TBCUX vs. TBHDX

Last updated Jun 26, 2026

TBCUX (Tweedy, Browne International Value Fund II - Currency Unhedged) and TBHDX (Tweedy, Browne Worldwide High Dividend Yield Value Fund) are both mutual funds - TBCUX is a Foreign Large Cap Equities fund managed by Tweedy, Browne, while TBHDX is a Global Equities fund managed by Tweedy, Browne. Over the past 10 years, TBCUX returned 7.26%/yr vs 6.47%/yr for TBHDX. With a 0.95 correlation, they move nearly in lockstep. TBCUX charges 1.39%/yr vs 1.38%/yr for TBHDX.

Performance

TBCUX vs. TBHDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tweedy, Browne International Value Fund II - Currency Unhedged (TBCUX) and Tweedy, Browne Worldwide High Dividend Yield Value Fund (TBHDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBCUX achieves a 7.86% return, which is significantly higher than TBHDX's 3.80% return. Over the past 10 years, TBCUX has outperformed TBHDX with an annualized return of 7.26%, while TBHDX has yielded a comparatively lower 6.47% annualized return.

TBCUX

• 1D: 0.28%
• 1M: -1.78%
• YTD: 7.86%
• 6M: 7.93%
• 1Y: 14.46%
• 3Y*: 12.20%
• 5Y*: 6.51%
• 10Y*: 7.26%

TBHDX

• 1D: 0.32%
• 1M: -1.10%
• YTD: 3.80%
• 6M: 3.62%
• 1Y: 9.59%
• 3Y*: 10.91%
• 5Y*: 4.94%
• 10Y*: 6.47%

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

TBCUX vs. TBHDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBCUX Tweedy, Browne International Value Fund II - Currency Unhedged	7.86%	26.69%	-2.49%	12.70%	-8.18%	10.77%	-0.02%	13.68%	-9.00%	21.61%
TBHDX Tweedy, Browne Worldwide High Dividend Yield Value Fund	3.80%	21.81%	0.20%	12.36%	-12.11%	11.65%	-4.40%	18.60%	-5.83%	17.26%

Correlation

The correlation between TBCUX and TBHDX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.95

The correlation between TBCUX and TBHDX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

TBCUX vs. TBHDX — Risk / Return Rank

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

TBCUX

TBCUX Risk / Return Rank: 23
TBCUX Sharpe Ratio Rank: 26
TBCUX Sortino Ratio Rank: 26
TBCUX Omega Ratio Rank: 25
TBCUX Calmar Ratio Rank: 18
TBCUX Martin Ratio Rank: 18

TBHDX

TBHDX Risk / Return Rank: 12
TBHDX Sharpe Ratio Rank: 13
TBHDX Sortino Ratio Rank: 14
TBHDX Omega Ratio Rank: 13
TBHDX Calmar Ratio Rank: 10
TBHDX Martin Ratio Rank: 10

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.

TBCUX vs. TBHDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tweedy, Browne International Value Fund II - Currency Unhedged (TBCUX) and Tweedy, Browne Worldwide High Dividend Yield Value Fund (TBHDX). 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.

	TBCUX	TBHDX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.78	+0.40
Sortino ratio: Return per unit of downside risk	1.74	1.21	+0.53
Omega ratio: Gain probability vs. loss probability	1.22	1.15	+0.07
Calmar ratio: Return relative to maximum drawdown	1.24	0.76	+0.48
Martin ratio: Return relative to average drawdown	3.78	2.21	+1.58

TBCUX vs. TBHDX - Sharpe Ratio Comparison

The current TBCUX Sharpe Ratio is 1.18, which is higher than the TBHDX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of TBCUX and TBHDX, 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

TBCUX vs. TBHDX - Drawdown Comparison

The maximum TBCUX drawdown since its inception was -35.99%, smaller than the maximum TBHDX drawdown of -47.42%. Use the drawdown chart below to compare losses from any high point for TBCUX and TBHDX.

Drawdown Indicators

	TBCUX	TBHDX	Difference
Max Drawdown Largest peak-to-trough decline	-35.99%	-47.42%	+11.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.46%	-12.07%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-11.89%	-12.37%	+0.48%
Max Drawdown (5Y) Largest decline over 5 years	-24.05%	-26.94%	+2.89%
Max Drawdown (10Y) Largest decline over 10 years	-35.99%	-33.57%	-2.42%
Current Drawdown Current decline from peak	-4.74%	-5.13%	+0.39%
Average Drawdown Average peak-to-trough decline	-6.07%	-8.44%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	4.13%	-0.40%

Volatility

TBCUX vs. TBHDX - Volatility Comparison

Tweedy, Browne International Value Fund II - Currency Unhedged (TBCUX) has a higher volatility of 3.40% compared to Tweedy, Browne Worldwide High Dividend Yield Value Fund (TBHDX) at 3.03%. This indicates that TBCUX's price experiences larger fluctuations and is considered to be riskier than TBHDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBCUX	TBHDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	3.03%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	10.03%	9.61%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	11.77%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	12.52%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.74%	13.74%	0.00%

TBCUX vs. TBHDX - Expense Ratio Comparison

TBCUX has a 1.39% expense ratio, which is higher than TBHDX's 1.38% expense ratio.

Dividends

TBCUX vs. TBHDX - Dividend Comparison

TBCUX's dividend yield for the trailing twelve months is around 7.56%, less than TBHDX's 8.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBCUX Tweedy, Browne International Value Fund II - Currency Unhedged	7.56%	8.16%	18.90%	1.76%	1.69%	1.03%	0.92%	2.17%	1.38%	1.23%	1.54%	1.48%
TBHDX Tweedy, Browne Worldwide High Dividend Yield Value Fund	8.04%	8.35%	6.54%	3.73%	9.81%	23.53%	8.39%	11.76%	22.82%	0.94%	4.35%	12.96%

Frequently Asked Questions

Can I hold both TBCUX and TBHDX in my portfolio?

With a correlation of 0.94, TBCUX and TBHDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TBCUX or TBHDX?

TBCUX has higher volatility (3.40%) compared to TBHDX (3.03%). In terms of maximum drawdown, TBCUX dropped -35.99% vs TBHDX's -47.42%.

Which has better risk-adjusted returns?

TBCUX currently has the higher Sharpe Ratio (1.18 vs 0.78), 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.