TSP Fund Returns April 2026: Stocks Rocket Back, $50K Balance Gains $5K

Last Updated: May 6, 2026 Reading Time: 6 min

April 2026 was the best single month for TSP equities since November 2023. After Q1 ended with the C and S Funds in negative territory and the early-April tariff scare extending the drawdown, every stock fund posted double-digit gains. The C Fund returned approximately +10.49%, the S Fund +9.96%, and the I Fund +9.11%. A federal employee with $200,000 fully in the C Fund saw their balance gain about $21,000 in April alone. Every TSP fund is now positive year-to-date.

Here is the full breakdown, what drove the rebound, and what it means for your strategy heading into May.

Key Takeaways

• The C Fund led at approximately +10.49% for April, the S Fund returned +9.96%, and the I Fund +9.11%. All three within striking distance.
• The G Fund returned approximately +0.34% (statutory floor; April pace ~3.4% annualized) and the F Fund gained approximately +0.55%.
• Every TSP fund is now positive YTD through April 30: I Fund leads at approximately +11.12%, S Fund +8.62%, C Fund +5.69%, G Fund +1.39%, F Fund +0.59%.
• A $200,000 C Fund balance gained approximately $20,980 in April. A 60/40 C/F mix on the same balance gained approximately $13,030.
• L Funds rebalanced automatically through the swing. L Income gained approximately +2.5% to +3.0%; L 2045-L 2075 gained approximately +8% to +9%.
• The Q1 losses were temporary. Federal employees who held their allocation through the drawdown captured the rebound.

April 2026 Returns: Fund by Fund

Fund	April Return	YTD Through April	Q1 Position
G Fund	approx. +0.34%	approx. +1.39%	+1.04%
F Fund	approx. +0.55%	approx. +0.59%	+0.04%
C Fund	approx. +10.49%	approx. +5.69%	-4.34%
S Fund	approx. +9.96%	approx. +8.62%	-1.22%
I Fund	approx. +9.11%	approx. +11.12%	+1.84%

Source: FedSmith, FedWeek, and GovExec reporting on TSP.gov data through April 30, 2026.

The I Fund leads YTD at approximately +11.12%, a remarkable recovery considering it pulled back hard in late March. International equities benefited from dollar weakness and broad global market rebounds outside the U.S.

The C Fund's +10.49% April was the largest single-month gain in any TSP equity fund since the post-COVID recovery period.

Dollar Gains in April for Common Balance Levels

For federal employees who want to translate the percentages into dollars, here is what April delivered for typical TSP balances at common allocations.

Balance	C Fund 100%	S Fund 100%	I Fund 100%	C/F 60/40	G Fund 100%
$50,000	+$5,245	+$4,980	+$4,555	+$3,257	+$170
$100,000	+$10,490	+$9,960	+$9,110	+$6,514	+$340
$200,000	+$20,980	+$19,920	+$18,220	+$13,030	+$680
$500,000	+$52,450	+$49,800	+$45,550	+$32,575	+$1,700
$1,000,000	+$104,900	+$99,600	+$91,100	+$65,150	+$3,400

Use the TSP Calculator to compute your specific allocation and balance.

What Drove the Rebound

April reversed the late-March / early-April equity drawdown. Three forces converged.

Tariff fears moderated. The early-April tariff announcements that hit equity markets hard were followed by exemptions and pauses for several major trading partners. The market interpreted that as the worst-case scenario coming off the table.

Q1 corporate earnings beat expectations. Through mid-April, more than 75% of S&P 500 companies that reported Q1 earnings beat consensus estimates. Strong earnings, particularly from technology and consumer discretionary sectors, lifted the C and S Funds.

Oversold bounce. The early-April drop pushed several technical indicators into oversold territory. Buyers stepped in around the April 8 low, and the rally extended through month-end.

For the I Fund specifically, dollar weakness against major currencies amplified the underlying international equity gains.

What It Means for Your Strategy

If you are in an L Fund. No action needed. L Funds rebalanced automatically during the swing. The fund mechanics handled the volatility for you.

If you held through Q1. You captured the April rebound. The math on monthly returns shows why holding works: a -4.98% C Fund March followed by +10.49% C Fund April nets out to roughly +5% combined. Anyone who moved to G Fund at the end of March locked in the loss and missed the recovery.

If you sold during the late-March drawdown. April hurt. Pull up your interfund transfer history and your current allocation. Rather than chasing the bounce, ask whether your allocation still matches your target percentages. If not, consider rebalancing back to your target rather than making a market-timing call.

If you are nearing retirement. The April rebound may be a good moment to confirm your asset allocation matches your time horizon. A 60-year-old still 100% in stocks is taking volatility risk that a 60-year-old in L 2025 or L 2030 is not. Use the TSP Calculator and the Phased Retirement Guide to model your retirement income needs.

How April Compares to March

The month-to-month swing in equity TSP funds was extreme.

