TGVIX vs. TGVAX
TGVIX (Thornburg International Equity I) and TGVAX (Thornburg International Equity Fund) are both Foreign Large Cap Equities funds from Thornburg. Over the past 10 years, TGVIX returned 11.25%/yr vs 10.93%/yr for TGVAX. Their 1.00 correlation means they have historically moved very closely together. TGVIX charges 0.90%/yr vs 1.25%/yr for TGVAX.
Performance
TGVIX vs. TGVAX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TGVIX having a 14.64% return and TGVAX slightly lower at 14.45%. Both investments have delivered pretty close results over the past 10 years, with TGVIX having a 11.25% annualized return and TGVAX not far behind at 10.93%.
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%
TGVAX
- 1D
- 0.93%
- 1M
- 3.97%
- 6M
- 8.88%
- YTD
- 14.45%
- 1Y
- 26.56%
- 3Y*
- 19.98%
- 5Y*
- 10.65%
- 10Y*
- 10.93%
- ALL TIME*
- 8.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TGVIX vs. TGVAX - 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% |
TGVAX Thornburg International Equity Fund | 14.45% | 33.81% | 11.24% | 15.77% | -17.04% | 7.25% | 22.59% | 28.67% | -20.08% | 25.03% |
Correlation
The correlation between TGVIX and TGVAX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2001 | 1.00 |
The correlation between TGVIX and TGVAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
TGVIX vs. TGVAX — Risk / Return Rank
TGVIX
TGVAX
TGVIX vs. TGVAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity I (TGVIX) and Thornburg International Equity Fund (TGVAX). 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 | TGVAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.52 | +0.04 |
| Martin ratioReturn relative to average drawdown | 8.92 | 8.76 | +0.15 |
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Drawdowns
TGVIX vs. TGVAX - Drawdown Comparison
The maximum TGVIX drawdown since its inception was -56.19%, roughly equal to the maximum TGVAX drawdown of -56.44%. Use the drawdown chart below to compare losses from any high point for TGVIX and TGVAX.
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Drawdown Indicators
| TGVIX | TGVAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.19% | -56.44% | +0.25% |
Max Drawdown (1Y)Largest decline over 1 year | -10.32% | -10.34% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -12.03% | -12.00% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -39.46% | -39.96% | +0.50% |
Max Drawdown (10Y)Largest decline over 10 years | -39.46% | -39.96% | +0.50% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -12.40% | +0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 2.97% | -0.02% |
Volatility
TGVIX vs. TGVAX - Volatility Comparison
Thornburg International Equity I (TGVIX) and Thornburg International Equity Fund (TGVAX) have volatilities of 3.17% and 3.16%, 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.
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Volatility by Period
| TGVIX | TGVAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.17% | 3.16% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.47% | 10.45% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.81% | 12.80% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.51% | 16.64% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.47% | 16.50% | -0.03% |
TGVIX vs. TGVAX - Expense Ratio Comparison
TGVIX has a 0.90% expense ratio, which is lower than TGVAX's 1.25% expense ratio.
Dividends
TGVIX vs. TGVAX - Dividend Comparison
TGVIX's dividend yield for the trailing twelve months is around 3.20%, more than TGVAX's 3.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TGVAX Thornburg International Equity Fund | 3.10% | 3.54% | 6.90% | 2.23% | 1.69% | 14.24% | 2.98% | 6.60% | 1.45% | 17.24% | 1.67% | 18.63% |
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
With a correlation of 1.00, TGVIX and TGVAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TGVIX has higher volatility (3.17%) compared to TGVAX (3.16%). In terms of maximum drawdown, TGVIX dropped -56.19% vs TGVAX's -56.44%.
TGVIX currently has the higher Sharpe Ratio (2.06 vs 2.04), 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.
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