THMAX vs. AASMX

Last updated Jun 23, 2026

THMAX (Thrivent Moderate Allocation Fund) and AASMX (Thrivent Small Cap Stock Fund) are both mutual funds - THMAX is a Diversified Portfolio fund managed by Thrivent, while AASMX is a Small Cap Blend Equities fund managed by Thrivent. Over the past 10 years, THMAX returned 8.48%/yr vs 11.49%/yr for AASMX. Their correlation of 0.88 suggests significant overlap in exposure. THMAX charges 0.79%/yr vs 1.07%/yr for AASMX.

Performance

THMAX vs. AASMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Moderate Allocation Fund (THMAX) and Thrivent Small Cap Stock Fund (AASMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THMAX achieves a 6.59% return, which is significantly lower than AASMX's 17.08% return. Over the past 10 years, THMAX has underperformed AASMX with an annualized return of 8.48%, while AASMX has yielded a comparatively higher 11.49% annualized return.

THMAX

• 1D: 0.75%
• 1M: 1.10%
• YTD: 6.59%
• 6M: 6.32%
• 1Y: 18.17%
• 3Y*: 15.13%
• 5Y*: 7.96%
• 10Y*: 8.48%

AASMX

• 1D: 1.99%
• 1M: 6.39%
• YTD: 17.08%
• 6M: 14.30%
• 1Y: 29.61%
• 3Y*: 13.47%
• 5Y*: 7.62%
• 10Y*: 11.49%

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

THMAX vs. AASMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THMAX Thrivent Moderate Allocation Fund	6.59%	13.27%	18.33%	15.69%	-16.43%	11.95%	13.29%	18.35%	-4.94%	9.24%
AASMX Thrivent Small Cap Stock Fund	17.08%	2.13%	13.02%	12.20%	-11.24%	23.82%	22.48%	27.55%	-10.77%	11.70%

Correlation

The correlation between THMAX and AASMX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 3, 2006	0.88

The correlation between THMAX and AASMX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

THMAX vs. AASMX — Risk / Return Rank

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

THMAX

THMAX Risk / Return Rank: 63
THMAX Sharpe Ratio Rank: 60
THMAX Sortino Ratio Rank: 58
THMAX Omega Ratio Rank: 59
THMAX Calmar Ratio Rank: 65
THMAX Martin Ratio Rank: 73

AASMX

AASMX Risk / Return Rank: 41
AASMX Sharpe Ratio Rank: 39
AASMX Sortino Ratio Rank: 41
AASMX Omega Ratio Rank: 35
AASMX Calmar Ratio Rank: 49
AASMX Martin Ratio Rank: 42

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.

THMAX vs. AASMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Moderate Allocation Fund (THMAX) and Thrivent Small Cap Stock Fund (AASMX). 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.

	THMAX	AASMX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.69	+0.39
Sortino ratio: Return per unit of downside risk	2.92	2.49	+0.43
Omega ratio: Gain probability vs. loss probability	1.39	1.29	+0.10
Calmar ratio: Return relative to maximum drawdown	2.96	2.55	+0.41
Martin ratio: Return relative to average drawdown	12.97	8.55	+4.42

THMAX vs. AASMX - Sharpe Ratio Comparison

The current THMAX Sharpe Ratio is 2.09, which is comparable to the AASMX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of THMAX and AASMX, 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

THMAX vs. AASMX - Drawdown Comparison

The maximum THMAX drawdown since its inception was -41.95%, smaller than the maximum AASMX drawdown of -57.13%. Use the drawdown chart below to compare losses from any high point for THMAX and AASMX.

Drawdown Indicators

	THMAX	AASMX	Difference
Max Drawdown Largest peak-to-trough decline	-41.95%	-57.13%	+15.18%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-11.55%	+5.45%
Max Drawdown (3Y) Largest decline over 3 years	-11.85%	-26.56%	+14.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-29.43%	+5.21%
Max Drawdown (10Y) Largest decline over 10 years	-24.22%	-41.66%	+17.44%
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-5.51%	-10.79%	+5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	3.44%	-2.05%

Volatility

THMAX vs. AASMX - Volatility Comparison

The current volatility for Thrivent Moderate Allocation Fund (THMAX) is 3.34%, while Thrivent Small Cap Stock Fund (AASMX) has a volatility of 5.19%. This indicates that THMAX experiences smaller price fluctuations and is considered to be less risky than AASMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THMAX	AASMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	5.19%	-1.85%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	12.66%	-5.71%
Volatility (1Y) Calculated over the trailing 1-year period	8.64%	17.40%	-8.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.72%	22.40%	-10.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.77%	22.67%	-11.90%

THMAX vs. AASMX - Expense Ratio Comparison

THMAX has a 0.79% expense ratio, which is lower than AASMX's 1.07% expense ratio.

Dividends

THMAX vs. AASMX - Dividend Comparison

THMAX's dividend yield for the trailing twelve months is around 6.65%, more than AASMX's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AASMX Thrivent Small Cap Stock Fund	2.68%	3.14%	4.21%	0.42%	12.87%	14.74%	1.83%	10.84%	18.67%	0.00%	0.17%	0.00%
THMAX Thrivent Moderate Allocation Fund	6.65%	7.15%	12.28%	2.96%	1.39%	6.31%	4.00%	5.24%	4.38%	1.40%	1.29%	1.20%

Frequently Asked Questions

Can I hold both THMAX and AASMX in my portfolio?

THMAX and AASMX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THMAX or AASMX?

AASMX has higher volatility (5.19%) compared to THMAX (3.34%). In terms of maximum drawdown, THMAX dropped -41.95% vs AASMX's -57.13%.

Which has better risk-adjusted returns?

THMAX currently has the higher Sharpe Ratio (2.09 vs 1.69), 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.