TRLIX vs. SPY

Last updated Jun 4, 2026

TRLIX (TIAA-CREF Large Cap Value Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - TRLIX is a Large Cap Value Equities fund managed by TIAA Investments, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TRLIX returned 11.15%/yr vs 15.49%/yr for SPY. Their correlation of 0.92 suggests significant overlap in exposure. TRLIX charges 0.41%/yr vs 0.09%/yr for SPY.

Performance

TRLIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Large Cap Value Fund (TRLIX) and State Street SPDR S&P 500 ETF (SPY). 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 TRLIX having a 10.74% return and SPY slightly higher at 10.91%. Over the past 10 years, TRLIX has underperformed SPY with an annualized return of 11.15%, while SPY has yielded a comparatively higher 15.49% annualized return.

TRLIX

• 1D: 0.80%
• 1M: 2.80%
• YTD: 10.74%
• 6M: 11.73%
• 1Y: 25.23%
• 3Y*: 18.57%
• 5Y*: 11.05%
• 10Y*: 11.15%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

TRLIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRLIX TIAA-CREF Large Cap Value Fund	10.74%	17.44%	14.79%	14.35%	-7.03%	27.10%	3.59%	28.83%	-14.29%	10.89%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between TRLIX and SPY is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 1, 2002	0.92

The correlation between TRLIX and SPY shifts across timeframes, from 0.76 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRLIX vs. SPY — Risk / Return Rank

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

TRLIX

TRLIX Risk / Return Rank: 71
TRLIX Sharpe Ratio Rank: 69
TRLIX Sortino Ratio Rank: 68
TRLIX Omega Ratio Rank: 62
TRLIX Calmar Ratio Rank: 78
TRLIX Martin Ratio Rank: 76

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY 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.

TRLIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Large Cap Value Fund (TRLIX) and State Street SPDR S&P 500 ETF (SPY). 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.

	TRLIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.38	+0.04
Sortino ratio: Return per unit of downside risk	3.42	3.24	+0.19
Omega ratio: Gain probability vs. loss probability	1.44	1.43	+0.01
Calmar ratio: Return relative to maximum drawdown	3.56	3.16	+0.40
Martin ratio: Return relative to average drawdown	14.34	14.72	-0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRLIX vs. SPY - Sharpe Ratio Comparison

The current TRLIX Sharpe Ratio is 2.42, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TRLIX and SPY, 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

	TRLIX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.38	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.82	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.87	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.59	-0.09

Drawdowns

TRLIX vs. SPY - Drawdown Comparison

The maximum TRLIX drawdown since its inception was -61.94%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRLIX and SPY.

Drawdown Indicators

	TRLIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	-55.19%	-6.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.35%	-8.88%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-14.69%	-18.76%	+4.07%
Max Drawdown (5Y) Largest decline over 5 years	-20.13%	-24.50%	+4.37%
Max Drawdown (10Y) Largest decline over 10 years	-38.54%	-33.72%	-4.82%
Current Drawdown Current decline from peak	-0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-8.84%	-9.05%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.91%	-0.09%

Volatility

TRLIX vs. SPY - Volatility Comparison

TIAA-CREF Large Cap Value Fund (TRLIX) has a higher volatility of 3.02% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that TRLIX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRLIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	2.84%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	8.29%	8.90%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	11.83%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.92%	17.05%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	17.94%	+0.11%

TRLIX vs. SPY - Expense Ratio Comparison

TRLIX has a 0.41% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TRLIX vs. SPY - Dividend Comparison

TRLIX's dividend yield for the trailing twelve months is around 7.97%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TRLIX TIAA-CREF Large Cap Value Fund	7.97%	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 SPY in my portfolio?

TRLIX and SPY have a correlation of 0.76, 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 SPY?

TRLIX has higher volatility (3.02%) compared to SPY (2.84%). In terms of maximum drawdown, TRLIX dropped -61.94% vs SPY's -55.19%.

Which has better risk-adjusted returns?

TRLIX currently has the higher Sharpe Ratio (2.42 vs 2.38), 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.