TSSIX vs. MUC
Compare and contrast key facts about Thornburg Strategic Municipal Income Fund (TSSIX) and BlackRock MuniHoldings California Quality Fund (MUC).
TSSIX is managed by Thornburg. It was launched on Mar 31, 2009. MUC is an actively managed fund by BlackRock. It was launched on Feb 27, 1998.
Performance
TSSIX vs. MUC - Performance Comparison
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TSSIX vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSSIX Thornburg Strategic Municipal Income Fund | -0.52% | 5.62% | 3.77% | 5.51% | -8.30% | 1.50% | 4.03% | 5.99% | 1.04% | 4.21% |
MUC BlackRock MuniHoldings California Quality Fund | -0.42% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -9.00% | 6.07% |
Returns By Period
In the year-to-date period, TSSIX achieves a -0.52% return, which is significantly lower than MUC's -0.42% return. Over the past 10 years, TSSIX has outperformed MUC with an annualized return of 2.04%, while MUC has yielded a comparatively lower 0.58% annualized return.
TSSIX
- 1D
- 0.14%
- 1M
- -2.11%
- YTD
- -0.52%
- 6M
- 0.43%
- 1Y
- 3.44%
- 3Y*
- 4.01%
- 5Y*
- 1.35%
- 10Y*
- 2.04%
MUC
- 1D
- 1.56%
- 1M
- -4.11%
- YTD
- -0.42%
- 6M
- -1.25%
- 1Y
- 3.17%
- 3Y*
- 3.31%
- 5Y*
- -2.41%
- 10Y*
- 0.58%
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TSSIX vs. MUC - Expense Ratio Comparison
TSSIX has a 0.59% expense ratio, which is lower than MUC's 2.14% expense ratio.
Return for Risk
TSSIX vs. MUC — Risk / Return Rank
TSSIX
MUC
TSSIX vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Strategic Municipal Income Fund (TSSIX) and BlackRock MuniHoldings California Quality Fund (MUC). 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.
| TSSIX | MUC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.88 | 0.31 | +0.57 |
Sortino ratioReturn per unit of downside risk | 1.24 | 0.48 | +0.75 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.07 | +0.22 |
Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.46 | +0.54 |
Martin ratioReturn relative to average drawdown | 4.17 | 1.16 | +3.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSSIX | MUC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 0.31 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | -0.21 | +0.59 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.05 | +0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.30 | 0.28 | +1.02 |
Correlation
The correlation between TSSIX and MUC is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TSSIX vs. MUC - Dividend Comparison
TSSIX's dividend yield for the trailing twelve months is around 4.11%, less than MUC's 6.17% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TSSIX Thornburg Strategic Municipal Income Fund | 4.11% | 5.27% | 4.42% | 2.86% | 2.48% | 2.08% | 2.61% | 2.95% | 2.76% | 2.65% | 2.40% | 2.63% |
MUC BlackRock MuniHoldings California Quality Fund | 6.17% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
Drawdowns
TSSIX vs. MUC - Drawdown Comparison
The maximum TSSIX drawdown since its inception was -12.64%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for TSSIX and MUC.
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Drawdown Indicators
| TSSIX | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -48.97% | +36.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.67% | -7.26% | +2.59% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -38.29% | +25.65% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | -38.29% | +25.65% |
Current DrawdownCurrent decline from peak | -2.32% | -20.09% | +17.77% |
Average DrawdownAverage peak-to-trough decline | -1.99% | -9.86% | +7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 2.89% | -1.76% |
Volatility
TSSIX vs. MUC - Volatility Comparison
The current volatility for Thornburg Strategic Municipal Income Fund (TSSIX) is 0.85%, while BlackRock MuniHoldings California Quality Fund (MUC) has a volatility of 3.17%. This indicates that TSSIX experiences smaller price fluctuations and is considered to be less risky than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSSIX | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 3.17% | -2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 1.52% | 5.80% | -4.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.32% | 10.35% | -5.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.58% | 11.46% | -7.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.46% | 11.89% | -8.43% |