TLXIX vs. VIIIX
TLXIX (TIAA-CREF Lifecycle Index 2045 Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - TLXIX is a Target Retirement Date fund managed by TIAA Investments, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TLXIX returned 11.88%/yr vs 15.74%/yr for VIIIX. With a 0.97 correlation, they move nearly in lockstep. TLXIX charges 0.10%/yr vs 0.02%/yr for VIIIX.
Performance
TLXIX vs. VIIIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TLXIX having a 11.45% return and VIIIX slightly higher at 11.70%. Over the past 10 years, TLXIX has underperformed VIIIX with an annualized return of 11.88%, while VIIIX has yielded a comparatively higher 15.74% annualized return.
TLXIX
- 1D
- 0.33%
- 1M
- 5.12%
- YTD
- 11.45%
- 6M
- 12.12%
- 1Y
- 26.58%
- 3Y*
- 18.95%
- 5Y*
- 10.15%
- 10Y*
- 11.88%
VIIIX
- 1D
- 0.13%
- 1M
- 5.80%
- YTD
- 11.70%
- 6M
- 11.74%
- 1Y
- 28.99%
- 3Y*
- 23.17%
- 5Y*
- 14.42%
- 10Y*
- 15.74%
TLXIX vs. VIIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLXIX TIAA-CREF Lifecycle Index 2045 Fund | 11.45% | 20.13% | 14.63% | 20.06% | -17.26% | 16.63% | 17.02% | 25.84% | -6.96% | 18.87% |
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares | 11.70% | 17.87% | 26.29% | 25.79% | -18.14% | 28.69% | 18.41% | 31.48% | -4.41% | 21.82% |
Correlation
The correlation between TLXIX and VIIIX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2009 | 0.97 |
The correlation between TLXIX and VIIIX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
TLXIX vs. VIIIX — Risk / Return Rank
TLXIX
VIIIX
TLXIX vs. VIIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Lifecycle Index 2045 Fund (TLXIX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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.
| TLXIX | VIIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.46 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 3.36 | -0.15 |
| Martin ratioReturn relative to average drawdown | 14.29 | 15.69 | -1.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TLXIX | VIIIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.49 | 2.52 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.86 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.87 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 0.50 | +0.26 |
Drawdowns
TLXIX vs. VIIIX - Drawdown Comparison
The maximum TLXIX drawdown since its inception was -31.08%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for TLXIX and VIIIX.
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Drawdown Indicators
| TLXIX | VIIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.08% | -55.18% | +24.10% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -8.90% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -14.27% | -18.75% | +4.48% |
Max Drawdown (5Y)Largest decline over 5 years | -24.97% | -24.50% | -0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -31.08% | -33.79% | +2.71% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -10.02% | +5.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 1.90% | -0.01% |
Volatility
TLXIX vs. VIIIX - Volatility Comparison
TIAA-CREF Lifecycle Index 2045 Fund (TLXIX) has a higher volatility of 3.28% compared to Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) at 2.83%. This indicates that TLXIX's price experiences larger fluctuations and is considered to be riskier than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLXIX | VIIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 2.83% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 8.67% | 8.97% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.90% | 11.86% | -0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.95% | 16.89% | -2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.14% | 18.06% | -2.92% |
TLXIX vs. VIIIX - Expense Ratio Comparison
TLXIX has a 0.10% expense ratio, which is higher than VIIIX's 0.02% 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
TLXIX vs. VIIIX - Dividend Comparison
TLXIX's dividend yield for the trailing twelve months is around 2.90%, more than VIIIX's 2.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLXIX TIAA-CREF Lifecycle Index 2045 Fund | 2.90% | 3.24% | 2.33% | 2.07% | 2.49% | 2.51% | 1.77% | 2.25% | 2.69% | 0.16% | 2.59% | 2.47% |
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares | 2.41% | 2.11% | 3.66% | 2.66% | 3.39% | 4.79% | 3.07% | 2.86% | 2.45% | 1.84% | 2.38% | 2.47% |
Frequently Asked Questions
With a correlation of 0.96, TLXIX and VIIIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TLXIX has higher volatility (3.28%) compared to VIIIX (2.83%). In terms of maximum drawdown, TLXIX dropped -31.08% vs VIIIX's -55.18%.
VIIIX currently has the higher Sharpe Ratio (2.52 vs 2.49), 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.
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