TMCGX vs. FMDGX

Last updated Aug 1, 2026

TMCGX (Thrivent Mid Cap Growth Fund) and FMDGX (Fidelity Mid Cap Growth Index Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, TMCGX returned 0.88%/yr vs 4.43%/yr for FMDGX. Their 0.96 correlation means they have historically moved very closely together. TMCGX charges 0.90%/yr vs 0.05%/yr for FMDGX.

Performance

TMCGX vs. FMDGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Mid Cap Growth Fund (TMCGX) and Fidelity Mid Cap Growth Index Fund (FMDGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMCGX achieves a 9.23% return, which is significantly higher than FMDGX's 0.60% return.

TMCGX

• 1D: 2.08%
• 1M: -1.71%
• 6M: 9.23%
• YTD: 9.23%
• 1Y: 9.37%
• 3Y*: 7.14%
• 5Y*: 0.88%
• 10Y*: —
• ALL TIME*: 9.32%

FMDGX

• 1D: 2.29%
• 1M: -3.87%
• 6M: 1.50%
• YTD: 0.60%
• 1Y: -0.77%
• 3Y*: 11.99%
• 5Y*: 4.43%
• 10Y*: —
• ALL TIME*: 10.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMDGX Fidelity Mid Cap Growth Index Fund	$0.00	$0.00	$0.00
TMCGX Thrivent Mid Cap Growth Fund	$0.00	$0.00	$0.00

TMCGX vs. FMDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TMCGX Thrivent Mid Cap Growth Fund	9.23%	2.48%	10.20%	16.94%	-28.27%	11.39%	53.73%
FMDGX Fidelity Mid Cap Growth Index Fund	0.60%	8.60%	22.03%	25.79%	-26.67%	12.67%	42.82%

Correlation

The correlation between TMCGX and FMDGX is 0.94, 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.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (All Time) Calculated using the full available price history since Feb 28, 2020	0.96

The correlation between TMCGX and FMDGX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

TMCGX vs. FMDGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TMCGX

TMCGX Risk / Return Rank: 10
TMCGX Sharpe Ratio Rank: 9
TMCGX Sortino Ratio Rank: 10
TMCGX Omega Ratio Rank: 9
TMCGX Calmar Ratio Rank: 10
TMCGX Martin Ratio Rank: 11

FMDGX

FMDGX Risk / Return Rank: 3
FMDGX Sharpe Ratio Rank: 3
FMDGX Sortino Ratio Rank: 3
FMDGX Omega Ratio Rank: 3
FMDGX Calmar Ratio Rank: 3
FMDGX Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TMCGX vs. FMDGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Mid Cap Growth Fund (TMCGX) and Fidelity Mid Cap Growth Index Fund (FMDGX). 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.

	TMCGX	FMDGX	Difference
Sharpe ratio: Return per unit of total volatility	0.38	-0.17	+0.56
Sortino ratio: Return per unit of downside risk	0.67	-0.12	+0.80
Omega ratio: Gain probability vs. loss probability	1.08	0.99	+0.09
Calmar ratio: Return relative to maximum drawdown	0.48	-0.21	+0.68
Martin ratio: Return relative to average drawdown	1.54	-0.57	+2.11

TMCGX vs. FMDGX - Sharpe Ratio Comparison

The current TMCGX Sharpe Ratio is 0.38, which is higher than the FMDGX Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of TMCGX and FMDGX, 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

TMCGX vs. FMDGX - Drawdown Comparison

The maximum TMCGX drawdown since its inception was -39.66%, roughly equal to the maximum FMDGX drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for TMCGX and FMDGX.

Drawdown Indicators

	TMCGX	FMDGX	Difference
Max Drawdown Largest peak-to-trough decline	-39.66%	-38.59%	-1.07%
Max Drawdown (1Y) Largest decline over 1 year	-14.58%	-14.75%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-25.28%	-25.30%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-39.66%	-38.59%	-1.07%
Current Drawdown Current decline from peak	-4.08%	-6.20%	+2.12%
Average Drawdown Average peak-to-trough decline	-15.63%	-11.03%	-4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	5.29%	-0.79%

Volatility

TMCGX vs. FMDGX - Volatility Comparison

The current volatility for Thrivent Mid Cap Growth Fund (TMCGX) is 4.17%, while Fidelity Mid Cap Growth Index Fund (FMDGX) has a volatility of 5.15%. This indicates that TMCGX experiences smaller price fluctuations and is considered to be less risky than FMDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMCGX	FMDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	5.15%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	14.67%	14.00%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	18.08%	17.61%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	22.54%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.06%	24.23%	-0.17%

TMCGX vs. FMDGX - Expense Ratio Comparison

TMCGX has a 0.90% expense ratio, which is higher than FMDGX's 0.05% expense ratio.

Dividends

TMCGX vs. FMDGX - Dividend Comparison

TMCGX has not paid dividends to shareholders, while FMDGX's dividend yield for the trailing twelve months is around 1.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FMDGX Fidelity Mid Cap Growth Index Fund	1.84%	1.85%	0.47%	0.63%	0.81%	6.43%	0.36%	0.29%
TMCGX Thrivent Mid Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	3.13%	2.82%	0.00%

Frequently Asked Questions

Can I hold both TMCGX and FMDGX in my portfolio?

With a correlation of 0.94, TMCGX and FMDGX 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, TMCGX or FMDGX?

FMDGX has higher volatility (5.15%) compared to TMCGX (4.17%). In terms of maximum drawdown, TMCGX dropped -39.66% vs FMDGX's -38.59%.

Which has better risk-adjusted returns?

TMCGX currently has the higher Sharpe Ratio (0.38 vs -0.17), 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.