THOIX vs. TVAFX

Last updated Jun 24, 2026

THOIX (Thornburg Global Opportunities Fund) and TVAFX (Thornburg Small/Mid Cap Core Fund) are both mutual funds - THOIX is a Foreign Large Cap Equities fund managed by Thornburg, while TVAFX is a Large Cap Blend Equities fund managed by Thornburg. Over the past 10 years, THOIX returned 13.98%/yr vs 8.99%/yr for TVAFX. Their correlation of 0.81 suggests significant overlap in exposure. THOIX charges 0.99%/yr vs 1.31%/yr for TVAFX.

Performance

THOIX vs. TVAFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Global Opportunities Fund (THOIX) and Thornburg Small/Mid Cap Core Fund (TVAFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THOIX achieves a 11.06% return, which is significantly higher than TVAFX's 9.51% return. Over the past 10 years, THOIX has outperformed TVAFX with an annualized return of 13.98%, while TVAFX has yielded a comparatively lower 8.99% annualized return.

THOIX

• 1D: -0.67%
• 1M: -0.88%
• YTD: 11.06%
• 6M: 11.55%
• 1Y: 35.93%
• 3Y*: 24.74%
• 5Y*: 13.76%
• 10Y*: 13.98%

TVAFX

• 1D: -0.76%
• 1M: -0.18%
• YTD: 9.51%
• 6M: 7.23%
• 1Y: 12.79%
• 3Y*: 13.21%
• 5Y*: 3.82%
• 10Y*: 8.99%

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

THOIX vs. TVAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THOIX Thornburg Global Opportunities Fund	11.06%	41.04%	13.08%	16.26%	-10.12%	14.72%	22.50%	28.74%	-20.72%	22.03%
TVAFX Thornburg Small/Mid Cap Core Fund	9.51%	-0.93%	19.41%	13.14%	-19.55%	13.45%	11.84%	28.88%	-9.70%	23.33%

Correlation

The correlation between THOIX and TVAFX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.81

Over the past year, the correlation between THOIX and TVAFX has dropped to 0.53 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

THOIX vs. TVAFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

THOIX

THOIX Risk / Return Rank: 91
THOIX Sharpe Ratio Rank: 95
THOIX Sortino Ratio Rank: 90
THOIX Omega Ratio Rank: 89
THOIX Calmar Ratio Rank: 89
THOIX Martin Ratio Rank: 92

TVAFX

TVAFX Risk / Return Rank: 15
TVAFX Sharpe Ratio Rank: 12
TVAFX Sortino Ratio Rank: 12
TVAFX Omega Ratio Rank: 11
TVAFX Calmar Ratio Rank: 19
TVAFX Martin Ratio Rank: 19

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.

THOIX vs. TVAFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Global Opportunities Fund (THOIX) 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.

	THOIX	TVAFX	Difference
Sharpe ratio: Return per unit of total volatility	3.11	0.86	+2.25
Sortino ratio: Return per unit of downside risk	4.10	1.31	+2.78
Omega ratio: Gain probability vs. loss probability	1.60	1.16	+0.44
Calmar ratio: Return relative to maximum drawdown	4.17	1.48	+2.69
Martin ratio: Return relative to average drawdown	17.37	4.47	+12.90

THOIX vs. TVAFX - Sharpe Ratio Comparison

The current THOIX Sharpe Ratio is 3.11, which is higher than the TVAFX Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of THOIX and TVAFX, 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

THOIX vs. TVAFX - Drawdown Comparison

The maximum THOIX drawdown since its inception was -64.58%, which is greater than TVAFX's maximum drawdown of -59.41%. Use the drawdown chart below to compare losses from any high point for THOIX and TVAFX.

Drawdown Indicators

	THOIX	TVAFX	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-59.41%	-5.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.62%	-9.42%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-13.71%	-28.38%	+14.67%
Max Drawdown (5Y) Largest decline over 5 years	-30.18%	-46.05%	+15.87%
Max Drawdown (10Y) Largest decline over 10 years	-35.22%	-46.05%	+10.83%
Current Drawdown Current decline from peak	-3.19%	-15.61%	+12.42%
Average Drawdown Average peak-to-trough decline	-11.44%	-13.67%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	3.11%	-1.05%

Volatility

THOIX vs. TVAFX - Volatility Comparison

Thornburg Global Opportunities Fund (THOIX) has a higher volatility of 4.35% compared to Thornburg Small/Mid Cap Core Fund (TVAFX) at 3.65%. This indicates that THOIX'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.

Volatility by Period

	THOIX	TVAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	3.65%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	9.17%	11.84%	-2.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.57%	16.14%	-4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	28.93%	-12.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.54%	24.66%	-7.12%

THOIX vs. TVAFX - Expense Ratio Comparison

THOIX has a 0.99% expense ratio, which is lower than TVAFX's 1.31% expense ratio.

Dividends

THOIX vs. TVAFX - Dividend Comparison

THOIX's dividend yield for the trailing twelve months is around 5.78%, while TVAFX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THOIX Thornburg Global Opportunities Fund	5.78%	6.42%	5.70%	5.70%	4.00%	14.39%	6.70%	1.47%	2.65%	0.67%	0.82%	0.59%
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%	0.00%

Frequently Asked Questions

Can I hold both THOIX and TVAFX in my portfolio?

THOIX and TVAFX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THOIX or TVAFX?

THOIX has higher volatility (4.35%) compared to TVAFX (3.65%). In terms of maximum drawdown, THOIX dropped -64.58% vs TVAFX's -59.41%.

Which has better risk-adjusted returns?

THOIX currently has the higher Sharpe Ratio (3.11 vs 0.86), 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.