TGVAX vs. THNMX

Last updated Aug 1, 2026

TGVAX (Thornburg International Equity Fund) and THNMX (Thornburg New Mexico Intermediate Municipal Fund) are both mutual funds - TGVAX is a Foreign Large Cap Equities fund managed by Thornburg, while THNMX is a Municipal Bonds fund managed by Thornburg. Over the past 10 years, TGVAX returned 10.73%/yr vs 1.17%/yr for THNMX. Their -0.08 correlation means they have often moved in opposite directions in the past. TGVAX charges 1.25%/yr vs 0.99%/yr for THNMX.

Performance

TGVAX vs. THNMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg International Equity Fund (TGVAX) and Thornburg New Mexico Intermediate Municipal Fund (THNMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGVAX achieves a 13.39% return, which is significantly higher than THNMX's -0.06% return. Over the past 10 years, TGVAX has outperformed THNMX with an annualized return of 10.73%, while THNMX has yielded a comparatively lower 1.17% annualized return.

TGVAX

• 1D: 1.87%
• 1M: 3.01%
• 6M: 7.62%
• YTD: 13.39%
• 1Y: 25.40%
• 3Y*: 19.37%
• 5Y*: 10.45%
• 10Y*: 10.73%
• ALL TIME*: 8.93%

THNMX

• 1D: -0.24%
• 1M: -1.53%
• 6M: -0.78%
• YTD: -0.06%
• 1Y: 3.09%
• 3Y*: 2.73%
• 5Y*: 0.45%
• 10Y*: 1.17%
• ALL TIME*: 3.40%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TGVAX Thornburg International Equity Fund	$0.00	$0.00	$0.00
THNMX Thornburg New Mexico Intermediate Municipal Fund	$0.00	$0.00	$0.00

TGVAX vs. THNMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGVAX Thornburg International Equity Fund	13.39%	33.81%	11.24%	15.77%	-17.04%	7.25%	22.59%	28.67%	-20.08%	25.03%
THNMX Thornburg New Mexico Intermediate Municipal Fund	-0.06%	5.08%	1.10%	3.52%	-6.39%	0.11%	3.47%	4.68%	1.40%	2.04%

Correlation

The correlation between TGVAX and THNMX is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	0.17
Correlation (10Y) Provides a long-term view across more market conditions.	0.04
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	-0.08

The correlation between TGVAX and THNMX shifts across timeframes, from -0.08 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TGVAX vs. THNMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TGVAX

TGVAX Risk / Return Rank: 74
TGVAX Sharpe Ratio Rank: 80
TGVAX Sortino Ratio Rank: 77
TGVAX Omega Ratio Rank: 77
TGVAX Calmar Ratio Rank: 72
TGVAX Martin Ratio Rank: 65

THNMX

THNMX Risk / Return Rank: 66
THNMX Sharpe Ratio Rank: 77
THNMX Sortino Ratio Rank: 81
THNMX Omega Ratio Rank: 89
THNMX Calmar Ratio Rank: 46
THNMX Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TGVAX vs. THNMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity Fund (TGVAX) and Thornburg New Mexico Intermediate Municipal Fund (THNMX). 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	THNMX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.85	+0.04
Sortino ratio: Return per unit of downside risk	2.62	2.90	-0.27
Omega ratio: Gain probability vs. loss probability	1.34	1.47	-0.13
Calmar ratio: Return relative to maximum drawdown	2.34	1.86	+0.47
Martin ratio: Return relative to average drawdown	8.12	5.83	+2.30

TGVAX vs. THNMX - Sharpe Ratio Comparison

The current TGVAX Sharpe Ratio is 1.89, which is comparable to the THNMX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of TGVAX and THNMX, 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

TGVAX vs. THNMX - Drawdown Comparison

The maximum TGVAX drawdown since its inception was -56.44%, which is greater than THNMX's maximum drawdown of -9.86%. Use the drawdown chart below to compare losses from any high point for TGVAX and THNMX.

Drawdown Indicators

	TGVAX	THNMX	Difference
Max Drawdown Largest peak-to-trough decline	-56.44%	-9.86%	-46.58%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-1.99%	-8.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.00%	-3.31%	-8.69%
Max Drawdown (5Y) Largest decline over 5 years	-39.96%	-9.86%	-30.10%
Max Drawdown (10Y) Largest decline over 10 years	-39.96%	-9.86%	-30.10%
Current Drawdown Current decline from peak	0.00%	-1.61%	+1.61%
Average Drawdown Average peak-to-trough decline	-12.40%	-1.22%	-11.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.64%	+2.33%

Volatility

TGVAX vs. THNMX - Volatility Comparison

Thornburg International Equity Fund (TGVAX) has a higher volatility of 3.29% compared to Thornburg New Mexico Intermediate Municipal Fund (THNMX) at 0.84%. This indicates that TGVAX's price experiences larger fluctuations and is considered to be riskier than THNMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGVAX	THNMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	0.84%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	1.66%	+8.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	2.01%	+10.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.65%	2.80%	+13.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	2.80%	+13.70%

TGVAX vs. THNMX - Expense Ratio Comparison

TGVAX has a 1.25% expense ratio, which is higher than THNMX's 0.99% expense ratio.

Dividends

TGVAX vs. THNMX - Dividend Comparison

TGVAX's dividend yield for the trailing twelve months is around 3.12%, more than THNMX's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TGVAX Thornburg International Equity Fund	3.12%	3.54%	6.90%	2.23%	1.69%	14.24%	2.98%	6.60%	1.45%	17.24%	1.67%	18.63%
THNMX Thornburg New Mexico Intermediate Municipal Fund	2.75%	3.86%	3.13%	1.75%	1.42%	1.45%	1.68%	2.44%	2.53%	2.41%	2.07%	2.35%

Frequently Asked Questions

Can I hold both TGVAX and THNMX in my portfolio?

TGVAX and THNMX have a correlation of 0.21, 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 THNMX?

TGVAX has higher volatility (3.29%) compared to THNMX (0.84%). In terms of maximum drawdown, TGVAX dropped -56.44% vs THNMX's -9.86%.

Which has better risk-adjusted returns?

TGVAX currently has the higher Sharpe Ratio (1.89 vs 1.85), 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.