TLRIX vs. FSRAX

Last updated Jun 24, 2026

TLRIX (TIAA-CREF Lifecycle Retirement Income Fund) and FSRAX (Fidelity Advisor Strategic Real Return Fund Class A) are both Diversified Portfolio funds. Over the past 10 years, TLRIX returned 6.25%/yr vs 5.26%/yr for FSRAX. A 0.63 correlation means they provide meaningful diversification when combined. TLRIX charges 0.26%/yr vs 0.95%/yr for FSRAX.

Performance

TLRIX vs. FSRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Lifecycle Retirement Income Fund (TLRIX) and Fidelity Advisor Strategic Real Return Fund Class A (FSRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLRIX achieves a 3.85% return, which is significantly lower than FSRAX's 6.51% return. Over the past 10 years, TLRIX has outperformed FSRAX with an annualized return of 6.25%, while FSRAX has yielded a comparatively lower 5.26% annualized return.

TLRIX

• 1D: -0.16%
• 1M: 1.14%
• YTD: 3.85%
• 6M: 3.76%
• 1Y: 11.54%
• 3Y*: 9.62%
• 5Y*: 4.43%
• 10Y*: 6.25%

FSRAX

• 1D: 0.00%
• 1M: -1.68%
• YTD: 6.51%
• 6M: 6.26%
• 1Y: 12.50%
• 3Y*: 9.02%
• 5Y*: 5.68%
• 10Y*: 5.26%

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

TLRIX vs. FSRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLRIX TIAA-CREF Lifecycle Retirement Income Fund	3.85%	11.79%	7.65%	10.80%	-12.53%	7.06%	11.10%	15.31%	-3.87%	10.39%
FSRAX Fidelity Advisor Strategic Real Return Fund Class A	6.51%	10.09%	5.58%	4.32%	-3.58%	15.53%	3.49%	10.27%	-4.26%	3.76%

Correlation

The correlation between TLRIX and FSRAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Dec 3, 2007	0.63

Over the past year, the correlation between TLRIX and FSRAX has dropped to 0.40 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

TLRIX vs. FSRAX — Risk / Return Rank

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

TLRIX

TLRIX Risk / Return Rank: 55
TLRIX Sharpe Ratio Rank: 57
TLRIX Sortino Ratio Rank: 59
TLRIX Omega Ratio Rank: 62
TLRIX Calmar Ratio Rank: 40
TLRIX Martin Ratio Rank: 55

FSRAX

FSRAX Risk / Return Rank: 85
FSRAX Sharpe Ratio Rank: 83
FSRAX Sortino Ratio Rank: 80
FSRAX Omega Ratio Rank: 79
FSRAX Calmar Ratio Rank: 92
FSRAX Martin Ratio Rank: 93

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.

TLRIX vs. FSRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Lifecycle Retirement Income Fund (TLRIX) and Fidelity Advisor Strategic Real Return Fund Class A (FSRAX). 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.

	TLRIX	FSRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.51	-0.46
Sortino ratio: Return per unit of downside risk	2.96	3.47	-0.51
Omega ratio: Gain probability vs. loss probability	1.40	1.48	-0.08
Calmar ratio: Return relative to maximum drawdown	2.30	4.54	-2.24
Martin ratio: Return relative to average drawdown	10.59	18.05	-7.46

TLRIX vs. FSRAX - Sharpe Ratio Comparison

The current TLRIX Sharpe Ratio is 2.05, which is comparable to the FSRAX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of TLRIX and FSRAX, 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

TLRIX vs. FSRAX - Drawdown Comparison

The maximum TLRIX drawdown since its inception was -26.71%, smaller than the maximum FSRAX drawdown of -33.52%. Use the drawdown chart below to compare losses from any high point for TLRIX and FSRAX.

Drawdown Indicators

	TLRIX	FSRAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.71%	-33.52%	+6.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.23%	-2.71%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-6.02%	-5.78%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-17.15%	-12.89%	-4.26%
Max Drawdown (10Y) Largest decline over 10 years	-17.15%	-20.00%	+2.85%
Current Drawdown Current decline from peak	-0.16%	-2.71%	+2.55%
Average Drawdown Average peak-to-trough decline	-3.31%	-4.36%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.68%	+0.45%

Volatility

TLRIX vs. FSRAX - Volatility Comparison

TIAA-CREF Lifecycle Retirement Income Fund (TLRIX) has a higher volatility of 2.21% compared to Fidelity Advisor Strategic Real Return Fund Class A (FSRAX) at 1.41%. This indicates that TLRIX's price experiences larger fluctuations and is considered to be riskier than FSRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLRIX	FSRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	1.41%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	3.88%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	5.87%	4.91%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.76%	6.93%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	6.79%	+0.05%

TLRIX vs. FSRAX - Expense Ratio Comparison

TLRIX has a 0.26% expense ratio, which is lower than FSRAX's 0.95% expense ratio.

Dividends

TLRIX vs. FSRAX - Dividend Comparison

TLRIX's dividend yield for the trailing twelve months is around 4.42%, more than FSRAX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRAX Fidelity Advisor Strategic Real Return Fund Class A	3.99%	4.45%	4.56%	5.04%	7.08%	5.16%	2.02%	2.83%	9.13%	2.30%	2.08%	1.44%
TLRIX TIAA-CREF Lifecycle Retirement Income Fund	4.42%	5.23%	3.53%	3.32%	6.10%	7.66%	5.77%	3.85%	6.04%	2.13%	3.75%	2.98%

Frequently Asked Questions

Can I hold both TLRIX and FSRAX in my portfolio?

TLRIX and FSRAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLRIX or FSRAX?

TLRIX has higher volatility (2.21%) compared to FSRAX (1.41%). In terms of maximum drawdown, TLRIX dropped -26.71% vs FSRAX's -33.52%.

Which has better risk-adjusted returns?

FSRAX currently has the higher Sharpe Ratio (2.51 vs 2.05), 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.