TLYIX vs. TLWIX

Last updated Jun 4, 2026

TLYIX (TIAA-CREF Lifecycle Index 2035 Fund) and TLWIX (TIAA-CREF Lifecycle Index 2020 Fund) are both Target Retirement Date funds from TIAA Investments. Over the past 10 years, TLYIX returned 10.02%/yr vs 7.42%/yr for TLWIX. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.10% expense ratio.

Performance

TLYIX vs. TLWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Lifecycle Index 2035 Fund (TLYIX) and TIAA-CREF Lifecycle Index 2020 Fund (TLWIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLYIX achieves a 8.94% return, which is significantly higher than TLWIX's 6.36% return. Over the past 10 years, TLYIX has outperformed TLWIX with an annualized return of 10.02%, while TLWIX has yielded a comparatively lower 7.42% annualized return.

TLYIX

• 1D: 0.27%
• 1M: 4.05%
• YTD: 8.94%
• 6M: 9.41%
• 1Y: 21.40%
• 3Y*: 15.60%
• 5Y*: 8.07%
• 10Y*: 10.02%

TLWIX

• 1D: 0.19%
• 1M: 2.86%
• YTD: 6.36%
• 6M: 6.67%
• 1Y: 16.07%
• 3Y*: 11.89%
• 5Y*: 5.77%
• 10Y*: 7.42%

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

TLYIX vs. TLWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLYIX TIAA-CREF Lifecycle Index 2035 Fund	8.94%	17.02%	11.83%	17.24%	-16.30%	13.19%	15.53%	23.03%	-5.76%	16.49%
TLWIX TIAA-CREF Lifecycle Index 2020 Fund	6.36%	13.75%	8.69%	13.06%	-14.37%	8.73%	13.06%	17.96%	-3.77%	11.56%

Correlation

The correlation between TLYIX and TLWIX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 2, 2009	0.98

The correlation between TLYIX and TLWIX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

TLYIX vs. TLWIX — Risk / Return Rank

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

TLYIX

TLYIX Risk / Return Rank: 72
TLYIX Sharpe Ratio Rank: 75
TLYIX Sortino Ratio Rank: 73
TLYIX Omega Ratio Rank: 71
TLYIX Calmar Ratio Rank: 68
TLYIX Martin Ratio Rank: 74

TLWIX

TLWIX Risk / Return Rank: 75
TLWIX Sharpe Ratio Rank: 79
TLWIX Sortino Ratio Rank: 78
TLWIX Omega Ratio Rank: 76
TLWIX Calmar Ratio Rank: 68
TLWIX Martin Ratio Rank: 75

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.

TLYIX vs. TLWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Lifecycle Index 2035 Fund (TLYIX) and TIAA-CREF Lifecycle Index 2020 Fund (TLWIX). 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.

	TLYIX	TLWIX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.58	-0.07
Sortino ratio: Return per unit of downside risk	3.55	3.73	-0.18
Omega ratio: Gain probability vs. loss probability	1.47	1.50	-0.03
Calmar ratio: Return relative to maximum drawdown	3.20	3.18	+0.02
Martin ratio: Return relative to average drawdown	14.09	14.13	-0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLYIX vs. TLWIX - Sharpe Ratio Comparison

The current TLYIX Sharpe Ratio is 2.51, which is comparable to the TLWIX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of TLYIX and TLWIX, 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

	TLYIX	TLWIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.58	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.63	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.82	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.80	-0.05

Drawdowns

TLYIX vs. TLWIX - Drawdown Comparison

The maximum TLYIX drawdown since its inception was -26.39%, which is greater than TLWIX's maximum drawdown of -19.93%. Use the drawdown chart below to compare losses from any high point for TLYIX and TLWIX.

Drawdown Indicators

	TLYIX	TLWIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.39%	-19.93%	-6.46%
Max Drawdown (1Y) Largest decline over 1 year	-6.82%	-5.15%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	-10.90%	-11.61%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-23.24%	-19.93%	-3.31%
Max Drawdown (10Y) Largest decline over 10 years	-26.39%	-19.93%	-6.46%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.80%	-3.04%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.15%	+0.39%

Volatility

TLYIX vs. TLWIX - Volatility Comparison

TIAA-CREF Lifecycle Index 2035 Fund (TLYIX) has a higher volatility of 2.76% compared to TIAA-CREF Lifecycle Index 2020 Fund (TLWIX) at 2.15%. This indicates that TLYIX's price experiences larger fluctuations and is considered to be riskier than TLWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLYIX	TLWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	2.15%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	5.13%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	8.69%	6.34%	+2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.47%	9.21%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.47%	9.10%	+3.37%

TLYIX vs. TLWIX - Expense Ratio Comparison

Both TLYIX and TLWIX have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TLYIX vs. TLWIX - Dividend Comparison

TLYIX's dividend yield for the trailing twelve months is around 3.39%, less than TLWIX's 6.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TLWIX TIAA-CREF Lifecycle Index 2020 Fund	6.94%	7.38%	6.98%	3.45%	3.25%	5.17%	2.31%	2.31%	2.91%	0.14%	2.35%	0.21%
TLYIX TIAA-CREF Lifecycle Index 2035 Fund	3.39%	3.70%	3.09%	2.19%	2.70%	2.89%	2.03%	2.26%	2.73%	0.15%	2.56%	0.27%

Frequently Asked Questions

Can I hold both TLYIX and TLWIX in my portfolio?

With a correlation of 0.99, TLYIX and TLWIX 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, TLYIX or TLWIX?

TLYIX has higher volatility (2.76%) compared to TLWIX (2.15%). In terms of maximum drawdown, TLYIX dropped -26.39% vs TLWIX's -19.93%.

Which has better risk-adjusted returns?

TLWIX currently has the higher Sharpe Ratio (2.58 vs 2.51), 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.