THCGX vs. CHAIX

Last updated Jul 11, 2026

THCGX (Thornburg Small/Mid Cap Growth Fund) and CHAIX (Chase Growth Fund Institutional Class) are both Large Cap Growth Equities funds. Over the past 10 years, THCGX returned 9.22%/yr vs 18.08%/yr for CHAIX. Their correlation of 0.86 suggests significant overlap in exposure. THCGX charges 1.31%/yr vs 1.00%/yr for CHAIX.

Performance

THCGX vs. CHAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Small/Mid Cap Growth Fund (THCGX) and Chase Growth Fund Institutional Class (CHAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THCGX achieves a 13.69% return, which is significantly lower than CHAIX's 27.21% return. Over the past 10 years, THCGX has underperformed CHAIX with an annualized return of 9.22%, while CHAIX has yielded a comparatively higher 18.08% annualized return.

THCGX

• 1D: 1.96%
• 1M: 3.63%
• 6M: 9.99%
• YTD: 13.69%
• 1Y: 22.53%
• 3Y*: 12.96%
• 5Y*: 0.73%
• 10Y*: 9.22%

CHAIX

• 1D: 1.45%
• 1M: 2.62%
• 6M: 24.37%
• YTD: 27.21%
• 1Y: 46.43%
• 3Y*: 32.98%
• 5Y*: 17.86%
• 10Y*: 18.08%

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

THCGX vs. CHAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THCGX Thornburg Small/Mid Cap Growth Fund	13.69%	4.31%	19.67%	19.56%	-34.19%	-4.97%	41.70%	28.95%	-2.56%	23.91%
CHAIX Chase Growth Fund Institutional Class	27.21%	20.67%	38.77%	26.00%	-20.32%	22.36%	18.41%	41.69%	-3.87%	24.73%

Correlation

The correlation between THCGX and CHAIX 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	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 29, 2007	0.86

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

Return for Risk

THCGX vs. CHAIX — Risk / Return Rank

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

THCGX

THCGX Risk / Return Rank: 23
THCGX Sharpe Ratio Rank: 23
THCGX Sortino Ratio Rank: 23
THCGX Omega Ratio Rank: 22
THCGX Calmar Ratio Rank: 23
THCGX Martin Ratio Rank: 24

CHAIX

CHAIX Risk / Return Rank: 89
CHAIX Sharpe Ratio Rank: 91
CHAIX Sortino Ratio Rank: 84
CHAIX Omega Ratio Rank: 82
CHAIX Calmar Ratio Rank: 95
CHAIX Martin Ratio Rank: 96

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.

THCGX vs. CHAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Small/Mid Cap Growth Fund (THCGX) and Chase Growth Fund Institutional Class (CHAIX). 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.

	THCGX	CHAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.46	-1.43
Sortino ratio: Return per unit of downside risk	1.51	3.23	-1.72
Omega ratio: Gain probability vs. loss probability	1.18	1.41	-0.23
Calmar ratio: Return relative to maximum drawdown	1.33	4.63	-3.30
Martin ratio: Return relative to average drawdown	4.31	18.79	-14.47

THCGX vs. CHAIX - Sharpe Ratio Comparison

The current THCGX Sharpe Ratio is 1.02, which is lower than the CHAIX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of THCGX and CHAIX, 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

THCGX vs. CHAIX - Drawdown Comparison

The maximum THCGX drawdown since its inception was -63.67%, which is greater than CHAIX's maximum drawdown of -50.61%. Use the drawdown chart below to compare losses from any high point for THCGX and CHAIX.

Drawdown Indicators

	THCGX	CHAIX	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-50.61%	-13.06%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	-9.86%	-5.67%
Max Drawdown (3Y) Largest decline over 3 years	-30.25%	-23.40%	-6.85%
Max Drawdown (5Y) Largest decline over 5 years	-63.67%	-24.58%	-39.09%
Max Drawdown (10Y) Largest decline over 10 years	-63.67%	-30.36%	-33.31%
Current Drawdown Current decline from peak	-32.68%	0.00%	-32.68%
Average Drawdown Average peak-to-trough decline	-21.27%	-10.35%	-10.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	2.43%	+2.36%

Volatility

THCGX vs. CHAIX - Volatility Comparison

The current volatility for Thornburg Small/Mid Cap Growth Fund (THCGX) is 6.10%, while Chase Growth Fund Institutional Class (CHAIX) has a volatility of 6.59%. This indicates that THCGX experiences smaller price fluctuations and is considered to be less risky than CHAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THCGX	CHAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	6.59%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	14.66%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	20.25%	18.60%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.02%	18.79%	+18.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.12%	19.10%	+11.02%

THCGX vs. CHAIX - Expense Ratio Comparison

THCGX has a 1.31% expense ratio, which is higher than CHAIX's 1.00% expense ratio.

Dividends

THCGX vs. CHAIX - Dividend Comparison

THCGX has not paid dividends to shareholders, while CHAIX's dividend yield for the trailing twelve months is around 6.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHAIX Chase Growth Fund Institutional Class	6.45%	8.20%	18.32%	5.36%	5.09%	18.78%	7.39%	21.65%	12.33%	11.44%	8.83%	9.93%
THCGX Thornburg Small/Mid Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	54.25%	6.23%	9.32%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THCGX and CHAIX in my portfolio?

THCGX and CHAIX 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, THCGX or CHAIX?

CHAIX has higher volatility (6.59%) compared to THCGX (6.10%). In terms of maximum drawdown, THCGX dropped -63.67% vs CHAIX's -50.61%.

Which has better risk-adjusted returns?

CHAIX currently has the higher Sharpe Ratio (2.46 vs 1.02), 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.