TSIIX vs. FCFAX
TSIIX (Thornburg Strategic Income Fund) and FCFAX (Frost Credit Fund) are both mutual funds - TSIIX is a Multisector Bonds fund managed by Thornburg, while FCFAX is a Short-Term Bond fund managed by Frost. Over the past 10 years, TSIIX returned 4.05%/yr vs 4.66%/yr for FCFAX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. TSIIX charges 0.60%/yr vs 0.96%/yr for FCFAX.
Performance
TSIIX vs. FCFAX - Performance Comparison
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Returns By Period
In the year-to-date period, TSIIX achieves a 0.35% return, which is significantly lower than FCFAX's 1.05% return. Over the past 10 years, TSIIX has underperformed FCFAX with an annualized return of 4.05%, while FCFAX has yielded a comparatively higher 4.66% annualized return.
TSIIX
- 1D
- 0.00%
- 1M
- -0.79%
- 6M
- 0.02%
- YTD
- 0.35%
- 1Y
- 3.00%
- 3Y*
- 5.41%
- 5Y*
- 2.72%
- 10Y*
- 4.05%
- ALL TIME*
- 5.81%
FCFAX
- 1D
- 0.01%
- 1M
- -0.65%
- 6M
- 0.37%
- YTD
- 1.05%
- 1Y
- 2.87%
- 3Y*
- 6.45%
- 5Y*
- 3.50%
- 10Y*
- 4.66%
- ALL TIME*
- 4.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
FCFAX Frost Credit Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
TSIIX vs. FCFAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSIIX Thornburg Strategic Income Fund | 0.35% | 7.58% | 4.85% | 7.63% | -6.44% | 2.80% | 8.27% | 7.92% | 0.70% | 6.48% |
FCFAX Frost Credit Fund | 1.05% | 5.21% | 8.01% | 11.23% | -7.83% | 5.07% | 6.22% | 6.95% | 0.89% | 7.95% |
Correlation
The correlation between TSIIX and FCFAX is 0.75, 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. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.60 |
The correlation between TSIIX and FCFAX shifts across timeframes, from 0.60 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TSIIX vs. FCFAX — Risk / Return Rank
TSIIX
FCFAX
TSIIX vs. FCFAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Strategic Income Fund (TSIIX) and Frost Credit Fund (FCFAX). 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.
| TSIIX | FCFAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 1.77 | +0.08 |
| Martin ratioReturn relative to average drawdown | 6.14 | 6.26 | -0.12 |
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Drawdowns
TSIIX vs. FCFAX - Drawdown Comparison
The maximum TSIIX drawdown since its inception was -21.98%, which is greater than FCFAX's maximum drawdown of -16.33%. Use the drawdown chart below to compare losses from any high point for TSIIX and FCFAX.
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Drawdown Indicators
| TSIIX | FCFAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.98% | -16.33% | -5.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.14% | -1.82% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -2.56% | -2.82% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -9.40% | -10.49% | +1.09% |
Max Drawdown (10Y)Largest decline over 10 years | -9.58% | -16.33% | +6.75% |
Current DrawdownCurrent decline from peak | -0.99% | -0.86% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -1.51% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 0.51% | +0.14% |
Volatility
TSIIX vs. FCFAX - Volatility Comparison
The current volatility for Thornburg Strategic Income Fund (TSIIX) is 0.60%, while Frost Credit Fund (FCFAX) has a volatility of 0.66%. This indicates that TSIIX experiences smaller price fluctuations and is considered to be less risky than FCFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSIIX | FCFAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.60% | 0.66% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 1.81% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 2.27% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.39% | 2.79% | +0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.96% | 3.20% | -0.24% |
TSIIX vs. FCFAX - Expense Ratio Comparison
TSIIX has a 0.60% expense ratio, which is lower than FCFAX's 0.96% expense ratio.
Dividends
TSIIX vs. FCFAX - Dividend Comparison
TSIIX's dividend yield for the trailing twelve months is around 4.51%, less than FCFAX's 6.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCFAX Frost Credit Fund | 6.35% | 6.10% | 5.76% | 5.93% | 5.00% | 3.65% | 3.69% | 4.62% | 5.05% | 5.85% | 4.84% | 4.95% |
TSIIX Thornburg Strategic Income Fund | 4.51% | 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 FCFAX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCFAX has higher volatility (0.66%) compared to TSIIX (0.60%). In terms of maximum drawdown, TSIIX dropped -21.98% vs FCFAX's -16.33%.
TSIIX currently has the higher Sharpe Ratio (1.47 vs 1.42), 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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