TGVIX vs. VTMGX

Last updated Jun 23, 2026

TGVIX (Thornburg International Equity I) and VTMGX (Vanguard Developed Markets Index Fund Admiral Shares) are both Foreign Large Cap Equities funds. TGVIX is actively managed, while VTMGX is passively managed. Over the past 10 years, TGVIX returned 10.90%/yr vs 10.43%/yr for VTMGX. Their correlation of 0.85 suggests significant overlap in exposure. TGVIX charges 0.90%/yr vs 0.07%/yr for VTMGX.

Performance

TGVIX vs. VTMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg International Equity I (TGVIX) and Vanguard Developed Markets Index Fund Admiral Shares (VTMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGVIX achieves a 10.81% return, which is significantly lower than VTMGX's 16.49% return. Both investments have delivered pretty close results over the past 10 years, with TGVIX having a 10.90% annualized return and VTMGX not far behind at 10.43%.

TGVIX

• 1D: 0.56%
• 1M: 0.62%
• YTD: 10.81%
• 6M: 11.34%
• 1Y: 25.66%
• 3Y*: 19.36%
• 5Y*: 9.74%
• 10Y*: 10.90%

VTMGX

• 1D: 1.27%
• 1M: 3.05%
• YTD: 16.49%
• 6M: 17.25%
• 1Y: 35.19%
• 3Y*: 19.24%
• 5Y*: 10.49%
• 10Y*: 10.43%

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

TGVIX vs. VTMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGVIX Thornburg International Equity I	10.81%	34.20%	11.60%	16.01%	-16.74%	7.59%	22.64%	29.09%	-19.85%	25.52%
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	16.49%	35.17%	3.03%	17.65%	-15.33%	11.39%	10.25%	22.04%	-14.48%	26.39%

Correlation

The correlation between TGVIX and VTMGX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 30, 2001	0.85

The correlation between TGVIX and VTMGX has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

TGVIX vs. VTMGX — Risk / Return Rank

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

TGVIX

TGVIX Risk / Return Rank: 48
TGVIX Sharpe Ratio Rank: 52
TGVIX Sortino Ratio Rank: 50
TGVIX Omega Ratio Rank: 51
TGVIX Calmar Ratio Rank: 44
TGVIX Martin Ratio Rank: 41

VTMGX

VTMGX Risk / Return Rank: 61
VTMGX Sharpe Ratio Rank: 64
VTMGX Sortino Ratio Rank: 57
VTMGX Omega Ratio Rank: 61
VTMGX Calmar Ratio Rank: 64
VTMGX Martin Ratio Rank: 60

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. VTMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity I (TGVIX) and Vanguard Developed Markets Index Fund Admiral Shares (VTMGX). 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	VTMGX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.16	-0.19
Sortino ratio: Return per unit of downside risk	2.73	2.91	-0.18
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	2.41	2.95	-0.54
Martin ratio: Return relative to average drawdown	8.48	11.31	-2.82

TGVIX vs. VTMGX - Sharpe Ratio Comparison

The current TGVIX Sharpe Ratio is 1.97, which is comparable to the VTMGX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of TGVIX and VTMGX, 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. VTMGX - Drawdown Comparison

The maximum TGVIX drawdown since its inception was -56.19%, smaller than the maximum VTMGX drawdown of -60.58%. Use the drawdown chart below to compare losses from any high point for TGVIX and VTMGX.

Drawdown Indicators

	TGVIX	VTMGX	Difference
Max Drawdown Largest peak-to-trough decline	-56.19%	-60.58%	+4.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-11.67%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.03%	-13.18%	+1.15%
Max Drawdown (5Y) Largest decline over 5 years	-39.46%	-29.71%	-9.75%
Max Drawdown (10Y) Largest decline over 10 years	-39.46%	-35.68%	-3.78%
Current Drawdown Current decline from peak	-1.32%	0.00%	-1.32%
Average Drawdown Average peak-to-trough decline	-12.08%	-14.63%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	3.04%	-0.11%

Volatility

TGVIX vs. VTMGX - Volatility Comparison

The current volatility for Thornburg International Equity I (TGVIX) is 3.73%, while Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) has a volatility of 6.29%. This indicates that TGVIX experiences smaller price fluctuations and is considered to be less risky than VTMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGVIX	VTMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	6.29%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	10.40%	13.66%	-3.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	15.95%	-3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	16.04%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	16.58%	+0.09%

TGVIX vs. VTMGX - Expense Ratio Comparison

TGVIX has a 0.90% expense ratio, which is higher than VTMGX's 0.07% expense ratio.

Dividends

TGVIX vs. VTMGX - Dividend Comparison

TGVIX's dividend yield for the trailing twelve months is around 3.31%, more than VTMGX's 2.49% 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%
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	2.49%	3.20%	3.34%	3.14%	2.88%	3.14%	2.02%	3.03%	3.33%	2.77%	3.06%	2.91%

Frequently Asked Questions

Can I hold both TGVIX and VTMGX in my portfolio?

TGVIX and VTMGX have a correlation of 0.82, 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 VTMGX?

VTMGX has higher volatility (6.29%) compared to TGVIX (3.73%). In terms of maximum drawdown, TGVIX dropped -56.19% vs VTMGX's -60.58%.

Which has better risk-adjusted returns?

VTMGX currently has the higher Sharpe Ratio (2.16 vs 1.97), 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.