TGVIX vs. DODFX

Last updated Jun 4, 2026

TGVIX (Thornburg International Equity I) and DODFX (Dodge & Cox International Stock Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, TGVIX returned 10.78%/yr vs 10.89%/yr for DODFX. Their correlation of 0.84 suggests significant overlap in exposure. TGVIX charges 0.90%/yr vs 0.62%/yr for DODFX.

Performance

TGVIX vs. DODFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg International Equity I (TGVIX) and Dodge & Cox International Stock Fund (DODFX). 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 TGVIX having a 12.30% return and DODFX slightly higher at 12.76%. Both investments have delivered pretty close results over the past 10 years, with TGVIX having a 10.78% annualized return and DODFX not far ahead at 10.89%.

TGVIX

• 1D: 1.28%
• 1M: 4.81%
• YTD: 12.30%
• 6M: 14.53%
• 1Y: 26.52%
• 3Y*: 21.30%
• 5Y*: 9.35%
• 10Y*: 10.78%

DODFX

• 1D: 0.87%
• 1M: 5.33%
• YTD: 12.76%
• 6M: 16.05%
• 1Y: 31.49%
• 3Y*: 20.84%
• 5Y*: 11.21%
• 10Y*: 10.89%

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

TGVIX vs. DODFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGVIX Thornburg International Equity I	12.30%	34.20%	11.60%	16.01%	-16.74%	7.59%	22.64%	29.09%	-19.85%	25.52%
DODFX Dodge & Cox International Stock Fund	12.76%	38.77%	3.74%	16.70%	-6.78%	10.99%	5.15%	22.79%	-18.01%	23.95%

Correlation

The correlation between TGVIX and DODFX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since May 1, 2001	0.84

The correlation between TGVIX and DODFX has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

TGVIX vs. DODFX — Risk / Return Rank

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

TGVIX

TGVIX Risk / Return Rank: 47
TGVIX Sharpe Ratio Rank: 51
TGVIX Sortino Ratio Rank: 48
TGVIX Omega Ratio Rank: 49
TGVIX Calmar Ratio Rank: 44
TGVIX Martin Ratio Rank: 42

DODFX

DODFX Risk / Return Rank: 59
DODFX Sharpe Ratio Rank: 67
DODFX Sortino Ratio Rank: 59
DODFX Omega Ratio Rank: 63
DODFX Calmar Ratio Rank: 53
DODFX Martin Ratio Rank: 53

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.

TGVIX vs. DODFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity I (TGVIX) and Dodge & Cox International Stock Fund (DODFX). 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.

	TGVIX	DODFX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.39	-0.28
Sortino ratio: Return per unit of downside risk	2.94	3.23	-0.29
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.06
Calmar ratio: Return relative to maximum drawdown	2.53	2.80	-0.27
Martin ratio: Return relative to average drawdown	8.95	10.71	-1.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGVIX vs. DODFX - Sharpe Ratio Comparison

The current TGVIX Sharpe Ratio is 2.11, which is comparable to the DODFX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of TGVIX and DODFX, 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

	TGVIX	DODFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.39	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.71	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.60	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.41	+0.09

Drawdowns

TGVIX vs. DODFX - Drawdown Comparison

The maximum TGVIX drawdown since its inception was -56.19%, smaller than the maximum DODFX drawdown of -63.23%. Use the drawdown chart below to compare losses from any high point for TGVIX and DODFX.

Drawdown Indicators

	TGVIX	DODFX	Difference
Max Drawdown Largest peak-to-trough decline	-56.19%	-63.23%	+7.04%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-11.14%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-12.03%	-14.41%	+2.38%
Max Drawdown (5Y) Largest decline over 5 years	-39.46%	-24.52%	-14.94%
Max Drawdown (10Y) Largest decline over 10 years	-39.46%	-44.61%	+5.15%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.11%	-11.66%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.91%	+0.01%

Volatility

TGVIX vs. DODFX - Volatility Comparison

Thornburg International Equity I (TGVIX) and Dodge & Cox International Stock Fund (DODFX) have volatilities of 3.92% and 4.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGVIX	DODFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	4.07%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	10.88%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	13.04%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.51%	15.89%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.69%	18.20%	-1.51%

TGVIX vs. DODFX - Expense Ratio Comparison

TGVIX has a 0.90% expense ratio, which is higher than DODFX's 0.62% expense ratio.

Dividends

TGVIX vs. DODFX - Dividend Comparison

TGVIX's dividend yield for the trailing twelve months is around 3.26%, less than DODFX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODFX Dodge & Cox International Stock Fund	4.48%	5.05%	2.25%	2.29%	2.23%	2.49%	4.21%	3.93%	2.93%	1.93%	3.66%	2.30%
TGVIX Thornburg International Equity I	3.26%	3.67%	6.91%	2.37%	2.01%	14.20%	3.11%	6.36%	1.76%	17.06%	1.90%	18.62%

Frequently Asked Questions

Can I hold both TGVIX and DODFX in my portfolio?

TGVIX and DODFX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGVIX or DODFX?

DODFX has higher volatility (4.07%) compared to TGVIX (3.92%). In terms of maximum drawdown, TGVIX dropped -56.19% vs DODFX's -63.23%.

Which has better risk-adjusted returns?

DODFX currently has the higher Sharpe Ratio (2.39 vs 2.11), 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.