MTLFX vs. LTMFX

Last updated Jun 4, 2026

MTLFX (MFS Municipal Limited Maturity Fund) and LTMFX (Thornburg Limited Term Municipal Fund) are both Municipal Bonds funds. Over the past 10 years, MTLFX returned 2.10%/yr vs 1.45%/yr for LTMFX. A 0.68 correlation means they provide meaningful diversification when combined. MTLFX charges 0.60%/yr vs 0.71%/yr for LTMFX.

Performance

MTLFX vs. LTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Municipal Limited Maturity Fund (MTLFX) and Thornburg Limited Term Municipal Fund (LTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTLFX achieves a 0.91% return, which is significantly higher than LTMFX's 0.82% return. Over the past 10 years, MTLFX has outperformed LTMFX with an annualized return of 2.10%, while LTMFX has yielded a comparatively lower 1.45% annualized return.

MTLFX

• 1D: 0.12%
• 1M: 0.51%
• YTD: 0.91%
• 6M: 1.30%
• 1Y: 4.83%
• 3Y*: 4.60%
• 5Y*: 1.75%
• 10Y*: 2.10%

LTMFX

• 1D: 0.07%
• 1M: 0.34%
• YTD: 0.82%
• 6M: 1.01%
• 1Y: 4.35%
• 3Y*: 3.80%
• 5Y*: 1.28%
• 10Y*: 1.45%

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

MTLFX vs. LTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTLFX MFS Municipal Limited Maturity Fund	0.91%	6.04%	3.41%	4.36%	-5.65%	0.70%	3.27%	5.50%	1.28%	3.24%
LTMFX Thornburg Limited Term Municipal Fund	0.82%	5.74%	1.84%	3.83%	-5.27%	-0.18%	2.97%	3.81%	1.00%	2.29%

Correlation

The correlation between MTLFX and LTMFX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 9, 1992	0.68

The correlation between MTLFX and LTMFX has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

MTLFX vs. LTMFX — Risk / Return Rank

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

MTLFX

MTLFX Risk / Return Rank: 67
MTLFX Sharpe Ratio Rank: 81
MTLFX Sortino Ratio Rank: 89
MTLFX Omega Ratio Rank: 96
MTLFX Calmar Ratio Rank: 38
MTLFX Martin Ratio Rank: 33

LTMFX

LTMFX Risk / Return Rank: 68
LTMFX Sharpe Ratio Rank: 84
LTMFX Sortino Ratio Rank: 92
LTMFX Omega Ratio Rank: 96
LTMFX Calmar Ratio Rank: 36
LTMFX Martin Ratio Rank: 30

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.

MTLFX vs. LTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Municipal Limited Maturity Fund (MTLFX) 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.

	MTLFX	LTMFX	Difference
Sharpe ratio Return per unit of total volatility	2.63	2.75	-0.12
Sortino ratio Return per unit of downside risk	4.26	4.64	-0.38
Omega ratio Gain probability vs. loss probability	1.85	1.88	-0.03
Calmar ratio Return relative to maximum drawdown	2.33	2.23	+0.10
Martin ratio Return relative to average drawdown	7.45	7.01	+0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTLFX vs. LTMFX - Sharpe Ratio Comparison

The current MTLFX Sharpe Ratio is 2.63, which is comparable to the LTMFX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of MTLFX and LTMFX, 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

	MTLFX	LTMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.75	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.55	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.64	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	0.84	+0.69

Drawdowns

MTLFX vs. LTMFX - Drawdown Comparison

The maximum MTLFX drawdown since its inception was -8.98%, which is greater than LTMFX's maximum drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for MTLFX and LTMFX.

Drawdown Indicators

	MTLFX	LTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-8.98%	-8.40%	-0.58%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-1.96%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-2.50%	-2.95%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-8.66%	-8.40%	-0.26%
Max Drawdown (10Y) Largest decline over 10 years	-8.98%	-8.40%	-0.58%
Current Drawdown Current decline from peak	-0.70%	-0.81%	+0.11%
Average Drawdown Average peak-to-trough decline	-0.88%	-1.64%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.62%	+0.03%

Volatility

MTLFX vs. LTMFX - Volatility Comparison

MFS Municipal Limited Maturity Fund (MTLFX) and Thornburg Limited Term Municipal Fund (LTMFX) have volatilities of 0.64% and 0.63%, 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

	MTLFX	LTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.63%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	1.28%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	1.84%	1.59%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.24%	2.35%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.51%	2.27%	+0.24%

MTLFX vs. LTMFX - Expense Ratio Comparison

MTLFX has a 0.60% expense ratio, which is lower than LTMFX's 0.71% expense ratio.

Dividends

MTLFX vs. LTMFX - Dividend Comparison

MTLFX's dividend yield for the trailing twelve months is around 3.09%, less than LTMFX's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTMFX Thornburg Limited Term Municipal Fund	3.23%	4.28%	3.60%	2.11%	1.62%	1.27%	1.54%	1.78%	1.83%	1.64%	1.57%	1.56%
MTLFX MFS Municipal Limited Maturity Fund	3.09%	4.06%	3.34%	2.32%	1.13%	1.30%	1.75%	2.27%	2.13%	2.07%	1.95%	1.75%

Frequently Asked Questions

Can I hold both MTLFX and LTMFX in my portfolio?

MTLFX and LTMFX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTLFX or LTMFX?

MTLFX has higher volatility (0.64%) compared to LTMFX (0.63%). In terms of maximum drawdown, MTLFX dropped -8.98% vs LTMFX's -8.40%.

Which has better risk-adjusted returns?

LTMFX currently has the higher Sharpe Ratio (2.75 vs 2.63), 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.