Volatility Comparison

The current volatility for Putnam Retirement Advantage Maturity Fund (PADLX) is 1.54%, while BlackRock LifePath Index 2065 Fund Class K (LIWKX) has a volatility of 3.95%. This indicates that PADLX experiences smaller price fluctuations and is considered to be less risky than LIWKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PADLX	LIWKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	3.95%	-2.41%
Volatility (6M) Calculated over the trailing 6-month period	3.63%	10.18%	-6.55%
Volatility (1Y) Calculated over the trailing 1-year period	4.56%	12.67%	-8.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	15.92%	-9.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.51%	18.63%	-11.12%

PADLX vs. LIWKX - Expense Ratio Comparison

PADLX has a 0.22% expense ratio, which is higher than LIWKX's 0.09% 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

PADLX vs. LIWKX - Dividend Comparison

PADLX's dividend yield for the trailing twelve months is around 4.96%, more than LIWKX's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
LIWKX BlackRock LifePath Index 2065 Fund Class K	1.62%	1.81%	0.00%	2.02%	1.80%	1.81%	1.32%	0.88%
PADLX Putnam Retirement Advantage Maturity Fund	4.96%	5.03%	3.71%	2.91%	1.01%	1.45%	1.66%	0.00%

Frequently Asked Questions

Can I hold both PADLX and LIWKX in my portfolio?

PADLX and LIWKX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PADLX or LIWKX?

LIWKX has higher volatility (3.95%) compared to PADLX (1.54%). In terms of maximum drawdown, PADLX dropped -18.87% vs LIWKX's -33.02%.

Which has better risk-adjusted returns?

PADLX currently has the higher Sharpe Ratio (2.99 vs 2.31), 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.