TVAFX vs. SSSYX

Last updated Apr 2, 2026

Compare and contrast key facts about Thornburg Small/Mid Cap Core Fund (TVAFX) and State Street Equity 500 Index Fund Class K (SSSYX).

TVAFX is managed by Thornburg. It was launched on Oct 2, 1995. SSSYX is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Sep 17, 2014.

Performance

TVAFX vs. SSSYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Small/Mid Cap Core Fund (TVAFX) and State Street Equity 500 Index Fund Class K (SSSYX). The values are adjusted to include any dividend payments, if applicable.

TVAFX vs. SSSYX - 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%
SSSYX State Street Equity 500 Index Fund Class K	-4.34%	17.81%	24.99%	26.27%	-18.16%	28.51%	18.31%	31.38%	-4.38%	21.61%

Returns By Period

In the year-to-date period, TVAFX achieves a 2.92% return, which is significantly higher than SSSYX's -4.34% return. Over the past 10 years, TVAFX has underperformed SSSYX with an annualized return of 8.19%, while SSSYX has yielded a comparatively higher 14.02% 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%

SSSYX

• 1D: 2.92%
• 1M: -5.02%
• YTD: -4.34%
• 6M: -2.15%
• 1Y: 17.29%
• 3Y*: 18.28%
• 5Y*: 11.75%
• 10Y*: 14.02%

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

TVAFX vs. SSSYX - Expense Ratio Comparison

TVAFX has a 1.31% expense ratio, which is higher than SSSYX's 0.02% expense ratio.

TVAFX

Thornburg Small/Mid Cap Core Fund

SSSYX

State Street Equity 500 Index Fund Class K

Return for Risk

TVAFX vs. SSSYX — Risk / Return Rank

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

TVAFX

TVAFX Risk / Return Rank: 26
TVAFX Sharpe Ratio Rank: 22
TVAFX Sortino Ratio Rank: 24
TVAFX Omega Ratio Rank: 23
TVAFX Calmar Ratio Rank: 31
TVAFX Martin Ratio Rank: 32

SSSYX

SSSYX Risk / Return Rank: 59
SSSYX Sharpe Ratio Rank: 48
SSSYX Sortino Ratio Rank: 53
SSSYX Omega Ratio Rank: 55
SSSYX Calmar Ratio Rank: 64
SSSYX Martin Ratio Rank: 75

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.

TVAFX vs. SSSYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Small/Mid Cap Core Fund (TVAFX) and State Street Equity 500 Index Fund Class K (SSSYX). 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	SSSYX	Difference
Sharpe ratio Return per unit of total volatility	0.67	0.97	-0.31
Sortino ratio Return per unit of downside risk	1.09	1.49	-0.40
Omega ratio Gain probability vs. loss probability	1.15	1.23	-0.07
Calmar ratio Return relative to maximum drawdown	1.04	1.52	-0.48
Martin ratio Return relative to average drawdown	4.00	7.30	-3.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TVAFX vs. SSSYX - Sharpe Ratio Comparison

The current TVAFX Sharpe Ratio is 0.67, which is lower than the SSSYX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of TVAFX and SSSYX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TVAFX	SSSYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	0.97	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.70	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.11	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.11	+0.30

Correlation

The correlation between TVAFX and SSSYX is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TVAFX vs. SSSYX - Dividend Comparison

TVAFX has not paid dividends to shareholders, while SSSYX's dividend yield for the trailing twelve months is around 1.51%.

	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%
SSSYX State Street Equity 500 Index Fund Class K	1.51%	1.44%	1.63%	1.78%	2.16%	2.76%	1.86%	4.44%	5.18%	5.94%	2.07%	1.84%

Drawdowns

TVAFX vs. SSSYX - Drawdown Comparison

The maximum TVAFX drawdown since its inception was -59.41%, smaller than the maximum SSSYX drawdown of -91.48%. Use the drawdown chart below to compare losses from any high point for TVAFX and SSSYX.

Drawdown Indicators

	TVAFX	SSSYX	Difference
Max Drawdown Largest peak-to-trough decline	-59.41%	-91.48%	+32.07%
Max Drawdown (1Y) Largest decline over 1 year	-14.64%	-12.10%	-2.54%
Max Drawdown (5Y) Largest decline over 5 years	-46.05%	-24.49%	-21.56%
Max Drawdown (10Y) Largest decline over 10 years	-46.05%	-91.48%	+45.43%
Current Drawdown Current decline from peak	-20.70%	-6.22%	-14.48%
Average Drawdown Average peak-to-trough decline	-13.66%	-4.20%	-9.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	2.52%	+1.29%

Volatility

TVAFX vs. SSSYX - Volatility Comparison

Thornburg Small/Mid Cap Core Fund (TVAFX) has a higher volatility of 6.72% compared to State Street Equity 500 Index Fund Class K (SSSYX) at 5.34%. This indicates that TVAFX's price experiences larger fluctuations and is considered to be riskier than SSSYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TVAFX	SSSYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	5.34%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	9.53%	+3.51%
Volatility (1Y) Calculated over the trailing 1-year period	22.87%	18.29%	+4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.03%	16.89%	+12.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.63%	124.43%	-99.80%