After a rough March that left most TSP funds in negative territory, April delivered a welcome turnaround in TSP performance. Every fund in the Thrift Savings Plan finished the month in positive territory, with the three stock funds posting impressive returns sure to bring a smile back to the faces of TSP investors.
April TSP Performance by Fund
| Fund | April 2026 | YTD 2026 | 12-Month |
| G Fund | +0.36% | +1.41% | +4.37% |
| F Fund | +0.12% | +0.16% | +4.07% |
| C Fund | +10.49% | +5.70% | +31.03% |
| S Fund | +9.96% | +8.61% | +33.88% |
| I Fund | +9.11% | +11.12% | +35.03% |
| L Income | +2.95% | +3.21% | +11.62% |
What Drove the Recovery
The April rebound was not random. Markets responded positively to easing geopolitical fears, stronger-than-expected corporate earnings, particularly in the technology and artificial intelligence sectors, and solid first-quarter economic growth. In short, March priced in a crisis that did not materialize, and April reversed it quickly.
The C Fund’s 10.49% monthly gain is worth some historical context. While it is an impressive number, it ranks only fifth on the all-time list of best monthly C Fund returns, behind April 2020, December 1991, November 2020, and October 2011. Stock markets can move dramatically in both directions, and April was a reminder of that in the positive direction.
Where Things Stand for the Year
April’s strong TSP performance puts participants in a much stronger position as we continue through the second quarter. The I Fund leads all core funds year-to-date at 11.12%, followed by the S Fund at 8.61% and the C Fund at 5.70%. The G and F Funds remain in modest positive territory for the year.
Momentum Continues
The positive momentum from April has carried into May. The S&P 500 hit a new all-time high on May 8th, closing at 7,398.93, while the Nasdaq posted six consecutive weeks of gains, its longest winning streak since 2024. Corporate earnings have been a significant driver, with 84% of S&P 500 companies reporting results above estimates, the highest beat rate since Q2 2021. For TSP investors, that strength in large-cap stocks bodes well for C Fund performance as May’s numbers come together. The overall picture heading into the second quarter remains cautiously optimistic, but volatile enough that having a clear TSP strategy matters more than ever.
A Federal Retirement Consultant (FRC®) can help you think through how your TSP fits into your broader retirement income picture. Schedule a complimentary benefits review today.
