TGVAX vs. TSSIX
Compare and contrast key facts about Thornburg International Equity Fund (TGVAX) and Thornburg Strategic Municipal Income Fund (TSSIX).
TGVAX is managed by Thornburg. It was launched on May 28, 1998. TSSIX is managed by Thornburg. It was launched on Mar 31, 2009.
Performance
TGVAX vs. TSSIX - Performance Comparison
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TGVAX vs. TSSIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TGVAX Thornburg International Equity Fund | 3.01% | 33.81% | 11.24% | 15.77% | -17.04% | 7.25% | 22.59% | 28.67% | -20.08% | 25.03% |
TSSIX Thornburg Strategic Municipal Income Fund | -0.31% | 5.62% | 3.77% | 5.51% | -8.30% | 1.50% | 4.03% | 5.99% | 1.04% | 4.21% |
Returns By Period
In the year-to-date period, TGVAX achieves a 3.01% return, which is significantly higher than TSSIX's -0.31% return. Over the past 10 years, TGVAX has outperformed TSSIX with an annualized return of 9.85%, while TSSIX has yielded a comparatively lower 2.07% annualized return.
TGVAX
- 1D
- 2.44%
- 1M
- -6.16%
- YTD
- 3.01%
- 6M
- 6.88%
- 1Y
- 25.17%
- 3Y*
- 18.03%
- 5Y*
- 8.40%
- 10Y*
- 9.85%
TSSIX
- 1D
- 0.22%
- 1M
- -1.90%
- YTD
- -0.31%
- 6M
- 0.65%
- 1Y
- 3.66%
- 3Y*
- 4.09%
- 5Y*
- 1.38%
- 10Y*
- 2.07%
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TGVAX vs. TSSIX - Expense Ratio Comparison
TGVAX has a 1.25% expense ratio, which is higher than TSSIX's 0.59% expense ratio.
Return for Risk
TGVAX vs. TSSIX — Risk / Return Rank
TGVAX
TSSIX
TGVAX vs. TSSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity Fund (TGVAX) and Thornburg Strategic Municipal Income Fund (TSSIX). 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 | TSSIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.74 | 0.75 | +0.99 |
Sortino ratioReturn per unit of downside risk | 2.28 | 1.05 | +1.23 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.25 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 2.34 | 1.04 | +1.30 |
Martin ratioReturn relative to average drawdown | 8.68 | 4.28 | +4.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TGVAX | TSSIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 0.75 | +0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | 0.39 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.60 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 1.31 | -0.78 |
Correlation
The correlation between TGVAX and TSSIX is -0.09. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
TGVAX vs. TSSIX - Dividend Comparison
TGVAX's dividend yield for the trailing twelve months is around 3.44%, less than TSSIX's 4.10% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TGVAX Thornburg International Equity Fund | 3.44% | 3.54% | 6.90% | 2.23% | 1.69% | 14.24% | 2.98% | 6.60% | 1.45% | 17.24% | 1.67% | 18.63% |
TSSIX Thornburg Strategic Municipal Income Fund | 4.10% | 5.27% | 4.42% | 2.86% | 2.48% | 2.08% | 2.61% | 2.95% | 2.76% | 2.65% | 2.40% | 2.63% |
Drawdowns
TGVAX vs. TSSIX - Drawdown Comparison
The maximum TGVAX drawdown since its inception was -56.44%, which is greater than TSSIX's maximum drawdown of -12.64%. Use the drawdown chart below to compare losses from any high point for TGVAX and TSSIX.
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Drawdown Indicators
| TGVAX | TSSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.44% | -12.64% | -43.80% |
Max Drawdown (1Y)Largest decline over 1 year | -10.34% | -4.67% | -5.67% |
Max Drawdown (5Y)Largest decline over 5 years | -39.96% | -12.64% | -27.32% |
Max Drawdown (10Y)Largest decline over 10 years | -39.96% | -12.64% | -27.32% |
Current DrawdownCurrent decline from peak | -8.15% | -2.11% | -6.04% |
Average DrawdownAverage peak-to-trough decline | -12.52% | -1.99% | -10.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 1.14% | +1.65% |
Volatility
TGVAX vs. TSSIX - Volatility Comparison
Thornburg International Equity Fund (TGVAX) has a higher volatility of 5.73% compared to Thornburg Strategic Municipal Income Fund (TSSIX) at 0.90%. This indicates that TGVAX's price experiences larger fluctuations and is considered to be riskier than TSSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TGVAX | TSSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.73% | 0.90% | +4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 9.70% | 1.53% | +8.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.80% | 5.31% | +9.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.56% | 3.58% | +12.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.67% | 3.46% | +13.21% |