TBWIX vs. FISZX

Last updated Jun 4, 2026

TBWIX (Thornburg Better World International Fund) and FISZX (Fidelity SAI International SMA Completion Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, TBWIX returned 6.26%/yr vs 8.95%/yr for FISZX. Their correlation of 0.82 suggests significant overlap in exposure. TBWIX charges 1.21%/yr vs 0.00%/yr for FISZX.

Performance

TBWIX vs. FISZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Better World International Fund (TBWIX) and Fidelity SAI International SMA Completion Fund (FISZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBWIX achieves a 4.58% return, which is significantly lower than FISZX's 27.01% return.

TBWIX

• 1D: 1.07%
• 1M: 3.43%
• YTD: 4.58%
• 6M: 6.00%
• 1Y: 14.22%
• 3Y*: 12.30%
• 5Y*: 6.26%
• 10Y*: 10.68%

FISZX

• 1D: 0.37%
• 1M: 11.60%
• YTD: 27.01%
• 6M: 32.57%
• 1Y: 42.44%
• 3Y*: 22.28%
• 5Y*: 8.95%
• 10Y*: —

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

TBWIX vs. FISZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TBWIX Thornburg Better World International Fund	4.58%	24.25%	7.10%	12.72%	-18.02%	20.88%	26.67%	10.65%
FISZX Fidelity SAI International SMA Completion Fund	27.01%	31.77%	3.61%	15.83%	-28.32%	9.91%	23.49%	13.42%

Correlation

The correlation between TBWIX and FISZX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.82

The correlation between TBWIX and FISZX has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

TBWIX vs. FISZX — Risk / Return Rank

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

TBWIX

TBWIX Risk / Return Rank: 14
TBWIX Sharpe Ratio Rank: 15
TBWIX Sortino Ratio Rank: 15
TBWIX Omega Ratio Rank: 15
TBWIX Calmar Ratio Rank: 12
TBWIX Martin Ratio Rank: 13

FISZX

FISZX Risk / Return Rank: 55
FISZX Sharpe Ratio Rank: 56
FISZX Sortino Ratio Rank: 51
FISZX Omega Ratio Rank: 52
FISZX Calmar Ratio Rank: 57
FISZX Martin Ratio Rank: 57

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.

TBWIX vs. FISZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Better World International Fund (TBWIX) and Fidelity SAI International SMA Completion Fund (FISZX). 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.

	TBWIX	FISZX	Difference
Sharpe ratio: Return per unit of total volatility	1.06	2.21	-1.15
Sortino ratio: Return per unit of downside risk	1.57	3.01	-1.44
Omega ratio: Gain probability vs. loss probability	1.20	1.40	-0.20
Calmar ratio: Return relative to maximum drawdown	1.14	2.89	-1.75
Martin ratio: Return relative to average drawdown	3.91	11.38	-7.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBWIX vs. FISZX - Sharpe Ratio Comparison

The current TBWIX Sharpe Ratio is 1.06, which is lower than the FISZX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of TBWIX and FISZX, 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

	TBWIX	FISZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	2.21	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.50	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.65	-0.01

Drawdowns

TBWIX vs. FISZX - Drawdown Comparison

The maximum TBWIX drawdown since its inception was -40.11%, roughly equal to the maximum FISZX drawdown of -39.92%. Use the drawdown chart below to compare losses from any high point for TBWIX and FISZX.

Drawdown Indicators

	TBWIX	FISZX	Difference
Max Drawdown Largest peak-to-trough decline	-40.11%	-39.92%	-0.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-14.48%	+2.47%
Max Drawdown (3Y) Largest decline over 3 years	-12.49%	-14.63%	+2.14%
Max Drawdown (5Y) Largest decline over 5 years	-40.11%	-39.92%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	-40.11%	—	—
Current Drawdown Current decline from peak	-2.29%	0.00%	-2.29%
Average Drawdown Average peak-to-trough decline	-10.22%	-12.37%	+2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.66%	-0.17%

Volatility

TBWIX vs. FISZX - Volatility Comparison

The current volatility for Thornburg Better World International Fund (TBWIX) is 3.72%, while Fidelity SAI International SMA Completion Fund (FISZX) has a volatility of 7.78%. This indicates that TBWIX experiences smaller price fluctuations and is considered to be less risky than FISZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBWIX	FISZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	7.78%	-4.06%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	16.22%	-6.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	18.93%	-6.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	17.84%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.86%	18.27%	-1.41%

TBWIX vs. FISZX - Expense Ratio Comparison

TBWIX has a 1.21% expense ratio, which is higher than FISZX's 0.00% expense ratio.

Dividends

TBWIX vs. FISZX - Dividend Comparison

TBWIX's dividend yield for the trailing twelve months is around 1.46%, less than FISZX's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FISZX Fidelity SAI International SMA Completion Fund	1.52%	1.92%	2.55%	1.89%	1.37%	6.08%	0.90%	0.27%	0.00%	0.00%	0.00%
TBWIX Thornburg Better World International Fund	1.46%	1.53%	1.40%	1.55%	0.87%	15.10%	0.40%	1.17%	10.14%	3.53%	5.99%

Frequently Asked Questions

Can I hold both TBWIX and FISZX in my portfolio?

TBWIX and FISZX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBWIX or FISZX?

FISZX has higher volatility (7.78%) compared to TBWIX (3.72%). In terms of maximum drawdown, TBWIX dropped -40.11% vs FISZX's -39.92%.

Which has better risk-adjusted returns?

FISZX currently has the higher Sharpe Ratio (2.21 vs 1.06), 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.