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Thornburg International Equity Fund (TGVAX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 23, 2026

The investment seeks long-term capital appreciation; current income is the secondary objective. The fund invests primarily in common stocks of non-U.S. companies and in depositary receipts associated with such stocks. The fund may invest in developing countries, but under normal conditions those investments are expected to comprise a smaller proportion of the fund than investments in developed countries.

Looking to diversify beyond TGVAX? The mutual funds below have the lowest correlation with TGVAX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from TGVAX.

Best Diversifiers for TGVAX

9 mutual funds have low correlation with TGVAX (below 0.3), 0 of which are negatively correlated. The least correlated is Thornburg Ultra Short Income Fund (TLDIX) (Ultrashort Bond) with a 1Y correlation of 0.13, roughly unchanged from 0.14 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
TLDIX
Thornburg Ultra Short Income Fund0.130.140.14
99
Ultrashort BondTGVAX vs TLDIX
THNYX
Thornburg New York Intermediate Municipal Bond Fun...0.210.180.16
80
Municipal BondsTGVAX vs THNYX
THNMX
Thornburg New Mexico Intermediate Municipal Fund0.210.170.16
74
Municipal BondsTGVAX vs THNMX
TSSIX
Thornburg Strategic Municipal Income Fund0.230.190.16
75
Municipal BondsTGVAX vs TSSIX
THIMX
Thornburg Intermediate Municipal Fund0.230.190.16
77
Municipal BondsTGVAX vs THIMX
See all 36 diversifiers for TGVAX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from TGVAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to TGVAX and solid risk/return profiles. The least correlated is Johnson & Johnson (JNJ) (Healthcare) with a 1Y correlation of 0.21, roughly unchanged from 0.18 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
JNJ
Johnson & Johnson0.210.130.18
95
Healthcare
WBD
Warner Bros. Discovery, Inc.0.210.290.36
97
Communication Services
BTSG
BrightSpring Health Services, Inc0.23——
98
Healthcare

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Diversification Analysis

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