THMAX vs. FNILX

Last updated Jun 23, 2026

THMAX (Thrivent Moderate Allocation Fund) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - THMAX is a Diversified Portfolio fund managed by Thrivent, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, THMAX returned 7.96%/yr vs 13.82%/yr for FNILX. With a 0.95 correlation, they move nearly in lockstep. THMAX charges 0.79%/yr vs 0.00%/yr for FNILX.

Performance

THMAX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Moderate Allocation Fund (THMAX) and Fidelity ZERO Large Cap Index Fund (FNILX). 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 FNILX's 10.04% 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%

FNILX

• 1D: 1.13%
• 1M: 0.71%
• YTD: 10.04%
• 6M: 9.55%
• 1Y: 26.85%
• 3Y*: 21.23%
• 5Y*: 13.82%
• 10Y*: —

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

THMAX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
THMAX Thrivent Moderate Allocation Fund	6.59%	13.27%	18.33%	15.69%	-16.43%	11.95%	13.29%	18.35%	-8.04%
FNILX Fidelity ZERO Large Cap Index Fund	10.04%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between THMAX and FNILX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.95

The correlation between THMAX and FNILX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

THMAX vs. FNILX — 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

FNILX

FNILX Risk / Return Rank: 63
FNILX Sharpe Ratio Rank: 61
FNILX Sortino Ratio Rank: 55
FNILX Omega Ratio Rank: 57
FNILX Calmar Ratio Rank: 65
FNILX Martin Ratio Rank: 74

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. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Moderate Allocation Fund (THMAX) and Fidelity ZERO Large Cap Index Fund (FNILX). 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	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.12	-0.03
Sortino ratio: Return per unit of downside risk	2.92	2.86	+0.06
Omega ratio: Gain probability vs. loss probability	1.39	1.38	+0.01
Calmar ratio: Return relative to maximum drawdown	2.96	2.96	0.00
Martin ratio: Return relative to average drawdown	12.97	13.10	-0.13

THMAX vs. FNILX - Sharpe Ratio Comparison

The current THMAX Sharpe Ratio is 2.09, which is comparable to the FNILX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of THMAX and FNILX, 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. FNILX - Drawdown Comparison

The maximum THMAX drawdown since its inception was -41.95%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for THMAX and FNILX.

Drawdown Indicators

	THMAX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-41.95%	-33.76%	-8.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-9.01%	+2.91%
Max Drawdown (3Y) Largest decline over 3 years	-11.85%	-19.08%	+7.23%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-25.40%	+1.18%
Max Drawdown (10Y) Largest decline over 10 years	-24.22%	—	—
Current Drawdown Current decline from peak	-0.34%	-1.36%	+1.02%
Average Drawdown Average peak-to-trough decline	-5.51%	-5.35%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	2.03%	-0.64%

Volatility

THMAX vs. FNILX - Volatility Comparison

The current volatility for Thrivent Moderate Allocation Fund (THMAX) is 3.34%, while Fidelity ZERO Large Cap Index Fund (FNILX) has a volatility of 4.91%. This indicates that THMAX experiences smaller price fluctuations and is considered to be less risky than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THMAX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	4.91%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	9.97%	-3.02%
Volatility (1Y) Calculated over the trailing 1-year period	8.64%	12.58%	-3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.72%	17.35%	-5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.77%	20.04%	-9.27%

THMAX vs. FNILX - Expense Ratio Comparison

THMAX has a 0.79% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

THMAX vs. FNILX - Dividend Comparison

THMAX's dividend yield for the trailing twelve months is around 6.65%, more than FNILX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNILX Fidelity ZERO Large Cap Index Fund	0.92%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%	0.00%	0.00%	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 FNILX in my portfolio?

With a correlation of 0.97, THMAX and FNILX 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.

Which is riskier, THMAX or FNILX?

FNILX has higher volatility (4.91%) compared to THMAX (3.34%). In terms of maximum drawdown, THMAX dropped -41.95% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.12 vs 2.09), 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.