TSP fund returns: November 2025
F Fund led at +0.64%. S Fund trailed at -0.45%.
All 16 funds below, with year-to-date and 12-month figures. Taken from the official TSP share-price history and net of fund expenses.
1. The month at a glance
2. Core funds: G, F, C, S, I
| Fund | November | YTD 2025 | 12 months | Share price |
|---|---|---|---|---|
| G Fund Government securities. Cannot lose principal. | +0.34% | +4.08% | +4.82% | $19.5187 |
| F Fund U.S. investment-grade bonds. | +0.64% | +7.49% | +7.34% | $20.9363 |
| C Fund S&P 500 — large U.S. companies. | +0.24% | +17.78% | +21.21% | $109.4490 |
| S Fund U.S. companies outside the S&P 500. | -0.45% | +11.97% | +16.07% | $100.9421 |
| I Fund Non-U.S. developed and emerging markets. | +0.42% | +28.54% | +24.33% | $53.8534 |
Share prices are the closing values on 2025-11-28. All figures are net of administrative and investment expenses, so no further fee adjustment is needed. What each fund actually holds is covered in the complete fund guide.
3. The Lifecycle Funds
| Fund | November | YTD 2025 | 12 months | Share price |
|---|---|---|---|---|
| L Income | +0.35% | +8.80% | +9.61% | $29.0950 |
| L 2030 | +0.31% | +14.35% | +15.25% | $57.6831 |
| L 2035 | +0.30% | +15.39% | +16.30% | $17.5454 |
| L 2040 | +0.30% | +16.38% | +17.30% | $67.2489 |
| L 2045 | +0.29% | +17.23% | +18.15% | $18.6019 |
| L 2050 | +0.28% | +18.05% | +18.99% | $41.1963 |
| L 2055 | +0.23% | +20.65% | +21.68% | $21.2144 |
| L 2060 | +0.23% | +20.66% | +21.68% | $21.2121 |
| L 2065 | +0.23% | +20.66% | +21.69% | $21.2097 |
| L 2070 | +0.23% | +20.67% | +21.70% | $12.5708 |
| L 2075 | +0.23% | — | — | $10.9806 |
Each L Fund is a fixed mix of the five core funds, rebalanced daily and shifted gradually more conservative each quarter. The spread between L Income and the far-dated funds in any month is simply the difference in how much stock each one holds. Whether the standard glide path fits someone with a FERS pension is a separate question, worked through in L Funds for feds with a pension.
4. What it means, and what it doesn’t
Stocks were mixed in November 2025: the C and I Funds gained while the S Fund lost ground. The I Fund did best at +0.42%, and the S Fund did worst at -0.45%. Bonds, through the F Fund, returned +0.64%. The G Fund returned +0.34%, as always without a losing day. Year to date, the C Fund is up 17.78% and the G Fund is up 4.08%.
Among the Lifecycle Funds, L Income returned +0.35% and L 2045 returned +0.29%, the spread you would expect from their different stock allocations. One month tells you almost nothing about a thirty-year retirement. It is worth checking that your allocation still matches your plan, and worth ignoring the rest.
The TSP allows two fund reallocations or transfers per calendar month, and after that you can only move money into the G Fund. That limit exists to make reacting to a single month difficult. If you are within five years of retirement, the allocation cliff is the mistake to avoid; if the market has just fallen, what to actually do in a downturn covers the sequence.
5. Frequently asked questions
What were the TSP fund returns in November 2025?
F Fund led the five core funds at +0.64% and S Fund trailed at -0.45%. The G Fund returned +0.34%, the F Fund +0.64%, the C Fund +0.24%, the S Fund -0.45% and the I Fund +0.42%. Returns are computed from TSP share prices and are net of fund expenses.
Should I change my TSP allocation based on one month?
Almost never. A single month is noise against a retirement that runs thirty years or more, and the most expensive TSP mistake is moving to the G Fund after a decline and missing the recovery. Set a target allocation in calm conditions, rebalance on a schedule rather than in reaction to a number, and hold the money you will spend in the next three to five years somewhere it cannot fall.
How are these returns calculated?
From the change in each fund's share price between the last trading day of the prior month and the last trading day of the reported month, using the official TSP share-price history. Share prices are already net of administrative and investment expenses, so no additional fee adjustment is needed.
← October 2025 returns · All monthly reports
Returns computed from the official TSP share-price history for 2025-10-31 through 2025-11-28. This page is informational and is not investment advice.