THCGX vs. TVRIX

Last updated Aug 4, 2026

THCGX (Thornburg Small/Mid Cap Growth Fund) and TVRIX (Guggenheim Directional Allocation Fund) are both Large Cap Growth Equities funds. Over the past 10 years, THCGX returned 8.52%/yr vs 9.73%/yr for TVRIX. Their correlation of 0.81 means they have usually moved in the same direction. THCGX charges 1.31%/yr vs 1.09%/yr for TVRIX.

Performance

THCGX vs. TVRIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with THCGX having a 8.97% return and TVRIX slightly lower at 8.85%. Over the past 10 years, THCGX has underperformed TVRIX with an annualized return of 8.52%, while TVRIX has yielded a comparatively higher 9.73% annualized return.

THCGX

• 1D: 0.63%
• 1M: -2.00%
• 6M: 10.09%
• YTD: 8.97%
• 1Y: 18.63%
• 3Y*: 10.91%
• 5Y*: -0.32%
• 10Y*: 8.52%
• ALL TIME*: 7.10%

TVRIX

• 1D: 0.31%
• 1M: -0.81%
• 6M: 7.78%
• YTD: 8.85%
• 1Y: 18.97%
• 3Y*: 12.46%
• 5Y*: 5.94%
• 10Y*: 9.73%
• ALL TIME*: 10.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
THCGX Thornburg Small/Mid Cap Growth Fund	$0.00	$0.00	$0.00
TVRIX Guggenheim Directional Allocation Fund	$0.00	$0.00	$0.00

THCGX vs. TVRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THCGX Thornburg Small/Mid Cap Growth Fund	8.97%	4.31%	19.67%	19.56%	-34.19%	-4.97%	41.70%	28.95%	-2.56%	23.91%
TVRIX Guggenheim Directional Allocation Fund	8.85%	13.83%	7.87%	11.00%	-17.53%	27.30%	5.08%	30.45%	-7.53%	23.45%

Correlation

The correlation between THCGX and TVRIX is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Jun 18, 2012	0.81

The correlation between THCGX and TVRIX shifts across timeframes, from 0.71 (5 years) to 0.81 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

THCGX vs. TVRIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

THCGX

THCGX Risk / Return Rank: 20
THCGX Sharpe Ratio Rank: 19
THCGX Sortino Ratio Rank: 20
THCGX Omega Ratio Rank: 19
THCGX Calmar Ratio Rank: 20
THCGX Martin Ratio Rank: 21

TVRIX

TVRIX Risk / Return Rank: 52
TVRIX Sharpe Ratio Rank: 52
TVRIX Sortino Ratio Rank: 49
TVRIX Omega Ratio Rank: 48
TVRIX Calmar Ratio Rank: 52
TVRIX Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

THCGX vs. TVRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Small/Mid Cap Growth Fund (THCGX) and Guggenheim Directional Allocation Fund (TVRIX). 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	TVRIX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.48	-0.72
Sortino ratio: Return per unit of downside risk	1.19	2.08	-0.89
Omega ratio: Gain probability vs. loss probability	1.14	1.26	-0.12
Calmar ratio: Return relative to maximum drawdown	1.02	2.06	-1.04
Martin ratio: Return relative to average drawdown	3.26	8.35	-5.09

THCGX vs. TVRIX - Sharpe Ratio Comparison

The current THCGX Sharpe Ratio is 0.77, which is lower than the TVRIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of THCGX and TVRIX, 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. TVRIX - Drawdown Comparison

The maximum THCGX drawdown since its inception was -63.67%, which is greater than TVRIX's maximum drawdown of -39.36%. Use the drawdown chart below to compare losses from any high point for THCGX and TVRIX.

Drawdown Indicators

	THCGX	TVRIX	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-39.36%	-24.31%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	-8.45%	-7.08%
Max Drawdown (3Y) Largest decline over 3 years	-30.25%	-24.87%	-5.38%
Max Drawdown (5Y) Largest decline over 5 years	-63.67%	-24.87%	-38.80%
Max Drawdown (10Y) Largest decline over 10 years	-63.67%	-39.36%	-24.31%
Current Drawdown Current decline from peak	-35.48%	-2.91%	-32.57%
Average Drawdown Average peak-to-trough decline	-21.31%	-6.01%	-15.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	2.09%	+2.77%

Volatility

THCGX vs. TVRIX - Volatility Comparison

Thornburg Small/Mid Cap Growth Fund (THCGX) has a higher volatility of 6.51% compared to Guggenheim Directional Allocation Fund (TVRIX) at 3.57%. This indicates that THCGX's price experiences larger fluctuations and is considered to be riskier than TVRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THCGX	TVRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	3.57%	+2.94%
Volatility (6M) Calculated over the trailing 6-month period	15.38%	9.72%	+5.66%
Volatility (1Y) Calculated over the trailing 1-year period	20.75%	11.74%	+9.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.03%	14.56%	+22.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.16%	17.82%	+12.34%

THCGX vs. TVRIX - Expense Ratio Comparison

THCGX has a 1.31% expense ratio, which is higher than TVRIX's 1.09% expense ratio.

Dividends

THCGX vs. TVRIX - Dividend Comparison

THCGX has not paid dividends to shareholders, while TVRIX's dividend yield for the trailing twelve months is around 8.85%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
TVRIX Guggenheim Directional Allocation Fund	8.85%	9.64%	0.00%	2.03%	0.71%	14.34%	0.30%	16.62%	14.33%

Frequently Asked Questions

Can I hold both THCGX and TVRIX in my portfolio?

THCGX and TVRIX have a correlation of 0.81, 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 TVRIX?

THCGX has higher volatility (6.51%) compared to TVRIX (3.57%). In terms of maximum drawdown, THCGX dropped -63.67% vs TVRIX's -39.36%.

Which has better risk-adjusted returns?

TVRIX currently has the higher Sharpe Ratio (1.48 vs 0.77), 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.