TNSHX vs. TILVX

Last updated Jun 24, 2026

TNSHX (TIAA-CREF Short-Term Bond Index Fund) and TILVX (TIAA-CREF Large-Cap Value Index Fund) are both mutual funds - TNSHX is a Short-Term Bond fund managed by TIAA Investments, while TILVX is a Large Cap Value Equities fund managed by TIAA Investments. Over the past 10 years, TNSHX returned 1.78%/yr vs 11.60%/yr for TILVX. At a correlation of -0.05, they often move in opposite directions. TNSHX charges 0.09%/yr vs 0.05%/yr for TILVX.

Performance

TNSHX vs. TILVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Short-Term Bond Index Fund (TNSHX) and TIAA-CREF Large-Cap Value Index Fund (TILVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNSHX achieves a 0.30% return, which is significantly lower than TILVX's 16.65% return. Over the past 10 years, TNSHX has underperformed TILVX with an annualized return of 1.78%, while TILVX has yielded a comparatively higher 11.60% annualized return.

TNSHX

• 1D: -0.10%
• 1M: 0.12%
• YTD: 0.30%
• 6M: 0.75%
• 1Y: 3.20%
• 3Y*: 4.25%
• 5Y*: 1.81%
• 10Y*: 1.78%

TILVX

• 1D: 0.55%
• 1M: 3.39%
• YTD: 16.65%
• 6M: 15.91%
• 1Y: 29.67%
• 3Y*: 18.97%
• 5Y*: 11.40%
• 10Y*: 11.60%

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

TNSHX vs. TILVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNSHX TIAA-CREF Short-Term Bond Index Fund	0.30%	5.31%	4.03%	4.05%	-3.96%	-0.57%	3.26%	4.05%	1.31%	0.70%
TILVX TIAA-CREF Large-Cap Value Index Fund	16.65%	15.81%	14.26%	11.49%	-7.57%	25.05%	2.90%	26.48%	-8.38%	10.93%

Correlation

The correlation between TNSHX and TILVX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	-0.05

The correlation between TNSHX and TILVX shifts across timeframes, from -0.05 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TNSHX vs. TILVX — Risk / Return Rank

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

TNSHX

TNSHX Risk / Return Rank: 61
TNSHX Sharpe Ratio Rank: 41
TNSHX Sortino Ratio Rank: 72
TNSHX Omega Ratio Rank: 70
TNSHX Calmar Ratio Rank: 64
TNSHX Martin Ratio Rank: 57

TILVX

TILVX Risk / Return Rank: 89
TILVX Sharpe Ratio Rank: 90
TILVX Sortino Ratio Rank: 87
TILVX Omega Ratio Rank: 81
TILVX Calmar Ratio Rank: 91
TILVX Martin Ratio Rank: 94

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.

TNSHX vs. TILVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Short-Term Bond Index Fund (TNSHX) and TIAA-CREF Large-Cap Value Index Fund (TILVX). 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.

	TNSHX	TILVX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.75	-1.00
Sortino ratio: Return per unit of downside risk	3.23	3.83	-0.60
Omega ratio: Gain probability vs. loss probability	1.43	1.49	-0.07
Calmar ratio: Return relative to maximum drawdown	2.94	4.56	-1.62
Martin ratio: Return relative to average drawdown	10.83	18.92	-8.09

TNSHX vs. TILVX - Sharpe Ratio Comparison

The current TNSHX Sharpe Ratio is 1.75, which is lower than the TILVX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of TNSHX and TILVX, 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

TNSHX vs. TILVX - Drawdown Comparison

The maximum TNSHX drawdown since its inception was -5.99%, smaller than the maximum TILVX drawdown of -60.05%. Use the drawdown chart below to compare losses from any high point for TNSHX and TILVX.

Drawdown Indicators

	TNSHX	TILVX	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-60.05%	+54.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-6.80%	+5.67%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-15.58%	+14.45%
Max Drawdown (5Y) Largest decline over 5 years	-5.99%	-19.00%	+13.01%
Max Drawdown (10Y) Largest decline over 10 years	-5.99%	-40.15%	+34.16%
Current Drawdown Current decline from peak	-0.46%	-0.09%	-0.37%
Average Drawdown Average peak-to-trough decline	-0.89%	-8.25%	+7.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	1.63%	-1.32%

Volatility

TNSHX vs. TILVX - Volatility Comparison

The current volatility for TIAA-CREF Short-Term Bond Index Fund (TNSHX) is 0.70%, while TIAA-CREF Large-Cap Value Index Fund (TILVX) has a volatility of 3.95%. This indicates that TNSHX experiences smaller price fluctuations and is considered to be less risky than TILVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNSHX	TILVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	3.95%	-3.25%
Volatility (6M) Calculated over the trailing 6-month period	1.41%	8.68%	-7.27%
Volatility (1Y) Calculated over the trailing 1-year period	1.91%	11.30%	-9.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.26%	14.86%	-12.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.82%	17.69%	-15.87%

TNSHX vs. TILVX - Expense Ratio Comparison

TNSHX has a 0.09% expense ratio, which is higher than TILVX's 0.05% 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

TNSHX vs. TILVX - Dividend Comparison

TNSHX's dividend yield for the trailing twelve months is around 4.12%, less than TILVX's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TILVX TIAA-CREF Large-Cap Value Index Fund	5.11%	5.96%	3.04%	4.90%	4.57%	3.77%	2.26%	7.05%	4.68%	2.01%	3.14%	4.24%
TNSHX TIAA-CREF Short-Term Bond Index Fund	4.12%	4.22%	3.94%	2.68%	1.00%	1.03%	1.81%	2.45%	1.80%	1.31%	0.98%	0.00%

Frequently Asked Questions

Can I hold both TNSHX and TILVX in my portfolio?

TNSHX and TILVX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNSHX or TILVX?

TILVX has higher volatility (3.95%) compared to TNSHX (0.70%). In terms of maximum drawdown, TNSHX dropped -5.99% vs TILVX's -60.05%.

Which has better risk-adjusted returns?

TILVX currently has the higher Sharpe Ratio (2.75 vs 1.75), 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.