LTCAX vs. LTMFX
LTCAX (Thornburg California Limited Term Municipal Fund) and LTMFX (Thornburg Limited Term Municipal Fund) are both Municipal Bonds funds from Thornburg. Over the past 10 years, LTCAX returned 1.20%/yr vs 1.43%/yr for LTMFX. A 0.77 correlation means they provide meaningful diversification when combined. LTCAX charges 0.74%/yr vs 0.71%/yr for LTMFX.
Performance
LTCAX vs. LTMFX - Performance Comparison
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Returns By Period
In the year-to-date period, LTCAX achieves a 0.69% return, which is significantly lower than LTMFX's 0.89% return. Over the past 10 years, LTCAX has underperformed LTMFX with an annualized return of 1.20%, while LTMFX has yielded a comparatively higher 1.43% annualized return.
LTCAX
- 1D
- 0.08%
- 1M
- 1.03%
- YTD
- 0.69%
- 6M
- 1.01%
- 1Y
- 4.40%
- 3Y*
- 3.69%
- 5Y*
- 1.38%
- 10Y*
- 1.20%
LTMFX
- 1D
- 0.00%
- 1M
- 0.86%
- YTD
- 0.89%
- 6M
- 1.16%
- 1Y
- 4.12%
- 3Y*
- 3.78%
- 5Y*
- 1.31%
- 10Y*
- 1.43%
LTCAX vs. LTMFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTCAX Thornburg California Limited Term Municipal Fund | 0.69% | 5.72% | 1.84% | 3.72% | -4.60% | -0.41% | 1.92% | 3.32% | 0.62% | 2.05% |
LTMFX Thornburg Limited Term Municipal Fund | 0.89% | 5.74% | 1.84% | 3.83% | -5.27% | -0.18% | 2.97% | 3.81% | 1.00% | 2.29% |
Correlation
The correlation between LTCAX and LTMFX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 1987 | 0.77 |
The correlation between LTCAX and LTMFX shifts across timeframes, from 0.68 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
LTCAX vs. LTMFX — Risk / Return Rank
LTCAX
LTMFX
LTCAX vs. LTMFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg California Limited Term Municipal Fund (LTCAX) and Thornburg Limited Term Municipal Fund (LTMFX). 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.
| LTCAX | LTMFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.81 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.11 | -0.11 |
| Martin ratioReturn relative to average drawdown | 5.89 | 6.40 | -0.51 |
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Drawdowns
LTCAX vs. LTMFX - Drawdown Comparison
The maximum LTCAX drawdown since its inception was -7.38%, smaller than the maximum LTMFX drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for LTCAX and LTMFX.
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Drawdown Indicators
| LTCAX | LTMFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.38% | -8.40% | +1.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -1.96% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -3.33% | -2.95% | -0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -7.32% | -8.40% | +1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -7.38% | -8.40% | +1.02% |
Current DrawdownCurrent decline from peak | -0.87% | -0.74% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -1.38% | -1.63% | +0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 0.64% | +0.11% |
Volatility
LTCAX vs. LTMFX - Volatility Comparison
Thornburg California Limited Term Municipal Fund (LTCAX) has a higher volatility of 0.55% compared to Thornburg Limited Term Municipal Fund (LTMFX) at 0.48%. This indicates that LTCAX's price experiences larger fluctuations and is considered to be riskier than LTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LTCAX | LTMFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 0.48% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.42% | 1.29% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.73% | 1.59% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.39% | 2.35% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.29% | 2.27% | +0.02% |
LTCAX vs. LTMFX - Expense Ratio Comparison
LTCAX has a 0.74% expense ratio, which is higher than LTMFX's 0.71% expense ratio.
Dividends
LTCAX vs. LTMFX - Dividend Comparison
LTCAX's dividend yield for the trailing twelve months is around 2.98%, less than LTMFX's 3.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTCAX Thornburg California Limited Term Municipal Fund | 2.98% | 3.96% | 3.38% | 1.99% | 1.43% | 1.13% | 1.24% | 1.65% | 1.64% | 1.37% | 1.30% | 1.36% |
LTMFX Thornburg Limited Term Municipal Fund | 3.22% | 4.28% | 3.60% | 2.11% | 1.62% | 1.27% | 1.54% | 1.78% | 1.83% | 1.64% | 1.57% | 1.56% |
Frequently Asked Questions
LTCAX and LTMFX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LTCAX has higher volatility (0.55%) compared to LTMFX (0.48%). In terms of maximum drawdown, LTCAX dropped -7.38% vs LTMFX's -8.40%.
LTMFX currently has the higher Sharpe Ratio (2.60 vs 2.56), 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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