TLZIX vs. FIRVX

Last updated Jun 20, 2026

TLZIX (TIAA-CREF Lifecycle Index 2040 Fund) and FIRVX (Fidelity Managed Retirement 2020 Fund) are both Target Retirement Date funds. Over the past 10 years, TLZIX returned 11.16%/yr vs 176.04%/yr for FIRVX. Their correlation of 0.95 suggests significant overlap in exposure. TLZIX charges 0.10%/yr vs 0.47%/yr for FIRVX.

Performance

TLZIX vs. FIRVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Lifecycle Index 2040 Fund (TLZIX) and Fidelity Managed Retirement 2020 Fund (FIRVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLZIX achieves a 9.97% return, which is significantly lower than FIRVX's 1,440,933.92% return. Over the past 10 years, TLZIX has underperformed FIRVX with an annualized return of 11.16%, while FIRVX has yielded a comparatively higher 176.04% annualized return.

TLZIX

• 1D: 1.04%
• 1M: 1.91%
• YTD: 9.97%
• 6M: 10.36%
• 1Y: 23.81%
• 3Y*: 16.44%
• 5Y*: 9.35%
• 10Y*: 11.16%

FIRVX

• 1D: 1,371,718.18%
• 1M: 1,383,590.54%
• YTD: 1,440,933.92%
• 6M: 1,444,934.29%
• 1Y: 1,545,588.89%
• 3Y*: 2,512.79%
• 5Y*: 597.67%
• 10Y*: 176.04%

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

TLZIX vs. FIRVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLZIX TIAA-CREF Lifecycle Index 2040 Fund	9.97%	18.86%	13.52%	18.98%	-16.69%	14.86%	16.26%	24.52%	-6.39%	18.09%
FIRVX Fidelity Managed Retirement 2020 Fund	1,440,933.92%	12.25%	5.86%	10.72%	-14.63%	6.77%	12.06%	16.19%	-4.45%	13.32%

Correlation

The correlation between TLZIX and FIRVX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 1, 2009	0.95

The correlation between TLZIX and FIRVX has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

Return for Risk

TLZIX vs. FIRVX — Risk / Return Rank

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

TLZIX

TLZIX Risk / Return Rank: 73
TLZIX Sharpe Ratio Rank: 73
TLZIX Sortino Ratio Rank: 70
TLZIX Omega Ratio Rank: 70
TLZIX Calmar Ratio Rank: 72
TLZIX Martin Ratio Rank: 78

FIRVX

FIRVX Risk / Return Rank: 84
FIRVX Sharpe Ratio Rank: 19
FIRVX Sortino Ratio Rank: 100
FIRVX Omega Ratio Rank: 100
FIRVX Calmar Ratio Rank: 100
FIRVX Martin Ratio Rank: 100

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.

TLZIX vs. FIRVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Lifecycle Index 2040 Fund (TLZIX) and Fidelity Managed Retirement 2020 Fund (FIRVX). 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.

	TLZIX	FIRVX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.17	+1.06
Sortino ratio: Return per unit of downside risk	3.10	351,355.56	-351,352.46
Omega ratio: Gain probability vs. loss probability	1.41	49,085.82	-49,084.41
Calmar ratio: Return relative to maximum drawdown	3.05	356,370.91	-356,367.86
Martin ratio: Return relative to average drawdown	13.18	1,512,145.77	-1,512,132.59

TLZIX vs. FIRVX - Sharpe Ratio Comparison

The current TLZIX Sharpe Ratio is 2.23, which is higher than the FIRVX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of TLZIX and FIRVX, 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

TLZIX vs. FIRVX - Drawdown Comparison

The maximum TLZIX drawdown since its inception was -28.82%, smaller than the maximum FIRVX drawdown of -40.59%. Use the drawdown chart below to compare losses from any high point for TLZIX and FIRVX.

Drawdown Indicators

	TLZIX	FIRVX	Difference
Max Drawdown Largest peak-to-trough decline	-28.82%	-40.59%	+11.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-4.51%	-3.26%
Max Drawdown (3Y) Largest decline over 3 years	-12.92%	-6.52%	-6.40%
Max Drawdown (5Y) Largest decline over 5 years	-24.21%	-20.10%	-4.11%
Max Drawdown (10Y) Largest decline over 10 years	-28.82%	-20.10%	-8.72%
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-4.00%	-4.97%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.06%	+0.73%

Volatility

TLZIX vs. FIRVX - Volatility Comparison

The current volatility for TIAA-CREF Lifecycle Index 2040 Fund (TLZIX) is 4.31%, while Fidelity Managed Retirement 2020 Fund (FIRVX) has a volatility of 952.63%. This indicates that TLZIX experiences smaller price fluctuations and is considered to be less risky than FIRVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLZIX	FIRVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	952.63%	-948.32%
Volatility (6M) Calculated over the trailing 6-month period	8.80%	952.62%	-943.82%
Volatility (1Y) Calculated over the trailing 1-year period	10.60%	1,374,447.92%	-1,374,437.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	614,671.81%	-614,658.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.97%	434,465.54%	-434,451.57%

TLZIX vs. FIRVX - Expense Ratio Comparison

TLZIX has a 0.10% expense ratio, which is lower than FIRVX's 0.47% expense ratio.

Dividends

TLZIX vs. FIRVX - Dividend Comparison

TLZIX's dividend yield for the trailing twelve months is around 3.47%, less than FIRVX's 102.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRVX Fidelity Managed Retirement 2020 Fund	102.87%	2.83%	2.74%	2.57%	3.52%	4.61%	3.74%	3.18%	6.90%	25.16%	2.28%	4.45%
TLZIX TIAA-CREF Lifecycle Index 2040 Fund	3.47%	3.82%	2.49%	2.11%	2.62%	2.93%	1.95%	2.26%	2.68%	0.18%	2.64%	0.31%

Frequently Asked Questions

Can I hold both TLZIX and FIRVX in my portfolio?

With a correlation of 0.92, TLZIX and FIRVX 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, TLZIX or FIRVX?

FIRVX has higher volatility (952.63%) compared to TLZIX (4.31%). In terms of maximum drawdown, TLZIX dropped -28.82% vs FIRVX's -40.59%.

Which has better risk-adjusted returns?

TLZIX currently has the higher Sharpe Ratio (2.23 vs 1.17), 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.