TRILX vs. VTMFX

Last updated Jun 27, 2026

TRILX (TIAA-CREF Lifecycle Index Retirement Income Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 10 years, TRILX returned 6.53%/yr vs 8.72%/yr for VTMFX. Their correlation of 0.90 suggests significant overlap in exposure. TRILX charges 0.10%/yr vs 0.05%/yr for VTMFX.

Performance

TRILX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Lifecycle Index Retirement Income Fund (TRILX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TRILX having a 4.54% return and VTMFX slightly higher at 4.58%. Over the past 10 years, TRILX has underperformed VTMFX with an annualized return of 6.53%, while VTMFX has yielded a comparatively higher 8.72% annualized return.

TRILX

• 1D: 0.17%
• 1M: -0.11%
• YTD: 4.54%
• 6M: 4.12%
• 1Y: 11.24%
• 3Y*: 10.38%
• 5Y*: 4.80%
• 10Y*: 6.53%

VTMFX

• 1D: 0.04%
• 1M: -0.47%
• YTD: 4.58%
• 6M: 4.03%
• 1Y: 13.17%
• 3Y*: 11.91%
• 5Y*: 6.77%
• 10Y*: 8.72%

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

TRILX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRILX TIAA-CREF Lifecycle Index Retirement Income Fund	4.54%	12.94%	7.85%	11.89%	-13.47%	7.13%	12.05%	15.39%	-2.66%	9.13%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	4.58%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between TRILX and VTMFX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 1, 2009	0.90

The correlation between TRILX and VTMFX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

TRILX vs. VTMFX — Risk / Return Rank

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

TRILX

TRILX Risk / Return Rank: 59
TRILX Sharpe Ratio Rank: 61
TRILX Sortino Ratio Rank: 62
TRILX Omega Ratio Rank: 63
TRILX Calmar Ratio Rank: 46
TRILX Martin Ratio Rank: 62

VTMFX

VTMFX Risk / Return Rank: 74
VTMFX Sharpe Ratio Rank: 77
VTMFX Sortino Ratio Rank: 76
VTMFX Omega Ratio Rank: 77
VTMFX Calmar Ratio Rank: 63
VTMFX Martin Ratio Rank: 79

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.

TRILX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Lifecycle Index Retirement Income Fund (TRILX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	TRILX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.13	-0.26
Sortino ratio: Return per unit of downside risk	2.65	3.00	-0.35
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	2.25	2.56	-0.30
Martin ratio: Return relative to average drawdown	10.24	11.85	-1.61

TRILX vs. VTMFX - Sharpe Ratio Comparison

The current TRILX Sharpe Ratio is 1.87, which is comparable to the VTMFX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of TRILX and VTMFX, 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

TRILX vs. VTMFX - Drawdown Comparison

The maximum TRILX drawdown since its inception was -18.55%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for TRILX and VTMFX.

Drawdown Indicators

	TRILX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.55%	-28.49%	+9.94%
Max Drawdown (1Y) Largest decline over 1 year	-5.30%	-5.38%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-6.36%	-10.61%	+4.25%
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	-17.40%	-1.15%
Max Drawdown (10Y) Largest decline over 10 years	-18.55%	-21.87%	+3.32%
Current Drawdown Current decline from peak	-0.82%	-1.37%	+0.55%
Average Drawdown Average peak-to-trough decline	-2.30%	-3.54%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.16%	0.00%

Volatility

TRILX vs. VTMFX - Volatility Comparison

TIAA-CREF Lifecycle Index Retirement Income Fund (TRILX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) have volatilities of 2.59% and 2.49%, 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

	TRILX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	2.49%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	5.41%	5.20%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	6.37%	6.46%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.54%	8.57%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.27%	9.14%	-1.87%

TRILX vs. VTMFX - Expense Ratio Comparison

TRILX has a 0.10% expense ratio, which is higher than VTMFX'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

TRILX vs. VTMFX - Dividend Comparison

TRILX's dividend yield for the trailing twelve months is around 2.86%, more than VTMFX's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRILX TIAA-CREF Lifecycle Index Retirement Income Fund	2.86%	3.49%	5.25%	2.61%	3.50%	4.07%	2.15%	2.39%	2.96%	0.90%	2.12%	0.95%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.13%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both TRILX and VTMFX in my portfolio?

With a correlation of 0.93, TRILX and VTMFX 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, TRILX or VTMFX?

TRILX has higher volatility (2.59%) compared to VTMFX (2.49%). In terms of maximum drawdown, TRILX dropped -18.55% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.13 vs 1.87), 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.