KGIIX vs. TIBAX

Last updated Jun 4, 2026

KGIIX (Kopernik International Fund) and TIBAX (Thornburg Investment Income Builder Fund) are both mutual funds - KGIIX is a Foreign Large Cap Equities fund managed by Kopernik, while TIBAX is a Global Allocation fund managed by Thornburg. Over the past 10 years, KGIIX returned 10.15%/yr vs 12.42%/yr for TIBAX. A 0.53 correlation means they provide meaningful diversification when combined. KGIIX charges 1.04%/yr vs 1.14%/yr for TIBAX.

Performance

KGIIX vs. TIBAX - Performance Comparison

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

Returns By Period

In the year-to-date period, KGIIX achieves a 9.82% return, which is significantly lower than TIBAX's 17.92% return. Over the past 10 years, KGIIX has underperformed TIBAX with an annualized return of 10.15%, while TIBAX has yielded a comparatively higher 12.42% annualized return.

KGIIX

• 1D: 0.16%
• 1M: -0.47%
• YTD: 9.82%
• 6M: 12.86%
• 1Y: 37.40%
• 3Y*: 18.92%
• 5Y*: 8.81%
• 10Y*: 10.15%

TIBAX

• 1D: 0.63%
• 1M: 3.10%
• YTD: 17.92%
• 6M: 21.20%
• 1Y: 39.47%
• 3Y*: 26.52%
• 5Y*: 16.15%
• 10Y*: 12.42%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KGIIX vs. TIBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGIIX Kopernik International Fund	9.82%	54.97%	-7.01%	13.86%	-14.05%	16.62%	18.94%	16.37%	-6.24%	10.50%
TIBAX Thornburg Investment Income Builder Fund	17.92%	36.62%	13.23%	18.01%	-7.95%	20.08%	-0.67%	17.72%	-4.54%	14.83%

Correlation

The correlation between KGIIX and TIBAX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.53

The correlation between KGIIX and TIBAX shifts across timeframes, from 0.44 (3 years) to 0.55 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

KGIIX vs. TIBAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KGIIX

KGIIX Risk / Return Rank: 81
KGIIX Sharpe Ratio Rank: 88
KGIIX Sortino Ratio Rank: 77
KGIIX Omega Ratio Rank: 80
KGIIX Calmar Ratio Rank: 87
KGIIX Martin Ratio Rank: 72

TIBAX

TIBAX Risk / Return Rank: 98
TIBAX Sharpe Ratio Rank: 99
TIBAX Sortino Ratio Rank: 98
TIBAX Omega Ratio Rank: 97
TIBAX Calmar Ratio Rank: 97
TIBAX Martin Ratio Rank: 98

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.

KGIIX vs. TIBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kopernik International Fund (KGIIX) 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.

	KGIIX	TIBAX	Difference
Sharpe ratio: Return per unit of total volatility	2.91	4.75	-1.84
Sortino ratio: Return per unit of downside risk	3.68	6.82	-3.14
Omega ratio: Gain probability vs. loss probability	1.53	1.96	-0.43
Calmar ratio: Return relative to maximum drawdown	4.30	7.36	-3.06
Martin ratio: Return relative to average drawdown	13.73	28.70	-14.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KGIIX vs. TIBAX - Sharpe Ratio Comparison

The current KGIIX Sharpe Ratio is 2.91, which is lower than the TIBAX Sharpe Ratio of 4.75. The chart below compares the historical Sharpe Ratios of KGIIX 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.

Sharpe Ratios by Period

	KGIIX	TIBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	4.75	-1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	1.46	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.93	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.80	+0.14

Drawdowns

KGIIX vs. TIBAX - Drawdown Comparison

The maximum KGIIX drawdown since its inception was -27.81%, smaller than the maximum TIBAX drawdown of -49.12%. Use the drawdown chart below to compare losses from any high point for KGIIX and TIBAX.

Drawdown Indicators

	KGIIX	TIBAX	Difference
Max Drawdown Largest peak-to-trough decline	-27.81%	-49.12%	+21.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-5.43%	-3.33%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-9.20%	-4.38%
Max Drawdown (5Y) Largest decline over 5 years	-27.81%	-20.94%	-6.87%
Max Drawdown (10Y) Largest decline over 10 years	-27.81%	-34.85%	+7.04%
Current Drawdown Current decline from peak	-4.26%	0.00%	-4.26%
Average Drawdown Average peak-to-trough decline	-6.11%	-5.99%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	1.39%	+1.35%

Volatility

KGIIX vs. TIBAX - Volatility Comparison

Kopernik International Fund (KGIIX) and Thornburg Investment Income Builder Fund (TIBAX) have volatilities of 2.98% and 3.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGIIX	TIBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	3.12%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	6.97%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.97%	8.42%	+4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.21%	11.12%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.64%	13.46%	-0.82%

KGIIX vs. TIBAX - Expense Ratio Comparison

KGIIX has a 1.04% expense ratio, which is lower than TIBAX's 1.14% expense ratio.

Dividends

KGIIX vs. TIBAX - Dividend Comparison

KGIIX's dividend yield for the trailing twelve months is around 12.99%, more than TIBAX's 4.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KGIIX Kopernik International Fund	12.99%	14.26%	0.48%	12.56%	2.46%	5.77%	2.89%	2.50%	1.19%	1.35%	0.33%	0.00%
TIBAX Thornburg Investment Income Builder Fund	4.85%	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

Can I hold both KGIIX and TIBAX in my portfolio?

KGIIX and TIBAX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGIIX or TIBAX?

TIBAX has higher volatility (3.12%) compared to KGIIX (2.98%). In terms of maximum drawdown, KGIIX dropped -27.81% vs TIBAX's -49.12%.

Which has better risk-adjusted returns?

TIBAX currently has the higher Sharpe Ratio (4.75 vs 2.91), 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.