TXUE vs. TXUG

Last updated Jun 4, 2026

TXUE (Thornburg International Equity ETF) and TXUG (Thornburg International Growth ETF) are both Foreign Large Cap Equities funds from Thornburg. Both are actively managed. Over the past year, TXUE returned 20.72% vs 5.65% for TXUG. Their correlation of 0.81 suggests significant overlap in exposure. TXUE charges 0.65%/yr vs 0.70%/yr for TXUG.

Performance

TXUE vs. TXUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg International Equity ETF (TXUE) and Thornburg International Growth ETF (TXUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TXUE achieves a 10.35% return, which is significantly higher than TXUG's 9.55% return.

TXUE

• 1D: -0.59%
• 1M: 3.75%
• YTD: 10.35%
• 6M: 12.29%
• 1Y: 20.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TXUG

• 1D: -0.64%
• 1M: 4.08%
• YTD: 9.55%
• 6M: 9.59%
• 1Y: 5.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TXUE vs. TXUG - Yearly Performance Comparison

	2026 (YTD)	2025
TXUE Thornburg International Equity ETF	10.35%	25.37%
TXUG Thornburg International Growth ETF	9.55%	-1.72%

Correlation

The correlation between TXUE and TXUG is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.81

The correlation between TXUE and TXUG has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

Return for Risk

TXUE vs. TXUG — Risk / Return Rank

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

TXUE

TXUE Risk / Return Rank: 42
TXUE Sharpe Ratio Rank: 44
TXUE Sortino Ratio Rank: 43
TXUE Omega Ratio Rank: 43
TXUE Calmar Ratio Rank: 39
TXUE Martin Ratio Rank: 44

TXUG

TXUG Risk / Return Rank: 14
TXUG Sharpe Ratio Rank: 14
TXUG Sortino Ratio Rank: 14
TXUG Omega Ratio Rank: 14
TXUG Calmar Ratio Rank: 15
TXUG Martin Ratio Rank: 15

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.

TXUE vs. TXUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Equity ETF (TXUE) and Thornburg International Growth ETF (TXUG). 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.

	TXUE	TXUG	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.34	+1.16
Sortino ratio: Return per unit of downside risk	2.11	0.60	+1.51
Omega ratio: Gain probability vs. loss probability	1.27	1.07	+0.20
Calmar ratio: Return relative to maximum drawdown	1.87	0.44	+1.43
Martin ratio: Return relative to average drawdown	6.94	1.21	+5.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TXUE vs. TXUG - Sharpe Ratio Comparison

The current TXUE Sharpe Ratio is 1.50, which is higher than the TXUG Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of TXUE and TXUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TXUE	TXUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	0.34	+1.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	0.29	+1.36

Drawdowns

TXUE vs. TXUG - Drawdown Comparison

The maximum TXUE drawdown since its inception was -12.97%, smaller than the maximum TXUG drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for TXUE and TXUG.

Drawdown Indicators

	TXUE	TXUG	Difference
Max Drawdown Largest peak-to-trough decline	-12.97%	-18.58%	+5.61%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-12.93%	+1.79%
Current Drawdown Current decline from peak	-1.17%	-0.64%	-0.53%
Average Drawdown Average peak-to-trough decline	-1.84%	-4.21%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	4.67%	-1.68%

Volatility

TXUE vs. TXUG - Volatility Comparison

The current volatility for Thornburg International Equity ETF (TXUE) is 4.51%, while Thornburg International Growth ETF (TXUG) has a volatility of 5.32%. This indicates that TXUE experiences smaller price fluctuations and is considered to be less risky than TXUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TXUE	TXUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	5.32%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	11.48%	14.29%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	16.93%	-3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	19.61%	-3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	19.61%	-3.08%

TXUE vs. TXUG - Expense Ratio Comparison

TXUE has a 0.65% expense ratio, which is lower than TXUG's 0.70% expense ratio.

Dividends

TXUE vs. TXUG - Dividend Comparison

TXUE's dividend yield for the trailing twelve months is around 0.98%, more than TXUG's 0.47% yield.

Position	TTM	2025
TXUE Thornburg International Equity ETF	0.98%	1.08%
TXUG Thornburg International Growth ETF	0.47%	0.51%

Frequently Asked Questions

Can I hold both TXUE and TXUG in my portfolio?

TXUE and TXUG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TXUE or TXUG?

TXUG has higher volatility (5.32%) compared to TXUE (4.51%). In terms of maximum drawdown, TXUE dropped -12.97% vs TXUG's -18.58%.

Which ETF is better, TXUE or TXUG?

On 1-year performance, TXUE leads with 20.72% vs 5.65% for TXUG. On fees, TXUE is cheaper at 0.65% per year. On volatility, TXUE has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TXUE or TXUG?

Over the 1-year period, TXUE has performed better with a 20.72% return vs 5.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TXUE or TXUG?

TXUE is cheaper with a 0.65% expense ratio, compared with 0.70% for TXUG.

Which ETF pays a higher dividend yield, TXUE or TXUG?

TXUE has the higher dividend yield at 0.98%, compared with 0.47% for TXUG.

What is the main difference between TXUE and TXUG?

Their fees differ too: 0.65% for TXUE and 0.70% for TXUG.

Which has better risk-adjusted returns?

TXUE currently has the higher Sharpe Ratio (1.50 vs 0.34), 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.