TBFAX vs. AAINX

Last updated Jun 5, 2026

TBFAX (Thrivent Government Bond) and AAINX (Thrivent Opportunity Income Plus Fund) are both mutual funds - TBFAX is a Government Bonds fund managed by Thrivent Funds, while AAINX is a Multisector Bonds fund managed by Thrivent Funds. Over the past 10 years, TBFAX returned 0.92%/yr vs 3.03%/yr for AAINX. A 0.60 correlation means they provide meaningful diversification when combined. TBFAX charges 0.77%/yr vs 0.88%/yr for AAINX.

Performance

TBFAX vs. AAINX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Government Bond (TBFAX) and Thrivent Opportunity Income Plus Fund (AAINX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBFAX achieves a -0.43% return, which is significantly lower than AAINX's 1.59% return. Over the past 10 years, TBFAX has underperformed AAINX with an annualized return of 0.92%, while AAINX has yielded a comparatively higher 3.03% annualized return.

TBFAX

• 1D: -0.23%
• 1M: -0.18%
• YTD: -0.43%
• 6M: -0.34%
• 1Y: 3.86%
• 3Y*: 3.06%
• 5Y*: -0.09%
• 10Y*: 0.92%

AAINX

• 1D: -0.22%
• 1M: 0.49%
• YTD: 1.59%
• 6M: 1.92%
• 1Y: 6.72%
• 3Y*: 6.34%
• 5Y*: 2.24%
• 10Y*: 3.03%

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

TBFAX vs. AAINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBFAX Thrivent Government Bond	-0.43%	7.00%	0.96%	3.52%	-10.67%	-1.92%	6.93%	5.70%	-0.02%	1.79%
AAINX Thrivent Opportunity Income Plus Fund	1.59%	7.82%	4.90%	7.77%	-10.57%	1.47%	3.75%	8.23%	-1.24%	4.88%

Correlation

The correlation between TBFAX and AAINX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.60

Over the past year, TBFAX and AAINX have become more correlated (0.83) than their long-term average of 0.60, meaning their price movements have been converging.

Return for Risk

TBFAX vs. AAINX — Risk / Return Rank

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

TBFAX

TBFAX Risk / Return Rank: 17
TBFAX Sharpe Ratio Rank: 18
TBFAX Sortino Ratio Rank: 19
TBFAX Omega Ratio Rank: 17
TBFAX Calmar Ratio Rank: 17
TBFAX Martin Ratio Rank: 16

AAINX

AAINX Risk / Return Rank: 73
AAINX Sharpe Ratio Rank: 77
AAINX Sortino Ratio Rank: 84
AAINX Omega Ratio Rank: 82
AAINX Calmar Ratio Rank: 57
AAINX Martin Ratio Rank: 67

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.

TBFAX vs. AAINX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Government Bond (TBFAX) and Thrivent Opportunity Income Plus Fund (AAINX). 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.

	TBFAX	AAINX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	2.56	-1.38
Sortino ratio: Return per unit of downside risk	1.77	4.05	-2.28
Omega ratio: Gain probability vs. loss probability	1.21	1.55	-0.34
Calmar ratio: Return relative to maximum drawdown	1.40	2.88	-1.49
Martin ratio: Return relative to average drawdown	4.18	12.84	-8.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBFAX vs. AAINX - Sharpe Ratio Comparison

The current TBFAX Sharpe Ratio is 1.18, which is lower than the AAINX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of TBFAX and AAINX, 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

	TBFAX	AAINX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	2.56	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.56	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.78	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.07	-0.79

Drawdowns

TBFAX vs. AAINX - Drawdown Comparison

The maximum TBFAX drawdown since its inception was -17.68%, which is greater than AAINX's maximum drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for TBFAX and AAINX.

Drawdown Indicators

	TBFAX	AAINX	Difference
Max Drawdown Largest peak-to-trough decline	-17.68%	-15.72%	-1.96%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-2.46%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-6.55%	-3.86%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-16.03%	-14.18%	-1.85%
Max Drawdown (10Y) Largest decline over 10 years	-17.68%	-15.28%	-2.40%
Current Drawdown Current decline from peak	-3.72%	-0.22%	-3.50%
Average Drawdown Average peak-to-trough decline	-4.17%	-1.87%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.55%	+0.52%

Volatility

TBFAX vs. AAINX - Volatility Comparison

Thrivent Government Bond (TBFAX) has a higher volatility of 1.18% compared to Thrivent Opportunity Income Plus Fund (AAINX) at 1.07%. This indicates that TBFAX's price experiences larger fluctuations and is considered to be riskier than AAINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBFAX	AAINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	1.07%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.63%	2.19%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	2.77%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.64%	4.01%	+1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.72%	3.89%	+0.83%

TBFAX vs. AAINX - Expense Ratio Comparison

TBFAX has a 0.77% expense ratio, which is lower than AAINX's 0.88% expense ratio.

Dividends

TBFAX vs. AAINX - Dividend Comparison

TBFAX's dividend yield for the trailing twelve months is around 3.49%, less than AAINX's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAINX Thrivent Opportunity Income Plus Fund	4.63%	4.62%	4.78%	3.88%	4.00%	2.74%	2.99%	3.76%	4.04%	3.28%	3.55%	3.88%
TBFAX Thrivent Government Bond	3.49%	3.54%	3.73%	2.29%	2.08%	0.92%	3.29%	2.08%	2.02%	1.48%	1.25%	0.91%

Frequently Asked Questions

Can I hold both TBFAX and AAINX in my portfolio?

TBFAX and AAINX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBFAX or AAINX?

TBFAX has higher volatility (1.18%) compared to AAINX (1.07%). In terms of maximum drawdown, TBFAX dropped -17.68% vs AAINX's -15.72%.

Which has better risk-adjusted returns?

AAINX currently has the higher Sharpe Ratio (2.56 vs 1.18), 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.