LTCAX vs. TIBAX
LTCAX (Thornburg California Limited Term Municipal Fund) and TIBAX (Thornburg Investment Income Builder Fund) are both mutual funds - LTCAX is a Municipal Bonds fund managed by Thornburg, while TIBAX is a Global Allocation fund managed by Thornburg. Over the past 10 years, LTCAX returned 1.20%/yr vs 12.54%/yr for TIBAX. At a correlation of -0.06, they often move in opposite directions. LTCAX charges 0.74%/yr vs 1.14%/yr for TIBAX.
Performance
LTCAX vs. TIBAX - 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 TIBAX's 17.56% return. Over the past 10 years, LTCAX has underperformed TIBAX with an annualized return of 1.20%, while TIBAX has yielded a comparatively higher 12.54% 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%
TIBAX
- 1D
- 0.34%
- 1M
- 0.61%
- YTD
- 17.56%
- 6M
- 19.01%
- 1Y
- 37.19%
- 3Y*
- 25.13%
- 5Y*
- 16.45%
- 10Y*
- 12.54%
LTCAX vs. TIBAX - 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% |
TIBAX Thornburg Investment Income Builder Fund | 17.56% | 36.62% | 13.23% | 18.01% | -7.95% | 20.08% | -0.67% | 17.72% | -4.54% | 14.83% |
Correlation
The correlation between LTCAX and TIBAX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 2002 | -0.06 |
The correlation between LTCAX and TIBAX shifts across timeframes, from -0.06 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LTCAX vs. TIBAX — Risk / Return Rank
LTCAX
TIBAX
LTCAX vs. TIBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg California Limited Term Municipal Fund (LTCAX) 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.
| LTCAX | TIBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.84 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 6.85 | -4.85 |
| Martin ratioReturn relative to average drawdown | 5.89 | 26.19 | -20.30 |
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Drawdowns
LTCAX vs. TIBAX - Drawdown Comparison
The maximum LTCAX drawdown since its inception was -7.38%, smaller than the maximum TIBAX drawdown of -49.12%. Use the drawdown chart below to compare losses from any high point for LTCAX and TIBAX.
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Drawdown Indicators
| LTCAX | TIBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.38% | -49.12% | +41.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -5.43% | +3.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.33% | -9.20% | +5.87% |
Max Drawdown (5Y)Largest decline over 5 years | -7.32% | -20.94% | +13.62% |
Max Drawdown (10Y)Largest decline over 10 years | -7.38% | -34.85% | +27.47% |
Current DrawdownCurrent decline from peak | -0.87% | -0.30% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -1.38% | -5.98% | +4.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 1.42% | -0.67% |
Volatility
LTCAX vs. TIBAX - Volatility Comparison
The current volatility for Thornburg California Limited Term Municipal Fund (LTCAX) is 0.55%, while Thornburg Investment Income Builder Fund (TIBAX) has a volatility of 2.89%. This indicates that LTCAX experiences smaller price fluctuations and is considered to be less risky 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
| LTCAX | TIBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 2.89% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 1.42% | 7.31% | -5.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.73% | 8.75% | -7.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.39% | 11.15% | -8.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.29% | 13.46% | -11.17% |
LTCAX vs. TIBAX - Expense Ratio Comparison
LTCAX has a 0.74% expense ratio, which is lower than TIBAX's 1.14% expense ratio.
Dividends
LTCAX vs. TIBAX - Dividend Comparison
LTCAX's dividend yield for the trailing twelve months is around 2.98%, less than TIBAX's 4.93% 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% |
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
LTCAX and TIBAX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TIBAX has higher volatility (2.89%) compared to LTCAX (0.55%). In terms of maximum drawdown, LTCAX dropped -7.38% vs TIBAX's -49.12%.
TIBAX currently has the higher Sharpe Ratio (4.25 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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