TVAFX vs. TGVAX
Compare and contrast key facts about Thornburg Small/Mid Cap Core Fund (TVAFX) and Thornburg International Equity Fund (TGVAX).
TVAFX is managed by Thornburg. It was launched on Oct 2, 1995. TGVAX is managed by Thornburg. It was launched on May 28, 1998.
Performance
TVAFX vs. TGVAX - Performance Comparison
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TVAFX vs. TGVAX - 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% |
TGVAX Thornburg International Equity Fund | 3.01% | 33.81% | 11.24% | 15.77% | -17.04% | 7.25% | 22.59% | 28.67% | -20.08% | 25.03% |
Returns By Period
The year-to-date returns for both investments are quite close, with TVAFX having a 2.92% return and TGVAX slightly higher at 3.01%. Over the past 10 years, TVAFX has underperformed TGVAX with an annualized return of 8.19%, while TGVAX has yielded a comparatively higher 9.85% 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%
TGVAX
- 1D
- 2.44%
- 1M
- -6.16%
- YTD
- 3.01%
- 6M
- 6.88%
- 1Y
- 25.17%
- 3Y*
- 18.03%
- 5Y*
- 8.40%
- 10Y*
- 9.85%
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TVAFX vs. TGVAX - Expense Ratio Comparison
TVAFX has a 1.31% expense ratio, which is higher than TGVAX's 1.25% expense ratio.
Return for Risk
TVAFX vs. TGVAX — Risk / Return Rank
TVAFX
TGVAX
TVAFX vs. TGVAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Small/Mid Cap Core Fund (TVAFX) and Thornburg International Equity Fund (TGVAX). 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 | TGVAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.67 | 1.74 | -1.07 |
Sortino ratioReturn per unit of downside risk | 1.09 | 2.28 | -1.19 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.35 | -0.20 |
Calmar ratioReturn relative to maximum drawdown | 1.04 | 2.34 | -1.30 |
Martin ratioReturn relative to average drawdown | 4.00 | 8.68 | -4.67 |
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 | TGVAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 1.74 | -1.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.51 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 0.59 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.52 | -0.11 |
Correlation
The correlation between TVAFX and TGVAX is 0.67, 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. TGVAX - Dividend Comparison
TVAFX has not paid dividends to shareholders, while TGVAX's dividend yield for the trailing twelve months is around 3.44%.
| 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% |
TGVAX Thornburg International Equity Fund | 3.44% | 3.54% | 6.90% | 2.23% | 1.69% | 14.24% | 2.98% | 6.60% | 1.45% | 17.24% | 1.67% | 18.63% |
Drawdowns
TVAFX vs. TGVAX - Drawdown Comparison
The maximum TVAFX drawdown since its inception was -59.41%, which is greater than TGVAX's maximum drawdown of -56.44%. Use the drawdown chart below to compare losses from any high point for TVAFX and TGVAX.
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Drawdown Indicators
| TVAFX | TGVAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.41% | -56.44% | -2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -14.64% | -10.34% | -4.30% |
Max Drawdown (5Y)Largest decline over 5 years | -46.05% | -39.96% | -6.09% |
Max Drawdown (10Y)Largest decline over 10 years | -46.05% | -39.96% | -6.09% |
Current DrawdownCurrent decline from peak | -20.70% | -8.15% | -12.55% |
Average DrawdownAverage peak-to-trough decline | -13.66% | -12.52% | -1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 2.79% | +1.02% |
Volatility
TVAFX vs. TGVAX - Volatility Comparison
Thornburg Small/Mid Cap Core Fund (TVAFX) has a higher volatility of 6.72% compared to Thornburg International Equity Fund (TGVAX) at 5.73%. This indicates that TVAFX's price experiences larger fluctuations and is considered to be riskier than TGVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TVAFX | TGVAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.72% | 5.73% | +0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 13.04% | 9.70% | +3.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.87% | 14.80% | +8.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.03% | 16.56% | +12.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.63% | 16.67% | +7.96% |