THCGX vs. TVAFX
THCGX (Thornburg Small/Mid Cap Growth Fund) and TVAFX (Thornburg Small/Mid Cap Core Fund) are both mutual funds - THCGX is a Large Cap Growth Equities fund managed by Thornburg, while TVAFX is a Large Cap Blend Equities fund managed by Thornburg. Over the past 10 years, THCGX returned 9.22%/yr vs 8.79%/yr for TVAFX. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 1.31% expense ratio.
Performance
THCGX vs. TVAFX - 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 TVAFX's 12.67% return. Both investments have delivered pretty close results over the past 10 years, with THCGX having a 9.22% annualized return and TVAFX not far behind at 8.79%.
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%
TVAFX
- 1D
- 0.83%
- 1M
- 2.31%
- 6M
- 8.46%
- YTD
- 12.67%
- 1Y
- 12.21%
- 3Y*
- 12.63%
- 5Y*
- 4.19%
- 10Y*
- 8.79%
THCGX vs. TVAFX - 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% |
TVAFX Thornburg Small/Mid Cap Core Fund | 12.67% | -0.93% | 19.41% | 13.14% | -19.55% | 13.45% | 11.84% | 28.88% | -9.70% | 23.33% |
Correlation
The correlation between THCGX and TVAFX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.89 |
The correlation between THCGX and TVAFX shifts across timeframes, from 0.79 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
THCGX vs. TVAFX — Risk / Return Rank
THCGX
TVAFX
THCGX vs. TVAFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Small/Mid Cap Growth Fund (THCGX) 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.
| THCGX | TVAFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.14 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.25 | +0.08 |
| Martin ratioReturn relative to average drawdown | 4.31 | 3.77 | +0.55 |
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Drawdowns
THCGX vs. TVAFX - Drawdown Comparison
The maximum THCGX drawdown since its inception was -63.67%, which is greater than TVAFX's maximum drawdown of -59.41%. Use the drawdown chart below to compare losses from any high point for THCGX and TVAFX.
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Drawdown Indicators
| THCGX | TVAFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.67% | -59.41% | -4.26% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -9.42% | -6.11% |
Max Drawdown (3Y)Largest decline over 3 years | -30.25% | -28.38% | -1.87% |
Max Drawdown (5Y)Largest decline over 5 years | -63.67% | -46.05% | -17.62% |
Max Drawdown (10Y)Largest decline over 10 years | -63.67% | -46.05% | -17.62% |
Current DrawdownCurrent decline from peak | -32.68% | -13.18% | -19.50% |
Average DrawdownAverage peak-to-trough decline | -21.27% | -13.67% | -7.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.79% | 3.13% | +1.66% |
Volatility
THCGX vs. TVAFX - Volatility Comparison
Thornburg Small/Mid Cap Growth Fund (THCGX) has a higher volatility of 6.10% compared to Thornburg Small/Mid Cap Core Fund (TVAFX) at 3.71%. This indicates that THCGX's price experiences larger fluctuations and is considered to be riskier 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
| THCGX | TVAFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 3.71% | +2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 14.82% | 11.79% | +3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.25% | 16.12% | +4.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.02% | 28.92% | +8.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.12% | 24.61% | +5.51% |
THCGX vs. TVAFX - Expense Ratio Comparison
Both THCGX and TVAFX have an expense ratio of 1.31%.
Dividends
THCGX vs. TVAFX - Dividend Comparison
Neither THCGX nor TVAFX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Frequently Asked Questions
THCGX and TVAFX have a correlation of 0.79, 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 TVAFX (3.71%). In terms of maximum drawdown, THCGX dropped -63.67% vs TVAFX's -59.41%.
THCGX currently has the higher Sharpe Ratio (1.02 vs 0.73), 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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