AAHYX vs. TCAAX

Last updated Jun 5, 2026

AAHYX (Thrivent Diversified Income Plus Fund) and TCAAX (Thrivent Moderately Conservative Allocation Fund) are both Diversified Portfolio funds from Thrivent. Over the past 10 years, AAHYX returned 4.95%/yr vs 5.49%/yr for TCAAX. Their correlation of 0.90 suggests significant overlap in exposure. AAHYX charges 0.94%/yr vs 0.82%/yr for TCAAX.

Performance

AAHYX vs. TCAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Diversified Income Plus Fund (AAHYX) and Thrivent Moderately Conservative Allocation Fund (TCAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAHYX achieves a 3.55% return, which is significantly lower than TCAAX's 4.82% return. Over the past 10 years, AAHYX has underperformed TCAAX with an annualized return of 4.95%, while TCAAX has yielded a comparatively higher 5.49% annualized return.

AAHYX

• 1D: -0.26%
• 1M: 1.12%
• YTD: 3.55%
• 6M: 3.87%
• 1Y: 10.90%
• 3Y*: 8.47%
• 5Y*: 3.40%
• 10Y*: 4.95%

TCAAX

• 1D: -0.35%
• 1M: 1.73%
• YTD: 4.82%
• 6M: 5.10%
• 1Y: 13.84%
• 3Y*: 10.65%
• 5Y*: 4.44%
• 10Y*: 5.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAHYX vs. TCAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAHYX Thrivent Diversified Income Plus Fund	3.55%	9.57%	6.80%	9.27%	-12.64%	6.22%	6.67%	13.12%	-3.08%	8.98%
TCAAX Thrivent Moderately Conservative Allocation Fund	4.82%	11.66%	8.27%	11.69%	-14.96%	6.52%	10.12%	14.81%	-3.89%	7.26%

Correlation

The correlation between AAHYX and TCAAX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 4, 2006	0.90

The correlation between AAHYX and TCAAX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

AAHYX vs. TCAAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAHYX

AAHYX Risk / Return Rank: 79
AAHYX Sharpe Ratio Rank: 82
AAHYX Sortino Ratio Rank: 82
AAHYX Omega Ratio Rank: 81
AAHYX Calmar Ratio Rank: 72
AAHYX Martin Ratio Rank: 77

TCAAX

TCAAX Risk / Return Rank: 63
TCAAX Sharpe Ratio Rank: 62
TCAAX Sortino Ratio Rank: 66
TCAAX Omega Ratio Rank: 65
TCAAX Calmar Ratio Rank: 57
TCAAX Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAHYX vs. TCAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Diversified Income Plus Fund (AAHYX) and Thrivent Moderately Conservative Allocation Fund (TCAAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AAHYX	TCAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.29	+0.40
Sortino ratio: Return per unit of downside risk	3.92	3.36	+0.57
Omega ratio: Gain probability vs. loss probability	1.54	1.44	+0.10
Calmar ratio: Return relative to maximum drawdown	3.23	2.83	+0.40
Martin ratio: Return relative to average drawdown	14.35	12.57	+1.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAHYX vs. TCAAX - Sharpe Ratio Comparison

The current AAHYX Sharpe Ratio is 2.69, which is comparable to the TCAAX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of AAHYX and TCAAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAHYX	TCAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.29	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.56	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.76	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.60	+0.11

Drawdowns

AAHYX vs. TCAAX - Drawdown Comparison

The maximum AAHYX drawdown since its inception was -34.18%, which is greater than TCAAX's maximum drawdown of -30.82%. Use the drawdown chart below to compare losses from any high point for AAHYX and TCAAX.

Drawdown Indicators

	AAHYX	TCAAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.18%	-30.82%	-3.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.54%	-5.04%	+1.50%
Max Drawdown (3Y) Largest decline over 3 years	-6.23%	-7.47%	+1.24%
Max Drawdown (5Y) Largest decline over 5 years	-16.52%	-20.33%	+3.81%
Max Drawdown (10Y) Largest decline over 10 years	-20.04%	-20.33%	+0.29%
Current Drawdown Current decline from peak	-0.26%	-0.35%	+0.09%
Average Drawdown Average peak-to-trough decline	-4.55%	-3.80%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	1.13%	-0.34%

Volatility

AAHYX vs. TCAAX - Volatility Comparison

The current volatility for Thrivent Diversified Income Plus Fund (AAHYX) is 1.52%, while Thrivent Moderately Conservative Allocation Fund (TCAAX) has a volatility of 2.00%. This indicates that AAHYX experiences smaller price fluctuations and is considered to be less risky than TCAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAHYX	TCAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	2.00%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	3.40%	5.00%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	4.25%	6.22%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	8.00%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.02%	7.20%	-1.18%

AAHYX vs. TCAAX - Expense Ratio Comparison

AAHYX has a 0.94% expense ratio, which is higher than TCAAX's 0.82% expense ratio.

Dividends

AAHYX vs. TCAAX - Dividend Comparison

AAHYX's dividend yield for the trailing twelve months is around 3.67%, less than TCAAX's 5.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAHYX Thrivent Diversified Income Plus Fund	3.67%	3.73%	3.83%	3.55%	3.10%	6.31%	2.44%	3.54%	5.72%	2.85%	3.39%	3.31%
TCAAX Thrivent Moderately Conservative Allocation Fund	5.92%	6.19%	3.55%	2.52%	1.87%	3.74%	3.82%	5.15%	3.99%	1.77%	1.67%	1.51%

Frequently Asked Questions

Can I hold both AAHYX and TCAAX in my portfolio?

With a correlation of 0.95, AAHYX and TCAAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AAHYX or TCAAX?

TCAAX has higher volatility (2.00%) compared to AAHYX (1.52%). In terms of maximum drawdown, AAHYX dropped -34.18% vs TCAAX's -30.82%.

Which has better risk-adjusted returns?

AAHYX currently has the higher Sharpe Ratio (2.69 vs 2.29), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.