TBFAX vs. PNIIX
TBFAX (Thrivent Government Bond) and PNIIX (Principal Bond Market Index Fund) are both mutual funds - TBFAX is a Government Bonds fund managed by Thrivent, while PNIIX is a Intermediate Core Bond fund managed by Principal. Over the past 10 years, TBFAX returned 0.71%/yr vs 1.21%/yr for PNIIX. Their correlation of 0.92 means they have usually moved in the same direction. TBFAX charges 0.77%/yr vs 0.15%/yr for PNIIX.
Performance
TBFAX vs. PNIIX - Performance Comparison
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Returns By Period
In the year-to-date period, TBFAX achieves a -1.04% return, which is significantly lower than PNIIX's -0.35% return. Over the past 10 years, TBFAX has underperformed PNIIX with an annualized return of 0.71%, while PNIIX has yielded a comparatively higher 1.21% 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%
PNIIX
- 1D
- 0.00%
- 1M
- -0.93%
- 6M
- -0.58%
- YTD
- -0.35%
- 1Y
- 1.96%
- 3Y*
- 3.65%
- 5Y*
- -0.49%
- 10Y*
- 1.21%
- ALL TIME*
- 2.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TBFAX vs. PNIIX - 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% |
PNIIX Principal Bond Market Index Fund | -0.35% | 7.01% | 1.17% | 5.55% | -13.26% | -1.68% | 7.28% | 8.47% | -0.20% | 3.31% |
Correlation
The correlation between TBFAX and PNIIX is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011 | 0.92 |
The correlation between TBFAX and PNIIX has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.
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Return for Risk
TBFAX vs. PNIIX — Risk / Return Rank
TBFAX
PNIIX
TBFAX vs. PNIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thrivent Government Bond (TBFAX) and Principal Bond Market Index Fund (PNIIX). 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 | PNIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.06 | -0.22 |
| Martin ratioReturn relative to average drawdown | 1.98 | 2.67 | -0.69 |
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Drawdowns
TBFAX vs. PNIIX - Drawdown Comparison
The maximum TBFAX drawdown since its inception was -17.68%, smaller than the maximum PNIIX drawdown of -18.76%. Use the drawdown chart below to compare losses from any high point for TBFAX and PNIIX.
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Drawdown Indicators
| TBFAX | PNIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.68% | -18.76% | +1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.76% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | -5.04% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -16.03% | -18.14% | +2.11% |
Max Drawdown (10Y)Largest decline over 10 years | -17.68% | -18.76% | +1.08% |
Current DrawdownCurrent decline from peak | -4.30% | -3.44% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -3.44% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 1.10% | +0.27% |
Volatility
TBFAX vs. PNIIX - Volatility Comparison
The current volatility for Thrivent Government Bond (TBFAX) is 0.90%, while Principal Bond Market Index Fund (PNIIX) has a volatility of 1.00%. This indicates that TBFAX experiences smaller price fluctuations and is considered to be less risky than PNIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBFAX | PNIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 1.00% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | 2.95% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 3.82% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.66% | 6.32% | -0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.72% | 5.09% | -0.37% |
TBFAX vs. PNIIX - Expense Ratio Comparison
TBFAX has a 0.77% expense ratio, which is higher than PNIIX's 0.15% expense ratio.
Dividends
TBFAX vs. PNIIX - Dividend Comparison
TBFAX's dividend yield for the trailing twelve months is around 3.22%, less than PNIIX's 4.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PNIIX Principal Bond Market Index Fund | 4.03% | 4.01% | 3.60% | 4.18% | 1.66% | 2.03% | 18.60% | 2.40% | 2.51% | 2.35% | 1.78% | 2.10% |
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 PNIIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNIIX has higher volatility (1.00%) compared to TBFAX (0.90%). In terms of maximum drawdown, TBFAX dropped -17.68% vs PNIIX's -18.76%.
PNIIX currently has the higher Sharpe Ratio (0.77 vs 0.74), 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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