TSP Fund Performance History: Annual Returns 2015–2025
How have the five core TSP funds actually performed? This page compiles verified annual returns for the G, F, C, S, and I funds from 2015 through 2025 — sourced from official TSP publications and confirmed financial reporting. It also shows the cumulative effect of those returns on a $10,000 investment, with commentary on the key years that shaped federal employee retirement accounts.
Annual returns by fund (2015–2025)
The table below shows the annual percentage return for each of the five core TSP funds for each calendar year. Returns are total return (price change plus reinvested dividends/interest). Negative years are in red.1
| Year | G Fund | F Fund | C Fund | S Fund | I Fund |
|---|---|---|---|---|---|
| 2025 | +4.44% | +7.21% | +17.85% | +11.38% | +32.45% ★ |
| 2024 | +4.40% | +1.33% | +24.96% ★ | +16.93% | +4.27% |
| 2023 | +3.97% | +5.53% | +26.25% ★ | +25.84% | +18.17% |
| 2022 | +2.98% ★ | −12.83% | −18.13% | −26.26% | −13.94% |
| 2021 | +1.38% | −1.57% | +28.68% ★ | +12.45% | +11.44% |
| 2020 | +0.78% | +7.17% | +18.31% | +31.85% ★ | +10.89% |
| 2019 | +2.24% | +8.96% | +31.45% ★ | +27.97% | +22.02% |
| 2018 | +2.91% | +0.15% | −4.41% | −9.26% | −14.23% |
| 2017 | +2.33% | +3.55% | +21.83% | +18.21% | +25.11% ★ |
| 2016 | +1.82% | +2.37% | +12.45% | +18.46% ★ | +1.72% |
| 2015 | +1.99% | +0.77% | +1.38% | −3.38% | −0.81% |
★ = best-performing fund that calendar year. Source: tsp.gov/fund-performance; see sources below.
Key observations
2022: The year both stocks and bonds lost simultaneously
In a typical bear market, bonds rise while stocks fall — providing a cushion. 2022 shattered that pattern. The Federal Reserve raised interest rates faster than any time since the 1980s, and the F Fund (bond index) lost 12.83% — nearly as much as the C Fund's 18.13% decline. The S Fund, heavy in growth-oriented mid- and small-cap stocks, lost 26.26%. Even the I Fund fell 13.94%.
The only safe harbor: the G Fund, which gained 2.98%. Its unique structure — earning intermediate-Treasury yields with a principal guarantee — means it cannot lose money regardless of interest rate moves. No IRA money market fund, Treasury ETF, or stable-value fund offers the same combination. For federal employees approaching retirement in 2022, the G Fund was why staying in TSP made sense.
The 2022 F Fund loss also illustrates duration risk. With approximately 6 years of duration, the F Fund loses roughly 6% for every 1% increase in interest rates. In 2022 rates rose over 4%, producing the worst bond year in decades. The G Fund has no duration risk because the principal guarantee is statutory — regardless of what rates do, the share price never falls.
2019–2021: Three-year bull run
Federal employees who stayed the course through 2018's down year were rewarded handsomely. The C Fund returned 31.45%, 18.31%, and 28.68% in consecutive years — the strongest three-year stretch in TSP history to that point. The S Fund similarly surged, including a 31.85% return in 2020 despite the COVID pandemic triggering a brief March crash. Those losses were recovered fully by August 2020.
The lesson: the investors who panic-sold into the G Fund in March 2020 and then waited to re-enter missed most of the recovery. TSP's IFT (interfund transfer) limit of 2 per month actually helps here — it prevents impulsive overtrading that often destroys returns.
2025: The I Fund's historic year
The I Fund's +32.45% return in 2025 was the highest single-year return ever recorded by any TSP fund — surpassing the C Fund's previous records of 31.49% (2019) and 31.45% (2019). This was driven by a combination of weak U.S. dollar, strong corporate earnings in developed European and Asian markets, and the fund's 2024 benchmark change to the MSCI ACWI IMI ex USA ex China ex Hong Kong Index (which added approximately 1,000 stocks and expanded to 40+ countries).2
The C Fund still delivered 17.85% — a strong year — while the S Fund returned 11.38%. Federal employees who held a diversified equity mix (C + S + I) participated in the full rally. Those 100% in the G Fund missed a year that grew a $500,000 balance by $222,500.
The pattern: G and F funds protect, C and S funds grow
Over the full 11-year period, the pattern is consistent:
- In every calendar year, the G Fund posted a positive return. Its worst year in this period: +0.78% (2020). Its best: +4.44% (2025). Not once did it go negative.
