THIMX vs. LTMFX
THIMX (Thornburg Intermediate Municipal Fund) and LTMFX (Thornburg Limited Term Municipal Fund) are both Municipal Bonds funds from Thornburg. Over the past 10 years, THIMX returned 1.81%/yr vs 1.29%/yr for LTMFX. Their correlation of 0.83 means they have usually moved in the same direction. THIMX charges 0.77%/yr vs 0.71%/yr for LTMFX.
Performance
THIMX vs. LTMFX - Performance Comparison
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Returns By Period
In the year-to-date period, THIMX achieves a 0.61% return, which is significantly higher than LTMFX's 0.04% return. Over the past 10 years, THIMX has outperformed LTMFX with an annualized return of 1.81%, while LTMFX has yielded a comparatively lower 1.29% annualized return.
THIMX
- 1D
- -0.15%
- 1M
- -1.51%
- 6M
- -0.15%
- YTD
- 0.61%
- 1Y
- 4.39%
- 3Y*
- 3.82%
- 5Y*
- 1.24%
- 10Y*
- 1.81%
- ALL TIME*
- 3.94%
LTMFX
- 1D
- -0.15%
- 1M
- -1.11%
- 6M
- -0.80%
- YTD
- 0.04%
- 1Y
- 2.07%
- 3Y*
- 3.29%
- 5Y*
- 1.03%
- 10Y*
- 1.29%
- ALL TIME*
- 1.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
THIMX vs. LTMFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
THIMX Thornburg Intermediate Municipal Fund | 0.61% | 5.97% | 2.45% | 4.88% | -6.63% | 1.00% | 3.81% | 5.86% | 0.70% | 3.61% |
LTMFX Thornburg Limited Term Municipal Fund | 0.04% | 5.74% | 1.84% | 3.83% | -5.27% | -0.18% | 2.97% | 3.81% | 1.00% | 2.29% |
Correlation
The correlation between THIMX and LTMFX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1992 | 0.83 |
The correlation between THIMX and LTMFX has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
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Return for Risk
THIMX vs. LTMFX — Risk / Return Rank
THIMX
LTMFX
THIMX vs. LTMFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Intermediate Municipal Fund (THIMX) and Thornburg Limited Term Municipal Fund (LTMFX). 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.
| THIMX | LTMFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.44 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 1.36 | +0.83 |
| Martin ratioReturn relative to average drawdown | 7.49 | 3.69 | +3.80 |
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Drawdowns
THIMX vs. LTMFX - Drawdown Comparison
The maximum THIMX drawdown since its inception was -10.22%, which is greater than LTMFX's maximum drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for THIMX and LTMFX.
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Drawdown Indicators
| THIMX | LTMFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.22% | -8.40% | -1.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.39% | -1.96% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -4.32% | -2.95% | -1.37% |
Max Drawdown (5Y)Largest decline over 5 years | -10.22% | -8.40% | -1.82% |
Max Drawdown (10Y)Largest decline over 10 years | -10.22% | -8.40% | -1.82% |
Current DrawdownCurrent decline from peak | -1.58% | -1.57% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -1.63% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.72% | -0.02% |
Volatility
THIMX vs. LTMFX - Volatility Comparison
Thornburg Intermediate Municipal Fund (THIMX) has a higher volatility of 0.79% compared to Thornburg Limited Term Municipal Fund (LTMFX) at 0.54%. This indicates that THIMX's price experiences larger fluctuations and is considered to be riskier than LTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| THIMX | LTMFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 0.54% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.82% | 1.38% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 1.68% | +0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.26% | 2.37% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.28% | 2.27% | +1.01% |
THIMX vs. LTMFX - Expense Ratio Comparison
THIMX has a 0.77% expense ratio, which is higher than LTMFX's 0.71% expense ratio.
Dividends
THIMX vs. LTMFX - Dividend Comparison
THIMX's dividend yield for the trailing twelve months is around 3.41%, more than LTMFX's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTMFX Thornburg Limited Term Municipal Fund | 2.98% | 4.28% | 3.60% | 2.11% | 1.62% | 1.27% | 1.54% | 1.78% | 1.83% | 1.64% | 1.57% | 1.56% |
THIMX Thornburg Intermediate Municipal Fund | 3.41% | 4.82% | 4.03% | 2.60% | 2.40% | 2.25% | 2.39% | 2.62% | 2.48% | 2.18% | 2.04% | 2.08% |
Frequently Asked Questions
THIMX and LTMFX 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.
THIMX has higher volatility (0.79%) compared to LTMFX (0.54%). In terms of maximum drawdown, THIMX dropped -10.22% vs LTMFX's -8.40%.
THIMX currently has the higher Sharpe Ratio (2.29 vs 1.58), 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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