TMVE vs. FAB

Last updated Jun 4, 2026

TMVE (Thrivent Mid Cap Value ETF) and FAB (First Trust Multi Cap Value AlphaDEX Fund) are both Mid Cap Value Equities funds - TMVE tracks the Actively Managed while FAB tracks the NASDAQ AlphaDEX Multi Cap Value Index. Both are passively managed. Their correlation of 0.88 suggests significant overlap in exposure. TMVE charges 0.55%/yr vs 0.64%/yr for FAB.

Performance

TMVE vs. FAB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Mid Cap Value ETF (TMVE) and First Trust Multi Cap Value AlphaDEX Fund (FAB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMVE achieves a 14.73% return, which is significantly higher than FAB's 10.72% return.

TMVE

• 1D: -0.23%
• 1M: 2.73%
• YTD: 14.73%
• 6M: 15.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FAB

• 1D: -0.79%
• 1M: 0.77%
• YTD: 10.72%
• 6M: 11.08%
• 1Y: 26.09%
• 3Y*: 15.20%
• 5Y*: 7.87%
• 10Y*: 10.39%

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

TMVE vs. FAB - Yearly Performance Comparison

	2026 (YTD)	2025
TMVE Thrivent Mid Cap Value ETF	14.73%	6.04%
FAB First Trust Multi Cap Value AlphaDEX Fund	10.72%	6.12%

Correlation

The correlation between TMVE and FAB is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.88

Return for Risk

TMVE vs. FAB — Risk / Return Rank

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

FAB

FAB Risk / Return Rank: 63
FAB Sharpe Ratio Rank: 56
FAB Sortino Ratio Rank: 62
FAB Omega Ratio Rank: 54
FAB Calmar Ratio Rank: 78
FAB Martin Ratio Rank: 67

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.

TMVE vs. FAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Mid Cap Value ETF (TMVE) and First Trust Multi Cap Value AlphaDEX Fund (FAB). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TMVE	FAB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.91	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.18	0.34	+2.84

Drawdowns

TMVE vs. FAB - Drawdown Comparison

The maximum TMVE drawdown since its inception was -8.21%, smaller than the maximum FAB drawdown of -63.29%. Use the drawdown chart below to compare losses from any high point for TMVE and FAB.

Drawdown Indicators

	TMVE	FAB	Difference
Max Drawdown Largest peak-to-trough decline	-8.21%	-63.29%	+55.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.65%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.08%	—
Current Drawdown Current decline from peak	-0.23%	-0.98%	+0.75%
Average Drawdown Average peak-to-trough decline	-1.54%	-9.25%	+7.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.14%	—

Volatility

Volatility by Period

	TMVE	FAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.94%	13.81%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	18.72%	-4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.94%	22.06%	-8.12%

TMVE vs. FAB - Expense Ratio Comparison

TMVE has a 0.55% expense ratio, which is lower than FAB's 0.64% expense ratio.

Dividends

TMVE vs. FAB - Dividend Comparison

TMVE's dividend yield for the trailing twelve months is around 0.10%, less than FAB's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAB First Trust Multi Cap Value AlphaDEX Fund	1.59%	1.57%	2.00%	1.94%	1.80%	1.32%	1.59%	1.75%	1.96%	1.42%	1.40%	1.62%
TMVE Thrivent Mid Cap Value ETF	0.10%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMVE and FAB in my portfolio?

TMVE and FAB have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMVE or FAB?

On fees, TMVE is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMVE or FAB?

TMVE is cheaper with a 0.55% expense ratio, compared with 0.64% for FAB.

Which ETF pays a higher dividend yield, TMVE or FAB?

FAB has the higher dividend yield at 1.59%, compared with 0.10% for TMVE.

What is the main difference between TMVE and FAB?

TMVE tracks Actively Managed, while FAB tracks NASDAQ AlphaDEX Multi Cap Value Index. They also come from different issuers: Thrivent and First Trust. Their fees differ too: 0.55% for TMVE and 0.64% for FAB.