TVAFX vs. SSSYX

Last updated Aug 4, 2026

TVAFX (Thornburg Small/Mid Cap Core Fund) and SSSYX (State Street Equity 500 Index Fund Class K) are both mutual funds - TVAFX is a Large Cap Blend Equities fund managed by Thornburg, while SSSYX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TVAFX returned 8.78%/yr vs 44.89%/yr for SSSYX. Their correlation of 0.86 means they have usually moved in the same direction. TVAFX charges 1.31%/yr vs 0.02%/yr for SSSYX.

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.

Returns By Period

In the year-to-date period, TVAFX achieves a 13.47% return, which is significantly higher than SSSYX's 10.11% return. Over the past 10 years, TVAFX has underperformed SSSYX with an annualized return of 8.78%, while SSSYX has yielded a comparatively higher 44.89% annualized return.

TVAFX

• 1D: 0.97%
• 1M: 1.38%
• 6M: 7.61%
• YTD: 13.47%
• 1Y: 14.82%
• 3Y*: 12.24%
• 5Y*: 4.47%
• 10Y*: 8.78%
• ALL TIME*: 8.81%

SSSYX

• 1D: 0.71%
• 1M: 0.15%
• 6M: 7.96%
• YTD: 10.11%
• 1Y: 21.46%
• 3Y*: 19.39%
• 5Y*: 12.81%
• 10Y*: 44.89%
• ALL TIME*: 37.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SSSYX State Street Equity 500 Index Fund Class K	$0.00	$0.00	$0.00
TVAFX Thornburg Small/Mid Cap Core Fund	$0.00	$0.00	$0.00

TVAFX vs. SSSYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TVAFX Thornburg Small/Mid Cap Core Fund	13.47%	-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	10.11%	17.81%	24.99%	26.27%	-18.16%	28.51%	1,083.11%	31.38%	-4.38%	21.61%

Correlation

The correlation between TVAFX and SSSYX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Sep 18, 2014	0.86

The correlation between TVAFX and SSSYX shifts across timeframes, from 0.72 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TVAFX vs. SSSYX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TVAFX

TVAFX Risk / Return Rank: 22
TVAFX Sharpe Ratio Rank: 19
TVAFX Sortino Ratio Rank: 20
TVAFX Omega Ratio Rank: 19
TVAFX Calmar Ratio Rank: 27
TVAFX Martin Ratio Rank: 26

SSSYX

SSSYX Risk / Return Rank: 59
SSSYX Sharpe Ratio Rank: 56
SSSYX Sortino Ratio Rank: 52
SSSYX Omega Ratio Rank: 52
SSSYX Calmar Ratio Rank: 61
SSSYX Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	TVAFX	SSSYX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.52	-0.74
Sortino ratio: Return per unit of downside risk	1.21	2.12	-0.91
Omega ratio: Gain probability vs. loss probability	1.14	1.27	-0.13
Calmar ratio: Return relative to maximum drawdown	1.34	2.21	-0.87
Martin ratio: Return relative to average drawdown	4.06	9.47	-5.41

TVAFX vs. SSSYX - Sharpe Ratio Comparison

The current TVAFX Sharpe Ratio is 0.78, which is lower than the SSSYX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TVAFX and SSSYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TVAFX vs. SSSYX - Drawdown Comparison

The maximum TVAFX drawdown since its inception was -59.41%, which is greater than SSSYX's maximum drawdown of -33.77%. 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%	-33.77%	-25.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-8.88%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-28.38%	-18.74%	-9.64%
Max Drawdown (5Y) Largest decline over 5 years	-46.05%	-24.49%	-21.56%
Max Drawdown (10Y) Largest decline over 10 years	-46.05%	-33.77%	-12.28%
Current Drawdown Current decline from peak	-12.57%	-1.42%	-11.15%
Average Drawdown Average peak-to-trough decline	-13.67%	-3.89%	-9.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.07%	+1.04%

Volatility

TVAFX vs. SSSYX - Volatility Comparison

Thornburg Small/Mid Cap Core Fund (TVAFX) has a higher volatility of 3.90% compared to State Street Equity 500 Index Fund Class K (SSSYX) at 3.52%. 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	3.90%	3.52%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	11.43%	10.10%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.16%	12.86%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.85%	17.00%	+11.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.62%	121.13%	-96.51%

TVAFX vs. SSSYX - Expense Ratio Comparison

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

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 1.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSSYX State Street Equity 500 Index Fund Class K	1.31%	1.44%	1.63%	1.78%	2.16%	2.76%	1.86%	4.44%	5.18%	5.94%	2.07%	1.84%
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%

Frequently Asked Questions

Can I hold both TVAFX and SSSYX in my portfolio?

TVAFX and SSSYX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TVAFX or SSSYX?

TVAFX has higher volatility (3.90%) compared to SSSYX (3.52%). In terms of maximum drawdown, TVAFX dropped -59.41% vs SSSYX's -33.77%.

Which has better risk-adjusted returns?

SSSYX currently has the higher Sharpe Ratio (1.52 vs 0.78), 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.