TDIFX vs. MLLIX

Last updated Aug 4, 2026

TDIFX (Dimensional Retirement Income Fund) and MLLIX (MFS Lifetime Income Fund) are both Target Retirement Date funds. Over the past 10 years, TDIFX returned 4.95%/yr vs 4.90%/yr for MLLIX. Their correlation of 0.85 means they have usually moved in the same direction. TDIFX charges 0.06%/yr vs 0.00%/yr for MLLIX.

Performance

TDIFX vs. MLLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Retirement Income Fund (TDIFX) 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, TDIFX achieves a 3.13% return, which is significantly lower than MLLIX's 3.40% return. Both investments have delivered pretty close results over the past 10 years, with TDIFX having a 4.95% annualized return and MLLIX not far behind at 4.90%.

TDIFX

• 1D: 0.00%
• 1M: -0.24%
• 6M: 2.11%
• YTD: 3.13%
• 1Y: 6.56%
• 3Y*: 6.43%
• 5Y*: 4.53%
• 10Y*: 4.95%
• ALL TIME*: 5.12%

MLLIX

• 1D: -0.08%
• 1M: -0.40%
• 6M: 2.18%
• YTD: 3.40%
• 1Y: 7.39%
• 3Y*: 7.28%
• 5Y*: 3.03%
• 10Y*: 4.90%
• ALL TIME*: 5.06%

*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
TDIFX Dimensional Retirement Income Fund	$0.00	$0.00	$0.00

TDIFX vs. MLLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TDIFX Dimensional Retirement Income Fund	3.13%	7.22%	6.21%	7.76%	-9.37%	14.53%	9.33%	9.96%	-1.98%	5.17%
MLLIX MFS Lifetime Income Fund	3.40%	9.32%	5.62%	9.12%	-11.99%	6.63%	10.06%	13.91%	-2.37%	8.24%

Correlation

The correlation between TDIFX and MLLIX is 0.83, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.85

The correlation between TDIFX and MLLIX has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

TDIFX vs. MLLIX — Risk / Return Rank

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

TDIFX

TDIFX Risk / Return Rank: 82
TDIFX Sharpe Ratio Rank: 82
TDIFX Sortino Ratio Rank: 82
TDIFX Omega Ratio Rank: 81
TDIFX Calmar Ratio Rank: 79
TDIFX Martin Ratio Rank: 85

MLLIX

MLLIX Risk / Return Rank: 61
MLLIX Sharpe Ratio Rank: 65
MLLIX Sortino Ratio Rank: 69
MLLIX Omega Ratio Rank: 64
MLLIX Calmar Ratio Rank: 46
MLLIX Martin Ratio Rank: 61

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.

TDIFX vs. MLLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Retirement Income Fund (TDIFX) 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.

	TDIFX	MLLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.67	+0.33
Sortino ratio: Return per unit of downside risk	2.92	2.47	+0.45
Omega ratio: Gain probability vs. loss probability	1.38	1.31	+0.07
Calmar ratio: Return relative to maximum drawdown	2.68	1.95	+0.74
Martin ratio: Return relative to average drawdown	11.11	8.54	+2.58

TDIFX vs. MLLIX - Sharpe Ratio Comparison

The current TDIFX Sharpe Ratio is 2.00, which is comparable to the MLLIX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of TDIFX 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

TDIFX vs. MLLIX - Drawdown Comparison

The maximum TDIFX drawdown since its inception was -12.21%, smaller than the maximum MLLIX drawdown of -17.32%. Use the drawdown chart below to compare losses from any high point for TDIFX and MLLIX.

Drawdown Indicators

	TDIFX	MLLIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.21%	-17.32%	+5.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.61%	-3.86%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-3.51%	-4.93%	+1.42%
Max Drawdown (5Y) Largest decline over 5 years	-12.21%	-16.08%	+3.87%
Max Drawdown (10Y) Largest decline over 10 years	-12.21%	-16.08%	+3.87%
Current Drawdown Current decline from peak	-0.72%	-0.72%	0.00%
Average Drawdown Average peak-to-trough decline	-1.73%	-2.14%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.88%	-0.27%

Volatility

TDIFX vs. MLLIX - Volatility Comparison

The current volatility for Dimensional Retirement Income Fund (TDIFX) is 0.84%, while MFS Lifetime Income Fund (MLLIX) has a volatility of 1.05%. This indicates that TDIFX experiences smaller price fluctuations and is considered to be less risky than MLLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDIFX	MLLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	1.05%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	3.66%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	4.50%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.91%	5.94%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	5.71%	-0.65%

TDIFX vs. MLLIX - Expense Ratio Comparison

TDIFX has a 0.06% 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

TDIFX vs. MLLIX - Dividend Comparison

TDIFX's dividend yield for the trailing twelve months is around 3.26%, less than MLLIX's 7.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLLIX MFS Lifetime Income Fund	7.44%	6.01%	6.26%	3.70%	3.92%	6.12%	3.18%	3.80%	4.20%	3.56%	4.21%	2.51%
TDIFX Dimensional Retirement Income Fund	3.26%	1.77%	3.11%	3.09%	4.66%	9.39%	1.39%	1.98%	2.11%	0.98%	0.89%	0.00%

Frequently Asked Questions

Can I hold both TDIFX and MLLIX in my portfolio?

TDIFX and MLLIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TDIFX or MLLIX?

MLLIX has higher volatility (1.05%) compared to TDIFX (0.84%). In terms of maximum drawdown, TDIFX dropped -12.21% vs MLLIX's -17.32%.

Which has better risk-adjusted returns?

TDIFX currently has the higher Sharpe Ratio (2.00 vs 1.67), 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.