THCGX vs. TIBAX

Last updated Jul 11, 2026

THCGX (Thornburg Small/Mid Cap Growth Fund) and TIBAX (Thornburg Investment Income Builder Fund) are both mutual funds - THCGX is a Large Cap Growth Equities fund managed by Thornburg, while TIBAX is a Global Allocation fund managed by Thornburg. Over the past 10 years, THCGX returned 9.22%/yr vs 12.05%/yr for TIBAX. A 0.68 correlation means they provide meaningful diversification when combined. THCGX charges 1.31%/yr vs 1.14%/yr for TIBAX.

Performance

THCGX vs. TIBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Small/Mid Cap Growth Fund (THCGX) and Thornburg Investment Income Builder Fund (TIBAX). 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 TIBAX's 15.22% return. Over the past 10 years, THCGX has underperformed TIBAX with an annualized return of 9.22%, while TIBAX has yielded a comparatively higher 12.05% 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%

TIBAX

• 1D: -0.08%
• 1M: -2.13%
• 6M: 12.93%
• YTD: 15.22%
• 1Y: 31.26%
• 3Y*: 25.18%
• 5Y*: 15.87%
• 10Y*: 12.05%

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

THCGX vs. TIBAX - 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%
TIBAX Thornburg Investment Income Builder Fund	15.22%	36.62%	13.23%	18.01%	-7.95%	20.08%	-0.67%	17.72%	-4.54%	14.83%

Correlation

The correlation between THCGX and TIBAX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Dec 24, 2002	0.68

Over the past year, the correlation between THCGX and TIBAX has dropped to 0.42 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

THCGX vs. TIBAX — 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

TIBAX

TIBAX Risk / Return Rank: 97
TIBAX Sharpe Ratio Rank: 99
TIBAX Sortino Ratio Rank: 97
TIBAX Omega Ratio Rank: 95
TIBAX Calmar Ratio Rank: 97
TIBAX Martin Ratio Rank: 97

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. TIBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Small/Mid Cap Growth Fund (THCGX) and Thornburg Investment Income Builder Fund (TIBAX). 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	TIBAX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	3.50	-2.47
Sortino ratio: Return per unit of downside risk	1.51	5.01	-3.49
Omega ratio: Gain probability vs. loss probability	1.18	1.67	-0.49
Calmar ratio: Return relative to maximum drawdown	1.33	5.71	-4.38
Martin ratio: Return relative to average drawdown	4.31	21.19	-16.88

THCGX vs. TIBAX - Sharpe Ratio Comparison

The current THCGX Sharpe Ratio is 1.02, which is lower than the TIBAX Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of THCGX and TIBAX, 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. TIBAX - Drawdown Comparison

The maximum THCGX drawdown since its inception was -63.67%, which is greater than TIBAX's maximum drawdown of -49.12%. Use the drawdown chart below to compare losses from any high point for THCGX and TIBAX.

Drawdown Indicators

	THCGX	TIBAX	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-49.12%	-14.55%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	-5.43%	-10.10%
Max Drawdown (3Y) Largest decline over 3 years	-30.25%	-9.20%	-21.05%
Max Drawdown (5Y) Largest decline over 5 years	-63.67%	-20.94%	-42.73%
Max Drawdown (10Y) Largest decline over 10 years	-63.67%	-34.85%	-28.82%
Current Drawdown Current decline from peak	-32.68%	-2.28%	-30.40%
Average Drawdown Average peak-to-trough decline	-21.27%	-5.97%	-15.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	1.46%	+3.33%

Volatility

THCGX vs. TIBAX - Volatility Comparison

Thornburg Small/Mid Cap Growth Fund (THCGX) has a higher volatility of 6.10% compared to Thornburg Investment Income Builder Fund (TIBAX) at 2.55%. This indicates that THCGX's price experiences larger fluctuations and is considered to be riskier than TIBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THCGX	TIBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	2.55%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	7.31%	+7.51%
Volatility (1Y) Calculated over the trailing 1-year period	20.25%	8.87%	+11.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.02%	11.15%	+25.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.12%	13.38%	+16.74%

THCGX vs. TIBAX - Expense Ratio Comparison

THCGX has a 1.31% expense ratio, which is higher than TIBAX's 1.14% expense ratio.

Dividends

THCGX vs. TIBAX - Dividend Comparison

THCGX has not paid dividends to shareholders, while TIBAX's dividend yield for the trailing twelve months is around 5.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TIBAX Thornburg Investment Income Builder Fund	5.03%	5.64%	5.44%	4.67%	5.62%	5.10%	4.11%	4.23%	4.49%	4.22%	3.83%	4.31%

Frequently Asked Questions

Can I hold both THCGX and TIBAX in my portfolio?

THCGX and TIBAX have a correlation of 0.42, 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 TIBAX?

THCGX has higher volatility (6.10%) compared to TIBAX (2.55%). In terms of maximum drawdown, THCGX dropped -63.67% vs TIBAX's -49.12%.

Which has better risk-adjusted returns?

TIBAX currently has the higher Sharpe Ratio (3.50 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.