Jun 2, 2003 – Oct 2, 2026, TSP-S for the S Fund, TSP-I for the I Fund
Growth of $10,000
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Key metrics
| Return | S Fund | I Fund |
|---|---|---|
| Final balance | $113,341 | $63,778 |
| Total return | +1,033.41% | +537.78% |
| CAGR | +10.96% | +8.26% |
| Calendar years | S Fund | I Fund |
|---|---|---|
| Best year | +38.35% | +32.45% |
| Worst year | −38.32% | −42.43% |
| Positive years | 17 of 22 | 16 of 22 |
| Risk | S Fund | I Fund |
|---|---|---|
| Max drawdown | −57.43% | −60.89% |
| Longest drawdown | 3.2 years | 6.5 years |
| Volatility (annualized) | 22.06% | 18.91% |
| Risk-adjusted | S Fund | I Fund |
|---|---|---|
| Sharpe ratio | 0.59 | 0.52 |
| Sortino ratio | 0.82 | 0.72 |
| Calmar ratio | 0.19 | 0.14 |
Trailing returns
| Period | S Fund | I Fund | S Fund − I Fund |
|---|---|---|---|
| YTD | +13.45% | +16.89% | −3.44% |
| 1Y | +12.55% | +22.52% | −9.97% |
| 3Y | +19.86% | +21.94% | −2.08% |
| 5Y | +6.29% | +11.09% | −4.79% |
| 10Y | +11.37% | +10.11% | +1.27% |
| 15Y | +13.05% | +9.39% | +3.66% |
| 20Y | +9.94% | +5.98% | +3.96% |
Rolling returns
| Period | S Fund median | I Fund median | More often ahead |
|---|---|---|---|
| 1Y | +14.01% | +12.08% | S Fund 59% |
| 3Y | +10.87% | +6.31% | S Fund 71% |
| 5Y | +9.03% | +5.20% | S Fund 84% |
| 10Y | +10.31% | +5.55% | S Fund 100% |
Worst drawdowns · S Fund
| 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 |
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −60.9% | Oct 2007 | Mar 2009 | May 2014 | 6.5 years |
| −33.2% | Jan 2020 | Mar 2020 | Nov 2020 | 10 months |
| −29.1% | Sep 2021 | Sep 2022 | Feb 2024 | 2.4 years |
| −22.6% | May 2015 | Feb 2016 | May 2017 | 1.9 years |
| −21.1% | Jan 2018 | Dec 2018 | Jan 2020 | 1.9 years |
Annual returns
| Year | S Fund | I Fund | S Fund − I Fund |
|---|---|---|---|
| 2017 | +18.22% | +25.42% | −7.20% |
| 2018 | −9.26% | −13.43% | +4.16% |
| 2019 | +27.97% | +22.47% | +5.49% |
| 2020 | +31.85% | +8.17% | +23.68% |
| 2021 | +12.45% | +11.45% | +1.00% |
| 2022 | −26.26% | −13.94% | −12.32% |
| 2023 | +25.30% | +18.38% | +6.91% |
| 2024 | +16.93% | +4.27% | +12.67% |
| 2025 | +11.38% | +32.45% | −21.07% |
| 2026to Oct 2 | +13.45% | +16.89% | −3.44% |
About S Fund vs I Fund
Both are index funds in the Thrift Savings Plan. The S Fund holds the US companies the S&P 500 leaves out, mid-size and small ones. The I Fund holds stocks outside the US. With the C Fund, they're the plan's three stock funds.
The S Fund returned 11.0% a year from Jun 2003 to Oct 2026, against 8.3% for the I Fund. Both fell furthest in 2007–2009, the S Fund by 57.4% and the I Fund by 60.9%. The S Fund beat the I Fund in 13 of 22 full years and in every rolling 10-year period.
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.