TSSIX vs. THNMX
TSSIX (Thornburg Strategic Municipal Income Fund) and THNMX (Thornburg New Mexico Intermediate Municipal Fund) are both Municipal Bonds funds from Thornburg. Over the past 10 years, TSSIX returned 2.09%/yr vs 1.27%/yr for THNMX. Their correlation of 0.83 suggests significant overlap in exposure. TSSIX charges 0.59%/yr vs 0.99%/yr for THNMX.
Performance
TSSIX vs. THNMX - Performance Comparison
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Returns By Period
In the year-to-date period, TSSIX achieves a 2.07% return, which is significantly higher than THNMX's 1.08% return. Over the past 10 years, TSSIX has outperformed THNMX with an annualized return of 2.09%, while THNMX has yielded a comparatively lower 1.27% annualized return.
TSSIX
- 1D
- -0.14%
- 1M
- 1.58%
- YTD
- 2.07%
- 6M
- 2.49%
- 1Y
- 6.37%
- 3Y*
- 5.03%
- 5Y*
- 1.70%
- 10Y*
- 2.09%
THNMX
- 1D
- -0.16%
- 1M
- 1.06%
- YTD
- 1.08%
- 6M
- 1.32%
- 1Y
- 4.70%
- 3Y*
- 3.27%
- 5Y*
- 0.82%
- 10Y*
- 1.27%
TSSIX vs. THNMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSSIX Thornburg Strategic Municipal Income Fund | 2.07% | 5.62% | 3.77% | 5.51% | -8.30% | 1.50% | 4.03% | 5.99% | 1.04% | 4.21% |
THNMX Thornburg New Mexico Intermediate Municipal Fund | 1.08% | 5.08% | 1.10% | 3.52% | -6.39% | 0.11% | 3.47% | 4.68% | 1.40% | 2.04% |
Correlation
The correlation between TSSIX and THNMX is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2009 | 0.83 |
The correlation between TSSIX and THNMX has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.
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Return for Risk
TSSIX vs. THNMX — Risk / Return Rank
TSSIX
THNMX
TSSIX vs. THNMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Strategic Municipal Income Fund (TSSIX) and Thornburg New Mexico Intermediate Municipal Fund (THNMX). 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.
| TSSIX | THNMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.70 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.41 | +0.18 |
| Martin ratioReturn relative to average drawdown | 9.65 | 8.14 | +1.51 |
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Drawdowns
TSSIX vs. THNMX - Drawdown Comparison
The maximum TSSIX drawdown since its inception was -12.64%, which is greater than THNMX's maximum drawdown of -9.86%. Use the drawdown chart below to compare losses from any high point for TSSIX and THNMX.
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Drawdown Indicators
| TSSIX | THNMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -9.86% | -2.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.46% | -1.99% | -0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -4.67% | -3.52% | -1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -9.86% | -2.78% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | -9.86% | -2.78% |
Current DrawdownCurrent decline from peak | -0.14% | -0.38% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -1.97% | -1.22% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.59% | +0.07% |
Volatility
TSSIX vs. THNMX - Volatility Comparison
Thornburg Strategic Municipal Income Fund (TSSIX) and Thornburg New Mexico Intermediate Municipal Fund (THNMX) have volatilities of 0.70% and 0.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSSIX | THNMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 0.71% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 1.42% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.55% | 1.90% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.62% | 2.77% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.48% | 2.79% | +0.69% |
TSSIX vs. THNMX - Expense Ratio Comparison
TSSIX has a 0.59% expense ratio, which is lower than THNMX's 0.99% expense ratio.
Dividends
TSSIX vs. THNMX - Dividend Comparison
TSSIX's dividend yield for the trailing twelve months is around 4.13%, more than THNMX's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
THNMX Thornburg New Mexico Intermediate Municipal Fund | 2.95% | 3.86% | 3.13% | 1.75% | 1.42% | 1.45% | 1.68% | 2.44% | 2.53% | 2.41% | 2.07% | 2.35% |
TSSIX Thornburg Strategic Municipal Income Fund | 4.13% | 5.27% | 4.42% | 2.86% | 2.48% | 2.08% | 2.61% | 2.95% | 2.76% | 2.65% | 2.40% | 2.63% |
Frequently Asked Questions
TSSIX and THNMX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
THNMX has higher volatility (0.71%) compared to TSSIX (0.70%). In terms of maximum drawdown, TSSIX dropped -12.64% vs THNMX's -9.86%.
THNMX currently has the higher Sharpe Ratio (2.54 vs 2.51), 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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