VTIVX vs. MLLIX

Last updated Aug 2, 2026

VTIVX (Vanguard Target Retirement 2045 Fund) and MLLIX (MFS Lifetime Income Fund) are both Target Retirement Date funds. Over the past 10 years, VTIVX returned 10.82%/yr vs 4.87%/yr for MLLIX. Their correlation of 0.83 means they have usually moved in the same direction. VTIVX charges 0.08%/yr vs 0.00%/yr for MLLIX.

Performance

VTIVX vs. MLLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Target Retirement 2045 Fund (VTIVX) and MFS Lifetime Income Fund (MLLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTIVX achieves a 9.10% return, which is significantly higher than MLLIX's 3.48% return. Over the past 10 years, VTIVX has outperformed MLLIX with an annualized return of 10.82%, while MLLIX has yielded a comparatively lower 4.87% annualized return.

VTIVX

• 1D: 1.74%
• 1M: -0.47%
• 6M: 6.16%
• YTD: 9.10%
• 1Y: 19.82%
• 3Y*: 15.57%
• 5Y*: 8.84%
• 10Y*: 10.82%
• ALL TIME*: 8.82%

MLLIX

• 1D: 0.32%
• 1M: -0.32%
• 6M: 2.18%
• YTD: 3.48%
• 1Y: 7.47%
• 3Y*: 7.16%
• 5Y*: 3.05%
• 10Y*: 4.87%
• ALL TIME*: 5.07%

*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)
MLLIX MFS Lifetime Income Fund	$0.00	$0.00	$0.00
VTIVX Vanguard Target Retirement 2045 Fund	$0.00	$0.00	$0.00

VTIVX vs. MLLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTIVX Vanguard Target Retirement 2045 Fund	9.10%	20.01%	13.68%	19.72%	-17.38%	16.16%	16.31%	24.94%	-7.89%	19.16%
MLLIX MFS Lifetime Income Fund	3.48%	9.32%	5.62%	9.12%	-11.99%	6.63%	10.06%	13.91%	-2.37%	8.24%

Correlation

The correlation between VTIVX and MLLIX is 0.84, 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.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Sep 29, 2005	0.83

The correlation between VTIVX and MLLIX has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

VTIVX vs. MLLIX — Risk / Return Rank

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

VTIVX

VTIVX Risk / Return Rank: 71
VTIVX Sharpe Ratio Rank: 71
VTIVX Sortino Ratio Rank: 68
VTIVX Omega Ratio Rank: 68
VTIVX Calmar Ratio Rank: 70
VTIVX Martin Ratio Rank: 79

MLLIX

MLLIX Risk / Return Rank: 66
MLLIX Sharpe Ratio Rank: 70
MLLIX Sortino Ratio Rank: 72
MLLIX Omega Ratio Rank: 69
MLLIX Calmar Ratio Rank: 51
MLLIX Martin Ratio Rank: 66

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.

VTIVX vs. MLLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2045 Fund (VTIVX) and MFS Lifetime Income Fund (MLLIX). 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.

	VTIVX	MLLIX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.69	-0.11
Sortino ratio: Return per unit of downside risk	2.24	2.51	-0.27
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	2.21	1.97	+0.24
Martin ratio: Return relative to average drawdown	9.20	8.67	+0.53

VTIVX vs. MLLIX - Sharpe Ratio Comparison

The current VTIVX Sharpe Ratio is 1.59, which is comparable to the MLLIX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of VTIVX and MLLIX, 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

VTIVX vs. MLLIX - Drawdown Comparison

The maximum VTIVX drawdown since its inception was -51.69%, which is greater than MLLIX's maximum drawdown of -17.32%. Use the drawdown chart below to compare losses from any high point for VTIVX and MLLIX.

Drawdown Indicators

	VTIVX	MLLIX	Difference
Max Drawdown Largest peak-to-trough decline	-51.69%	-17.32%	-34.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-3.86%	-4.44%
Max Drawdown (3Y) Largest decline over 3 years	-13.40%	-4.93%	-8.47%
Max Drawdown (5Y) Largest decline over 5 years	-25.10%	-16.08%	-9.02%
Max Drawdown (10Y) Largest decline over 10 years	-31.42%	-16.08%	-15.34%
Current Drawdown Current decline from peak	-1.79%	-0.64%	-1.15%
Average Drawdown Average peak-to-trough decline	-6.30%	-2.14%	-4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	0.88%	+1.11%

Volatility

VTIVX vs. MLLIX - Volatility Comparison

Vanguard Target Retirement 2045 Fund (VTIVX) has a higher volatility of 3.46% compared to MFS Lifetime Income Fund (MLLIX) at 1.06%. This indicates that VTIVX's price experiences larger fluctuations and is considered to be riskier than MLLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTIVX	MLLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	1.06%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	3.66%	+6.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.59%	4.51%	+7.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.64%	5.95%	+7.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.75%	5.71%	+9.04%

VTIVX vs. MLLIX - Expense Ratio Comparison

VTIVX has a 0.08% expense ratio, which is higher than MLLIX's 0.00% 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

VTIVX vs. MLLIX - Dividend Comparison

VTIVX's dividend yield for the trailing twelve months is around 2.29%, less than MLLIX's 7.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLLIX MFS Lifetime Income Fund	7.43%	6.01%	6.26%	3.70%	3.92%	6.12%	3.18%	3.80%	4.20%	3.56%	4.21%	2.51%
VTIVX Vanguard Target Retirement 2045 Fund	2.29%	2.50%	2.36%	2.27%	2.75%	15.40%	1.90%	2.23%	2.52%	0.04%	2.47%	3.29%

Frequently Asked Questions

Can I hold both VTIVX and MLLIX in my portfolio?

VTIVX and MLLIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTIVX or MLLIX?

VTIVX has higher volatility (3.46%) compared to MLLIX (1.06%). In terms of maximum drawdown, VTIVX dropped -51.69% vs MLLIX's -17.32%.

Which has better risk-adjusted returns?

MLLIX currently has the higher Sharpe Ratio (1.69 vs 1.59), 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.