TLXIX vs. VTIVX

Last updated Jun 23, 2026

TLXIX (TIAA-CREF Lifecycle Index 2045 Fund) and VTIVX (Vanguard Target Retirement 2045 Fund) are both Target Retirement Date funds. Over the past 10 years, TLXIX returned 11.91%/yr vs 11.37%/yr for VTIVX. With a 0.99 correlation, they move nearly in lockstep. TLXIX charges 0.10%/yr vs 0.08%/yr for VTIVX.

Performance

TLXIX vs. VTIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Lifecycle Index 2045 Fund (TLXIX) and Vanguard Target Retirement 2045 Fund (VTIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TLXIX having a 10.97% return and VTIVX slightly lower at 10.59%. Both investments have delivered pretty close results over the past 10 years, with TLXIX having a 11.91% annualized return and VTIVX not far behind at 11.37%.

TLXIX

• 1D: 1.14%
• 1M: 1.76%
• YTD: 10.97%
• 6M: 10.82%
• 1Y: 26.01%
• 3Y*: 17.70%
• 5Y*: 10.18%
• 10Y*: 11.91%

VTIVX

• 1D: 1.05%
• 1M: 1.64%
• YTD: 10.59%
• 6M: 10.49%
• 1Y: 25.45%
• 3Y*: 17.27%
• 5Y*: 9.70%
• 10Y*: 11.37%

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

TLXIX vs. VTIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLXIX TIAA-CREF Lifecycle Index 2045 Fund	10.97%	20.13%	14.63%	20.06%	-17.26%	16.63%	17.02%	25.84%	-6.96%	18.87%
VTIVX Vanguard Target Retirement 2045 Fund	10.59%	20.01%	13.68%	19.72%	-17.38%	16.16%	16.31%	24.94%	-7.89%	19.16%

Correlation

The correlation between TLXIX and VTIVX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2009	0.99

The correlation between TLXIX and VTIVX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

TLXIX vs. VTIVX — Risk / Return Rank

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

TLXIX

TLXIX Risk / Return Rank: 69
TLXIX Sharpe Ratio Rank: 70
TLXIX Sortino Ratio Rank: 65
TLXIX Omega Ratio Rank: 66
TLXIX Calmar Ratio Rank: 69
TLXIX Martin Ratio Rank: 76

VTIVX

VTIVX Risk / Return Rank: 69
VTIVX Sharpe Ratio Rank: 71
VTIVX Sortino Ratio Rank: 67
VTIVX Omega Ratio Rank: 67
VTIVX Calmar Ratio Rank: 68
VTIVX Martin Ratio Rank: 74

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.

TLXIX vs. VTIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Lifecycle Index 2045 Fund (TLXIX) and Vanguard Target Retirement 2045 Fund (VTIVX). 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.

	TLXIX	VTIVX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.25	-0.03
Sortino ratio: Return per unit of downside risk	3.07	3.11	-0.04
Omega ratio: Gain probability vs. loss probability	1.41	1.42	-0.01
Calmar ratio: Return relative to maximum drawdown	3.05	3.03	+0.03
Martin ratio: Return relative to average drawdown	13.27	13.09	+0.18

TLXIX vs. VTIVX - Sharpe Ratio Comparison

The current TLXIX Sharpe Ratio is 2.23, which is comparable to the VTIVX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of TLXIX and VTIVX, 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

TLXIX vs. VTIVX - Drawdown Comparison

The maximum TLXIX drawdown since its inception was -31.08%, smaller than the maximum VTIVX drawdown of -51.69%. Use the drawdown chart below to compare losses from any high point for TLXIX and VTIVX.

Drawdown Indicators

	TLXIX	VTIVX	Difference
Max Drawdown Largest peak-to-trough decline	-31.08%	-51.69%	+20.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-8.30%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-13.40%	-0.87%
Max Drawdown (5Y) Largest decline over 5 years	-24.97%	-25.10%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	-31.08%	-31.42%	+0.34%
Current Drawdown Current decline from peak	-0.42%	-0.44%	+0.02%
Average Drawdown Average peak-to-trough decline	-4.02%	-6.32%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	1.91%	+0.03%

Volatility

TLXIX vs. VTIVX - Volatility Comparison

TIAA-CREF Lifecycle Index 2045 Fund (TLXIX) and Vanguard Target Retirement 2045 Fund (VTIVX) have volatilities of 4.70% and 4.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLXIX	VTIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	4.52%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	9.25%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	11.14%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	13.60%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.18%	14.83%	+0.35%

TLXIX vs. VTIVX - Expense Ratio Comparison

TLXIX has a 0.10% expense ratio, which is higher than VTIVX's 0.08% 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. VTIVX - Dividend Comparison

TLXIX's dividend yield for the trailing twelve months is around 2.92%, more than VTIVX's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TLXIX TIAA-CREF Lifecycle Index 2045 Fund	2.92%	3.24%	2.33%	2.07%	2.49%	2.51%	1.77%	2.25%	2.69%	0.16%	2.59%	2.47%
VTIVX Vanguard Target Retirement 2045 Fund	2.26%	2.50%	2.36%	2.27%	2.75%	15.40%	1.90%	2.23%	2.52%	0.04%	2.47%	3.29%

Frequently Asked Questions

Can I hold both TLXIX and VTIVX in my portfolio?

With a correlation of 1.00, TLXIX and VTIVX 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.

Which is riskier, TLXIX or VTIVX?

TLXIX has higher volatility (4.70%) compared to VTIVX (4.52%). In terms of maximum drawdown, TLXIX dropped -31.08% vs VTIVX's -51.69%.

Which has better risk-adjusted returns?

VTIVX currently has the higher Sharpe Ratio (2.25 vs 2.23), 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.