TBFAX vs. FGMNX
TBFAX (Thrivent Government Bond) and FGMNX (Fidelity GNMA Fund) are both Government Bonds funds. Over the past 10 years, TBFAX returned 0.91%/yr vs 1.23%/yr for FGMNX. Their correlation of 0.84 suggests significant overlap in exposure. TBFAX charges 0.77%/yr vs 0.45%/yr for FGMNX.
Performance
TBFAX vs. FGMNX - Performance Comparison
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Returns By Period
In the year-to-date period, TBFAX achieves a -0.32% return, which is significantly lower than FGMNX's 1.09% return. Over the past 10 years, TBFAX has underperformed FGMNX with an annualized return of 0.91%, while FGMNX has yielded a comparatively higher 1.23% annualized return.
TBFAX
- 1D
- 0.23%
- 1M
- 0.62%
- YTD
- -0.32%
- 6M
- -0.01%
- 1Y
- 3.86%
- 3Y*
- 3.18%
- 5Y*
- -0.09%
- 10Y*
- 0.91%
FGMNX
- 1D
- 0.19%
- 1M
- 0.89%
- YTD
- 1.09%
- 6M
- 1.38%
- 1Y
- 5.94%
- 3Y*
- 4.22%
- 5Y*
- 0.33%
- 10Y*
- 1.23%
TBFAX vs. FGMNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBFAX Thrivent Government Bond | -0.32% | 7.00% | 0.96% | 3.52% | -10.67% | -1.92% | 6.93% | 5.70% | -0.02% | 1.79% |
FGMNX Fidelity GNMA Fund | 1.09% | 7.89% | 0.43% | 5.46% | -11.52% | -1.03% | 3.74% | 5.72% | 0.62% | 1.74% |
Correlation
The correlation between TBFAX and FGMNX is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011 | 0.84 |
The correlation between TBFAX and FGMNX shifts across timeframes, from 0.84 (all time) to 0.96 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TBFAX vs. FGMNX — Risk / Return Rank
TBFAX
FGMNX
TBFAX vs. FGMNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thrivent Government Bond (TBFAX) and Fidelity GNMA Fund (FGMNX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TBFAX | FGMNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.30 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 2.39 | -1.14 |
| Martin ratioReturn relative to average drawdown | 3.44 | 7.33 | -3.89 |
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Drawdowns
TBFAX vs. FGMNX - Drawdown Comparison
The maximum TBFAX drawdown since its inception was -17.68%, roughly equal to the maximum FGMNX drawdown of -16.84%. Use the drawdown chart below to compare losses from any high point for TBFAX and FGMNX.
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Drawdown Indicators
| TBFAX | FGMNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.68% | -16.84% | -0.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.54% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -6.55% | -7.23% | +0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -16.03% | -16.50% | +0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -17.68% | -16.84% | -0.84% |
Current DrawdownCurrent decline from peak | -3.61% | -1.09% | -2.52% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -1.91% | -2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 0.83% | +0.33% |
Volatility
TBFAX vs. FGMNX - Volatility Comparison
The current volatility for Thrivent Government Bond (TBFAX) is 1.12%, while Fidelity GNMA Fund (FGMNX) has a volatility of 1.22%. This indicates that TBFAX experiences smaller price fluctuations and is considered to be less risky than FGMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBFAX | FGMNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 1.22% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 2.76% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 3.76% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.65% | 6.26% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.73% | 4.68% | +0.05% |
TBFAX vs. FGMNX - Expense Ratio Comparison
TBFAX has a 0.77% expense ratio, which is higher than FGMNX's 0.45% expense ratio.
Dividends
TBFAX vs. FGMNX - Dividend Comparison
TBFAX's dividend yield for the trailing twelve months is around 3.48%, less than FGMNX's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGMNX Fidelity GNMA Fund | 3.62% | 3.61% | 3.23% | 3.45% | 1.68% | 0.76% | 1.61% | 2.46% | 2.19% | 2.17% | 2.61% | 2.25% |
TBFAX Thrivent Government Bond | 3.48% | 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
With a correlation of 0.94, TBFAX and FGMNX 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.
FGMNX has higher volatility (1.22%) compared to TBFAX (1.12%). In terms of maximum drawdown, TBFAX dropped -17.68% vs FGMNX's -16.84%.
FGMNX currently has the higher Sharpe Ratio (1.62 vs 1.07), 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.
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