TGVIX vs. TVAFX
TGVIX (Thornburg International Equity I) and TVAFX (Thornburg Small/Mid Cap Core Fund) are both mutual funds - TGVIX is a Foreign Large Cap Equities fund actively managed by Thornburg, while TVAFX is a Large Cap Blend Equities fund managed by Thornburg. Over the past 10 years, TGVIX returned 11.25%/yr vs 8.78%/yr for TVAFX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. TGVIX charges 0.90%/yr vs 1.31%/yr for TVAFX.
Performance
TGVIX vs. TVAFX - Performance Comparison
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Returns By Period
In the year-to-date period, TGVIX achieves a 14.64% return, which is significantly higher than TVAFX's 13.47% return. Over the past 10 years, TGVIX has outperformed TVAFX with an annualized return of 11.25%, while TVAFX has yielded a comparatively lower 8.78% 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%
TVAFX
- 1D
- 0.97%
- 1M
- 1.38%
- 6M
- 7.61%
- YTD
- 13.47%
- 1Y
- 14.82%
- 3Y*
- 12.24%
- 5Y*
- 4.47%
- 10Y*
- 8.78%
- ALL TIME*
- 8.81%
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. TVAFX - 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% |
TVAFX Thornburg Small/Mid Cap Core Fund | 13.47% | -0.93% | 19.41% | 13.14% | -19.55% | 13.45% | 11.84% | 28.88% | -9.70% | 23.33% |
Correlation
The correlation between TGVIX and TVAFX is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.59 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2001 | 0.67 |
Over the past year, the correlation between TGVIX and TVAFX has dropped to 0.45 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.
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Return for Risk
TGVIX vs. TVAFX — Risk / Return Rank
TGVIX
TVAFX
TGVIX vs. TVAFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity I (TGVIX) and Thornburg Small/Mid Cap Core Fund (TVAFX). 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 | TVAFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.14 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 1.34 | +1.22 |
| Martin ratioReturn relative to average drawdown | 8.92 | 4.06 | +4.86 |
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Drawdowns
TGVIX vs. TVAFX - Drawdown Comparison
The maximum TGVIX drawdown since its inception was -56.19%, smaller than the maximum TVAFX drawdown of -59.41%. Use the drawdown chart below to compare losses from any high point for TGVIX and TVAFX.
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Drawdown Indicators
| TGVIX | TVAFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.19% | -59.41% | +3.22% |
Max Drawdown (1Y)Largest decline over 1 year | -10.32% | -9.42% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -12.03% | -28.38% | +16.35% |
Max Drawdown (5Y)Largest decline over 5 years | -39.46% | -46.05% | +6.59% |
Max Drawdown (10Y)Largest decline over 10 years | -39.46% | -46.05% | +6.59% |
Current DrawdownCurrent decline from peak | 0.00% | -12.57% | +12.57% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -13.67% | +1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 3.11% | -0.16% |
Volatility
TGVIX vs. TVAFX - Volatility Comparison
The current volatility for Thornburg International Equity I (TGVIX) is 3.17%, while Thornburg Small/Mid Cap Core Fund (TVAFX) has a volatility of 3.90%. This indicates that TGVIX experiences smaller price fluctuations and is considered to be less risky than TVAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TGVIX | TVAFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.17% | 3.90% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 10.47% | 11.43% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.81% | 16.16% | -3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.51% | 28.85% | -12.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.47% | 24.62% | -8.15% |
TGVIX vs. TVAFX - Expense Ratio Comparison
TGVIX has a 0.90% expense ratio, which is lower than TVAFX's 1.31% expense ratio.
Dividends
TGVIX vs. TVAFX - Dividend Comparison
TGVIX's dividend yield for the trailing twelve months is around 3.20%, while TVAFX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TVAFX Thornburg Small/Mid Cap Core Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.05% | 36.39% | 0.00% | 0.35% | 0.47% | 0.53% | 0.34% | 0.00% |
Frequently Asked Questions
TGVIX and TVAFX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TVAFX has higher volatility (3.90%) compared to TGVIX (3.17%). In terms of maximum drawdown, TGVIX dropped -56.19% vs TVAFX's -59.41%.
TGVIX currently has the higher Sharpe Ratio (2.06 vs 0.78), 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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