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HGLB vs. TIBAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HGLB vs. TIBAX

Last updated Jun 24, 2026

HGLB (Highland Global Allocation Fund) and TIBAX (Thornburg Investment Income Builder Fund) are both Global Allocation funds. Over the past 5 years, HGLB returned 7.90%/yr vs 16.24%/yr for TIBAX. At a 0.38 correlation, their price movements are largely independent. HGLB charges 0.02%/yr vs 1.14%/yr for TIBAX.

Performance

HGLB vs. TIBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Highland Global Allocation Fund (HGLB) and Thornburg Investment Income Builder Fund (TIBAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HGLB achieves a -13.14% return, which is significantly lower than TIBAX's 17.44% return.

HGLB

1D
-1.65%
1M
-6.17%
YTD
-13.14%
6M
-14.10%
1Y
-4.96%
3Y*
9.17%
5Y*
7.90%
10Y*
—

TIBAX

1D
-0.10%
1M
0.51%
YTD
17.44%
6M
18.19%
1Y
36.96%
3Y*
26.02%
5Y*
16.24%
10Y*
12.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HGLB vs. TIBAX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
HGLB
Highland Global Allocation Fund		-13.14%51.74%-1.52%-6.15%14.53%53.22%-17.98%-31.46%
TIBAX
Thornburg Investment Income Builder Fund		17.44%36.62%13.23%18.01%-7.95%20.08%-0.67%12.02%

Correlation

The correlation between HGLB and TIBAX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.32

Correlation (5Y)
Calculated over the trailing 5-year period

0.34

Correlation (All Time)
Calculated using the full available price history since Feb 19, 2019

0.38

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Highland Global Allocation Fund

Thornburg Investment Income Builder Fund

Often compared with HGLB:
HGLB vs. LGIHGLB vs. WMRIXHGLB vs. GBMFXHGLB vs. RAPZXHGLB vs. GAAHGLB vs. GBFFXHGLB vs. IGA
Often compared with TIBAX:
TIBAX vs. SGENXTIBAX vs. PMAIXTIBAX vs. HFQAXTIBAX vs. CBALXTIBAX vs. PGEOXTIBAX vs. MFWTXTIBAX vs. SCHD

Return for Risk

HGLB vs. TIBAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HGLB
HGLB Risk / Return Rank: 22
Overall Rank
HGLB Sharpe Ratio Rank: 22
Sharpe Ratio Rank
HGLB Sortino Ratio Rank: 22
Sortino Ratio Rank
HGLB Omega Ratio Rank: 22
Omega Ratio Rank
HGLB Calmar Ratio Rank: 22
Calmar Ratio Rank
HGLB Martin Ratio Rank: 22
Martin Ratio Rank
TIBAX
TIBAX Risk / Return Rank: 9898
Overall Rank
TIBAX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
TIBAX Sortino Ratio Rank: 9898
Sortino Ratio Rank
TIBAX Omega Ratio Rank: 9797
Omega Ratio Rank
TIBAX Calmar Ratio Rank: 9797
Calmar Ratio Rank
TIBAX Martin Ratio Rank: 9797
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HGLB vs. TIBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Highland Global Allocation Fund (HGLB) and Thornburg Investment Income Builder Fund (TIBAX). 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.

HGLBTIBAXDifference
Sharpe ratioReturn per unit of total volatility
-0.24
4.26

-4.49

Sortino ratioReturn per unit of downside risk
-0.20
6.03

-6.23

Omega ratioGain probability vs. loss probability

0.97

1.85

-0.87

Calmar ratioReturn relative to maximum drawdown

-0.21

6.86

-7.07

Martin ratioReturn relative to average drawdown

-0.41

26.22

-26.63

HGLB vs. TIBAX - Sharpe Ratio Comparison

The current HGLB Sharpe Ratio is -0.24, which is lower than the TIBAX Sharpe Ratio of 4.26. The chart below compares the historical Sharpe Ratios of HGLB and TIBAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HGLB vs. TIBAX - Drawdown Comparison

The maximum HGLB drawdown since its inception was -70.40%, which is greater than TIBAX's maximum drawdown of -49.12%. Use the drawdown chart below to compare losses from any high point for HGLB and TIBAX.

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Drawdown Indicators

HGLBTIBAXDifference

Max Drawdown

Largest peak-to-trough decline

-70.40%

-49.12%

-21.28%

Max Drawdown (1Y)

Largest decline over 1 year

-23.34%

-5.43%

-17.91%

Max Drawdown (3Y)

Largest decline over 3 years

-23.34%

-9.20%

-14.14%

Max Drawdown (5Y)

Largest decline over 5 years

-29.88%

-20.94%

-8.94%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.85%

—

Current Drawdown

Current decline from peak

-22.72%

-0.40%

-22.32%

Average Drawdown

Average peak-to-trough decline

-18.20%

-5.98%

-12.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.99%

1.42%

+10.57%

Volatility

HGLB vs. TIBAX - Volatility Comparison

Highland Global Allocation Fund (HGLB) has a higher volatility of 6.02% compared to Thornburg Investment Income Builder Fund (TIBAX) at 2.87%. This indicates that HGLB's price experiences larger fluctuations and is considered to be riskier than TIBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HGLBTIBAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.02%

2.87%

+3.15%

Volatility (6M)

Calculated over the trailing 6-month period

12.95%

7.32%

+5.63%

Volatility (1Y)

Calculated over the trailing 1-year period

21.16%

8.76%

+12.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.11%

11.15%

+10.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.62%

13.46%

+14.16%

HGLB vs. TIBAX - Expense Ratio Comparison

HGLB has a 0.02% expense ratio, which is lower than TIBAX's 1.14% expense ratio.

Dividends

HGLB vs. TIBAX - Dividend Comparison

HGLB's dividend yield for the trailing twelve months is around 13.91%, more than TIBAX's 4.93% yield.

PositionTTM20252024202320222021202020192018201720162015
HGLB
Highland Global Allocation Fund		13.91%11.57%14.27%12.82%10.32%9.39%15.44%11.35%0.00%0.00%0.00%0.00%
TIBAX
Thornburg Investment Income Builder Fund		4.93%5.64%5.44%4.67%5.62%5.10%4.11%4.23%4.49%4.22%3.83%4.31%

Frequently Asked Questions

HGLB and TIBAX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HGLB has higher volatility (6.02%) compared to TIBAX (2.87%). In terms of maximum drawdown, HGLB dropped -70.40% vs TIBAX's -49.12%.

TIBAX currently has the higher Sharpe Ratio (4.26 vs -0.24), 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.

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