TBFAX vs. FNMA

Last updated Jun 23, 2026

TBFAX (Thrivent Government Bond) is Government Bonds fund managed by Thrivent Funds, while FNMA (Federal National Mortgage Association) is a stock. Over the past 10 years, TBFAX returned 0.91%/yr vs 12.02%/yr for FNMA. At a correlation of -0.07, they often move in opposite directions.

Performance

TBFAX vs. FNMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Government Bond (TBFAX) and Federal National Mortgage Association (FNMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBFAX achieves a -0.32% return, which is significantly higher than FNMA's -40.82% return. Over the past 10 years, TBFAX has underperformed FNMA with an annualized return of 0.91%, while FNMA has yielded a comparatively higher 12.02% 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%

FNMA

• 1D: -0.16%
• 1M: -11.63%
• YTD: -40.82%
• 6M: -42.48%
• 1Y: -36.44%
• 3Y*: 144.96%
• 5Y*: 33.10%
• 10Y*: 12.02%

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

TBFAX vs. FNMA - 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%
FNMA Federal National Mortgage Association	-40.82%	227.13%	206.54%	202.77%	-56.90%	-65.69%	-23.40%	194.34%	-60.00%	-32.05%

Correlation

The correlation between TBFAX and FNMA is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	-0.07

The correlation between TBFAX and FNMA shifts across timeframes, from -0.07 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TBFAX vs. FNMA — Risk / Return Rank

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

TBFAX

TBFAX Risk / Return Rank: 15
TBFAX Sharpe Ratio Rank: 16
TBFAX Sortino Ratio Rank: 17
TBFAX Omega Ratio Rank: 15
TBFAX Calmar Ratio Rank: 15
TBFAX Martin Ratio Rank: 13

FNMA

FNMA Risk / Return Rank: 26
FNMA Sharpe Ratio Rank: 25
FNMA Sortino Ratio Rank: 29
FNMA Omega Ratio Rank: 29
FNMA Calmar Ratio Rank: 23
FNMA Martin Ratio Rank: 22

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. FNMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Government Bond (TBFAX) and Federal National Mortgage Association (FNMA). 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	FNMA	Difference
Sharpe ratio: Return per unit of total volatility	1.07	-0.39	+1.46
Sortino ratio: Return per unit of downside risk	1.60	-0.10	+1.70
Omega ratio: Gain probability vs. loss probability	1.19	0.99	+0.20
Calmar ratio: Return relative to maximum drawdown	1.25	-0.52	+1.77
Martin ratio: Return relative to average drawdown	3.44	-0.95	+4.39

TBFAX vs. FNMA - Sharpe Ratio Comparison

The current TBFAX Sharpe Ratio is 1.07, which is higher than the FNMA Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of TBFAX and FNMA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TBFAX vs. FNMA - Drawdown Comparison

The maximum TBFAX drawdown since its inception was -17.68%, smaller than the maximum FNMA drawdown of -99.74%. Use the drawdown chart below to compare losses from any high point for TBFAX and FNMA.

Drawdown Indicators

	TBFAX	FNMA	Difference
Max Drawdown Largest peak-to-trough decline	-17.68%	-99.74%	+82.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-69.76%	+66.55%
Max Drawdown (3Y) Largest decline over 3 years	-6.55%	-69.76%	+63.21%
Max Drawdown (5Y) Largest decline over 5 years	-16.03%	-77.35%	+61.32%
Max Drawdown (10Y) Largest decline over 10 years	-17.68%	-92.13%	+74.45%
Current Drawdown Current decline from peak	-3.61%	-91.33%	+87.72%
Average Drawdown Average peak-to-trough decline	-4.17%	-46.20%	+42.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	38.43%	-37.27%

Volatility

TBFAX vs. FNMA - Volatility Comparison

The current volatility for Thrivent Government Bond (TBFAX) is 1.12%, while Federal National Mortgage Association (FNMA) has a volatility of 17.60%. This indicates that TBFAX experiences smaller price fluctuations and is considered to be less risky than FNMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBFAX	FNMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	17.60%	-16.48%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	65.89%	-63.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	93.68%	-89.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.65%	92.01%	-86.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.73%	81.90%	-77.17%

Dividends

TBFAX vs. FNMA - Dividend Comparison

TBFAX's dividend yield for the trailing twelve months is around 3.48%, while FNMA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNMA Federal National Mortgage Association	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both TBFAX and FNMA in my portfolio?

TBFAX and FNMA have a correlation of 0.05, 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 FNMA?

FNMA has higher volatility (17.60%) compared to TBFAX (1.12%). In terms of maximum drawdown, TBFAX dropped -17.68% vs FNMA's -99.74%.

Which has better risk-adjusted returns?

TBFAX currently has the higher Sharpe Ratio (1.07 vs -0.39), 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.