TGVAX vs. SPY

Last updated Jun 4, 2026

TGVAX (Thornburg International Equity Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - TGVAX is a Foreign Large Cap Equities fund managed by Thornburg, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TGVAX returned 10.47%/yr vs 15.49%/yr for SPY. A 0.63 correlation means they provide meaningful diversification when combined. TGVAX charges 1.25%/yr vs 0.09%/yr for SPY.

Performance

TGVAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg International Equity Fund (TGVAX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGVAX achieves a 12.18% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, TGVAX has underperformed SPY with an annualized return of 10.47%, while SPY has yielded a comparatively higher 15.49% annualized return.

TGVAX

• 1D: 1.29%
• 1M: 4.81%
• YTD: 12.18%
• 6M: 14.40%
• 1Y: 26.19%
• 3Y*: 20.96%
• 5Y*: 9.03%
• 10Y*: 10.47%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

TGVAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGVAX Thornburg International Equity Fund	12.18%	33.81%	11.24%	15.77%	-17.04%	7.25%	22.59%	28.67%	-20.08%	25.03%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between TGVAX and SPY is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.63

The correlation between TGVAX and SPY has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.

Return for Risk

TGVAX vs. SPY — Risk / Return Rank

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

TGVAX

TGVAX Risk / Return Rank: 46
TGVAX Sharpe Ratio Rank: 50
TGVAX Sortino Ratio Rank: 48
TGVAX Omega Ratio Rank: 49
TGVAX Calmar Ratio Rank: 43
TGVAX Martin Ratio Rank: 41

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

TGVAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity Fund (TGVAX) and State Street SPDR S&P 500 ETF (SPY). 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.

	TGVAX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.09	2.38	-0.29
Sortino ratio Return per unit of downside risk	2.91	3.24	-0.33
Omega ratio Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio Return relative to maximum drawdown	2.50	3.16	-0.66
Martin ratio Return relative to average drawdown	8.81	14.72	-5.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGVAX vs. SPY - Sharpe Ratio Comparison

The current TGVAX Sharpe Ratio is 2.09, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TGVAX and SPY, 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

	TGVAX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	2.38	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.82	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.87	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.59	-0.05

Drawdowns

TGVAX vs. SPY - Drawdown Comparison

The maximum TGVAX drawdown since its inception was -56.44%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TGVAX and SPY.

Drawdown Indicators

	TGVAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-56.44%	-55.19%	-1.25%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-8.88%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-12.00%	-18.76%	+6.76%
Max Drawdown (5Y) Largest decline over 5 years	-39.96%	-24.50%	-15.46%
Max Drawdown (10Y) Largest decline over 10 years	-39.96%	-33.72%	-6.24%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-12.46%	-9.05%	-3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	1.91%	+1.02%

Volatility

TGVAX vs. SPY - Volatility Comparison

Thornburg International Equity Fund (TGVAX) has a higher volatility of 3.92% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that TGVAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGVAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	2.84%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	8.90%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	11.83%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	17.05%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	17.94%	-1.21%

TGVAX vs. SPY - Expense Ratio Comparison

TGVAX has a 1.25% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TGVAX vs. SPY - Dividend Comparison

TGVAX's dividend yield for the trailing twelve months is around 3.16%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TGVAX Thornburg International Equity Fund	3.16%	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

Can I hold both TGVAX and SPY in my portfolio?

TGVAX and SPY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGVAX or SPY?

TGVAX has higher volatility (3.92%) compared to SPY (2.84%). In terms of maximum drawdown, TGVAX dropped -56.44% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.09), 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.