LTCAX vs. TGVAX

Last updated Aug 1, 2026

LTCAX (Thornburg California Limited Term Municipal Fund) and TGVAX (Thornburg International Equity Fund) are both mutual funds - LTCAX is a Municipal Bonds fund managed by Thornburg, while TGVAX is a Foreign Large Cap Equities fund managed by Thornburg. Over the past 10 years, LTCAX returned 1.07%/yr vs 10.73%/yr for TGVAX. Their -0.06 correlation means they have often moved in opposite directions in the past. LTCAX charges 0.74%/yr vs 1.25%/yr for TGVAX.

Performance

LTCAX vs. TGVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg California Limited Term Municipal Fund (LTCAX) and Thornburg International Equity Fund (TGVAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LTCAX achieves a -0.24% return, which is significantly lower than TGVAX's 13.39% return. Over the past 10 years, LTCAX has underperformed TGVAX with an annualized return of 1.07%, while TGVAX has yielded a comparatively higher 10.73% annualized return.

LTCAX

• 1D: -0.08%
• 1M: -1.08%
• 6M: -1.01%
• YTD: -0.24%
• 1Y: 2.20%
• 3Y*: 3.17%
• 5Y*: 1.12%
• 10Y*: 1.07%
• ALL TIME*: 1.43%

TGVAX

• 1D: 1.87%
• 1M: 3.01%
• 6M: 7.62%
• YTD: 13.39%
• 1Y: 25.40%
• 3Y*: 19.37%
• 5Y*: 10.45%
• 10Y*: 10.73%
• ALL TIME*: 8.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LTCAX Thornburg California Limited Term Municipal Fund	$0.00	$0.00	$0.00
TGVAX Thornburg International Equity Fund	$0.00	$0.00	$0.00

LTCAX vs. TGVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LTCAX Thornburg California Limited Term Municipal Fund	-0.24%	5.72%	1.84%	3.72%	-4.60%	-0.41%	1.92%	3.32%	0.62%	2.05%
TGVAX Thornburg International Equity Fund	13.39%	33.81%	11.24%	15.77%	-17.04%	7.25%	22.59%	28.67%	-20.08%	25.03%

Correlation

The correlation between LTCAX and TGVAX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.06
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	-0.06

The correlation between LTCAX and TGVAX shifts across timeframes, from -0.06 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LTCAX vs. TGVAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LTCAX

LTCAX Risk / Return Rank: 50
LTCAX Sharpe Ratio Rank: 56
LTCAX Sortino Ratio Rank: 68
LTCAX Omega Ratio Rank: 78
LTCAX Calmar Ratio Rank: 25
LTCAX Martin Ratio Rank: 21

TGVAX

TGVAX Risk / Return Rank: 74
TGVAX Sharpe Ratio Rank: 80
TGVAX Sortino Ratio Rank: 77
TGVAX Omega Ratio Rank: 77
TGVAX Calmar Ratio Rank: 72
TGVAX Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LTCAX vs. TGVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg California Limited Term Municipal Fund (LTCAX) and Thornburg International Equity Fund (TGVAX). 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	TGVAX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.89	-0.38
Sortino ratio: Return per unit of downside risk	2.41	2.62	-0.21
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio: Return relative to maximum drawdown	1.23	2.34	-1.11
Martin ratio: Return relative to average drawdown	3.19	8.12	-4.94

LTCAX vs. TGVAX - Sharpe Ratio Comparison

The current LTCAX Sharpe Ratio is 1.51, which is comparable to the TGVAX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of LTCAX and TGVAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LTCAX vs. TGVAX - Drawdown Comparison

The maximum LTCAX drawdown since its inception was -7.38%, smaller than the maximum TGVAX drawdown of -56.44%. Use the drawdown chart below to compare losses from any high point for LTCAX and TGVAX.

Drawdown Indicators

	LTCAX	TGVAX	Difference
Max Drawdown Largest peak-to-trough decline	-7.38%	-56.44%	+49.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-10.34%	+8.13%
Max Drawdown (3Y) Largest decline over 3 years	-3.33%	-12.00%	+8.67%
Max Drawdown (5Y) Largest decline over 5 years	-7.32%	-39.96%	+32.64%
Max Drawdown (10Y) Largest decline over 10 years	-7.38%	-39.96%	+32.58%
Current Drawdown Current decline from peak	-1.78%	0.00%	-1.78%
Average Drawdown Average peak-to-trough decline	-1.38%	-12.40%	+11.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	2.97%	-2.12%

Volatility

LTCAX vs. TGVAX - Volatility Comparison

The current volatility for Thornburg California Limited Term Municipal Fund (LTCAX) is 0.48%, while Thornburg International Equity Fund (TGVAX) has a volatility of 3.29%. This indicates that LTCAX experiences smaller price fluctuations and is considered to be less risky than TGVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTCAX	TGVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	3.29%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	10.42%	-8.93%
Volatility (1Y) Calculated over the trailing 1-year period	1.79%	12.79%	-11.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.41%	16.65%	-14.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.29%	16.50%	-14.21%

LTCAX vs. TGVAX - Expense Ratio Comparison

LTCAX has a 0.74% expense ratio, which is lower than TGVAX's 1.25% expense ratio.

Dividends

LTCAX vs. TGVAX - Dividend Comparison

LTCAX's dividend yield for the trailing twelve months is around 2.76%, less than TGVAX's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTCAX Thornburg California Limited Term Municipal Fund	2.76%	3.96%	3.38%	1.99%	1.43%	1.13%	1.24%	1.65%	1.64%	1.37%	1.30%	1.36%
TGVAX Thornburg International Equity Fund	3.12%	3.54%	6.90%	2.23%	1.69%	14.24%	2.98%	6.60%	1.45%	17.24%	1.67%	18.63%

Frequently Asked Questions

Can I hold both LTCAX and TGVAX in my portfolio?

LTCAX and TGVAX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTCAX or TGVAX?

TGVAX has higher volatility (3.29%) compared to LTCAX (0.48%). In terms of maximum drawdown, LTCAX dropped -7.38% vs TGVAX's -56.44%.

Which has better risk-adjusted returns?

TGVAX currently has the higher Sharpe Ratio (1.89 vs 1.51), 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.