Statistical properties of the amount of divergence of members of a transposable element family are studied. The analysis is based on the model proposed by Langley et al. describing the evolution of a family of selectively neutral transposable elements in a finite haploid population of size 2N. By considering the time back to the most recent common ancestor of two copies, both the probability of identity and the moments of the number of sites that differ between two sampled copies are obtained. Our analytic results are consistent with the numerical results of Ohta for a similar model. The effects of gene conversion are also examined. In agreement with Slatkin, we find that gene conversion has a minimal effect on the probability of identity providing that the rate of deletion is sufficiently large.