TGVAX vs. FAOSX
TGVAX (Thornburg International Equity Fund) and FAOSX (Fidelity Advisor Overseas Fund Class Z) are both Foreign Large Cap Equities funds. Over the past 5 years, TGVAX returned 10.43%/yr vs 2.60%/yr for FAOSX. Their correlation of 0.82 means they have usually moved in the same direction. TGVAX charges 1.25%/yr vs 1.02%/yr for FAOSX.
Performance
TGVAX vs. FAOSX - Performance Comparison
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Returns By Period
TGVAX
- 1D
- 0.14%
- 1M
- 4.11%
- 6M
- 7.56%
- YTD
- 14.60%
- 1Y
- 25.86%
- 3Y*
- 20.72%
- 5Y*
- 10.43%
- 10Y*
- 10.88%
- ALL TIME*
- 8.97%
FAOSX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- -1.76%
- 3Y*
- 9.01%
- 5Y*
- 2.60%
- 10Y*
- —
- ALL TIME*
- 8.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TGVAX vs. FAOSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TGVAX Thornburg International Equity Fund | 14.60% | 33.81% | 11.24% | 15.77% | -17.04% | 7.25% | 22.59% | 28.67% | -20.08% | 22.69% |
FAOSX Fidelity Advisor Overseas Fund Class Z | 0.00% | 15.36% | 5.06% | 20.52% | -24.31% | 19.42% | 15.17% | 27.96% | -14.73% | 26.25% |
Correlation
The correlation between TGVAX and FAOSX is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.82 |
Over the past year, the correlation between TGVAX and FAOSX has dropped to 0.41 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.
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Return for Risk
TGVAX vs. FAOSX — Risk / Return Rank
TGVAX
FAOSX
TGVAX vs. FAOSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity Fund (TGVAX) and Fidelity Advisor Overseas Fund Class Z (FAOSX). 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.
| TGVAX | FAOSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.00 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | -0.04 | +2.64 |
| Martin ratioReturn relative to average drawdown | 9.03 | -0.06 | +9.10 |
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Drawdowns
TGVAX vs. FAOSX - Drawdown Comparison
The maximum TGVAX drawdown since its inception was -56.44%, which is greater than FAOSX's maximum drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for TGVAX and FAOSX.
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Drawdown Indicators
| TGVAX | FAOSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.44% | -36.24% | -20.20% |
Max Drawdown (1Y)Largest decline over 1 year | -10.34% | -7.26% | -3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -12.00% | -13.96% | +1.96% |
Max Drawdown (5Y)Largest decline over 5 years | -39.96% | -36.24% | -3.72% |
Max Drawdown (10Y)Largest decline over 10 years | -39.96% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -5.86% | +5.86% |
Average DrawdownAverage peak-to-trough decline | -12.40% | -7.90% | -4.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 4.51% | -1.54% |
Volatility
TGVAX vs. FAOSX - Volatility Comparison
Thornburg International Equity Fund (TGVAX) has a higher volatility of 3.01% compared to Fidelity Advisor Overseas Fund Class Z (FAOSX) at 0.00%. This indicates that TGVAX's price experiences larger fluctuations and is considered to be riskier than FAOSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TGVAX | FAOSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 0.00% | +3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.41% | 0.00% | +10.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.80% | 7.53% | +5.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 16.65% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.51% | 16.56% | -0.05% |
TGVAX vs. FAOSX - Expense Ratio Comparison
TGVAX has a 1.25% expense ratio, which is higher than FAOSX's 1.02% expense ratio.
Dividends
TGVAX vs. FAOSX - Dividend Comparison
TGVAX's dividend yield for the trailing twelve months is around 3.09%, less than FAOSX's 8.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAOSX Fidelity Advisor Overseas Fund Class Z | 8.67% | 8.67% | 1.80% | 1.12% | 0.85% | 2.07% | 0.00% | 1.70% | 5.30% | 3.93% | 0.00% | 0.00% |
TGVAX Thornburg International Equity Fund | 3.09% | 3.54% | 6.90% | 2.23% | 1.69% | 14.24% | 2.98% | 6.60% | 1.45% | 17.24% | 1.67% | 18.63% |
Frequently Asked Questions
TGVAX and FAOSX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TGVAX has higher volatility (3.01%) compared to FAOSX (0.00%). In terms of maximum drawdown, TGVAX dropped -56.44% vs FAOSX's -36.24%.
TGVAX currently has the higher Sharpe Ratio (2.10 vs -0.04), 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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