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The words thrifty and cheap have the same denotation which sentence explains the connotations of the words
Both thrifty and cheap have positive connotations.
Both thrifty and cheap have positive connotations.

Cheap has a positive connotation, whereas thrifty has a negative connotation.
Cheap has a positive connotation, whereas thrifty has a negative connotation.

Thrify has a positive connotation, whereas cheap has a negative connotation.
Thrify has a positive connotation, whereas cheap has a negative connotation.

Both thrifty and cheap have negative connotations.

The correct sentence that explains the connotations of the words is: Cheap has a positive connotation, whereas thrifty has a negative connotation.