TWAAX vs. FHLFX

Last updated Aug 1, 2026

TWAAX (Thrivent International Allocation Fund) and FHLFX (Fidelity Series International Index Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, TWAAX returned 8.20%/yr vs 9.60%/yr for FHLFX. Their 0.97 correlation means they have historically moved very closely together. TWAAX charges 1.20%/yr vs 0.01%/yr for FHLFX.

Performance

TWAAX vs. FHLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent International Allocation Fund (TWAAX) and Fidelity Series International Index Fund (FHLFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TWAAX having a 12.89% return and FHLFX slightly lower at 12.57%.

TWAAX

• 1D: 3.05%
• 1M: 0.14%
• 6M: 6.93%
• YTD: 12.89%
• 1Y: 26.11%
• 3Y*: 16.28%
• 5Y*: 8.20%
• 10Y*: 7.72%
• ALL TIME*: 4.22%

FHLFX

• 1D: 2.59%
• 1M: 1.98%
• 6M: 7.18%
• YTD: 12.57%
• 1Y: 26.19%
• 3Y*: 16.52%
• 5Y*: 9.60%
• 10Y*: —
• ALL TIME*: 9.44%

*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)
FHLFX Fidelity Series International Index Fund	$0.00	$0.00	$0.00
TWAAX Thrivent International Allocation Fund	$0.00	$0.00	$0.00

TWAAX vs. FHLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TWAAX Thrivent International Allocation Fund	12.89%	30.28%	3.86%	17.51%	-18.59%	13.88%	3.38%	19.95%	-12.67%
FHLFX Fidelity Series International Index Fund	12.57%	31.96%	3.67%	18.16%	-14.17%	11.23%	8.09%	21.66%	-10.70%

Correlation

The correlation between TWAAX and FHLFX is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.97

The correlation between TWAAX and FHLFX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

TWAAX vs. FHLFX — Risk / Return Rank

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

TWAAX

TWAAX Risk / Return Rank: 55
TWAAX Sharpe Ratio Rank: 56
TWAAX Sortino Ratio Rank: 52
TWAAX Omega Ratio Rank: 56
TWAAX Calmar Ratio Rank: 57
TWAAX Martin Ratio Rank: 54

FHLFX

FHLFX Risk / Return Rank: 68
FHLFX Sharpe Ratio Rank: 70
FHLFX Sortino Ratio Rank: 68
FHLFX Omega Ratio Rank: 68
FHLFX Calmar Ratio Rank: 68
FHLFX Martin Ratio Rank: 68

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.

TWAAX vs. FHLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent International Allocation Fund (TWAAX) and Fidelity Series International Index Fund (FHLFX). 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.

	TWAAX	FHLFX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.61	-0.13
Sortino ratio: Return per unit of downside risk	2.07	2.29	-0.22
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	2.08	2.19	-0.11
Martin ratio: Return relative to average drawdown	7.55	8.31	-0.77

TWAAX vs. FHLFX - Sharpe Ratio Comparison

The current TWAAX Sharpe Ratio is 1.48, which is comparable to the FHLFX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of TWAAX and FHLFX, 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

TWAAX vs. FHLFX - Drawdown Comparison

The maximum TWAAX drawdown since its inception was -54.24%, which is greater than FHLFX's maximum drawdown of -33.58%. Use the drawdown chart below to compare losses from any high point for TWAAX and FHLFX.

Drawdown Indicators

	TWAAX	FHLFX	Difference
Max Drawdown Largest peak-to-trough decline	-54.24%	-33.58%	-20.66%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-11.37%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-12.95%	-13.62%	+0.67%
Max Drawdown (5Y) Largest decline over 5 years	-33.71%	-29.36%	-4.35%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	—	—
Current Drawdown Current decline from peak	-3.27%	0.00%	-3.27%
Average Drawdown Average peak-to-trough decline	-12.60%	-6.01%	-6.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.00%	+0.30%

Volatility

TWAAX vs. FHLFX - Volatility Comparison

Thrivent International Allocation Fund (TWAAX) has a higher volatility of 6.02% compared to Fidelity Series International Index Fund (FHLFX) at 4.58%. This indicates that TWAAX's price experiences larger fluctuations and is considered to be riskier than FHLFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWAAX	FHLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.02%	4.58%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	14.99%	13.23%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	15.54%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	16.11%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	17.62%	-1.61%

TWAAX vs. FHLFX - Expense Ratio Comparison

TWAAX has a 1.20% expense ratio, which is higher than FHLFX's 0.01% expense ratio.

Dividends

TWAAX vs. FHLFX - Dividend Comparison

TWAAX's dividend yield for the trailing twelve months is around 5.83%, more than FHLFX's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FHLFX Fidelity Series International Index Fund	3.07%	3.46%	2.98%	2.86%	2.60%	2.47%	1.92%	1.95%	0.62%	0.00%	0.00%
TWAAX Thrivent International Allocation Fund	5.83%	6.59%	2.66%	2.72%	1.72%	9.19%	1.25%	2.15%	5.56%	2.08%	2.00%

Frequently Asked Questions

Can I hold both TWAAX and FHLFX in my portfolio?

With a correlation of 0.95, TWAAX and FHLFX 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 is riskier, TWAAX or FHLFX?

TWAAX has higher volatility (6.02%) compared to FHLFX (4.58%). In terms of maximum drawdown, TWAAX dropped -54.24% vs FHLFX's -33.58%.

Which has better risk-adjusted returns?

FHLFX currently has the higher Sharpe Ratio (1.61 vs 1.48), 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.