TISPX vs. IICAX

Last updated Jun 5, 2026

TISPX (TIAA-CREF S&P 500 Index Fund) and IICAX (Asset Management Fund Large Cap Equity Fund) are both Large Cap Blend Equities funds. Over the past 10 years, TISPX returned 15.31%/yr vs 11.49%/yr for IICAX. Their correlation of 0.93 suggests significant overlap in exposure. TISPX charges 0.05%/yr vs 1.71%/yr for IICAX.

Performance

TISPX vs. IICAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF S&P 500 Index Fund (TISPX) and Asset Management Fund Large Cap Equity Fund (IICAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TISPX achieves a 10.87% return, which is significantly higher than IICAX's 8.16% return. Over the past 10 years, TISPX has outperformed IICAX with an annualized return of 15.31%, while IICAX has yielded a comparatively lower 11.49% annualized return.

TISPX

• 1D: -0.73%
• 1M: 4.18%
• YTD: 10.87%
• 6M: 10.75%
• 1Y: 27.92%
• 3Y*: 22.39%
• 5Y*: 13.86%
• 10Y*: 15.31%

IICAX

• 1D: -0.40%
• 1M: 1.40%
• YTD: 8.16%
• 6M: 7.86%
• 1Y: 21.16%
• 3Y*: 17.44%
• 5Y*: 12.26%
• 10Y*: 11.49%

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

TISPX vs. IICAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TISPX TIAA-CREF S&P 500 Index Fund	10.87%	17.79%	24.94%	26.22%	-18.13%	28.66%	18.34%	31.44%	-4.52%	19.58%
IICAX Asset Management Fund Large Cap Equity Fund	8.16%	12.59%	18.66%	21.70%	-12.87%	33.00%	11.90%	26.48%	-6.25%	-0.30%

Correlation

The correlation between TISPX and IICAX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 1, 2002	0.93

The correlation between TISPX and IICAX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

TISPX vs. IICAX — Risk / Return Rank

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

TISPX

TISPX Risk / Return Rank: 66
TISPX Sharpe Ratio Rank: 65
TISPX Sortino Ratio Rank: 59
TISPX Omega Ratio Rank: 60
TISPX Calmar Ratio Rank: 67
TISPX Martin Ratio Rank: 79

IICAX

IICAX Risk / Return Rank: 56
IICAX Sharpe Ratio Rank: 50
IICAX Sortino Ratio Rank: 50
IICAX Omega Ratio Rank: 49
IICAX Calmar Ratio Rank: 62
IICAX Martin Ratio Rank: 68

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.

TISPX vs. IICAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF S&P 500 Index Fund (TISPX) and Asset Management Fund Large Cap Equity Fund (IICAX). 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.

	TISPX	IICAX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.07	+0.30
Sortino ratio: Return per unit of downside risk	3.24	2.94	+0.30
Omega ratio: Gain probability vs. loss probability	1.43	1.38	+0.05
Calmar ratio: Return relative to maximum drawdown	3.17	2.97	+0.19
Martin ratio: Return relative to average drawdown	14.76	12.87	+1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TISPX vs. IICAX - Sharpe Ratio Comparison

The current TISPX Sharpe Ratio is 2.37, which is comparable to the IICAX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of TISPX and IICAX, 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

	TISPX	IICAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.07	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.78	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.53	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.02	+0.61

Drawdowns

TISPX vs. IICAX - Drawdown Comparison

The maximum TISPX drawdown since its inception was -55.16%, smaller than the maximum IICAX drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for TISPX and IICAX.

Drawdown Indicators

	TISPX	IICAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.16%	-96.26%	+41.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-7.25%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-17.69%	-1.05%
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	-22.79%	-1.69%
Max Drawdown (10Y) Largest decline over 10 years	-33.75%	-39.01%	+5.26%
Current Drawdown Current decline from peak	-0.73%	-67.64%	+66.91%
Average Drawdown Average peak-to-trough decline	-6.72%	-68.17%	+61.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.66%	+0.24%

Volatility

TISPX vs. IICAX - Volatility Comparison

TIAA-CREF S&P 500 Index Fund (TISPX) has a higher volatility of 2.92% compared to Asset Management Fund Large Cap Equity Fund (IICAX) at 2.51%. This indicates that TISPX's price experiences larger fluctuations and is considered to be riskier than IICAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TISPX	IICAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	2.51%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	8.00%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	10.45%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	15.93%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	21.91%	-3.84%

TISPX vs. IICAX - Expense Ratio Comparison

TISPX has a 0.05% expense ratio, which is lower than IICAX's 1.71% expense ratio.

Dividends

TISPX vs. IICAX - Dividend Comparison

TISPX's dividend yield for the trailing twelve months is around 2.12%, less than IICAX's 10.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IICAX Asset Management Fund Large Cap Equity Fund	10.40%	11.22%	6.32%	9.33%	9.58%	5.38%	3.83%	5.15%	13.41%	0.85%	30.91%	8.23%
TISPX TIAA-CREF S&P 500 Index Fund	2.12%	2.35%	1.52%	1.48%	1.91%	1.77%	1.53%	2.16%	2.94%	0.36%	2.39%	0.65%

Frequently Asked Questions

Can I hold both TISPX and IICAX in my portfolio?

TISPX and IICAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TISPX or IICAX?

TISPX has higher volatility (2.92%) compared to IICAX (2.51%). In terms of maximum drawdown, TISPX dropped -55.16% vs IICAX's -96.26%.

Which has better risk-adjusted returns?

TISPX currently has the higher Sharpe Ratio (2.37 vs 2.07), 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.