TSUMX vs. FRGAX

Last updated Jun 4, 2026

TSUMX (Thornburg Summit Fund Class I) and FRGAX (Fidelity 70% Allocation Fund) are both Diversified Portfolio funds. TSUMX is passively managed, while FRGAX is actively managed. Over the past 3 years, TSUMX returned 16.09%/yr vs 16.33%/yr for FRGAX. Their correlation of 0.90 suggests significant overlap in exposure. TSUMX charges 0.70%/yr vs 0.02%/yr for FRGAX.

Performance

TSUMX vs. FRGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Summit Fund Class I (TSUMX) and Fidelity 70% Allocation Fund (FRGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSUMX achieves a 10.05% return, which is significantly higher than FRGAX's 9.37% return.

TSUMX

• 1D: -0.13%
• 1M: 2.65%
• YTD: 10.05%
• 6M: 11.19%
• 1Y: 25.55%
• 3Y*: 16.09%
• 5Y*: 9.17%
• 10Y*: —

FRGAX

• 1D: 0.22%
• 1M: 4.20%
• YTD: 9.37%
• 6M: 9.79%
• 1Y: 22.55%
• 3Y*: 16.33%
• 5Y*: —
• 10Y*: —

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

TSUMX vs. FRGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSUMX Thornburg Summit Fund Class I	10.05%	20.51%	11.42%	12.31%	-0.03%
FRGAX Fidelity 70% Allocation Fund	9.37%	17.10%	12.91%	17.57%	-1.63%

Correlation

The correlation between TSUMX and FRGAX 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	0.90
Correlation (All Time) Calculated using the full available price history since Nov 23, 2022	0.90

The correlation between TSUMX and FRGAX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

TSUMX vs. FRGAX — Risk / Return Rank

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

TSUMX

TSUMX Risk / Return Rank: 90
TSUMX Sharpe Ratio Rank: 94
TSUMX Sortino Ratio Rank: 92
TSUMX Omega Ratio Rank: 88
TSUMX Calmar Ratio Rank: 86
TSUMX Martin Ratio Rank: 89

FRGAX

FRGAX Risk / Return Rank: 74
FRGAX Sharpe Ratio Rank: 77
FRGAX Sortino Ratio Rank: 75
FRGAX Omega Ratio Rank: 72
FRGAX Calmar Ratio Rank: 71
FRGAX Martin Ratio Rank: 78

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.

TSUMX vs. FRGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Summit Fund Class I (TSUMX) and Fidelity 70% Allocation Fund (FRGAX). 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.

	TSUMX	FRGAX	Difference
Sharpe ratio: Return per unit of total volatility	3.30	2.55	+0.75
Sortino ratio: Return per unit of downside risk	4.66	3.61	+1.05
Omega ratio: Gain probability vs. loss probability	1.62	1.48	+0.15
Calmar ratio: Return relative to maximum drawdown	4.13	3.27	+0.86
Martin ratio: Return relative to average drawdown	17.63	14.61	+3.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSUMX vs. FRGAX - Sharpe Ratio Comparison

The current TSUMX Sharpe Ratio is 3.30, which is comparable to the FRGAX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of TSUMX and FRGAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSUMX	FRGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.30	2.55	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	1.54	-0.59

Drawdowns

TSUMX vs. FRGAX - Drawdown Comparison

The maximum TSUMX drawdown since its inception was -28.87%, which is greater than FRGAX's maximum drawdown of -11.77%. Use the drawdown chart below to compare losses from any high point for TSUMX and FRGAX.

Drawdown Indicators

	TSUMX	FRGAX	Difference
Max Drawdown Largest peak-to-trough decline	-28.87%	-11.77%	-17.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-7.03%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-10.37%	-11.77%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-28.87%	—	—
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-7.61%	-1.58%	-6.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.57%	-0.11%

Volatility

TSUMX vs. FRGAX - Volatility Comparison

The current volatility for Thornburg Summit Fund Class I (TSUMX) is 2.16%, while Fidelity 70% Allocation Fund (FRGAX) has a volatility of 2.75%. This indicates that TSUMX experiences smaller price fluctuations and is considered to be less risky than FRGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSUMX	FRGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	2.75%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	5.94%	7.19%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	7.85%	9.03%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	10.31%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.70%	10.31%	+3.39%

TSUMX vs. FRGAX - Expense Ratio Comparison

TSUMX has a 0.70% expense ratio, which is higher than FRGAX's 0.02% expense ratio.

Dividends

TSUMX vs. FRGAX - Dividend Comparison

TSUMX's dividend yield for the trailing twelve months is around 6.20%, more than FRGAX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FRGAX Fidelity 70% Allocation Fund	1.83%	2.00%	2.01%	1.77%	1.71%	0.00%	0.00%	0.00%
TSUMX Thornburg Summit Fund Class I	6.20%	6.22%	4.86%	2.03%	2.61%	19.21%	5.11%	1.77%

Frequently Asked Questions

Can I hold both TSUMX and FRGAX in my portfolio?

TSUMX and FRGAX 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, TSUMX or FRGAX?

FRGAX has higher volatility (2.75%) compared to TSUMX (2.16%). In terms of maximum drawdown, TSUMX dropped -28.87% vs FRGAX's -11.77%.

Which has better risk-adjusted returns?

TSUMX currently has the higher Sharpe Ratio (3.30 vs 2.55), 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.