TINGX vs. LTUSX

Last updated Jun 4, 2026

TINGX (Thornburg International Growth Fund) and LTUSX (Thornburg Limited Term U.S. Government Fund) are both mutual funds - TINGX is a Foreign Large Cap Equities fund managed by Thornburg, while LTUSX is a Government Bonds fund managed by Thornburg. Over the past 10 years, TINGX returned 7.03%/yr vs 1.02%/yr for LTUSX. At a correlation of -0.05, they often move in opposite directions. TINGX charges 0.99%/yr vs 0.92%/yr for LTUSX.

Performance

TINGX vs. LTUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg International Growth Fund (TINGX) and Thornburg Limited Term U.S. Government Fund (LTUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TINGX achieves a 10.68% return, which is significantly higher than LTUSX's 0.47% return. Over the past 10 years, TINGX has outperformed LTUSX with an annualized return of 7.03%, while LTUSX has yielded a comparatively lower 1.02% annualized return.

TINGX

• 1D: 0.67%
• 1M: 4.97%
• YTD: 10.68%
• 6M: 11.54%
• 1Y: 14.07%
• 3Y*: 9.51%
• 5Y*: 1.25%
• 10Y*: 7.03%

LTUSX

• 1D: 0.00%
• 1M: 0.17%
• YTD: 0.47%
• 6M: 0.45%
• 1Y: 4.63%
• 3Y*: 3.65%
• 5Y*: 0.68%
• 10Y*: 1.02%

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

TINGX vs. LTUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TINGX Thornburg International Growth Fund	10.68%	10.63%	2.46%	18.41%	-26.05%	-4.22%	34.34%	26.27%	-16.75%	34.94%
LTUSX Thornburg Limited Term U.S. Government Fund	0.47%	6.40%	2.40%	3.40%	-8.06%	-1.82%	3.77%	3.61%	0.98%	0.60%

Correlation

The correlation between TINGX and LTUSX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	-0.05

The correlation between TINGX and LTUSX shifts across timeframes, from -0.05 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TINGX vs. LTUSX — Risk / Return Rank

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

TINGX

TINGX Risk / Return Rank: 13
TINGX Sharpe Ratio Rank: 13
TINGX Sortino Ratio Rank: 13
TINGX Omega Ratio Rank: 13
TINGX Calmar Ratio Rank: 12
TINGX Martin Ratio Rank: 13

LTUSX

LTUSX Risk / Return Rank: 27
LTUSX Sharpe Ratio Rank: 28
LTUSX Sortino Ratio Rank: 30
LTUSX Omega Ratio Rank: 28
LTUSX Calmar Ratio Rank: 27
LTUSX Martin Ratio Rank: 23

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.

TINGX vs. LTUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Growth Fund (TINGX) and Thornburg Limited Term U.S. Government Fund (LTUSX). 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.

	TINGX	LTUSX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.53	-0.57
Sortino ratio: Return per unit of downside risk	1.44	2.28	-0.84
Omega ratio: Gain probability vs. loss probability	1.18	1.28	-0.10
Calmar ratio: Return relative to maximum drawdown	1.17	1.94	-0.77
Martin ratio: Return relative to average drawdown	3.61	5.84	-2.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TINGX vs. LTUSX - Sharpe Ratio Comparison

The current TINGX Sharpe Ratio is 0.96, which is lower than the LTUSX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of TINGX and LTUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TINGX	LTUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	1.53	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.17	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.33	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.15	-0.77

Drawdowns

TINGX vs. LTUSX - Drawdown Comparison

The maximum TINGX drawdown since its inception was -62.73%, which is greater than LTUSX's maximum drawdown of -12.34%. Use the drawdown chart below to compare losses from any high point for TINGX and LTUSX.

Drawdown Indicators

	TINGX	LTUSX	Difference
Max Drawdown Largest peak-to-trough decline	-62.73%	-12.34%	-50.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.83%	-2.31%	-9.52%
Max Drawdown (3Y) Largest decline over 3 years	-19.94%	-3.69%	-16.25%
Max Drawdown (5Y) Largest decline over 5 years	-43.27%	-11.69%	-31.58%
Max Drawdown (10Y) Largest decline over 10 years	-43.27%	-12.34%	-30.93%
Current Drawdown Current decline from peak	-2.14%	-1.50%	-0.64%
Average Drawdown Average peak-to-trough decline	-13.58%	-1.40%	-12.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	0.76%	+3.06%

Volatility

TINGX vs. LTUSX - Volatility Comparison

Thornburg International Growth Fund (TINGX) has a higher volatility of 4.07% compared to Thornburg Limited Term U.S. Government Fund (LTUSX) at 0.95%. This indicates that TINGX's price experiences larger fluctuations and is considered to be riskier than LTUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TINGX	LTUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	0.95%	+3.12%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	2.04%	+9.54%
Volatility (1Y) Calculated over the trailing 1-year period	14.40%	2.93%	+11.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	4.02%	+13.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	3.08%	+14.01%

TINGX vs. LTUSX - Expense Ratio Comparison

TINGX has a 0.99% expense ratio, which is higher than LTUSX's 0.92% expense ratio.

Dividends

TINGX vs. LTUSX - Dividend Comparison

TINGX's dividend yield for the trailing twelve months is around 0.97%, less than LTUSX's 2.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTUSX Thornburg Limited Term U.S. Government Fund	2.63%	2.69%	2.62%	1.89%	1.63%	1.21%	1.35%	1.77%	1.90%	1.45%	2.52%	1.50%
TINGX Thornburg International Growth Fund	0.97%	1.08%	8.40%	0.58%	0.72%	6.86%	1.17%	0.72%	4.39%	3.60%	0.36%	0.29%

Frequently Asked Questions

Can I hold both TINGX and LTUSX in my portfolio?

TINGX and LTUSX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TINGX or LTUSX?

TINGX has higher volatility (4.07%) compared to LTUSX (0.95%). In terms of maximum drawdown, TINGX dropped -62.73% vs LTUSX's -12.34%.

Which has better risk-adjusted returns?

LTUSX currently has the higher Sharpe Ratio (1.53 vs 0.96), 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.