TRLIX vs. HDCTX

Last updated Jun 24, 2026

TRLIX (TIAA-CREF Large Cap Value Fund) and HDCTX (Rational Equity Armor Fund) are both Large Cap Value Equities funds. Over the past 10 years, TRLIX returned 11.90%/yr vs 5.43%/yr for HDCTX. Their correlation of 0.84 suggests significant overlap in exposure. TRLIX charges 0.41%/yr vs 1.17%/yr for HDCTX.

Performance

TRLIX vs. HDCTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Large Cap Value Fund (TRLIX) and Rational Equity Armor Fund (HDCTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRLIX achieves a 14.43% return, which is significantly higher than HDCTX's 9.50% return. Over the past 10 years, TRLIX has outperformed HDCTX with an annualized return of 11.90%, while HDCTX has yielded a comparatively lower 5.43% annualized return.

TRLIX

• 1D: 0.59%
• 1M: 4.08%
• YTD: 14.43%
• 6M: 13.71%
• 1Y: 27.79%
• 3Y*: 19.40%
• 5Y*: 12.46%
• 10Y*: 11.90%

HDCTX

• 1D: -0.25%
• 1M: -0.34%
• YTD: 9.50%
• 6M: 8.19%
• 1Y: 19.35%
• 3Y*: 14.81%
• 5Y*: 7.32%
• 10Y*: 5.43%

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

TRLIX vs. HDCTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRLIX TIAA-CREF Large Cap Value Fund	14.43%	17.44%	14.79%	14.35%	-7.03%	27.10%	3.59%	28.83%	-14.29%	10.89%
HDCTX Rational Equity Armor Fund	9.50%	12.64%	16.85%	2.95%	-10.68%	14.52%	15.85%	11.32%	-11.94%	-1.99%

Correlation

The correlation between TRLIX and HDCTX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 30, 2002	0.84

Over the past year, the correlation between TRLIX and HDCTX has dropped to 0.59 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

TRLIX vs. HDCTX — Risk / Return Rank

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

TRLIX

TRLIX Risk / Return Rank: 84
TRLIX Sharpe Ratio Rank: 86
TRLIX Sortino Ratio Rank: 83
TRLIX Omega Ratio Rank: 79
TRLIX Calmar Ratio Rank: 86
TRLIX Martin Ratio Rank: 89

HDCTX

HDCTX Risk / Return Rank: 56
HDCTX Sharpe Ratio Rank: 61
HDCTX Sortino Ratio Rank: 65
HDCTX Omega Ratio Rank: 56
HDCTX Calmar Ratio Rank: 63
HDCTX Martin Ratio Rank: 36

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.

TRLIX vs. HDCTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Large Cap Value Fund (TRLIX) and Rational Equity Armor Fund (HDCTX). 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.

	TRLIX	HDCTX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.13	+0.46
Sortino ratio: Return per unit of downside risk	3.64	3.07	+0.57
Omega ratio: Gain probability vs. loss probability	1.47	1.38	+0.09
Calmar ratio: Return relative to maximum drawdown	3.94	2.94	+1.01
Martin ratio: Return relative to average drawdown	15.85	7.62	+8.23

TRLIX vs. HDCTX - Sharpe Ratio Comparison

The current TRLIX Sharpe Ratio is 2.59, which is comparable to the HDCTX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of TRLIX and HDCTX, 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

TRLIX vs. HDCTX - Drawdown Comparison

The maximum TRLIX drawdown since its inception was -61.94%, roughly equal to the maximum HDCTX drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for TRLIX and HDCTX.

Drawdown Indicators

	TRLIX	HDCTX	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	-59.05%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.35%	-6.95%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-14.69%	-11.74%	-2.95%
Max Drawdown (5Y) Largest decline over 5 years	-20.13%	-18.22%	-1.91%
Max Drawdown (10Y) Largest decline over 10 years	-38.54%	-19.43%	-19.11%
Current Drawdown Current decline from peak	0.00%	-2.40%	+2.40%
Average Drawdown Average peak-to-trough decline	-8.82%	-6.40%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.67%	-0.85%

Volatility

TRLIX vs. HDCTX - Volatility Comparison

TIAA-CREF Large Cap Value Fund (TRLIX) has a higher volatility of 3.74% compared to Rational Equity Armor Fund (HDCTX) at 2.72%. This indicates that TRLIX's price experiences larger fluctuations and is considered to be riskier than HDCTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRLIX	HDCTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	2.72%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	8.66%	7.08%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	9.62%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	10.66%	+4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	11.55%	+6.51%

TRLIX vs. HDCTX - Expense Ratio Comparison

TRLIX has a 0.41% expense ratio, which is lower than HDCTX's 1.17% expense ratio.

Dividends

TRLIX vs. HDCTX - Dividend Comparison

TRLIX's dividend yield for the trailing twelve months is around 7.71%, more than HDCTX's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDCTX Rational Equity Armor Fund	0.19%	0.00%	0.00%	0.17%	0.78%	1.21%	1.10%	5.37%	7.86%	5.60%	3.28%	15.32%
TRLIX TIAA-CREF Large Cap Value Fund	7.71%	8.82%	4.01%	8.58%	6.13%	9.19%	1.89%	2.08%	12.82%	5.19%	4.29%	1.11%

Frequently Asked Questions

Can I hold both TRLIX and HDCTX in my portfolio?

TRLIX and HDCTX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRLIX or HDCTX?

TRLIX has higher volatility (3.74%) compared to HDCTX (2.72%). In terms of maximum drawdown, TRLIX dropped -61.94% vs HDCTX's -59.05%.

Which has better risk-adjusted returns?

TRLIX currently has the higher Sharpe Ratio (2.59 vs 2.13), 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.