TNSHX vs. THLIX

Last updated Jun 4, 2026

TNSHX (TIAA-CREF Short-Term Bond Index Fund) and THLIX (Thrivent Limited Maturity Bond Fund) are both Short-Term Bond funds. Over the past 10 years, TNSHX returned 1.83%/yr vs 2.71%/yr for THLIX. A 0.73 correlation means they provide meaningful diversification when combined. TNSHX charges 0.09%/yr vs 0.41%/yr for THLIX.

Performance

TNSHX vs. THLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Short-Term Bond Index Fund (TNSHX) and Thrivent Limited Maturity Bond Fund (THLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNSHX achieves a 0.61% return, which is significantly lower than THLIX's 0.91% return. Over the past 10 years, TNSHX has underperformed THLIX with an annualized return of 1.83%, while THLIX has yielded a comparatively higher 2.71% annualized return.

TNSHX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.61%
• 6M: 0.96%
• 1Y: 3.74%
• 3Y*: 4.25%
• 5Y*: 1.83%
• 10Y*: 1.83%

THLIX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 0.91%
• 6M: 1.30%
• 1Y: 4.54%
• 3Y*: 5.47%
• 5Y*: 2.74%
• 10Y*: 2.71%

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

TNSHX vs. THLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNSHX TIAA-CREF Short-Term Bond Index Fund	0.61%	5.31%	4.03%	4.05%	-3.96%	-0.57%	3.26%	4.05%	1.31%	0.70%
THLIX Thrivent Limited Maturity Bond Fund	0.91%	6.15%	5.65%	5.84%	-4.29%	0.21%	4.06%	4.73%	0.90%	2.36%

Correlation

The correlation between TNSHX and THLIX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.73

The correlation between TNSHX and THLIX shifts across timeframes, from 0.73 (all time) to 0.84 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TNSHX vs. THLIX — Risk / Return Rank

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

TNSHX

TNSHX Risk / Return Rank: 68
TNSHX Sharpe Ratio Rank: 47
TNSHX Sortino Ratio Rank: 81
TNSHX Omega Ratio Rank: 78
TNSHX Calmar Ratio Rank: 73
TNSHX Martin Ratio Rank: 63

THLIX

THLIX Risk / Return Rank: 77
THLIX Sharpe Ratio Rank: 68
THLIX Sortino Ratio Rank: 92
THLIX Omega Ratio Rank: 85
THLIX Calmar Ratio Rank: 69
THLIX Martin Ratio Rank: 70

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.

TNSHX vs. THLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Short-Term Bond Index Fund (TNSHX) and Thrivent Limited Maturity Bond Fund (THLIX). 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.

	TNSHX	THLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.42	-0.41
Sortino ratio: Return per unit of downside risk	3.86	4.67	-0.82
Omega ratio: Gain probability vs. loss probability	1.51	1.58	-0.07
Calmar ratio: Return relative to maximum drawdown	3.32	3.20	+0.12
Martin ratio: Return relative to average drawdown	12.42	13.44	-1.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNSHX vs. THLIX - Sharpe Ratio Comparison

The current TNSHX Sharpe Ratio is 2.01, which is comparable to the THLIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of TNSHX and THLIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TNSHX	THLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.42	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	1.26	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.01	1.42	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.61	-0.57

Drawdowns

TNSHX vs. THLIX - Drawdown Comparison

The maximum TNSHX drawdown since its inception was -5.99%, smaller than the maximum THLIX drawdown of -9.42%. Use the drawdown chart below to compare losses from any high point for TNSHX and THLIX.

Drawdown Indicators

	TNSHX	THLIX	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-9.42%	+3.43%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-1.43%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-1.43%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-5.99%	-6.75%	+0.76%
Max Drawdown (10Y) Largest decline over 10 years	-5.99%	-6.75%	+0.76%
Current Drawdown Current decline from peak	-0.15%	-0.02%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.89%	-0.70%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.34%	-0.04%

Volatility

TNSHX vs. THLIX - Volatility Comparison

TIAA-CREF Short-Term Bond Index Fund (TNSHX) has a higher volatility of 0.63% compared to Thrivent Limited Maturity Bond Fund (THLIX) at 0.53%. This indicates that TNSHX's price experiences larger fluctuations and is considered to be riskier than THLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNSHX	THLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.53%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.38%	1.44%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.88%	1.89%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.25%	2.17%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.82%	1.91%	-0.09%

TNSHX vs. THLIX - Expense Ratio Comparison

TNSHX has a 0.09% expense ratio, which is lower than THLIX's 0.41% expense ratio.

Dividends

TNSHX vs. THLIX - Dividend Comparison

TNSHX's dividend yield for the trailing twelve months is around 4.10%, less than THLIX's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THLIX Thrivent Limited Maturity Bond Fund	4.30%	4.18%	3.83%	2.53%	2.04%	1.48%	2.04%	2.59%	2.53%	1.93%	1.82%	1.64%
TNSHX TIAA-CREF Short-Term Bond Index Fund	4.10%	4.22%	3.94%	2.68%	1.00%	1.03%	1.81%	2.45%	1.80%	1.31%	0.98%	0.00%

Frequently Asked Questions

Can I hold both TNSHX and THLIX in my portfolio?

TNSHX and THLIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNSHX or THLIX?

TNSHX has higher volatility (0.63%) compared to THLIX (0.53%). In terms of maximum drawdown, TNSHX dropped -5.99% vs THLIX's -9.42%.

Which has better risk-adjusted returns?

THLIX currently has the higher Sharpe Ratio (2.42 vs 2.01), 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.