TMVE vs. IVOV

Last updated Jul 11, 2026

TMVE (Thrivent Mid Cap Value ETF) and IVOV (Vanguard S&P Mid-Cap 400 Value ETF) are both Mid Cap Value Equities funds - TMVE tracks the Actively Managed while IVOV tracks the S&P MidCap 400 Value Index. Both are passively managed. Their correlation of 0.93 suggests significant overlap in exposure. TMVE charges 0.55%/yr vs 0.10%/yr for IVOV.

Performance

TMVE vs. IVOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Mid Cap Value ETF (TMVE) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMVE achieves a 18.21% return, which is significantly higher than IVOV's 12.04% return.

TMVE

• 1D: 0.54%
• 1M: 0.34%
• 6M: 14.92%
• YTD: 18.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVOV

• 1D: 0.44%
• 1M: 0.07%
• 6M: 6.93%
• YTD: 12.04%
• 1Y: 16.93%
• 3Y*: 12.40%
• 5Y*: 8.83%
• 10Y*: 10.40%

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

TMVE vs. IVOV - Yearly Performance Comparison

	2026 (YTD)	2025
TMVE Thrivent Mid Cap Value ETF	18.21%	6.04%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	12.04%	4.00%

Correlation

The correlation between TMVE and IVOV is 0.93, 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 17, 2025	0.93

Return for Risk

TMVE vs. IVOV — Risk / Return Rank

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

TMVE

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

IVOV

IVOV Risk / Return Rank: 37
IVOV Sharpe Ratio Rank: 36
IVOV Sortino Ratio Rank: 38
IVOV Omega Ratio Rank: 34
IVOV Calmar Ratio Rank: 37
IVOV Martin Ratio Rank: 41

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. IVOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Mid Cap Value ETF (TMVE) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV). 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.

	TMVE	IVOV	Difference
Sharpe ratio: Return per unit of total volatility	—	1.06	—
Sortino ratio: Return per unit of downside risk	—	1.65	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.52	—
Martin ratio: Return relative to average drawdown	—	5.25	—

Drawdowns

TMVE vs. IVOV - Drawdown Comparison

The maximum TMVE drawdown since its inception was -8.21%, smaller than the maximum IVOV drawdown of -45.99%. Use the drawdown chart below to compare losses from any high point for TMVE and IVOV.

Drawdown Indicators

	TMVE	IVOV	Difference
Max Drawdown Largest peak-to-trough decline	-8.21%	-45.99%	+37.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.58%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.99%	—
Current Drawdown Current decline from peak	-1.00%	-0.79%	-0.21%
Average Drawdown Average peak-to-trough decline	-1.39%	-5.40%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.07%	—

Volatility

Volatility by Period

	TMVE	IVOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	15.16%	-1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	19.36%	-5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.54%	21.64%	-8.10%

TMVE vs. IVOV - Expense Ratio Comparison

TMVE has a 0.55% expense ratio, which is higher than IVOV's 0.10% expense ratio.

Dividends

TMVE vs. IVOV - Dividend Comparison

TMVE's dividend yield for the trailing twelve months is around 0.10%, less than IVOV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.63%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%
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 IVOV in my portfolio?

With a correlation of 0.93, TMVE and IVOV 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 ETF is better, TMVE or IVOV?

On fees, IVOV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMVE or IVOV?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.55% for TMVE.

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

IVOV has the higher dividend yield at 1.63%, compared with 0.10% for TMVE.

What is the main difference between TMVE and IVOV?

TMVE tracks Actively Managed, while IVOV tracks S&P MidCap 400 Value Index. They also come from different issuers: Thrivent and Vanguard. Their fees differ too: 0.55% for TMVE and 0.10% for IVOV.