TSME vs. FTGC

Last updated Jun 25, 2026

TSME (Thrivent Small-Mid Cap ESG ETF) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both exchange-traded funds - TSME is a Mid Cap Blend Equities fund actively managed by Thrivent, while FTGC is a Commodities fund actively managed by First Trust. Both are actively managed. Over the past 3 years, TSME returned 22.69%/yr vs 13.63%/yr for FTGC. At a 0.16 correlation, their price movements are largely independent. TSME charges 0.65%/yr vs 0.95%/yr for FTGC.

Performance

TSME vs. FTGC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Small-Mid Cap ESG ETF (TSME) and First Trust Global Tactical Commodity Strategy Fund (FTGC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSME achieves a 21.43% return, which is significantly higher than FTGC's 16.89% return.

TSME

• 1D: 0.90%
• 1M: 8.50%
• YTD: 21.43%
• 6M: 18.90%
• 1Y: 36.72%
• 3Y*: 22.69%
• 5Y*: —
• 10Y*: —

FTGC

• 1D: -1.65%
• 1M: -8.90%
• YTD: 16.89%
• 6M: 15.85%
• 1Y: 28.35%
• 3Y*: 13.63%
• 5Y*: 11.70%
• 10Y*: 6.98%

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

TSME vs. FTGC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSME Thrivent Small-Mid Cap ESG ETF	21.43%	13.79%	18.98%	17.82%	2.90%
FTGC First Trust Global Tactical Commodity Strategy Fund	16.89%	14.61%	9.96%	-5.36%	3.23%

Correlation

The correlation between TSME and FTGC is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 5, 2022	0.16

The correlation between TSME and FTGC shifts across timeframes, from -0.06 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSME vs. FTGC — Risk / Return Rank

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

TSME

TSME Risk / Return Rank: 56
TSME Sharpe Ratio Rank: 56
TSME Sortino Ratio Rank: 57
TSME Omega Ratio Rank: 53
TSME Calmar Ratio Rank: 58
TSME Martin Ratio Rank: 55

FTGC

FTGC Risk / Return Rank: 58
FTGC Sharpe Ratio Rank: 62
FTGC Sortino Ratio Rank: 58
FTGC Omega Ratio Rank: 59
FTGC Calmar Ratio Rank: 52
FTGC Martin Ratio Rank: 59

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.

TSME vs. FTGC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Small-Mid Cap ESG ETF (TSME) and First Trust Global Tactical Commodity Strategy Fund (FTGC). 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.

	TSME	FTGC	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.83	-0.15
Sortino ratio: Return per unit of downside risk	2.40	2.48	-0.08
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	2.51	2.31	+0.20
Martin ratio: Return relative to average drawdown	8.56	9.40	-0.84

TSME vs. FTGC - Sharpe Ratio Comparison

The current TSME Sharpe Ratio is 1.69, which is comparable to the FTGC Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of TSME and FTGC, 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

TSME vs. FTGC - Drawdown Comparison

The maximum TSME drawdown since its inception was -26.59%, smaller than the maximum FTGC drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for TSME and FTGC.

Drawdown Indicators

	TSME	FTGC	Difference
Max Drawdown Largest peak-to-trough decline	-26.59%	-59.47%	+32.88%
Max Drawdown (1Y) Largest decline over 1 year	-14.72%	-12.34%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-26.59%	-12.34%	-14.25%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.91%	—
Current Drawdown Current decline from peak	-1.21%	-12.34%	+11.13%
Average Drawdown Average peak-to-trough decline	-5.12%	-27.33%	+22.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	3.02%	+1.28%

Volatility

TSME vs. FTGC - Volatility Comparison

Thrivent Small-Mid Cap ESG ETF (TSME) has a higher volatility of 7.73% compared to First Trust Global Tactical Commodity Strategy Fund (FTGC) at 3.33%. This indicates that TSME's price experiences larger fluctuations and is considered to be riskier than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSME	FTGC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.73%	3.33%	+4.40%
Volatility (6M) Calculated over the trailing 6-month period	17.98%	13.32%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	15.64%	+6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.81%	15.89%	+5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.81%	14.72%	+7.09%

TSME vs. FTGC - Expense Ratio Comparison

TSME has a 0.65% expense ratio, which is lower than FTGC's 0.95% expense ratio.

Dividends

TSME vs. FTGC - Dividend Comparison

TSME's dividend yield for the trailing twelve months is around 0.14%, less than FTGC's 16.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTGC First Trust Global Tactical Commodity Strategy Fund	16.40%	17.74%	3.05%	3.34%	10.35%	7.21%	0.00%	0.81%	0.80%	1.21%
TSME Thrivent Small-Mid Cap ESG ETF	0.14%	0.17%	0.38%	0.53%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSME and FTGC in my portfolio?

TSME and FTGC have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSME or FTGC?

TSME has higher volatility (7.73%) compared to FTGC (3.33%). In terms of maximum drawdown, TSME dropped -26.59% vs FTGC's -59.47%.

Which ETF is better, TSME or FTGC?

On 3-year performance, TSME leads with 22.69% vs 13.63% for FTGC. On fees, TSME is cheaper at 0.65% per year. On volatility, FTGC has been the lower-risk option at 3.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSME or FTGC?

Over the 3-year period, TSME has performed better with a 22.69% return vs 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSME or FTGC?

TSME is cheaper with a 0.65% expense ratio, compared with 0.95% for FTGC.

Which ETF pays a higher dividend yield, TSME or FTGC?

FTGC has the higher dividend yield at 16.40%, compared with 0.14% for TSME.

What is the main difference between TSME and FTGC?

TSME is categorized as Mid Cap Blend Equities, while FTGC is Commodities. They also come from different issuers: Thrivent and First Trust. Their fees differ too: 0.65% for TSME and 0.95% for FTGC.

Which has better risk-adjusted returns?

FTGC currently has the higher Sharpe Ratio (1.83 vs 1.69), 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.