TRPWX vs. VFORX

Last updated Aug 1, 2026

TRPWX (TIAA-CREF Mid-Cap Growth Fund) and VFORX (Vanguard Target Retirement 2040 Fund) are both mutual funds - TRPWX is a Mid Cap Growth Equities fund managed by TIAA, while VFORX is a Target Retirement Date fund managed by Vanguard. Over the past 10 years, TRPWX returned 7.49%/yr vs 10.15%/yr for VFORX. Their correlation of 0.89 means they have usually moved in the same direction. TRPWX charges 0.46%/yr vs 0.08%/yr for VFORX.

Performance

TRPWX vs. VFORX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Mid-Cap Growth Fund (TRPWX) and Vanguard Target Retirement 2040 Fund (VFORX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRPWX achieves a -0.49% return, which is significantly lower than VFORX's 8.23% return. Over the past 10 years, TRPWX has underperformed VFORX with an annualized return of 7.49%, while VFORX has yielded a comparatively higher 10.15% annualized return.

TRPWX

• 1D: 2.64%
• 1M: -1.99%
• 6M: 0.95%
• YTD: -0.49%
• 1Y: -2.11%
• 3Y*: 3.87%
• 5Y*: -3.17%
• 10Y*: 7.49%
• ALL TIME*: 9.73%

VFORX

• 1D: 1.58%
• 1M: -0.53%
• 6M: 5.57%
• YTD: 8.23%
• 1Y: 18.10%
• 3Y*: 14.62%
• 5Y*: 8.09%
• 10Y*: 10.15%
• ALL TIME*: 8.12%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TRPWX TIAA-CREF Mid-Cap Growth Fund	$0.00	$0.00	$0.00
VFORX Vanguard Target Retirement 2040 Fund	$0.00	$0.00	$0.00

TRPWX vs. VFORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRPWX TIAA-CREF Mid-Cap Growth Fund	-0.49%	4.26%	8.50%	21.45%	-33.08%	2.88%	45.32%	33.47%	-8.63%	25.57%
VFORX Vanguard Target Retirement 2040 Fund	8.23%	18.77%	12.90%	18.56%	-17.00%	14.55%	15.48%	23.86%	-7.32%	18.45%

Correlation

The correlation between TRPWX and VFORX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Jun 7, 2006	0.89

The correlation between TRPWX and VFORX has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

TRPWX vs. VFORX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRPWX

TRPWX Risk / Return Rank: 2
TRPWX Sharpe Ratio Rank: 2
TRPWX Sortino Ratio Rank: 2
TRPWX Omega Ratio Rank: 2
TRPWX Calmar Ratio Rank: 2
TRPWX Martin Ratio Rank: 2

VFORX

VFORX Risk / Return Rank: 70
VFORX Sharpe Ratio Rank: 70
VFORX Sortino Ratio Rank: 67
VFORX Omega Ratio Rank: 68
VFORX Calmar Ratio Rank: 70
VFORX Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRPWX vs. VFORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Mid-Cap Growth Fund (TRPWX) and Vanguard Target Retirement 2040 Fund (VFORX). 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.

	TRPWX	VFORX	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	1.57	-1.82
Sortino ratio: Return per unit of downside risk	-0.22	2.23	-2.45
Omega ratio: Gain probability vs. loss probability	0.98	1.29	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.29	2.19	-2.48
Martin ratio: Return relative to average drawdown	-0.73	9.06	-9.79

TRPWX vs. VFORX - Sharpe Ratio Comparison

The current TRPWX Sharpe Ratio is -0.24, which is lower than the VFORX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of TRPWX and VFORX, 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

TRPWX vs. VFORX - Drawdown Comparison

The maximum TRPWX drawdown since its inception was -58.68%, which is greater than VFORX's maximum drawdown of -51.63%. Use the drawdown chart below to compare losses from any high point for TRPWX and VFORX.

Drawdown Indicators

	TRPWX	VFORX	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-51.63%	-7.05%
Max Drawdown (1Y) Largest decline over 1 year	-15.51%	-7.70%	-7.81%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-12.12%	-14.27%
Max Drawdown (5Y) Largest decline over 5 years	-44.12%	-24.32%	-19.80%
Max Drawdown (10Y) Largest decline over 10 years	-44.12%	-29.35%	-14.77%
Current Drawdown Current decline from peak	-17.42%	-1.71%	-15.71%
Average Drawdown Average peak-to-trough decline	-11.44%	-6.73%	-4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.14%	1.86%	+4.28%

Volatility

TRPWX vs. VFORX - Volatility Comparison

TIAA-CREF Mid-Cap Growth Fund (TRPWX) has a higher volatility of 5.42% compared to Vanguard Target Retirement 2040 Fund (VFORX) at 3.18%. This indicates that TRPWX's price experiences larger fluctuations and is considered to be riskier than VFORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRPWX	VFORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	3.18%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	14.68%	8.97%	+5.71%
Volatility (1Y) Calculated over the trailing 1-year period	18.50%	10.70%	+7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.57%	12.56%	+11.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.32%	13.62%	+9.70%

TRPWX vs. VFORX - Expense Ratio Comparison

TRPWX has a 0.46% expense ratio, which is higher than VFORX's 0.08% expense ratio.

Dividends

TRPWX vs. VFORX - Dividend Comparison

TRPWX's dividend yield for the trailing twelve months is around 11.03%, more than VFORX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRPWX TIAA-CREF Mid-Cap Growth Fund	11.03%	10.97%	0.00%	0.18%	0.60%	15.18%	11.52%	11.22%	17.00%	9.47%	0.51%	8.63%
VFORX Vanguard Target Retirement 2040 Fund	2.56%	2.77%	2.86%	2.38%	2.60%	20.68%	2.06%	2.28%	2.58%	0.04%	2.40%	2.99%

Frequently Asked Questions

Can I hold both TRPWX and VFORX in my portfolio?

TRPWX and VFORX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRPWX or VFORX?

TRPWX has higher volatility (5.42%) compared to VFORX (3.18%). In terms of maximum drawdown, TRPWX dropped -58.68% vs VFORX's -51.63%.

Which has better risk-adjusted returns?

VFORX currently has the higher Sharpe Ratio (1.57 vs -0.24), 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.