TVAFX vs. LTMFX
Compare and contrast key facts about Thornburg Small/Mid Cap Core Fund (TVAFX) and Thornburg Limited Term Municipal Fund (LTMFX).
TVAFX is managed by Thornburg. It was launched on Oct 2, 1995. LTMFX is managed by Thornburg. It was launched on Sep 27, 1984.
Performance
TVAFX vs. LTMFX - Performance Comparison
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TVAFX vs. LTMFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TVAFX Thornburg Small/Mid Cap Core Fund | 2.92% | -0.93% | 19.41% | 13.14% | -19.55% | 13.45% | 11.84% | 28.88% | -9.70% | 23.33% |
LTMFX Thornburg Limited Term Municipal Fund | -0.20% | 5.74% | 1.84% | 3.83% | -5.27% | -0.18% | 2.97% | 3.81% | 1.00% | 2.29% |
Returns By Period
In the year-to-date period, TVAFX achieves a 2.92% return, which is significantly higher than LTMFX's -0.20% return. Over the past 10 years, TVAFX has outperformed LTMFX with an annualized return of 8.19%, while LTMFX has yielded a comparatively lower 1.38% annualized return.
TVAFX
- 1D
- 2.73%
- 1M
- -6.48%
- YTD
- 2.92%
- 6M
- 2.23%
- 1Y
- 14.70%
- 3Y*
- 11.11%
- 5Y*
- 2.94%
- 10Y*
- 8.19%
LTMFX
- 1D
- 0.07%
- 1M
- -1.67%
- YTD
- -0.20%
- 6M
- 0.38%
- 1Y
- 3.61%
- 3Y*
- 3.18%
- 5Y*
- 1.13%
- 10Y*
- 1.38%
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TVAFX vs. LTMFX - Expense Ratio Comparison
TVAFX has a 1.31% expense ratio, which is higher than LTMFX's 0.71% expense ratio.
Return for Risk
TVAFX vs. LTMFX — Risk / Return Rank
TVAFX
LTMFX
TVAFX vs. LTMFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Small/Mid Cap Core Fund (TVAFX) and Thornburg Limited Term Municipal Fund (LTMFX). 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.
| TVAFX | LTMFX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.67 | 1.16 | -0.49 |
Sortino ratioReturn per unit of downside risk | 1.09 | 1.57 | -0.48 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.43 | -0.28 |
Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.52 | -0.47 |
Martin ratioReturn relative to average drawdown | 4.00 | 6.84 | -2.84 |
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
| TVAFX | LTMFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 1.16 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.49 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 0.61 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.84 | -0.43 |
Correlation
The correlation between TVAFX and LTMFX is -0.07. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
TVAFX vs. LTMFX - Dividend Comparison
TVAFX has not paid dividends to shareholders, while LTMFX's dividend yield for the trailing twelve months is around 3.25%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TVAFX Thornburg Small/Mid Cap Core Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.05% | 36.39% | 0.00% | 0.35% | 0.47% | 0.53% | 0.34% | 0.00% |
LTMFX Thornburg Limited Term Municipal Fund | 3.25% | 4.28% | 3.60% | 2.11% | 1.62% | 1.27% | 1.54% | 1.78% | 1.83% | 1.64% | 1.57% | 1.56% |
Drawdowns
TVAFX vs. LTMFX - Drawdown Comparison
The maximum TVAFX drawdown since its inception was -59.41%, which is greater than LTMFX's maximum drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for TVAFX and LTMFX.
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Drawdown Indicators
| TVAFX | LTMFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.41% | -8.40% | -51.01% |
Max Drawdown (1Y)Largest decline over 1 year | -14.64% | -2.95% | -11.69% |
Max Drawdown (5Y)Largest decline over 5 years | -46.05% | -8.40% | -37.65% |
Max Drawdown (10Y)Largest decline over 10 years | -46.05% | -8.40% | -37.65% |
Current DrawdownCurrent decline from peak | -20.70% | -1.81% | -18.89% |
Average DrawdownAverage peak-to-trough decline | -13.66% | -1.64% | -12.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 0.65% | +3.16% |
Volatility
TVAFX vs. LTMFX - Volatility Comparison
Thornburg Small/Mid Cap Core Fund (TVAFX) has a higher volatility of 6.72% compared to Thornburg Limited Term Municipal Fund (LTMFX) at 0.60%. This indicates that TVAFX's price experiences larger fluctuations and is considered to be riskier than LTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TVAFX | LTMFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.72% | 0.60% | +6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 13.04% | 1.10% | +11.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.87% | 3.29% | +19.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.03% | 2.32% | +26.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.63% | 2.26% | +22.37% |