TBFAX vs. FNMA
TBFAX (Thrivent Government Bond) is Government Bonds fund managed by Thrivent, while FNMA (Federal National Mortgage Association) is a stock. Over the past 10 years, TBFAX returned 0.71%/yr vs 11.45%/yr for FNMA. Their -0.06 correlation means they have often moved in opposite directions in the past.
Performance
TBFAX vs. FNMA - Performance Comparison
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Returns By Period
In the year-to-date period, TBFAX achieves a -1.04% return, which is significantly higher than FNMA's -46.04% return. Over the past 10 years, TBFAX has underperformed FNMA with an annualized return of 0.71%, while FNMA has yielded a comparatively higher 11.45% annualized return.
TBFAX
- 1D
- 0.00%
- 1M
- -1.02%
- 6M
- -1.09%
- YTD
- -1.04%
- 1Y
- 1.45%
- 3Y*
- 3.10%
- 5Y*
- -0.44%
- 10Y*
- 0.71%
- ALL TIME*
- 1.19%
FNMA
- 1D
- -3.50%
- 1M
- -5.39%
- 6M
- -29.30%
- YTD
- -46.04%
- 1Y
- -34.48%
- 3Y*
- 130.95%
- 5Y*
- 35.66%
- 10Y*
- 11.45%
- ALL TIME*
- 4.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.10M | $22.70M | $28.43M | |
| $0.00 | $0.00 | $0.00 |
TBFAX vs. FNMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBFAX Thrivent Government Bond | -1.04% | 7.00% | 0.96% | 3.52% | -10.67% | -1.92% | 6.93% | 5.70% | -0.02% | 1.79% |
FNMA Federal National Mortgage Association | -46.04% | 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 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011 | -0.06 |
The correlation between TBFAX and FNMA shifts across timeframes, from -0.06 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBFAX vs. FNMA — Risk / Return Rank
TBFAX
FNMA
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 ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.01 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -0.40 | +1.24 |
| Martin ratioReturn relative to average drawdown | 1.98 | -0.65 | +2.63 |
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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.
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Drawdown Indicators
| TBFAX | FNMA | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -5.53% | -69.76% | +64.23% |
Max Drawdown (5Y)Largest decline over 5 years | -16.03% | -72.28% | +56.25% |
Max Drawdown (10Y)Largest decline over 10 years | -17.68% | -92.13% | +74.45% |
Current DrawdownCurrent decline from peak | -4.30% | -92.09% | +87.79% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -46.30% | +42.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 42.96% | -41.59% |
Volatility
TBFAX vs. FNMA - Volatility Comparison
The current volatility for Thrivent Government Bond (TBFAX) is 0.90%, while Federal National Mortgage Association (FNMA) has a volatility of 13.74%. 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.
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Volatility by Period
| TBFAX | FNMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 13.74% | -12.84% |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | 65.68% | -62.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 93.13% | -89.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.66% | 90.78% | -85.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.72% | 82.10% | -77.38% |
Dividends
TBFAX vs. FNMA - Dividend Comparison
TBFAX's dividend yield for the trailing twelve months is around 3.22%, 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 | 3.22% | 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
TBFAX and FNMA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNMA has higher volatility (13.74%) compared to TBFAX (0.90%). In terms of maximum drawdown, TBFAX dropped -17.68% vs FNMA's -99.74%.
TBFAX currently has the higher Sharpe Ratio (0.74 vs -0.30), 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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