C Fund vs
Backtest C Fund vs S FundJun 2, 2003 – Oct 2, 2026, TSP-C for the C Fund, TSP-S for the S Fund
Growth of $10,000
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Key metrics
| Return | C Fund | S Fund |
|---|---|---|
| Final balance | $124,245 | $113,341 |
| Total return | +1,142.45% | +1,033.41% |
| CAGR | +11.40% | +10.96% |
| Calendar years | C Fund | S Fund |
|---|---|---|
| Best year | +32.45% | +38.35% |
| Worst year | −36.99% | −38.32% |
| Positive years | 19 of 22 | 17 of 22 |
| Risk | C Fund | S Fund |
|---|---|---|
| Max drawdown | −55.22% | −57.43% |
| Longest drawdown | 4.5 years | 3.2 years |
| Volatility (annualized) | 18.63% | 22.06% |
| Risk-adjusted | C Fund | S Fund |
|---|---|---|
| Sharpe ratio | 0.68 | 0.59 |
| Sortino ratio | 0.95 | 0.82 |
| Calmar ratio | 0.21 | 0.19 |
Trailing returns
| Period | C Fund | S Fund | C Fund − S Fund |
|---|---|---|---|
| YTD | +13.79% | +13.45% | +0.35% |
| 1Y | +16.34% | +12.55% | +3.79% |
| 3Y | +23.23% | +19.86% | +3.37% |
| 5Y | +13.71% | +6.29% | +7.42% |
| 10Y | +15.41% | +11.37% | +4.04% |
| 15Y | +15.75% | +13.05% | +2.70% |
| 20Y | +11.29% | +9.94% | +1.35% |
Rolling returns
| Period | C Fund median | S Fund median | More often ahead |
|---|---|---|---|
| 1Y | +14.21% | +14.01% | C Fund 53% |
| 3Y | +11.94% | +10.87% | C Fund 56% |
| 5Y | +12.57% | +9.03% | C Fund 55% |
| 10Y | +12.50% | +10.31% | C Fund 54% |
Worst drawdowns · C Fund
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −55.2% | Oct 2007 | Mar 2009 | Mar 2012 | 4.5 years |
| −33.8% | Feb 2020 | Mar 2020 | Aug 2020 | 6 months |
| −24.5% | Jan 2022 | Oct 2022 | Dec 2023 | 1.9 years |
| −19.4% | Sep 2018 | Dec 2018 | Apr 2019 | 7 months |
| −18.8% | Feb 2025 | Apr 2025 | Jun 2025 | 4 months |
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −57.4% | Oct 2007 | Mar 2009 | Dec 2010 | 3.2 years |
| −41.7% | Feb 2020 | Mar 2020 | Aug 2020 | 6 months |
| −36.2% | Nov 2021 | Jun 2022 | Nov 2024 | 3 years |
| −27.2% | Apr 2011 | Oct 2011 | Mar 2012 | 11 months |
| −26.8% | Dec 2024 | Apr 2025 | Aug 2025 | 9 months |
Annual returns
| Year | C Fund | S Fund | C Fund − S Fund |
|---|---|---|---|
| 2017 | +21.82% | +18.22% | +3.60% |
| 2018 | −4.41% | −9.26% | +4.85% |
| 2019 | +31.45% | +27.97% | +3.49% |
| 2020 | +18.31% | +31.85% | −13.55% |
| 2021 | +28.68% | +12.45% | +16.23% |
| 2022 | −18.13% | −26.26% | +8.13% |
| 2023 | +26.25% | +25.30% | +0.95% |
| 2024 | +24.96% | +16.93% | +8.03% |
| 2025 | +17.85% | +11.38% | +6.47% |
| 2026to Oct 2 | +13.79% | +13.45% | +0.35% |
About C Fund vs S Fund
Both are index funds in the Thrift Savings Plan, the retirement plan for federal employees and the military. The C Fund tracks the S&P 500, about 500 large US companies. The S Fund tracks the rest of the US stock market, the mid-size and small companies the S&P 500 leaves out, so together they hold almost all of it.
The C Fund returned 11.4% a year from Jun 2003 to Oct 2026, against 11.0% for the S Fund. Both fell furthest in 2007–2009, the C Fund by 55.2% and the S Fund by 57.4%. The C Fund beat the S Fund in 14 of 22 full years and in 54% of rolling 10-year periods.
Uses daily closing prices with dividends reinvested. Fund fees are included, but not taxes or trading costs. The comparison starts on Jun 2, 2003, when both funds' prices begin.