THCGX vs. MRFOX
THCGX (Thornburg Small/Mid Cap Growth Fund) and MRFOX (Marshfield Concentrated Opportunity Fund) are both Large Cap Growth Equities funds. Over the past 10 years, THCGX returned 9.22%/yr vs 16.07%/yr for MRFOX. A 0.65 correlation means they provide meaningful diversification when combined. THCGX charges 1.31%/yr vs 1.05%/yr for MRFOX.
Performance
THCGX vs. MRFOX - Performance Comparison
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Returns By Period
In the year-to-date period, THCGX achieves a 13.69% return, which is significantly higher than MRFOX's 3.97% return. Over the past 10 years, THCGX has underperformed MRFOX with an annualized return of 9.22%, while MRFOX has yielded a comparatively higher 16.07% 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%
MRFOX
- 1D
- 0.08%
- 1M
- 1.97%
- 6M
- 1.89%
- YTD
- 3.97%
- 1Y
- 11.45%
- 3Y*
- 13.95%
- 5Y*
- 11.50%
- 10Y*
- 16.07%
THCGX vs. MRFOX - 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% |
MRFOX Marshfield Concentrated Opportunity Fund | 3.97% | 10.05% | 17.10% | 17.68% | 5.06% | 17.71% | 15.19% | 36.26% | 1.89% | 25.92% |
Correlation
The correlation between THCGX and MRFOX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.65 |
Over the past year, the correlation between THCGX and MRFOX has dropped to 0.27 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.
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Return for Risk
THCGX vs. MRFOX — Risk / Return Rank
THCGX
MRFOX
THCGX vs. MRFOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Small/Mid Cap Growth Fund (THCGX) and Marshfield Concentrated Opportunity Fund (MRFOX). 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 | MRFOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.19 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.54 | -0.21 |
| Martin ratioReturn relative to average drawdown | 4.31 | 4.54 | -0.23 |
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Drawdowns
THCGX vs. MRFOX - Drawdown Comparison
The maximum THCGX drawdown since its inception was -63.67%, which is greater than MRFOX's maximum drawdown of -29.10%. Use the drawdown chart below to compare losses from any high point for THCGX and MRFOX.
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Drawdown Indicators
| THCGX | MRFOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.67% | -29.10% | -34.57% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -7.03% | -8.50% |
Max Drawdown (3Y)Largest decline over 3 years | -30.25% | -7.91% | -22.34% |
Max Drawdown (5Y)Largest decline over 5 years | -63.67% | -12.98% | -50.69% |
Max Drawdown (10Y)Largest decline over 10 years | -63.67% | -29.10% | -34.57% |
Current DrawdownCurrent decline from peak | -32.68% | -1.36% | -31.32% |
Average DrawdownAverage peak-to-trough decline | -21.27% | -2.35% | -18.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.79% | 2.38% | +2.41% |
Volatility
THCGX vs. MRFOX - Volatility Comparison
Thornburg Small/Mid Cap Growth Fund (THCGX) has a higher volatility of 6.10% compared to Marshfield Concentrated Opportunity Fund (MRFOX) at 3.54%. This indicates that THCGX's price experiences larger fluctuations and is considered to be riskier than MRFOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| THCGX | MRFOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 3.54% | +2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 14.82% | 7.43% | +7.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.25% | 10.02% | +10.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.02% | 12.11% | +24.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.12% | 14.15% | +15.97% |
THCGX vs. MRFOX - Expense Ratio Comparison
THCGX has a 1.31% expense ratio, which is higher than MRFOX's 1.05% expense ratio.
Dividends
THCGX vs. MRFOX - Dividend Comparison
THCGX has not paid dividends to shareholders, while MRFOX's dividend yield for the trailing twelve months is around 1.56%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MRFOX Marshfield Concentrated Opportunity Fund | 1.56% | 1.62% | 4.59% | 0.46% | 0.35% | 6.78% | 2.68% | 1.39% | 1.94% | 2.06% | 0.60% |
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% |
Frequently Asked Questions
THCGX and MRFOX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
THCGX has higher volatility (6.10%) compared to MRFOX (3.54%). In terms of maximum drawdown, THCGX dropped -63.67% vs MRFOX's -29.10%.
MRFOX currently has the higher Sharpe Ratio (1.08 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.
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