TMSIX vs. TWAAX

Last updated Jun 23, 2026

TMSIX (Thrivent Mid Cap Stock Fund Class S) and TWAAX (Thrivent International Allocation Fund) are both mutual funds - TMSIX is a Mid Cap Blend Equities fund managed by Thrivent, while TWAAX is a Foreign Large Cap Equities fund managed by Thrivent. Over the past 10 years, TMSIX returned 12.49%/yr vs 8.26%/yr for TWAAX. A 0.77 correlation means they provide meaningful diversification when combined. TMSIX charges 0.74%/yr vs 1.20%/yr for TWAAX.

Performance

TMSIX vs. TWAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Mid Cap Stock Fund Class S (TMSIX) and Thrivent International Allocation Fund (TWAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TMSIX having a 16.22% return and TWAAX slightly lower at 16.07%. Over the past 10 years, TMSIX has outperformed TWAAX with an annualized return of 12.49%, while TWAAX has yielded a comparatively lower 8.26% annualized return.

TMSIX

• 1D: 0.59%
• 1M: 3.53%
• YTD: 16.22%
• 6M: 14.00%
• 1Y: 23.66%
• 3Y*: 13.96%
• 5Y*: 7.95%
• 10Y*: 12.49%

TWAAX

• 1D: 1.46%
• 1M: 4.07%
• YTD: 16.07%
• 6M: 16.49%
• 1Y: 31.97%
• 3Y*: 18.10%
• 5Y*: 9.28%
• 10Y*: 8.26%

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

TMSIX vs. TWAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMSIX Thrivent Mid Cap Stock Fund Class S	16.22%	4.64%	14.08%	13.90%	-17.68%	28.06%	21.96%	24.88%	-10.47%	18.90%
TWAAX Thrivent International Allocation Fund	16.07%	30.28%	3.86%	17.51%	-18.59%	13.88%	3.38%	19.95%	-15.80%	21.50%

Correlation

The correlation between TMSIX and TWAAX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 3, 2008	0.77

The correlation between TMSIX and TWAAX has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

Return for Risk

TMSIX vs. TWAAX — Risk / Return Rank

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

TMSIX

TMSIX Risk / Return Rank: 42
TMSIX Sharpe Ratio Rank: 36
TMSIX Sortino Ratio Rank: 36
TMSIX Omega Ratio Rank: 34
TMSIX Calmar Ratio Rank: 53
TMSIX Martin Ratio Rank: 49

TWAAX

TWAAX Risk / Return Rank: 51
TWAAX Sharpe Ratio Rank: 52
TWAAX Sortino Ratio Rank: 48
TWAAX Omega Ratio Rank: 52
TWAAX Calmar Ratio Rank: 51
TWAAX Martin Ratio Rank: 52

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.

TMSIX vs. TWAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Mid Cap Stock Fund Class S (TMSIX) and Thrivent International Allocation Fund (TWAAX). 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	TWAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.97	-0.34
Sortino ratio: Return per unit of downside risk	2.34	2.69	-0.35
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	2.67	2.61	+0.06
Martin ratio: Return relative to average drawdown	9.59	9.99	-0.40

TMSIX vs. TWAAX - Sharpe Ratio Comparison

The current TMSIX Sharpe Ratio is 1.62, which is comparable to the TWAAX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of TMSIX and TWAAX, 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. TWAAX - Drawdown Comparison

The maximum TMSIX drawdown since its inception was -56.10%, roughly equal to the maximum TWAAX drawdown of -54.24%. Use the drawdown chart below to compare losses from any high point for TMSIX and TWAAX.

Drawdown Indicators

	TMSIX	TWAAX	Difference
Max Drawdown Largest peak-to-trough decline	-56.10%	-54.24%	-1.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-11.98%	+3.01%
Max Drawdown (3Y) Largest decline over 3 years	-20.18%	-12.95%	-7.23%
Max Drawdown (5Y) Largest decline over 5 years	-31.57%	-33.71%	+2.14%
Max Drawdown (10Y) Largest decline over 10 years	-40.66%	-38.87%	-1.79%
Current Drawdown Current decline from peak	-1.26%	0.00%	-1.26%
Average Drawdown Average peak-to-trough decline	-9.99%	-12.66%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	3.12%	-0.63%

Volatility

TMSIX vs. TWAAX - Volatility Comparison

The current volatility for Thrivent Mid Cap Stock Fund Class S (TMSIX) is 4.81%, while Thrivent International Allocation Fund (TWAAX) has a volatility of 6.58%. This indicates that TMSIX experiences smaller price fluctuations and is considered to be less risky than TWAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSIX	TWAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	6.58%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	13.75%	-2.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.74%	15.86%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	16.52%	+3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	16.11%	+4.37%

TMSIX vs. TWAAX - Expense Ratio Comparison

TMSIX has a 0.74% expense ratio, which is lower than TWAAX's 1.20% expense ratio.

Dividends

TMSIX vs. TWAAX - Dividend Comparison

TMSIX's dividend yield for the trailing twelve months is around 10.66%, more than TWAAX's 5.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMSIX Thrivent Mid Cap Stock Fund Class S	10.66%	12.39%	7.91%	1.48%	2.86%	10.77%	3.26%	2.77%	11.64%	7.92%	4.10%	11.95%
TWAAX Thrivent International Allocation Fund	5.67%	6.59%	2.66%	2.72%	1.72%	9.19%	1.25%	2.15%	5.56%	2.08%	2.00%	0.00%

Frequently Asked Questions

Can I hold both TMSIX and TWAAX in my portfolio?

TMSIX and TWAAX have a correlation of 0.70, 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 TWAAX?

TWAAX has higher volatility (6.58%) compared to TMSIX (4.81%). In terms of maximum drawdown, TMSIX dropped -56.10% vs TWAAX's -54.24%.

Which has better risk-adjusted returns?

TWAAX currently has the higher Sharpe Ratio (1.97 vs 1.62), 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.