TGVIX vs. TINGX

Last updated Jun 24, 2026

TGVIX (Thornburg International Equity I) and TINGX (Thornburg International Growth Fund) are both Foreign Large Cap Equities funds from Thornburg. Over the past 10 years, TGVIX returned 11.49%/yr vs 7.98%/yr for TINGX. Their correlation of 0.86 suggests significant overlap in exposure. TGVIX charges 0.90%/yr vs 0.99%/yr for TINGX.

Performance

TGVIX vs. TINGX - Performance Comparison

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

Returns By Period

In the year-to-date period, TGVIX achieves a 10.67% return, which is significantly lower than TINGX's 13.15% return. Over the past 10 years, TGVIX has outperformed TINGX with an annualized return of 11.49%, while TINGX has yielded a comparatively lower 7.98% annualized return.

TGVIX

• 1D: -0.13%
• 1M: 0.48%
• YTD: 10.67%
• 6M: 10.54%
• 1Y: 25.61%
• 3Y*: 20.61%
• 5Y*: 9.63%
• 10Y*: 11.49%

TINGX

• 1D: 0.38%
• 1M: 5.73%
• YTD: 13.15%
• 6M: 13.37%
• 1Y: 17.17%
• 3Y*: 10.35%
• 5Y*: 1.29%
• 10Y*: 7.98%

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

TGVIX vs. TINGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGVIX Thornburg International Equity I	10.67%	34.20%	11.60%	16.01%	-16.74%	7.59%	22.64%	29.09%	-19.85%	25.52%
TINGX Thornburg International Growth Fund	13.15%	10.63%	2.46%	18.41%	-26.05%	-4.22%	34.34%	26.27%	-16.75%	34.94%

Correlation

The correlation between TGVIX and TINGX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.86

The correlation between TGVIX and TINGX shifts across timeframes, from 0.74 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TGVIX vs. TINGX — Risk / Return Rank

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

TGVIX

TGVIX Risk / Return Rank: 50
TGVIX Sharpe Ratio Rank: 56
TGVIX Sortino Ratio Rank: 53
TGVIX Omega Ratio Rank: 54
TGVIX Calmar Ratio Rank: 46
TGVIX Martin Ratio Rank: 44

TINGX

TINGX Risk / Return Rank: 19
TINGX Sharpe Ratio Rank: 18
TINGX Sortino Ratio Rank: 18
TINGX Omega Ratio Rank: 20
TINGX Calmar Ratio Rank: 19
TINGX Martin Ratio Rank: 19

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. TINGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity I (TGVIX) and Thornburg International Growth Fund (TINGX). 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	TINGX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.12	+0.91
Sortino ratio: Return per unit of downside risk	2.81	1.66	+1.15
Omega ratio: Gain probability vs. loss probability	1.37	1.21	+0.16
Calmar ratio: Return relative to maximum drawdown	2.48	1.47	+1.01
Martin ratio: Return relative to average drawdown	8.71	4.51	+4.20

TGVIX vs. TINGX - Sharpe Ratio Comparison

The current TGVIX Sharpe Ratio is 2.03, which is higher than the TINGX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of TGVIX and TINGX, 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. TINGX - Drawdown Comparison

The maximum TGVIX drawdown since its inception was -56.19%, smaller than the maximum TINGX drawdown of -62.73%. Use the drawdown chart below to compare losses from any high point for TGVIX and TINGX.

Drawdown Indicators

	TGVIX	TINGX	Difference
Max Drawdown Largest peak-to-trough decline	-56.19%	-62.73%	+6.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-11.83%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-12.03%	-19.94%	+7.91%
Max Drawdown (5Y) Largest decline over 5 years	-39.46%	-43.27%	+3.81%
Max Drawdown (10Y) Largest decline over 10 years	-39.46%	-43.27%	+3.81%
Current Drawdown Current decline from peak	-1.45%	0.00%	-1.45%
Average Drawdown Average peak-to-trough decline	-12.08%	-13.55%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	3.84%	-0.91%

Volatility

TGVIX vs. TINGX - Volatility Comparison

The current volatility for Thornburg International Equity I (TGVIX) is 3.71%, while Thornburg International Growth Fund (TINGX) has a volatility of 6.33%. This indicates that TGVIX experiences smaller price fluctuations and is considered to be less risky than TINGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGVIX	TINGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	6.33%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	12.96%	-2.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.65%	15.48%	-2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	17.24%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	17.13%	-0.48%

TGVIX vs. TINGX - Expense Ratio Comparison

TGVIX has a 0.90% expense ratio, which is lower than TINGX's 0.99% expense ratio.

Dividends

TGVIX vs. TINGX - Dividend Comparison

TGVIX's dividend yield for the trailing twelve months is around 3.31%, more than TINGX's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TGVIX Thornburg International Equity I	3.31%	3.67%	6.91%	2.37%	2.01%	14.20%	3.11%	6.36%	1.76%	17.06%	1.90%	18.62%
TINGX Thornburg International Growth Fund	0.95%	1.08%	8.40%	0.58%	0.72%	6.86%	1.17%	0.72%	4.39%	3.60%	0.36%	0.29%

Frequently Asked Questions

Can I hold both TGVIX and TINGX in my portfolio?

TGVIX and TINGX have a correlation of 0.74, 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 TINGX?

TINGX has higher volatility (6.33%) compared to TGVIX (3.71%). In terms of maximum drawdown, TGVIX dropped -56.19% vs TINGX's -62.73%.

Which has better risk-adjusted returns?

TGVIX currently has the higher Sharpe Ratio (2.03 vs 1.12), 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.