TSIIX vs. PTIAX

Last updated Jun 23, 2026

TSIIX (Thornburg Strategic Income Fund) and PTIAX (Performance Trust Strategic Bond Fund) are both mutual funds - TSIIX is a Multisector Bonds fund managed by Thornburg, while PTIAX is a Intermediate Core-Plus Bond fund managed by Performance Trust Asset Management. Over the past 10 years, TSIIX returned 4.28%/yr vs 2.90%/yr for PTIAX. A 0.55 correlation means they provide meaningful diversification when combined. TSIIX charges 0.60%/yr vs 0.76%/yr for PTIAX.

Performance

TSIIX vs. PTIAX - Performance Comparison

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

Returns By Period

In the year-to-date period, TSIIX achieves a 0.81% return, which is significantly lower than PTIAX's 1.35% return. Over the past 10 years, TSIIX has outperformed PTIAX with an annualized return of 4.28%, while PTIAX has yielded a comparatively lower 2.90% annualized return.

TSIIX

• 1D: 0.09%
• 1M: 0.78%
• YTD: 0.81%
• 6M: 1.23%
• 1Y: 5.16%
• 3Y*: 5.90%
• 5Y*: 3.00%
• 10Y*: 4.28%

PTIAX

• 1D: 0.20%
• 1M: 1.42%
• YTD: 1.35%
• 6M: 1.51%
• 1Y: 5.91%
• 3Y*: 5.44%
• 5Y*: 0.99%
• 10Y*: 2.90%

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

TSIIX vs. PTIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSIIX Thornburg Strategic Income Fund	0.81%	7.58%	4.85%	7.63%	-6.44%	2.80%	8.27%	7.92%	0.70%	6.48%
PTIAX Performance Trust Strategic Bond Fund	1.35%	6.92%	3.52%	7.48%	-12.84%	1.15%	5.73%	7.36%	2.01%	7.08%

Correlation

The correlation between TSIIX and PTIAX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.55

Over the past year, TSIIX and PTIAX have become more correlated (0.84) than their long-term average of 0.55, meaning their price movements have been converging.

Return for Risk

TSIIX vs. PTIAX — Risk / Return Rank

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

TSIIX

TSIIX Risk / Return Rank: 50
TSIIX Sharpe Ratio Rank: 48
TSIIX Sortino Ratio Rank: 65
TSIIX Omega Ratio Rank: 51
TSIIX Calmar Ratio Rank: 45
TSIIX Martin Ratio Rank: 42

PTIAX

PTIAX Risk / Return Rank: 31
PTIAX Sharpe Ratio Rank: 33
PTIAX Sortino Ratio Rank: 36
PTIAX Omega Ratio Rank: 31
PTIAX Calmar Ratio Rank: 32
PTIAX Martin Ratio Rank: 25

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. PTIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Strategic Income Fund (TSIIX) and Performance Trust Strategic Bond Fund (PTIAX). 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	PTIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.54	+0.35
Sortino ratio: Return per unit of downside risk	3.07	2.32	+0.75
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	2.46	2.02	+0.44
Martin ratio: Return relative to average drawdown	8.46	5.57	+2.89

TSIIX vs. PTIAX - Sharpe Ratio Comparison

The current TSIIX Sharpe Ratio is 1.89, which is comparable to the PTIAX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of TSIIX and PTIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSIIX vs. PTIAX - Drawdown Comparison

The maximum TSIIX drawdown since its inception was -21.98%, which is greater than PTIAX's maximum drawdown of -16.90%. Use the drawdown chart below to compare losses from any high point for TSIIX and PTIAX.

Drawdown Indicators

	TSIIX	PTIAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.98%	-16.90%	-5.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.14%	-2.99%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-2.62%	-4.96%	+2.34%
Max Drawdown (5Y) Largest decline over 5 years	-9.40%	-16.90%	+7.50%
Max Drawdown (10Y) Largest decline over 10 years	-9.58%	-16.90%	+7.32%
Current Drawdown Current decline from peak	-0.54%	-0.90%	+0.36%
Average Drawdown Average peak-to-trough decline	-1.64%	-2.43%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	1.08%	-0.46%

Volatility

TSIIX vs. PTIAX - Volatility Comparison

The current volatility for Thornburg Strategic Income Fund (TSIIX) is 0.84%, while Performance Trust Strategic Bond Fund (PTIAX) has a volatility of 1.03%. This indicates that TSIIX experiences smaller price fluctuations and is considered to be less risky than PTIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSIIX	PTIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	1.03%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	2.84%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	3.93%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.39%	4.98%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	4.05%	-1.09%

TSIIX vs. PTIAX - Expense Ratio Comparison

TSIIX has a 0.60% expense ratio, which is lower than PTIAX's 0.76% expense ratio.

Dividends

TSIIX vs. PTIAX - Dividend Comparison

TSIIX's dividend yield for the trailing twelve months is around 4.88%, more than PTIAX's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTIAX Performance Trust Strategic Bond Fund	4.74%	4.68%	4.44%	4.03%	3.96%	3.01%	3.86%	4.11%	4.47%	5.51%	5.49%	4.87%
TSIIX Thornburg Strategic Income Fund	4.88%	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

Can I hold both TSIIX and PTIAX in my portfolio?

TSIIX and PTIAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSIIX or PTIAX?

PTIAX has higher volatility (1.03%) compared to TSIIX (0.84%). In terms of maximum drawdown, TSIIX dropped -21.98% vs PTIAX's -16.90%.

Which has better risk-adjusted returns?

TSIIX currently has the higher Sharpe Ratio (1.89 vs 1.54), 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.