- The F Fund is not a safety net. It lost 12.83% in 2022 and 1.57% in 2021. Investors who treated the F Fund as a "safe" alternative to the G Fund learned this the hard way in 2022.
- Stock fund volatility is real but temporary. The C Fund had four negative or flat years in the period (2015: +1.38%, 2018: −4.41%, 2022: −18.13%) but ended the period as the strongest cumulative performer for most years.
Cumulative growth of $10,000 (2015–2025)
Use the calculator below to see what an investment in any TSP fund would have grown to over this period. Enter a starting amount and select a start year — the table will show the ending value in each fund at year-end 2025.
Annualized (CAGR) returns: 10-year and 5-year
Point-in-time annual returns can be misleading. A fund that lost 26% one year and gained 26% the next did not break even — compounding math means it still ended down. The compound annual growth rate (CAGR) captures true wealth accumulation over time.3
| Fund | 10-yr CAGR (2016–2025) | 5-yr CAGR (2021–2025) | What tracks it |
|---|---|---|---|
| G Fund | +2.9% | +3.2% | Weighted avg of mid/long-term Treasuries (principal guaranteed) |
| F Fund | +2.1% | +1.5% | Bloomberg U.S. Aggregate Bond Index |
| C Fund | +15.5% | +14.2% | S&P 500 (500 large U.S. companies) |
| S Fund | +10.2% | +7.8% | Dow Jones U.S. Completion TSM (~4,000 mid/small-cap stocks) |
| I Fund | +8.6% | +10.9% | MSCI ACWI IMI ex USA ex China ex HK (40+ countries, 5,100+ stocks) |
Note: CAGR figures are calculated from the annual returns in the table above. The 10-year figure captures 2016–2025; the 5-year captures 2021–2025 (which includes the 2022 bear market). Official TSP long-term return data is published at tsp.gov/fund-performance.
What these numbers mean for FERS investors specifically
The performance table above tells a different story for federal employees than it would for a private-sector worker with only a 401(k). Two structural differences change everything:
Your FERS pension is shadow fixed income
A federal employee retiring with a $45,000/year FERS pension has the equivalent of roughly $1.1 million in bonds at 4% yield — an income stream that is guaranteed for life, doesn't fluctuate with markets, and adjusts for inflation (at least partially via FERS COLA). That pension fills the role that the F Fund and G Fund are supposed to play in a typical 60/40 portfolio.
The practical implication: most FERS employees near retirement can hold more equity in their TSP — more C, S, and I Fund exposure — than the default L Fund glide path assumes, because the pension provides the stability that bonds normally provide. The L Income Fund at retirement holds roughly 22% in equity, but many FERS retirees with substantial pensions should consider 50–70% equity in their TSP.
The G Fund is your unique defensive asset — not the F Fund
2022 demonstrated this clearly. Private-sector investors fled to bond funds that year for safety and lost 12–13% anyway. FERS employees in the G Fund lost nothing. This matters most in the 5–10 years approaching retirement — the sequence of returns risk window — when a large down year can permanently damage retirement income.
If you want fixed income in your TSP, the G Fund — not the F Fund — is the right default for conservative allocations. The F Fund makes sense only if you believe interest rates will fall significantly (which drives bond prices up) and your time horizon is long enough to recover from rate-rise losses. Most TSP participants near retirement should not be in the F Fund as a "safe" alternative to equities.
The Roth conversion window explained by this table
Look at 2022 in the table: a $500,000 C Fund balance fell to approximately $410,000. For a federal employee who did an in-plan Roth conversion in early-to-mid 2022 (when values were lower), the taxable event was on a smaller balance, and the subsequent recovery in 2023 (+26.25%) and 2024 (+24.96%) happened inside the Roth TSP — tax-free forever. This is the core logic of the fill-the-bracket Roth conversion strategy: convert more in down years when the tax cost per dollar converted is lower, and you capture the recovery tax-free.
