TMAAX vs. FXAIX

Last updated Jun 24, 2026

TMAAX (Thrivent Moderately Aggressive Allocation Fund Class A) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - TMAAX is a Diversified Portfolio fund managed by Thrivent, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TMAAX returned 10.15%/yr vs 15.80%/yr for FXAIX. With a 0.96 correlation, they move nearly in lockstep. TMAAX charges 1.33%/yr vs 0.02%/yr for FXAIX.

Performance

TMAAX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Moderately Aggressive Allocation Fund Class A (TMAAX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMAAX achieves a 8.64% return, which is significantly lower than FXAIX's 9.79% return. Over the past 10 years, TMAAX has underperformed FXAIX with an annualized return of 10.15%, while FXAIX has yielded a comparatively higher 15.80% annualized return.

TMAAX

• 1D: -0.20%
• 1M: 1.33%
• YTD: 8.64%
• 6M: 7.85%
• 1Y: 20.83%
• 3Y*: 17.44%
• 5Y*: 8.85%
• 10Y*: 10.15%

FXAIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.79%
• 6M: 8.79%
• 1Y: 25.51%
• 3Y*: 21.39%
• 5Y*: 13.60%
• 10Y*: 15.80%

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

TMAAX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMAAX Thrivent Moderately Aggressive Allocation Fund Class A	8.64%	15.13%	19.29%	17.06%	-17.79%	15.74%	14.13%	21.47%	-6.30%	11.50%
FXAIX Fidelity 500 Index Fund	9.79%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between TMAAX and FXAIX 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	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.96

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

Return for Risk

TMAAX vs. FXAIX — Risk / Return Rank

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

TMAAX

TMAAX Risk / Return Rank: 61
TMAAX Sharpe Ratio Rank: 58
TMAAX Sortino Ratio Rank: 56
TMAAX Omega Ratio Rank: 57
TMAAX Calmar Ratio Rank: 63
TMAAX Martin Ratio Rank: 70

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 57
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 78

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.

TMAAX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Moderately Aggressive Allocation Fund Class A (TMAAX) and Fidelity 500 Index Fund (FXAIX). 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.

	TMAAX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.15	-0.09
Sortino ratio: Return per unit of downside risk	2.87	2.91	-0.04
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	2.90	3.02	-0.12
Martin ratio: Return relative to average drawdown	12.68	13.62	-0.94

TMAAX vs. FXAIX - Sharpe Ratio Comparison

The current TMAAX Sharpe Ratio is 2.06, which is comparable to the FXAIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of TMAAX and FXAIX, 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

TMAAX vs. FXAIX - Drawdown Comparison

The maximum TMAAX drawdown since its inception was -50.54%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for TMAAX and FXAIX.

Drawdown Indicators

	TMAAX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.54%	-33.79%	-16.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-8.89%	+1.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.37%	-18.76%	+4.39%
Max Drawdown (5Y) Largest decline over 5 years	-26.55%	-24.50%	-2.05%
Max Drawdown (10Y) Largest decline over 10 years	-26.99%	-33.79%	+6.80%
Current Drawdown Current decline from peak	-0.45%	-1.72%	+1.27%
Average Drawdown Average peak-to-trough decline	-7.34%	-3.79%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.97%	-0.25%

Volatility

TMAAX vs. FXAIX - Volatility Comparison

The current volatility for Thrivent Moderately Aggressive Allocation Fund Class A (TMAAX) is 3.98%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.68%. This indicates that TMAAX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMAAX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	4.68%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	9.84%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	10.64%	12.50%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	17.00%	-3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.35%	18.12%	-4.77%

TMAAX vs. FXAIX - Expense Ratio Comparison

TMAAX has a 1.33% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

TMAAX vs. FXAIX - Dividend Comparison

TMAAX's dividend yield for the trailing twelve months is around 6.71%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
TMAAX Thrivent Moderately Aggressive Allocation Fund Class A	6.71%	7.29%	11.82%	3.55%	3.03%	6.94%	4.16%	6.27%	6.01%	1.10%	0.99%	0.76%

Frequently Asked Questions

Can I hold both TMAAX and FXAIX in my portfolio?

With a correlation of 0.97, TMAAX and FXAIX 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, TMAAX or FXAIX?

FXAIX has higher volatility (4.68%) compared to TMAAX (3.98%). In terms of maximum drawdown, TMAAX dropped -50.54% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.15 vs 2.06), 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.