Fund	March Return	April Return	2-Month Net
G Fund	+0.34%	+0.34%	+0.68%
F Fund	-1.77%	+0.55%	-1.22%
C Fund	-4.98%	+10.49%	+5.51%
S Fund	-4.58%	+9.96%	+5.38%
I Fund	(sharp decline)	+9.11%	I Fund recovered

For federal employees who measure progress quarterly, the swing is a useful reminder: monthly volatility does not predict quarterly outcomes, and quarterly outcomes do not predict annual outcomes.

Looking Ahead to May

Several factors to watch:

Tariff renegotiation deadlines. Several major trading partners have 90-day pauses set to expire in mid-to-late May. Renewed escalation could re-introduce equity volatility.

Federal employment trajectory. With over 317,000 federal employees having left government in 2025 and another major wave from the multi-tier 2026 push, TSP contribution flows will reflect both new contributions from remaining feds AND distribution flows from separating retirees. The G Fund typically sees inflows during periods of equity uncertainty.

Mandatory Roth catch-up rule. If you are 50 or older AND your 2025 W-2 Box 3 wages were above $150,000, all 2026 catch-up contributions go to Roth TSP. See our TSP + Roth IRA Tax Diversification guide for the full mechanics.

Run Your Numbers

Use the TSP Calculator to project your balance at retirement under different allocation scenarios. For broader TSP strategy, see our TSP Guide 2026 and our TSP vs IRA Rollover Decision blog. For monthly performance context, see the prior TSP Fund Returns March 2026 recap.

Project your TSP balance at retirement →

Frequently Asked Questions

What did TSP funds return in April 2026?

Stock-based funds posted strong double-digit gains. The C Fund returned approximately +10.49%, the S Fund +9.96%, and the I Fund +9.11%. The F Fund (bonds) gained approximately +0.55%. The G Fund returned approximately +0.34%, its statutory floor. April erased most of the Q1 losses across every equity fund.

Which TSP fund performed best in April 2026?

The C Fund led at approximately +10.49%, narrowly edging the S Fund (+9.96%) and the I Fund (+9.11%). All three are within striking distance of one another. April was the strongest single month for TSP equities since November 2023.

What is the TSP YTD return through April 2026?

Through April 30, 2026, the G Fund is up approximately +1.39% YTD. The C Fund recovered from its Q1 deficit and is now positive at approximately +5.69% YTD. The S Fund is back into positive territory at approximately +8.62% YTD. The I Fund leads at approximately +11.12% YTD. The F Fund is roughly +0.59% YTD.

Why did TSP stock funds rebound in April 2026?

Several forces converged: the worst tariff fears from late March-early April moderated as exemptions and pauses were announced; Q1 corporate earnings came in stronger than expected; and the early-April market drop created oversold conditions that drew buyers in. The I Fund recovery reflected dollar weakness, and global equity rebounds outside the U.S.

How much did my TSP balance gain in dollars during April 2026?

It depends on your allocation. A federal employee with a $200,000 TSP balance fully in the C Fund gained approximately $20,980 in April alone. A 100% S Fund position on the same balance gained approximately $19,920. The I Fund: approximately $18,220. A 60/40 stock/bond mix in C and F gained approximately $13,030. A pure G Fund allocation gained approximately $680. Use the TSP Calculator to compute your specific allocation.

Should I increase my TSP contributions after April's gains?

Performance does not change the answer to that question. The right time to increase contributions is when your budget allows or when you have unused contribution room toward the 2026 elective deferral limit ($24,500, or higher with catch-up). Chasing strong months is the opposite of what works. The TSP Calculator can model how a contribution-rate change affects your balance over a 10-20 year horizon.

How did TSP Lifecycle funds perform in April 2026?

All L Funds posted strong positive returns in April. The L Income Fund (most conservative) gained approximately +2.5% to +3.0%. Longer-dated funds with higher stock exposure gained approximately +8% to +9%. L 2045 through L 2075 led the L Fund pack. These gains erased Q1 losses for most L Fund participants.

Are TSP returns now positive year-to-date for 2026?

Yes, every TSP fund is positive YTD through April 30, 2026. Q1 ended with C and S Funds in negative territory. April's rally restored every equity fund to positive YTD. The C Fund, which was -4.34% YTD at end of Q1, is now approximately +5.69% YTD. The S Fund recovered from -1.22% YTD to approximately +8.62% YTD. The G Fund and F Fund stayed positive throughout.

Related Resources

• TSP Calculator: Project your balance at retirement under different allocation scenarios
• TSP Guide 2026: Pillar guide on TSP allocation, fees, and withdrawals
• TSP Fund Returns March 2026: Prior month recap (the Q1 drawdown)
• TSP vs IRA Rollover Decision 2026: What to do with TSP at retirement
• TSP + Roth IRA Tax Diversification 2026: Save $480 to $3,080/yr in retirement taxes
• TSP Milestone Benchmarks by Age: Am I on track? (recently breakout page)
• Phased Retirement Guide 2026: Allocation considerations for late-career feds
• SECURE 2.0 Mandatory Roth Catch-Up 2026: The $150,000 Box 3 threshold rule

Sources: TSP.gov fund performance · FedSmith: TSP Returns Rocket Up In April · FedWeek: April Stock Rebound Returns TSP Funds to Positive · GovExec: TSP Funds Returned to Growth in April