TMSIX vs. FZFLX

Last updated Aug 1, 2026

TMSIX (Thrivent Mid Cap Stock Fund Class S) and FZFLX (Fidelity SAI Small-Mid Cap 500 Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, TMSIX returned 12.21%/yr vs 13.03%/yr for FZFLX. Their correlation of 0.94 means they have usually moved in the same direction. TMSIX charges 0.74%/yr vs 0.05%/yr for FZFLX.

Performance

TMSIX vs. FZFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Mid Cap Stock Fund Class S (TMSIX) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMSIX achieves a 17.94% return, which is significantly lower than FZFLX's 26.12% return. Over the past 10 years, TMSIX has underperformed FZFLX with an annualized return of 12.21%, while FZFLX has yielded a comparatively higher 13.03% annualized return.

TMSIX

• 1D: 0.84%
• 1M: 0.05%
• 6M: 15.58%
• YTD: 17.94%
• 1Y: 23.75%
• 3Y*: 12.02%
• 5Y*: 7.23%
• 10Y*: 12.21%
• ALL TIME*: 9.80%

FZFLX

• 1D: 3.67%
• 1M: -3.42%
• 6M: 18.20%
• YTD: 26.12%
• 1Y: 36.06%
• 3Y*: 18.61%
• 5Y*: 10.68%
• 10Y*: 13.03%
• ALL TIME*: 12.39%

*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)
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	$0.00	$0.00	$0.00
TMSIX Thrivent Mid Cap Stock Fund Class S	$0.00	$0.00	$0.00

TMSIX vs. FZFLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMSIX Thrivent Mid Cap Stock Fund Class S	17.94%	4.64%	14.08%	13.90%	-17.68%	28.06%	21.96%	24.88%	-10.47%	18.90%
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	26.12%	10.76%	15.52%	17.75%	-15.62%	20.40%	19.78%	31.96%	-9.25%	18.41%

Correlation

The correlation between TMSIX and FZFLX is 0.83, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 20, 2015	0.94

The correlation between TMSIX and FZFLX shifts across timeframes, from 0.83 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TMSIX vs. FZFLX — Risk / Return Rank

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

TMSIX

TMSIX Risk / Return Rank: 63
TMSIX Sharpe Ratio Rank: 57
TMSIX Sortino Ratio Rank: 58
TMSIX Omega Ratio Rank: 54
TMSIX Calmar Ratio Rank: 72
TMSIX Martin Ratio Rank: 76

FZFLX

FZFLX Risk / Return Rank: 68
FZFLX Sharpe Ratio Rank: 59
FZFLX Sortino Ratio Rank: 58
FZFLX Omega Ratio Rank: 55
FZFLX Calmar Ratio Rank: 84
FZFLX Martin Ratio Rank: 84

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.

TMSIX vs. FZFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Mid Cap Stock Fund Class S (TMSIX) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). 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.

	TMSIX	FZFLX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.44	-0.02
Sortino ratio: Return per unit of downside risk	2.07	2.04	+0.03
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	2.31	2.84	-0.53
Martin ratio: Return relative to average drawdown	9.17	10.39	-1.22

TMSIX vs. FZFLX - Sharpe Ratio Comparison

The current TMSIX Sharpe Ratio is 1.42, which is comparable to the FZFLX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of TMSIX and FZFLX, 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

TMSIX vs. FZFLX - Drawdown Comparison

The maximum TMSIX drawdown since its inception was -56.10%, which is greater than FZFLX's maximum drawdown of -42.03%. Use the drawdown chart below to compare losses from any high point for TMSIX and FZFLX.

Drawdown Indicators

	TMSIX	FZFLX	Difference
Max Drawdown Largest peak-to-trough decline	-56.10%	-42.03%	-14.07%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-11.67%	+2.70%
Max Drawdown (3Y) Largest decline over 3 years	-20.18%	-22.29%	+2.11%
Max Drawdown (5Y) Largest decline over 5 years	-31.57%	-24.77%	-6.80%
Max Drawdown (10Y) Largest decline over 10 years	-40.66%	-42.03%	+1.37%
Current Drawdown Current decline from peak	-0.60%	-8.43%	+7.83%
Average Drawdown Average peak-to-trough decline	-9.95%	-5.72%	-4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	3.19%	-0.89%

Volatility

TMSIX vs. FZFLX - Volatility Comparison

The current volatility for Thrivent Mid Cap Stock Fund Class S (TMSIX) is 2.75%, while Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) has a volatility of 7.98%. This indicates that TMSIX experiences smaller price fluctuations and is considered to be less risky than FZFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSIX	FZFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	7.98%	-5.23%
Volatility (6M) Calculated over the trailing 6-month period	11.31%	20.12%	-8.81%
Volatility (1Y) Calculated over the trailing 1-year period	14.66%	23.08%	-8.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.40%	21.52%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.38%	21.27%	-0.89%

TMSIX vs. FZFLX - Expense Ratio Comparison

TMSIX has a 0.74% expense ratio, which is higher than FZFLX's 0.05% expense ratio.

Dividends

TMSIX vs. FZFLX - Dividend Comparison

TMSIX's dividend yield for the trailing twelve months is around 10.51%, less than FZFLX's 45.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	45.81%	57.77%	10.20%	2.35%	79.79%	50.77%	7.19%	6.49%	7.69%	1.68%	0.93%	0.67%
TMSIX Thrivent Mid Cap Stock Fund Class S	10.51%	12.39%	7.91%	1.48%	2.86%	10.77%	3.26%	2.77%	11.64%	7.92%	4.10%	11.95%

Frequently Asked Questions

Can I hold both TMSIX and FZFLX in my portfolio?

TMSIX and FZFLX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMSIX or FZFLX?

FZFLX has higher volatility (7.98%) compared to TMSIX (2.75%). In terms of maximum drawdown, TMSIX dropped -56.10% vs FZFLX's -42.03%.

Which has better risk-adjusted returns?

FZFLX currently has the higher Sharpe Ratio (1.44 vs 1.42), 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.