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TSIIX vs. AXSIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TSIIX vs. AXSIX

Last updated Jun 24, 2026

TSIIX (Thornburg Strategic Income Fund) and AXSIX (Axonic Strategic Income Fund) are both Multisector Bonds funds. Over the past 5 years, TSIIX returned 2.98%/yr vs 3.70%/yr for AXSIX. A 0.56 correlation means they provide meaningful diversification when combined. TSIIX charges 0.60%/yr vs 1.00%/yr for AXSIX.

Performance

TSIIX vs. AXSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Strategic Income Fund (TSIIX) and Axonic Strategic Income Fund (AXSIX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, TSIIX achieves a 0.63% return, which is significantly lower than AXSIX's 1.72% return.

TSIIX

1D
-0.17%
1M
0.60%
YTD
0.63%
6M
1.06%
1Y
4.88%
3Y*
5.87%
5Y*
2.98%
10Y*
4.28%

AXSIX

1D
-0.22%
1M
0.53%
YTD
1.72%
6M
1.72%
1Y
5.42%
3Y*
7.21%
5Y*
3.70%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

TSIIX vs. AXSIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
TSIIX
Thornburg Strategic Income Fund		0.63%7.58%4.85%7.63%-6.44%2.80%8.27%
AXSIX
Axonic Strategic Income Fund		1.72%6.71%8.30%7.54%-6.81%5.91%-0.16%

Correlation

The correlation between TSIIX and AXSIX is 0.72, 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

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (All Time)
Calculated using the full available price history since Jan 2, 2020

0.56

The correlation between TSIIX and AXSIX shifts across timeframes, from 0.56 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

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Thornburg Strategic Income Fund

Axonic Strategic Income Fund

Often compared with TSIIX:
TSIIX vs. FCFAXTSIIX vs. PTIAXTSIIX vs. PYLDTSIIX vs. JMSIXTSIIX vs. TSLWTSIIX vs. ESIIXTSIIX vs. TSLY
Often compared with AXSIX:
AXSIX vs. MFHVXAXSIX vs. RCTIXAXSIX vs. RCTRXAXSIX vs. HSNIXAXSIX vs. FADMXAXSIX vs. VOOAXSIX vs. JMSIX

Return for Risk

TSIIX vs. AXSIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TSIIX
TSIIX Risk / Return Rank: 4545
Overall Rank
TSIIX Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
TSIIX Sortino Ratio Rank: 5656
Sortino Ratio Rank
TSIIX Omega Ratio Rank: 4646
Omega Ratio Rank
TSIIX Calmar Ratio Rank: 4141
Calmar Ratio Rank
TSIIX Martin Ratio Rank: 3939
Martin Ratio Rank
AXSIX
AXSIX Risk / Return Rank: 8888
Overall Rank
AXSIX Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
AXSIX Sortino Ratio Rank: 9595
Sortino Ratio Rank
AXSIX Omega Ratio Rank: 9090
Omega Ratio Rank
AXSIX Calmar Ratio Rank: 9292
Calmar Ratio Rank
AXSIX Martin Ratio Rank: 9090
Martin Ratio Rank
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.

TSIIX vs. AXSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Strategic Income Fund (TSIIX) and Axonic Strategic Income Fund (AXSIX). 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.

TSIIXAXSIXDifference
Sharpe ratioReturn per unit of total volatility
1.79
2.29

-0.50

Sortino ratioReturn per unit of downside risk
2.90
4.81

-1.92

Omega ratioGain probability vs. loss probability

1.34

1.62

-0.28

Calmar ratioReturn relative to maximum drawdown

2.33

4.56

-2.23

Martin ratioReturn relative to average drawdown

8.00

16.65

-8.65

TSIIX vs. AXSIX - Sharpe Ratio Comparison

The current TSIIX Sharpe Ratio is 1.79, which is comparable to the AXSIX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of TSIIX and AXSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TSIIX vs. AXSIX - Drawdown Comparison

The maximum TSIIX drawdown since its inception was -21.98%, which is greater than AXSIX's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for TSIIX and AXSIX.

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Drawdown Indicators

TSIIXAXSIXDifference

Max Drawdown

Largest peak-to-trough decline

-21.98%

-12.55%

-9.43%

Max Drawdown (1Y)

Largest decline over 1 year

-2.14%

-1.22%

-0.92%

Max Drawdown (3Y)

Largest decline over 3 years

-2.62%

-1.22%

-1.40%

Max Drawdown (5Y)

Largest decline over 5 years

-9.40%

-6.87%

-2.53%

Max Drawdown (10Y)

Largest decline over 10 years

-9.58%

—

—

Current Drawdown

Current decline from peak

-0.72%

-0.34%

-0.38%

Average Drawdown

Average peak-to-trough decline

-1.64%

-1.95%

+0.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.62%

0.33%

+0.29%

Volatility

TSIIX vs. AXSIX - Volatility Comparison

Thornburg Strategic Income Fund (TSIIX) has a higher volatility of 0.81% compared to Axonic Strategic Income Fund (AXSIX) at 0.72%. This indicates that TSIIX's price experiences larger fluctuations and is considered to be riskier than AXSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TSIIXAXSIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.81%

0.72%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

2.09%

1.67%

+0.42%

Volatility (1Y)

Calculated over the trailing 1-year period

2.80%

2.44%

+0.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.39%

2.19%

+1.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.96%

3.69%

-0.73%

TSIIX vs. AXSIX - Expense Ratio Comparison

TSIIX has a 0.60% expense ratio, which is lower than AXSIX's 1.00% expense ratio.

Dividends

TSIIX vs. AXSIX - Dividend Comparison

TSIIX's dividend yield for the trailing twelve months is around 4.89%, less than AXSIX's 6.22% yield.

PositionTTM20252024202320222021202020192018201720162015
AXSIX
Axonic Strategic Income Fund		6.22%6.39%6.52%6.24%3.89%6.70%2.04%0.00%0.00%0.00%0.00%0.00%
TSIIX
Thornburg Strategic Income Fund		4.89%4.99%5.10%4.50%3.49%4.17%3.70%3.82%3.40%3.59%3.43%4.51%

Frequently Asked Questions

TSIIX and AXSIX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TSIIX has higher volatility (0.81%) compared to AXSIX (0.72%). In terms of maximum drawdown, TSIIX dropped -21.98% vs AXSIX's -12.55%.

AXSIX currently has the higher Sharpe Ratio (2.29 vs 1.79), 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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