CROVX vs. TNSHX

Last updated Jun 6, 2026

CROVX (Catholic Responsible Investments Opportunistic Bond Fund) and TNSHX (TIAA-CREF Short-Term Bond Index Fund) are both Short-Term Bond funds. Over the past 3 years, CROVX returned 5.14%/yr vs 4.25%/yr for TNSHX. A 0.77 correlation means they provide meaningful diversification when combined. CROVX charges 0.56%/yr vs 0.09%/yr for TNSHX.

Performance

CROVX vs. TNSHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Catholic Responsible Investments Opportunistic Bond Fund (CROVX) and TIAA-CREF Short-Term Bond Index Fund (TNSHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CROVX achieves a 1.10% return, which is significantly higher than TNSHX's 0.61% return.

CROVX

• 1D: 0.00%
• 1M: 0.15%
• YTD: 1.10%
• 6M: 1.42%
• 1Y: 4.50%
• 3Y*: 5.14%
• 5Y*: —
• 10Y*: —

TNSHX

• 1D: 0.10%
• 1M: 0.02%
• YTD: 0.61%
• 6M: 1.06%
• 1Y: 3.74%
• 3Y*: 4.25%
• 5Y*: 1.81%
• 10Y*: 1.83%

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

CROVX vs. TNSHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CROVX Catholic Responsible Investments Opportunistic Bond Fund	1.10%	5.81%	5.18%	5.56%	-5.29%
TNSHX TIAA-CREF Short-Term Bond Index Fund	0.61%	5.31%	4.03%	4.05%	-3.18%

Correlation

The correlation between CROVX and TNSHX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 28, 2022	0.77

The correlation between CROVX and TNSHX has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

Return for Risk

CROVX vs. TNSHX — Risk / Return Rank

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

CROVX

CROVX Risk / Return Rank: 91
CROVX Sharpe Ratio Rank: 87
CROVX Sortino Ratio Rank: 91
CROVX Omega Ratio Rank: 90
CROVX Calmar Ratio Rank: 93
CROVX Martin Ratio Rank: 94

TNSHX

TNSHX Risk / Return Rank: 66
TNSHX Sharpe Ratio Rank: 45
TNSHX Sortino Ratio Rank: 77
TNSHX Omega Ratio Rank: 75
TNSHX Calmar Ratio Rank: 71
TNSHX Martin Ratio Rank: 62

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.

CROVX vs. TNSHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catholic Responsible Investments Opportunistic Bond Fund (CROVX) and TIAA-CREF Short-Term Bond Index Fund (TNSHX). 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.

	CROVX	TNSHX	Difference
Sharpe ratio: Return per unit of total volatility	2.77	1.90	+0.88
Sortino ratio: Return per unit of downside risk	4.42	3.62	+0.80
Omega ratio: Gain probability vs. loss probability	1.64	1.47	+0.17
Calmar ratio: Return relative to maximum drawdown	5.17	3.13	+2.03
Martin ratio: Return relative to average drawdown	20.73	11.82	+8.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CROVX vs. TNSHX - Sharpe Ratio Comparison

The current CROVX Sharpe Ratio is 2.77, which is higher than the TNSHX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of CROVX and TNSHX, 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

	CROVX	TNSHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	1.90	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.04	-0.13

Drawdowns

CROVX vs. TNSHX - Drawdown Comparison

The maximum CROVX drawdown since its inception was -7.31%, which is greater than TNSHX's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for CROVX and TNSHX.

Drawdown Indicators

	CROVX	TNSHX	Difference
Max Drawdown Largest peak-to-trough decline	-7.31%	-5.99%	-1.32%
Max Drawdown (1Y) Largest decline over 1 year	-0.85%	-1.13%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-2.06%	-1.13%	-0.93%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.99%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.99%	—
Current Drawdown Current decline from peak	0.00%	-0.15%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.73%	-0.89%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.30%	-0.09%

Volatility

CROVX vs. TNSHX - Volatility Comparison

The current volatility for Catholic Responsible Investments Opportunistic Bond Fund (CROVX) is 0.47%, while TIAA-CREF Short-Term Bond Index Fund (TNSHX) has a volatility of 0.63%. This indicates that CROVX experiences smaller price fluctuations and is considered to be less risky than TNSHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CROVX	TNSHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.63%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	1.03%	1.34%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	1.62%	1.88%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.04%	2.25%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.04%	1.82%	+1.22%

CROVX vs. TNSHX - Expense Ratio Comparison

CROVX has a 0.56% expense ratio, which is higher than TNSHX's 0.09% expense ratio.

Dividends

CROVX vs. TNSHX - Dividend Comparison

CROVX's dividend yield for the trailing twelve months is around 4.43%, more than TNSHX's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CROVX Catholic Responsible Investments Opportunistic Bond Fund	4.43%	4.57%	4.61%	4.39%	2.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TNSHX TIAA-CREF Short-Term Bond Index Fund	4.10%	4.22%	3.94%	2.68%	1.00%	1.03%	1.81%	2.45%	1.80%	1.31%	0.98%

Frequently Asked Questions

Can I hold both CROVX and TNSHX in my portfolio?

CROVX and TNSHX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CROVX or TNSHX?

TNSHX has higher volatility (0.63%) compared to CROVX (0.47%). In terms of maximum drawdown, CROVX dropped -7.31% vs TNSHX's -5.99%.

Which has better risk-adjusted returns?

CROVX currently has the higher Sharpe Ratio (2.77 vs 1.90), 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.