TSME vs. LSAF

Last updated Aug 2, 2026

TSME (Thrivent Small-Mid Cap ESG ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds. TSME is actively managed, while LSAF is passively managed. Over the past 3 years, TSME returned 17.15%/yr vs 18.58%/yr for LSAF. Their correlation of 0.85 means they have usually moved in the same direction. TSME charges 0.65%/yr vs 0.75%/yr for LSAF.

Performance

TSME vs. LSAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Small-Mid Cap ESG ETF (TSME) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSME achieves a 16.10% return, which is significantly lower than LSAF's 19.96% return.

TSME

• 1D: 1.09%
• 1M: -3.24%
• 6M: 8.60%
• YTD: 16.10%
• 1Y: 22.52%
• 3Y*: 17.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.39%

LSAF

• 1D: -0.55%
• 1M: 2.49%
• 6M: 17.23%
• YTD: 19.96%
• 1Y: 30.03%
• 3Y*: 18.58%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 11.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LSAF LeaderShares AlphaFactor US Core Equity ETF	$265.84K	$205.64K	$201.86K
TSME Thrivent Small-Mid Cap ESG ETF	$3.32M	$3.62M	$3.55M

TSME vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSME Thrivent Small-Mid Cap ESG ETF	16.10%	13.79%	18.98%	17.82%	2.90%
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	12.01%	18.09%	15.48%	5.28%

Correlation

The correlation between TSME and LSAF is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (All Time) Calculated using the full available price history since Oct 5, 2022	0.85

The correlation between TSME and LSAF shifts across timeframes, from 0.70 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

TSME vs. LSAF - Sectors Allocation Comparison

Sectors	TSME	LSAF
Industrials	29.6%	10.7%
Technology	23.8%	15.4%
Consumer Cyclical	16.9%	19.9%
Financial Services	9.4%	16.2%
Healthcare	8.6%	7.8%
Basic Materials	5.8%	5.8%
Consumer Defensive	3.7%	4.1%
Utilities	2.4%	0.9%
Energy	1.6%	3.3%
Communication Services	-	4.7%
Real Estate	-	2.1%

Return for Risk

TSME vs. LSAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSME

TSME Risk / Return Rank: 39
TSME Sharpe Ratio Rank: 38
TSME Sortino Ratio Rank: 39
TSME Omega Ratio Rank: 36
TSME Calmar Ratio Rank: 41
TSME Martin Ratio Rank: 42

LSAF

LSAF Risk / Return Rank: 88
LSAF Sharpe Ratio Rank: 85
LSAF Sortino Ratio Rank: 87
LSAF Omega Ratio Rank: 82
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSME vs. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Small-Mid Cap ESG ETF (TSME) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.03	-1.09
Sortino ratio: Return per unit of downside risk	1.45	2.98	-1.52
Omega ratio: Gain probability vs. loss probability	1.17	1.35	-0.18
Calmar ratio: Return relative to maximum drawdown	1.45	4.41	-2.97
Martin ratio: Return relative to average drawdown	4.49	14.86	-10.37

TSME vs. LSAF - Sharpe Ratio Comparison

The current TSME Sharpe Ratio is 0.94, which is lower than the LSAF Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of TSME and LSAF, 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. LSAF - Drawdown Comparison

The maximum TSME drawdown since its inception was -26.59%, smaller than the maximum LSAF drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for TSME and LSAF.

Drawdown Indicators

	TSME	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-26.59%	-41.67%	+15.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.72%	-6.58%	-8.14%
Max Drawdown (3Y) Largest decline over 3 years	-26.59%	-20.26%	-6.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.94%	—
Current Drawdown Current decline from peak	-7.70%	-1.48%	-6.22%
Average Drawdown Average peak-to-trough decline	-5.14%	-6.21%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.74%	1.95%	+2.79%

Volatility

TSME vs. LSAF - Volatility Comparison

Thrivent Small-Mid Cap ESG ETF (TSME) has a higher volatility of 6.80% compared to LeaderShares AlphaFactor US Core Equity ETF (LSAF) at 4.21%. This indicates that TSME's price experiences larger fluctuations and is considered to be riskier than LSAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSME	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.80%	4.21%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	18.82%	10.49%	+8.33%
Volatility (1Y) Calculated over the trailing 1-year period	22.77%	14.36%	+8.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.87%	18.38%	+3.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	21.73%	+0.14%

TSME vs. LSAF - Expense Ratio Comparison

TSME has a 0.65% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

TSME vs. LSAF - Dividend Comparison

TSME's dividend yield for the trailing twelve months is around 0.14%, less than LSAF's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%
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%

Frequently Asked Questions

Can I hold both TSME and LSAF in my portfolio?

TSME and LSAF 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, TSME or LSAF?

TSME has higher volatility (6.80%) compared to LSAF (4.21%). In terms of maximum drawdown, TSME dropped -26.59% vs LSAF's -41.67%.

Which ETF is better, TSME or LSAF?

On 3-year performance, LSAF leads with 18.58% vs 17.15% for TSME. On fees, TSME is cheaper at 0.65% per year. On volatility, LSAF has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSME or LSAF?

Over the 3-year period, LSAF has performed better with a 18.58% return vs 17.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSME or LSAF?

TSME is cheaper with a 0.65% expense ratio, compared with 0.75% for LSAF.

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

LSAF has the higher dividend yield at 0.57%, compared with 0.14% for TSME.

What is the main difference between TSME and LSAF?

They also come from different issuers: Thrivent and Redwood. Their fees differ too: 0.65% for TSME and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 0.94), 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.