TLDIX vs. SMBPX
TLDIX (Thornburg Ultra Short Income Fund) and SMBPX (Saratoga Municipal Bond Portfolio) are both Ultrashort Bond funds. Over the past 10 years, TLDIX returned 2.81%/yr vs -0.30%/yr for SMBPX. Their 0.22 correlation means their historical movements had little consistent relationship. TLDIX charges 0.76%/yr vs 3.16%/yr for SMBPX.
Performance
TLDIX vs. SMBPX - Performance Comparison
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Returns By Period
Over the past 10 years, TLDIX has outperformed SMBPX with an annualized return of 2.81%, while SMBPX has yielded a comparatively lower -0.30% annualized return.
TLDIX
- 1D
- 0.00%
- 1M
- 0.16%
- 6M
- 1.61%
- YTD
- 1.91%
- 1Y
- 3.76%
- 3Y*
- 4.91%
- 5Y*
- 3.48%
- 10Y*
- 2.81%
- ALL TIME*
- 2.53%
SMBPX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 2.92%
- 3Y*
- 1.70%
- 5Y*
- 0.20%
- 10Y*
- -0.30%
- ALL TIME*
- 2.30%
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 |
TLDIX vs. SMBPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLDIX Thornburg Ultra Short Income Fund | 1.91% | 4.84% | 5.81% | 4.92% | 0.00% | 0.32% | 3.26% | 3.87% | 1.90% | 1.39% |
SMBPX Saratoga Municipal Bond Portfolio | 0.00% | 2.92% | -0.11% | 1.84% | -2.57% | -1.39% | 0.77% | 1.00% | -2.38% | 2.12% |
Correlation
The correlation between TLDIX and SMBPX is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.22 |
The correlation between TLDIX and SMBPX shifts across timeframes, from 0.07 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TLDIX vs. SMBPX — Risk / Return Rank
TLDIX
SMBPX
TLDIX vs. SMBPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Ultra Short Income Fund (TLDIX) and Saratoga Municipal Bond Portfolio (SMBPX). 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.
| TLDIX | SMBPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +9.47 | ||
| Omega ratioGain probability vs. loss probability | 5.05 | 2.11 | +2.95 |
| Calmar ratioReturn relative to maximum drawdown | 17.41 | 5.01 | +12.40 |
| Martin ratioReturn relative to average drawdown | 84.28 | 10.98 | +73.31 |
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Drawdowns
TLDIX vs. SMBPX - Drawdown Comparison
The maximum TLDIX drawdown since its inception was -3.43%, smaller than the maximum SMBPX drawdown of -9.99%. Use the drawdown chart below to compare losses from any high point for TLDIX and SMBPX.
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Drawdown Indicators
| TLDIX | SMBPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.43% | -9.99% | +6.56% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -0.56% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -0.25% | -4.48% | +4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -1.39% | -6.31% | +4.92% |
Max Drawdown (10Y)Largest decline over 10 years | -3.43% | -9.63% | +6.20% |
Current DrawdownCurrent decline from peak | 0.00% | -2.99% | +2.99% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -2.47% | +2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.30% | -0.25% |
Volatility
TLDIX vs. SMBPX - Volatility Comparison
Thornburg Ultra Short Income Fund (TLDIX) has a higher volatility of 0.14% compared to Saratoga Municipal Bond Portfolio (SMBPX) at 0.00%. This indicates that TLDIX's price experiences larger fluctuations and is considered to be riskier than SMBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLDIX | SMBPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 0.00% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 0.53% | 0.24% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.14% | 1.31% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.31% | 2.21% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.26% | 1.94% | -0.68% |
TLDIX vs. SMBPX - Expense Ratio Comparison
TLDIX has a 0.76% expense ratio, which is lower than SMBPX's 3.16% expense ratio.
Dividends
TLDIX vs. SMBPX - Dividend Comparison
TLDIX's dividend yield for the trailing twelve months is around 4.02%, more than SMBPX's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMBPX Saratoga Municipal Bond Portfolio | 2.69% | 2.69% | 1.16% | 0.00% | 0.00% | 0.04% | 0.10% | 0.10% | 0.36% | 0.23% | 4.23% | 1.50% |
TLDIX Thornburg Ultra Short Income Fund | 4.02% | 4.89% | 5.64% | 4.12% | 2.12% | 1.53% | 2.32% | 2.82% | 2.37% | 1.62% | 1.24% | 0.89% |
Frequently Asked Questions
TLDIX and SMBPX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLDIX has higher volatility (0.14%) compared to SMBPX (0.00%). In terms of maximum drawdown, TLDIX dropped -3.43% vs SMBPX's -9.99%.
TLDIX currently has the higher Sharpe Ratio (3.76 vs 2.62), 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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