PRRUX vs. MLLIX

Last updated Aug 1, 2026

PRRUX (Putnam RetirementReady 2050 Fund) and MLLIX (MFS Lifetime Income Fund) are both Target Retirement Date funds. Over the past 10 years, PRRUX returned 9.78%/yr vs 4.87%/yr for MLLIX. Their correlation of 0.81 means they have usually moved in the same direction. PRRUX charges 0.03%/yr vs 0.00%/yr for MLLIX.

Performance

PRRUX vs. MLLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam RetirementReady 2050 Fund (PRRUX) and MFS Lifetime Income Fund (MLLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRRUX achieves a 5.89% return, which is significantly higher than MLLIX's 3.48% return. Over the past 10 years, PRRUX has outperformed MLLIX with an annualized return of 9.78%, while MLLIX has yielded a comparatively lower 4.87% annualized return.

PRRUX

• 1D: 1.69%
• 1M: -0.32%
• 6M: 5.80%
• YTD: 5.89%
• 1Y: 13.27%
• 3Y*: 13.46%
• 5Y*: 7.94%
• 10Y*: 9.78%
• ALL TIME*: 9.36%

MLLIX

• 1D: 0.32%
• 1M: -0.32%
• 6M: 2.18%
• YTD: 3.48%
• 1Y: 7.47%
• 3Y*: 7.16%
• 5Y*: 3.05%
• 10Y*: 4.87%
• ALL TIME*: 5.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MLLIX MFS Lifetime Income Fund	$0.00	$0.00	$0.00
PRRUX Putnam RetirementReady 2050 Fund	$0.00	$0.00	$0.00

PRRUX vs. MLLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRRUX Putnam RetirementReady 2050 Fund	5.89%	12.94%	15.08%	21.03%	-15.14%	16.51%	13.46%	20.38%	-9.28%	20.19%
MLLIX MFS Lifetime Income Fund	3.48%	9.32%	5.62%	9.12%	-11.99%	6.63%	10.06%	13.91%	-2.37%	8.24%

Correlation

The correlation between PRRUX and MLLIX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.81

The correlation between PRRUX and MLLIX has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

PRRUX vs. MLLIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PRRUX

PRRUX Risk / Return Rank: 29
PRRUX Sharpe Ratio Rank: 28
PRRUX Sortino Ratio Rank: 27
PRRUX Omega Ratio Rank: 27
PRRUX Calmar Ratio Rank: 29
PRRUX Martin Ratio Rank: 36

MLLIX

MLLIX Risk / Return Rank: 66
MLLIX Sharpe Ratio Rank: 70
MLLIX Sortino Ratio Rank: 72
MLLIX Omega Ratio Rank: 69
MLLIX Calmar Ratio Rank: 51
MLLIX Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PRRUX vs. MLLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam RetirementReady 2050 Fund (PRRUX) and MFS Lifetime Income Fund (MLLIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PRRUX	MLLIX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.69	-0.69
Sortino ratio: Return per unit of downside risk	1.46	2.51	-1.04
Omega ratio: Gain probability vs. loss probability	1.18	1.31	-0.13
Calmar ratio: Return relative to maximum drawdown	1.39	1.97	-0.59
Martin ratio: Return relative to average drawdown	5.58	8.67	-3.09

PRRUX vs. MLLIX - Sharpe Ratio Comparison

The current PRRUX Sharpe Ratio is 1.00, which is lower than the MLLIX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of PRRUX and MLLIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PRRUX vs. MLLIX - Drawdown Comparison

The maximum PRRUX drawdown since its inception was -28.85%, which is greater than MLLIX's maximum drawdown of -17.32%. Use the drawdown chart below to compare losses from any high point for PRRUX and MLLIX.

Drawdown Indicators

	PRRUX	MLLIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.85%	-17.32%	-11.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-3.86%	-4.54%
Max Drawdown (3Y) Largest decline over 3 years	-17.75%	-4.93%	-12.82%
Max Drawdown (5Y) Largest decline over 5 years	-21.08%	-16.08%	-5.00%
Max Drawdown (10Y) Largest decline over 10 years	-28.85%	-16.08%	-12.77%
Current Drawdown Current decline from peak	-1.32%	-0.64%	-0.68%
Average Drawdown Average peak-to-trough decline	-3.96%	-2.14%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	0.88%	+1.21%

Volatility

PRRUX vs. MLLIX - Volatility Comparison

Putnam RetirementReady 2050 Fund (PRRUX) has a higher volatility of 3.52% compared to MFS Lifetime Income Fund (MLLIX) at 1.06%. This indicates that PRRUX's price experiences larger fluctuations and is considered to be riskier than MLLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRRUX	MLLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	1.06%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	3.66%	+5.80%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	4.51%	+7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.38%	5.95%	+7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.63%	5.71%	+7.92%

PRRUX vs. MLLIX - Expense Ratio Comparison

PRRUX has a 0.03% expense ratio, which is higher than MLLIX's 0.00% 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

PRRUX vs. MLLIX - Dividend Comparison

PRRUX's dividend yield for the trailing twelve months is around 1.60%, less than MLLIX's 7.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLLIX MFS Lifetime Income Fund	7.43%	6.01%	6.26%	3.70%	3.92%	6.12%	3.18%	3.80%	4.20%	3.56%	4.21%	2.51%
PRRUX Putnam RetirementReady 2050 Fund	1.60%	1.69%	1.40%	1.75%	13.51%	11.30%	1.54%	7.54%	15.23%	5.04%	0.80%	2.32%

Frequently Asked Questions

Can I hold both PRRUX and MLLIX in my portfolio?

PRRUX and MLLIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRRUX or MLLIX?

PRRUX has higher volatility (3.52%) compared to MLLIX (1.06%). In terms of maximum drawdown, PRRUX dropped -28.85% vs MLLIX's -17.32%.

Which has better risk-adjusted returns?

MLLIX currently has the higher Sharpe Ratio (1.69 vs 1.00), 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.