TGVIX vs. EPDIX

Last updated Aug 4, 2026

TGVIX (Thornburg International Equity I) and EPDIX (EuroPac International Dividend Income Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, TGVIX returned 11.25%/yr vs 9.38%/yr for EPDIX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. TGVIX charges 0.90%/yr vs 1.25%/yr for EPDIX.

Performance

TGVIX vs. EPDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg International Equity I (TGVIX) and EuroPac International Dividend Income Fund (EPDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGVIX achieves a 14.64% return, which is significantly higher than EPDIX's 8.78% return. Over the past 10 years, TGVIX has outperformed EPDIX with an annualized return of 11.25%, while EPDIX has yielded a comparatively lower 9.38% annualized return.

TGVIX

• 1D: 0.94%
• 1M: 4.01%
• 6M: 9.02%
• YTD: 14.64%
• 1Y: 26.91%
• 3Y*: 20.32%
• 5Y*: 10.98%
• 10Y*: 11.25%
• ALL TIME*: 8.56%

EPDIX

• 1D: -0.75%
• 1M: 2.81%
• 6M: 0.31%
• YTD: 8.78%
• 1Y: 36.61%
• 3Y*: 21.73%
• 5Y*: 14.45%
• 10Y*: 9.38%
• ALL TIME*: 6.68%

*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)
EPDIX EuroPac International Dividend Income Fund	$0.00	$0.00	$0.00
TGVIX Thornburg International Equity I	$0.00	$0.00	$0.00

TGVIX vs. EPDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGVIX Thornburg International Equity I	14.64%	34.20%	11.60%	16.01%	-16.74%	7.59%	22.64%	29.09%	-19.85%	25.52%
EPDIX EuroPac International Dividend Income Fund	8.78%	62.35%	0.87%	7.85%	1.53%	8.04%	9.23%	13.33%	-10.74%	15.81%

Correlation

The correlation between TGVIX and EPDIX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Jan 13, 2014	0.69

The correlation between TGVIX and EPDIX has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

Return for Risk

TGVIX vs. EPDIX — Risk / Return Rank

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

TGVIX

TGVIX Risk / Return Rank: 77
TGVIX Sharpe Ratio Rank: 84
TGVIX Sortino Ratio Rank: 80
TGVIX Omega Ratio Rank: 79
TGVIX Calmar Ratio Rank: 75
TGVIX Martin Ratio Rank: 66

EPDIX

EPDIX Risk / Return Rank: 85
EPDIX Sharpe Ratio Rank: 94
EPDIX Sortino Ratio Rank: 87
EPDIX Omega Ratio Rank: 87
EPDIX Calmar Ratio Rank: 89
EPDIX Martin Ratio Rank: 64

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.

TGVIX vs. EPDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity I (TGVIX) and EuroPac International Dividend Income Fund (EPDIX). 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.

	TGVIX	EPDIX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.54	-0.48
Sortino ratio: Return per unit of downside risk	2.84	3.24	-0.40
Omega ratio: Gain probability vs. loss probability	1.37	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	2.56	3.43	-0.88
Martin ratio: Return relative to average drawdown	8.92	8.67	+0.25

TGVIX vs. EPDIX - Sharpe Ratio Comparison

The current TGVIX Sharpe Ratio is 2.06, which is comparable to the EPDIX Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of TGVIX and EPDIX, 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

TGVIX vs. EPDIX - Drawdown Comparison

The maximum TGVIX drawdown since its inception was -56.19%, which is greater than EPDIX's maximum drawdown of -38.23%. Use the drawdown chart below to compare losses from any high point for TGVIX and EPDIX.

Drawdown Indicators

	TGVIX	EPDIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.19%	-38.23%	-17.96%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-10.92%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	-12.03%	-13.01%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	-39.46%	-20.98%	-18.48%
Max Drawdown (10Y) Largest decline over 10 years	-39.46%	-32.84%	-6.62%
Current Drawdown Current decline from peak	0.00%	-7.00%	+7.00%
Average Drawdown Average peak-to-trough decline	-12.04%	-10.74%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	4.32%	-1.37%

Volatility

TGVIX vs. EPDIX - Volatility Comparison

The current volatility for Thornburg International Equity I (TGVIX) is 3.17%, while EuroPac International Dividend Income Fund (EPDIX) has a volatility of 3.53%. This indicates that TGVIX experiences smaller price fluctuations and is considered to be less risky than EPDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGVIX	EPDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	3.53%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	12.36%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	12.81%	14.79%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.51%	14.09%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	14.83%	+1.64%

TGVIX vs. EPDIX - Expense Ratio Comparison

TGVIX has a 0.90% expense ratio, which is lower than EPDIX's 1.25% expense ratio.

Dividends

TGVIX vs. EPDIX - Dividend Comparison

TGVIX's dividend yield for the trailing twelve months is around 3.20%, less than EPDIX's 6.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPDIX EuroPac International Dividend Income Fund	6.88%	7.71%	4.09%	3.32%	2.81%	2.31%	1.92%	2.68%	3.00%	2.93%	2.47%	3.88%
TGVIX Thornburg International Equity I	3.20%	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 EPDIX in my portfolio?

TGVIX and EPDIX have a correlation of 0.72, 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 EPDIX?

EPDIX has higher volatility (3.53%) compared to TGVIX (3.17%). In terms of maximum drawdown, TGVIX dropped -56.19% vs EPDIX's -38.23%.

Which has better risk-adjusted returns?

EPDIX currently has the higher Sharpe Ratio (2.54 vs 2.06), 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.