TLMIX vs. LTMFX
TLMIX (Thornburg Short Duration Municipal Fund) and LTMFX (Thornburg Limited Term Municipal Fund) are both Municipal Bonds funds from Thornburg. Over the past 10 years, TLMIX returned 1.29%/yr vs 1.29%/yr for LTMFX. Their 0.59 correlation means they have sometimes moved together and sometimes differently. TLMIX charges 0.50%/yr vs 0.71%/yr for LTMFX.
Performance
TLMIX vs. LTMFX - Performance Comparison
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Returns By Period
In the year-to-date period, TLMIX achieves a 0.86% return, which is significantly higher than LTMFX's 0.04% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: TLMIX at 1.29% and LTMFX at 1.29%.
TLMIX
- 1D
- -0.08%
- 1M
- -0.42%
- 6M
- 0.34%
- YTD
- 0.86%
- 1Y
- 2.13%
- 3Y*
- 3.06%
- 5Y*
- 1.54%
- 10Y*
- 1.29%
- ALL TIME*
- 1.15%
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 |
TLMIX vs. LTMFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLMIX Thornburg Short Duration Municipal Fund | 0.86% | 3.74% | 2.75% | 3.25% | -2.46% | -0.05% | 1.00% | 2.12% | 1.26% | 1.08% |
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 TLMIX and LTMFX is 0.67, 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. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.59 |
The correlation between TLMIX and LTMFX shifts across timeframes, from 0.59 (all time) to 0.71 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TLMIX vs. LTMFX — Risk / Return Rank
TLMIX
LTMFX
TLMIX vs. LTMFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Short Duration Municipal Fund (TLMIX) 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.
| TLMIX | LTMFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.44 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 1.36 | +1.15 |
| Martin ratioReturn relative to average drawdown | 8.72 | 3.69 | +5.04 |
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Drawdowns
TLMIX vs. LTMFX - Drawdown Comparison
The maximum TLMIX drawdown since its inception was -4.15%, smaller than the maximum LTMFX drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for TLMIX and LTMFX.
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Drawdown Indicators
| TLMIX | LTMFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.15% | -8.40% | +4.25% |
Max Drawdown (1Y)Largest decline over 1 year | -1.00% | -1.96% | +0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -2.95% | +1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -4.15% | -8.40% | +4.25% |
Max Drawdown (10Y)Largest decline over 10 years | -4.15% | -8.40% | +4.25% |
Current DrawdownCurrent decline from peak | -0.50% | -1.57% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -1.63% | +1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 0.72% | -0.43% |
Volatility
TLMIX vs. LTMFX - Volatility Comparison
The current volatility for Thornburg Short Duration Municipal Fund (TLMIX) is 0.35%, while Thornburg Limited Term Municipal Fund (LTMFX) has a volatility of 0.54%. This indicates that TLMIX experiences smaller price fluctuations and is considered to be less risky 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
| TLMIX | LTMFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.54% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 1.38% | -0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.25% | 1.68% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.39% | 2.37% | -0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.17% | 2.27% | -1.10% |
TLMIX vs. LTMFX - Expense Ratio Comparison
TLMIX has a 0.50% expense ratio, which is lower than LTMFX's 0.71% expense ratio.
Dividends
TLMIX vs. LTMFX - Dividend Comparison
TLMIX's dividend yield for the trailing twelve months is around 2.97%, which matches 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% |
TLMIX Thornburg Short Duration Municipal Fund | 2.97% | 3.25% | 3.30% | 2.34% | 1.15% | 0.44% | 1.07% | 1.45% | 1.33% | 0.99% | 0.47% | 0.32% |
Frequently Asked Questions
TLMIX and LTMFX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LTMFX has higher volatility (0.54%) compared to TLMIX (0.35%). In terms of maximum drawdown, TLMIX dropped -4.15% vs LTMFX's -8.40%.
TLMIX currently has the higher Sharpe Ratio (2.01 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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