TWAAX vs. TMSIX

Last updated Aug 1, 2026

TWAAX (Thrivent International Allocation Fund) and TMSIX (Thrivent Mid Cap Stock Fund Class S) are both mutual funds - TWAAX is a Foreign Large Cap Equities fund managed by Thrivent, while TMSIX is a Mid Cap Blend Equities fund managed by Thrivent. Over the past 10 years, TWAAX returned 7.72%/yr vs 12.21%/yr for TMSIX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. TWAAX charges 1.20%/yr vs 0.74%/yr for TMSIX.

Performance

TWAAX vs. TMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent International Allocation Fund (TWAAX) and Thrivent Mid Cap Stock Fund Class S (TMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWAAX achieves a 12.89% return, which is significantly lower than TMSIX's 17.94% return. Over the past 10 years, TWAAX has underperformed TMSIX with an annualized return of 7.72%, while TMSIX has yielded a comparatively higher 12.21% annualized return.

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%

TMSIX

• 1D: 0.84%
• 1M: 0.05%
• 6M: 15.58%
• YTD: 17.94%
• 1Y: 23.75%
• 3Y*: 12.02%
• 5Y*: 7.23%
• 10Y*: 12.21%
• ALL TIME*: 9.80%

*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)
TMSIX Thrivent Mid Cap Stock Fund Class S	$0.00	$0.00	$0.00
TWAAX Thrivent International Allocation Fund	$0.00	$0.00	$0.00

TWAAX vs. TMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWAAX Thrivent International Allocation Fund	12.89%	30.28%	3.86%	17.51%	-18.59%	13.88%	3.38%	19.95%	-15.80%	21.50%
TMSIX Thrivent Mid Cap Stock Fund Class S	17.94%	4.64%	14.08%	13.90%	-17.68%	28.06%	21.96%	24.88%	-10.47%	18.90%

Correlation

The correlation between TWAAX and TMSIX is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (10Y) Provides a long-term view across more market conditions.	0.73
Correlation (All Time) Calculated using the full available price history since Mar 3, 2008	0.77

The correlation between TWAAX and TMSIX has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

TWAAX vs. TMSIX — 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

TMSIX

TMSIX Risk / Return Rank: 63
TMSIX Sharpe Ratio Rank: 57
TMSIX Sortino Ratio Rank: 58
TMSIX Omega Ratio Rank: 54
TMSIX Calmar Ratio Rank: 72
TMSIX Martin Ratio Rank: 76

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. TMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent International Allocation Fund (TWAAX) and Thrivent Mid Cap Stock Fund Class S (TMSIX). 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	TMSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.42	+0.06
Sortino ratio: Return per unit of downside risk	2.07	2.07	0.00
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.08	2.31	-0.23
Martin ratio: Return relative to average drawdown	7.55	9.17	-1.62

TWAAX vs. TMSIX - Sharpe Ratio Comparison

The current TWAAX Sharpe Ratio is 1.48, which is comparable to the TMSIX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of TWAAX and TMSIX, 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. TMSIX - Drawdown Comparison

The maximum TWAAX drawdown since its inception was -54.24%, roughly equal to the maximum TMSIX drawdown of -56.10%. Use the drawdown chart below to compare losses from any high point for TWAAX and TMSIX.

Drawdown Indicators

	TWAAX	TMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-54.24%	-56.10%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-8.97%	-3.01%
Max Drawdown (3Y) Largest decline over 3 years	-12.95%	-20.18%	+7.23%
Max Drawdown (5Y) Largest decline over 5 years	-33.71%	-31.57%	-2.14%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	-40.66%	+1.79%
Current Drawdown Current decline from peak	-3.27%	-0.60%	-2.67%
Average Drawdown Average peak-to-trough decline	-12.60%	-9.95%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	2.30%	+1.00%

Volatility

TWAAX vs. TMSIX - Volatility Comparison

Thrivent International Allocation Fund (TWAAX) has a higher volatility of 6.02% compared to Thrivent Mid Cap Stock Fund Class S (TMSIX) at 2.75%. This indicates that TWAAX's price experiences larger fluctuations and is considered to be riskier than TMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWAAX	TMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.02%	2.75%	+3.27%
Volatility (6M) Calculated over the trailing 6-month period	14.99%	11.31%	+3.68%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	14.66%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	20.40%	-3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	20.38%	-4.37%

TWAAX vs. TMSIX - Expense Ratio Comparison

TWAAX has a 1.20% expense ratio, which is higher than TMSIX's 0.74% expense ratio.

Dividends

TWAAX vs. TMSIX - Dividend Comparison

TWAAX's dividend yield for the trailing twelve months is around 5.83%, less than TMSIX's 10.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMSIX Thrivent Mid Cap Stock Fund Class S	10.51%	12.39%	7.91%	1.48%	2.86%	10.77%	3.26%	2.77%	11.64%	7.92%	4.10%	11.95%
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%	0.00%

Frequently Asked Questions

Can I hold both TWAAX and TMSIX in my portfolio?

TWAAX and TMSIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TWAAX or TMSIX?

TWAAX has higher volatility (6.02%) compared to TMSIX (2.75%). In terms of maximum drawdown, TWAAX dropped -54.24% vs TMSIX's -56.10%.

Which has better risk-adjusted returns?

TWAAX currently has the higher Sharpe Ratio (1.48 vs 1.42), 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.