TSMWX vs. TLLIX

Last updated Jun 4, 2026

TSMWX (TIAA-CREF Quant Small/Mid-Cap Equity Fund) and TLLIX (TIAA-CREF Lifecycle Index 2050 Fund) are both mutual funds - TSMWX is a Small Cap Blend Equities fund managed by TIAA Investments, while TLLIX is a Target Retirement Date fund managed by TIAA Investments. Over the past 5 years, TSMWX returned 12.50%/yr vs 10.53%/yr for TLLIX. Their correlation of 0.88 suggests significant overlap in exposure. TSMWX charges 0.47%/yr vs 0.10%/yr for TLLIX.

Performance

TSMWX vs. TLLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Quant Small/Mid-Cap Equity Fund (TSMWX) and TIAA-CREF Lifecycle Index 2050 Fund (TLLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMWX achieves a 21.10% return, which is significantly higher than TLLIX's 12.02% return.

TSMWX

• 1D: 0.90%
• 1M: 4.97%
• YTD: 21.10%
• 6M: 21.18%
• 1Y: 41.23%
• 3Y*: 24.41%
• 5Y*: 12.50%
• 10Y*: —

TLLIX

• 1D: 0.34%
• 1M: 5.36%
• YTD: 12.02%
• 6M: 12.74%
• 1Y: 27.72%
• 3Y*: 19.62%
• 5Y*: 10.53%
• 10Y*: 12.17%

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

TSMWX vs. TLLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSMWX TIAA-CREF Quant Small/Mid-Cap Equity Fund	21.10%	16.07%	18.33%	20.97%	-16.46%	32.06%	15.98%	30.01%	-7.82%	17.44%
TLLIX TIAA-CREF Lifecycle Index 2050 Fund	12.02%	20.75%	15.17%	20.53%	-17.52%	17.12%	17.20%	26.04%	-7.05%	18.29%

Correlation

The correlation between TSMWX and TLLIX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.88

The correlation between TSMWX and TLLIX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

Return for Risk

TSMWX vs. TLLIX — Risk / Return Rank

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

TSMWX

TSMWX Risk / Return Rank: 74
TSMWX Sharpe Ratio Rank: 69
TSMWX Sortino Ratio Rank: 62
TSMWX Omega Ratio Rank: 57
TSMWX Calmar Ratio Rank: 92
TSMWX Martin Ratio Rank: 91

TLLIX

TLLIX Risk / Return Rank: 71
TLLIX Sharpe Ratio Rank: 74
TLLIX Sortino Ratio Rank: 68
TLLIX Omega Ratio Rank: 66
TLLIX Calmar Ratio Rank: 70
TLLIX Martin Ratio Rank: 76

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.

TSMWX vs. TLLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Quant Small/Mid-Cap Equity Fund (TSMWX) and TIAA-CREF Lifecycle Index 2050 Fund (TLLIX). 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.

	TSMWX	TLLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.49	-0.05
Sortino ratio: Return per unit of downside risk	3.30	3.45	-0.15
Omega ratio: Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio: Return relative to maximum drawdown	4.93	3.22	+1.72
Martin ratio: Return relative to average drawdown	18.76	14.33	+4.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMWX vs. TLLIX - Sharpe Ratio Comparison

The current TSMWX Sharpe Ratio is 2.44, which is comparable to the TLLIX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of TSMWX and TLLIX, 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

	TSMWX	TLLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.49	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.73	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.74	-0.08

Drawdowns

TSMWX vs. TLLIX - Drawdown Comparison

The maximum TSMWX drawdown since its inception was -44.34%, which is greater than TLLIX's maximum drawdown of -31.41%. Use the drawdown chart below to compare losses from any high point for TSMWX and TLLIX.

Drawdown Indicators

	TSMWX	TLLIX	Difference
Max Drawdown Largest peak-to-trough decline	-44.34%	-31.41%	-12.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-8.79%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-24.27%	-14.90%	-9.37%
Max Drawdown (5Y) Largest decline over 5 years	-25.87%	-25.38%	-0.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.41%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.75%	-4.16%	-2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	1.97%	+0.33%

Volatility

TSMWX vs. TLLIX - Volatility Comparison

TIAA-CREF Quant Small/Mid-Cap Equity Fund (TSMWX) has a higher volatility of 5.19% compared to TIAA-CREF Lifecycle Index 2050 Fund (TLLIX) at 3.38%. This indicates that TSMWX's price experiences larger fluctuations and is considered to be riskier than TLLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMWX	TLLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	3.38%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	9.03%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	11.36%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	14.47%	+6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.28%	15.52%	+6.76%

TSMWX vs. TLLIX - Expense Ratio Comparison

TSMWX has a 0.47% expense ratio, which is higher than TLLIX's 0.10% expense ratio.

Dividends

TSMWX vs. TLLIX - Dividend Comparison

TSMWX's dividend yield for the trailing twelve months is around 7.37%, more than TLLIX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TLLIX TIAA-CREF Lifecycle Index 2050 Fund	2.79%	3.12%	2.26%	2.17%	2.35%	2.29%	1.71%	2.25%	2.67%	0.15%	2.57%	0.27%
TSMWX TIAA-CREF Quant Small/Mid-Cap Equity Fund	7.37%	8.92%	12.84%	2.50%	7.84%	20.81%	1.81%	5.84%	13.26%	4.51%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMWX and TLLIX in my portfolio?

TSMWX and TLLIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMWX or TLLIX?

TSMWX has higher volatility (5.19%) compared to TLLIX (3.38%). In terms of maximum drawdown, TSMWX dropped -44.34% vs TLLIX's -31.41%.

Which has better risk-adjusted returns?

TLLIX currently has the higher Sharpe Ratio (2.49 vs 2.44), 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.