TVAFX vs. TANDX

Last updated Apr 2, 2026

Compare and contrast key facts about Thornburg Small/Mid Cap Core Fund (TVAFX) and Castle Tandem Fund (TANDX).

TVAFX is managed by Thornburg. It was launched on Oct 2, 1995. TANDX is managed by Castle Investment Management. It was launched on Mar 15, 2019.

Performance

TVAFX vs. TANDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Small/Mid Cap Core Fund (TVAFX) and Castle Tandem Fund (TANDX). The values are adjusted to include any dividend payments, if applicable.

TVAFX vs. TANDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TVAFX Thornburg Small/Mid Cap Core Fund	2.92%	-0.93%	19.41%	13.14%	-19.55%	13.45%	11.84%	14.71%
TANDX Castle Tandem Fund	-8.57%	3.67%	7.66%	8.42%	-7.87%	19.03%	13.39%	12.57%

Returns By Period

In the year-to-date period, TVAFX achieves a 2.92% return, which is significantly higher than TANDX's -8.57% 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%

TANDX

• 1D: 0.78%
• 1M: -5.39%
• YTD: -8.57%
• 6M: -9.06%
• 1Y: -9.68%
• 3Y*: 2.69%
• 5Y*: 3.35%
• 10Y*: —

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

TVAFX vs. TANDX - Expense Ratio Comparison

TVAFX has a 1.31% expense ratio, which is lower than TANDX's 1.59% expense ratio.

TANDX

Castle Tandem Fund

TVAFX

Thornburg Small/Mid Cap Core Fund

Return for Risk

TVAFX vs. TANDX — 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

TANDX

TANDX Risk / Return Rank: 0
TANDX Sharpe Ratio Rank: 1
TANDX Sortino Ratio Rank: 0
TANDX Omega Ratio Rank: 1
TANDX Calmar Ratio Rank: 1
TANDX Martin Ratio Rank: 0

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. TANDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Small/Mid Cap Core Fund (TVAFX) and Castle Tandem Fund (TANDX). 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	TANDX	Difference
Sharpe ratio Return per unit of total volatility	0.67	-0.82	+1.49
Sortino ratio Return per unit of downside risk	1.09	-1.08	+2.17
Omega ratio Gain probability vs. loss probability	1.15	0.86	+0.29
Calmar ratio Return relative to maximum drawdown	1.04	-0.69	+1.73
Martin ratio Return relative to average drawdown	4.00	-2.00	+6.01
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. TANDX - Sharpe Ratio Comparison

The current TVAFX Sharpe Ratio is 0.67, which is higher than the TANDX Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of TVAFX and TANDX, 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	TANDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	-0.82	+1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.00	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.01	+0.40

Correlation

The correlation between TVAFX and TANDX is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TVAFX vs. TANDX - Dividend Comparison

TVAFX has not paid dividends to shareholders, while TANDX's dividend yield for the trailing twelve months is around 6.75%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
TANDX Castle Tandem Fund	6.75%	6.17%	3.71%	2.10%	1.48%	4.57%	0.33%	0.37%	0.00%	0.00%	0.00%

Drawdowns

TVAFX vs. TANDX - Drawdown Comparison

The maximum TVAFX drawdown since its inception was -59.41%, smaller than the maximum TANDX drawdown of -95.17%. Use the drawdown chart below to compare losses from any high point for TVAFX and TANDX.

Drawdown Indicators

	TVAFX	TANDX	Difference
Max Drawdown Largest peak-to-trough decline	-59.41%	-95.17%	+35.76%
Max Drawdown (1Y) Largest decline over 1 year	-14.64%	-13.14%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-46.05%	-95.17%	+49.12%
Max Drawdown (10Y) Largest decline over 10 years	-46.05%	—	—
Current Drawdown Current decline from peak	-20.70%	-95.10%	+74.40%
Average Drawdown Average peak-to-trough decline	-13.66%	-18.93%	+5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	4.50%	-0.69%

Volatility

TVAFX vs. TANDX - Volatility Comparison

Thornburg Small/Mid Cap Core Fund (TVAFX) has a higher volatility of 6.72% compared to Castle Tandem Fund (TANDX) at 3.19%. This indicates that TVAFX's price experiences larger fluctuations and is considered to be riskier than TANDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TVAFX	TANDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	3.19%	+3.53%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	7.33%	+5.71%
Volatility (1Y) Calculated over the trailing 1-year period	22.87%	12.04%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.03%	1,010.25%	-981.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.63%	852.44%	-827.81%