Year-by-year context: a brief timeline
| Year | What drove TSP performance |
|---|---|
| 2025 | I Fund posted TSP's all-time highest annual return (+32.45%). MSCI ACWI IMI ex USA benchmark change (2024) added EM exposure. C Fund also strong at +17.85% behind AI/tech earnings. G Fund reached 4.44% — highest in the series — as Treasury yields stayed elevated. |
| 2024 | C Fund dominated at +24.96% driven by mega-cap tech (Magnificent 7). I Fund lagged at +4.27% — strong dollar and geopolitical uncertainty weighed on international. G Fund earned 4.40%, its best rate since pre-2008. |
| 2023 | Full recovery from 2022. C Fund +26.25%, S Fund +25.84%. Fed paused rate hikes; bond market began recovering (F Fund +5.53%). I Fund +18.17% on European and Japanese market strength. |
| 2022 | Worst year in this period. Fed raised rates 425 basis points; both stocks and bonds fell simultaneously. G Fund was the only positive fund (+2.98%). F Fund lost 12.83% — historically unusual for a bond fund. S Fund lost 26.26%. |
| 2021 | Post-COVID reopening fueled large-cap U.S. stocks. C Fund +28.68% (best in the series to that point). Small-cap/international lagged large-cap. F Fund −1.57% as inflation concerns raised rate expectations. |
| 2020 | COVID crash in March 2020, then remarkable recovery. S Fund +31.85% (led all funds) as small/mid-cap growth stocks surged in the pandemic economy. Fed cut rates to zero, driving F Fund +7.17%. G Fund +0.78% (lowest in series). |
| 2019 | Strong global equity year. C Fund +31.45%, S Fund +27.97%. Fed cut rates; F Fund +8.96%. I Fund +22.02% on developed market recovery. |
| 2018 | Trade war fears, Fed rate hikes, Q4 sell-off. C Fund −4.41%, I Fund −14.23%. G Fund +2.91%, F Fund barely positive (+0.15%). Only the second calendar-year loss for the C Fund since 2008. |
| 2017 | Strong global equity year; I Fund led at +25.11% (MSCI EAFE benefited from weaker dollar and European recovery). C Fund +21.83%, S Fund +18.21%. All equity funds double-digit positive. |
| 2016 | S Fund led at +18.46% as small/mid-cap stocks rallied post-election. C Fund +12.45%. I Fund lagged at +1.72% (strong dollar, Brexit uncertainty). F Fund +2.37%. |
| 2015 | Flat-to-down year. C Fund barely positive (+1.38%), S Fund −3.38%, I Fund −0.81%. Only the G Fund and F Fund eked out gains above 1%. China growth fears and commodity crash weighed on global markets. |
Comparing TSP to what you'd get in an IRA
When federal employees compare TSP funds to IRA alternatives, the performance comparison is often a red herring. The C Fund tracks the S&P 500 at 0.035% — essentially the same cost and return as Vanguard VOO or iShares IVV. If you roll to an IRA, you can replicate the C Fund's performance nearly exactly.
What you cannot replicate in an IRA:
- The G Fund — no IRA-equivalent product offers Treasury yields with principal guarantee. The closest alternatives (money market funds, T-bill ETFs, stable-value funds at other providers) are either lower-yielding or not principal-guaranteed in the same way.
- Rule of 55 access — if you separate from federal service at or after age 55 (50 for LEO/FF/ATC), you can withdraw from TSP penalty-free. Rolling to an IRA before 59½ eliminates this window permanently. Given the performance history above, staying in TSP to preserve G Fund access and Rule of 55 is worth real money.
- Institutional expense ratios — TSP's 0.035% is matched by only the cheapest retail ETFs. If you roll to an actively managed IRA or use an advisor who charges an AUM fee, your net return will lag TSP's equivalent funds.
Work with a TSP specialist
Knowing the historical returns is the starting point. Translating them into a specific allocation — one that accounts for your FERS pension, your Social Security timing, your years to retirement, and your risk tolerance — is where a specialist adds value. What to look for in a TSP financial advisor →
TSPAdvisorMatch is a referral service, not a licensed advisory firm. We may receive compensation from professionals in our network. Content is for informational purposes only and does not constitute financial, tax, or investment advice.
Sources
All annual return data sourced from official TSP publications and confirmed financial reporting. Values verified as of June 2026.
- TSP Official Rates of Return — tsp.gov/fund-performance — primary source for all annual return data; interactive table with returns from fund inception through current month.
- FedSmith: "TSP Performance Soars In 2025" (Jan 1, 2026) — confirms 2025 annual returns: C +17.85%, S +11.38%, I +32.45%.
- FedSmith: "2024 TSP Performance: 25% Annual Return For One TSP Fund" (Jan 1, 2025) — confirms 2024 annual returns: C +24.96%, S +16.93%, I +4.27%.
- Federal News Network: "Despite December TSP downturn, C, S funds finish 2024 strong" (Jan 2025) — confirms 2024 G Fund +4.40%, F Fund +1.33%.
- FedSmith: "Great TSP Returns For 2021: Best Performance Is 28.68% For One Fund" (Jan 1, 2022) — confirms 2021 C Fund return of +28.68%.
- TSP Fund Information Sheet (FRTIB, updated monthly) — official expense ratio and benchmark information for all five core funds.