TBWIX vs. THNYX

Last updated Jun 25, 2026

TBWIX (Thornburg Better World International Fund) and THNYX (Thornburg New York Intermediate Municipal Bond Fund) are both mutual funds - TBWIX is a Foreign Large Cap Equities fund managed by Thornburg, while THNYX is a Municipal Bonds fund managed by Thornburg. Over the past 10 years, TBWIX returned 10.84%/yr vs 1.39%/yr for THNYX. At a 0.04 correlation, their price movements are largely independent. TBWIX charges 1.21%/yr vs 0.99%/yr for THNYX.

Performance

TBWIX vs. THNYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Better World International Fund (TBWIX) and Thornburg New York Intermediate Municipal Bond Fund (THNYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TBWIX having a 1.69% return and THNYX slightly higher at 1.71%. Over the past 10 years, TBWIX has outperformed THNYX with an annualized return of 10.84%, while THNYX has yielded a comparatively lower 1.39% annualized return.

TBWIX

• 1D: -1.17%
• 1M: -1.25%
• YTD: 1.69%
• 6M: 1.28%
• 1Y: 10.74%
• 3Y*: 11.29%
• 5Y*: 4.00%
• 10Y*: 10.84%

THNYX

• 1D: -0.08%
• 1M: 1.18%
• YTD: 1.71%
• 6M: 1.88%
• 1Y: 6.25%
• 3Y*: 3.66%
• 5Y*: 1.29%
• 10Y*: 1.39%

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

TBWIX vs. THNYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBWIX Thornburg Better World International Fund	1.69%	24.25%	7.10%	12.72%	-18.02%	20.88%	26.67%	24.57%	-13.61%	22.88%
THNYX Thornburg New York Intermediate Municipal Bond Fund	1.71%	4.91%	1.55%	4.29%	-5.82%	0.33%	2.99%	4.76%	0.30%	2.67%

Correlation

The correlation between TBWIX and THNYX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.04

Over the past year, TBWIX and THNYX have become more correlated (0.26) than their long-term average of 0.04, meaning their price movements have been converging.

Return for Risk

TBWIX vs. THNYX — 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: 14
TBWIX Sortino Ratio Rank: 15
TBWIX Omega Ratio Rank: 15
TBWIX Calmar Ratio Rank: 12
TBWIX Martin Ratio Rank: 14

THNYX

THNYX Risk / Return Rank: 83
THNYX Sharpe Ratio Rank: 94
THNYX Sortino Ratio Rank: 95
THNYX Omega Ratio Rank: 95
THNYX Calmar Ratio Rank: 72
THNYX Martin Ratio Rank: 59

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. THNYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Better World International Fund (TBWIX) and Thornburg New York Intermediate Municipal Bond Fund (THNYX). 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.

	TBWIX	THNYX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.87	-1.92
Sortino ratio: Return per unit of downside risk	1.41	4.62	-3.21
Omega ratio: Gain probability vs. loss probability	1.18	1.74	-0.56
Calmar ratio: Return relative to maximum drawdown	1.04	2.89	-1.86
Martin ratio: Return relative to average drawdown	3.45	10.13	-6.68

TBWIX vs. THNYX - Sharpe Ratio Comparison

The current TBWIX Sharpe Ratio is 0.95, which is lower than the THNYX Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of TBWIX and THNYX, 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

TBWIX vs. THNYX - Drawdown Comparison

The maximum TBWIX drawdown since its inception was -40.11%, which is greater than THNYX's maximum drawdown of -9.88%. Use the drawdown chart below to compare losses from any high point for TBWIX and THNYX.

Drawdown Indicators

	TBWIX	THNYX	Difference
Max Drawdown Largest peak-to-trough decline	-40.11%	-9.88%	-30.23%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-2.14%	-9.87%
Max Drawdown (3Y) Largest decline over 3 years	-12.49%	-4.10%	-8.39%
Max Drawdown (5Y) Largest decline over 5 years	-40.11%	-9.21%	-30.90%
Max Drawdown (10Y) Largest decline over 10 years	-40.11%	-9.88%	-30.23%
Current Drawdown Current decline from peak	-4.99%	-0.14%	-4.85%
Average Drawdown Average peak-to-trough decline	-10.19%	-1.32%	-8.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	0.61%	+3.00%

Volatility

TBWIX vs. THNYX - Volatility Comparison

Thornburg Better World International Fund (TBWIX) has a higher volatility of 3.62% compared to Thornburg New York Intermediate Municipal Bond Fund (THNYX) at 0.61%. This indicates that TBWIX's price experiences larger fluctuations and is considered to be riskier than THNYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBWIX	THNYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	0.61%	+3.01%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	1.52%	+9.06%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	2.16%	+10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.31%	2.97%	+14.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.80%	3.11%	+13.69%

TBWIX vs. THNYX - Expense Ratio Comparison

TBWIX has a 1.21% expense ratio, which is higher than THNYX's 0.99% expense ratio.

Dividends

TBWIX vs. THNYX - Dividend Comparison

TBWIX's dividend yield for the trailing twelve months is around 1.50%, less than THNYX's 3.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBWIX Thornburg Better World International Fund	1.50%	1.53%	1.40%	1.55%	0.87%	15.10%	0.40%	1.17%	10.14%	3.53%	5.99%	0.00%
THNYX Thornburg New York Intermediate Municipal Bond Fund	3.08%	4.06%	3.39%	2.00%	1.95%	1.80%	1.94%	2.45%	2.57%	2.49%	2.31%	2.15%

Frequently Asked Questions

Can I hold both TBWIX and THNYX in my portfolio?

TBWIX and THNYX have a correlation of 0.26, 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 THNYX?

TBWIX has higher volatility (3.62%) compared to THNYX (0.61%). In terms of maximum drawdown, TBWIX dropped -40.11% vs THNYX's -9.88%.

Which has better risk-adjusted returns?

THNYX currently has the higher Sharpe Ratio (2.87 vs 0.95), 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.