TXUG vs. PATN

Last updated Jun 4, 2026

TXUG (Thornburg International Growth ETF) and PATN (Pacer Nasdaq International Patent Leaders ETF) are both Foreign Large Cap Equities funds. TXUG is actively managed, while PATN is passively managed. Over the past year, TXUG returned 5.65% vs 73.16% for PATN. Their correlation of 0.84 suggests significant overlap in exposure. TXUG charges 0.70%/yr vs 0.65%/yr for PATN.

Performance

TXUG vs. PATN - Performance Comparison

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

Returns By Period

In the year-to-date period, TXUG achieves a 9.55% return, which is significantly lower than PATN's 40.52% return.

TXUG

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

PATN

• 1D: -0.39%
• 1M: 16.77%
• YTD: 40.52%
• 6M: 44.04%
• 1Y: 73.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TXUG vs. PATN - Yearly Performance Comparison

	2026 (YTD)	2025
TXUG Thornburg International Growth ETF	9.55%	-1.72%
PATN Pacer Nasdaq International Patent Leaders ETF	40.52%	34.13%

Correlation

The correlation between TXUG and PATN is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.84

The correlation between TXUG and PATN has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.

Return for Risk

TXUG vs. PATN — Risk / Return Rank

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

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

PATN

PATN Risk / Return Rank: 91
PATN Sharpe Ratio Rank: 93
PATN Sortino Ratio Rank: 91
PATN Omega Ratio Rank: 91
PATN Calmar Ratio Rank: 88
PATN Martin Ratio Rank: 90

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.

TXUG vs. PATN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Growth ETF (TXUG) and Pacer Nasdaq International Patent Leaders ETF (PATN). 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.

	TXUG	PATN	Difference
Sharpe ratio: Return per unit of total volatility	0.34	3.47	-3.14
Sortino ratio: Return per unit of downside risk	0.60	4.35	-3.75
Omega ratio: Gain probability vs. loss probability	1.07	1.60	-0.53
Calmar ratio: Return relative to maximum drawdown	0.44	5.11	-4.67
Martin ratio: Return relative to average drawdown	1.21	20.70	-19.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TXUG vs. PATN - Sharpe Ratio Comparison

The current TXUG Sharpe Ratio is 0.34, which is lower than the PATN Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of TXUG and PATN, 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

	TXUG	PATN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	3.47	-3.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	2.28	-1.99

Drawdowns

TXUG vs. PATN - Drawdown Comparison

The maximum TXUG drawdown since its inception was -18.58%, which is greater than PATN's maximum drawdown of -16.77%. Use the drawdown chart below to compare losses from any high point for TXUG and PATN.

Drawdown Indicators

	TXUG	PATN	Difference
Max Drawdown Largest peak-to-trough decline	-18.58%	-16.77%	-1.81%
Max Drawdown (1Y) Largest decline over 1 year	-12.93%	-14.40%	+1.47%
Current Drawdown Current decline from peak	-0.64%	-0.39%	-0.25%
Average Drawdown Average peak-to-trough decline	-4.21%	-3.15%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	3.55%	+1.12%

Volatility

TXUG vs. PATN - Volatility Comparison

The current volatility for Thornburg International Growth ETF (TXUG) is 5.32%, while Pacer Nasdaq International Patent Leaders ETF (PATN) has a volatility of 8.84%. This indicates that TXUG experiences smaller price fluctuations and is considered to be less risky than PATN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TXUG	PATN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	8.84%	-3.52%
Volatility (6M) Calculated over the trailing 6-month period	14.29%	18.16%	-3.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	21.18%	-4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.61%	20.85%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.61%	20.85%	-1.24%

TXUG vs. PATN - Expense Ratio Comparison

TXUG has a 0.70% expense ratio, which is higher than PATN's 0.65% expense ratio.

Dividends

TXUG vs. PATN - Dividend Comparison

TXUG's dividend yield for the trailing twelve months is around 0.47%, less than PATN's 1.60% yield.

Position	TTM	2025	2024
PATN Pacer Nasdaq International Patent Leaders ETF	1.60%	2.25%	0.30%
TXUG Thornburg International Growth ETF	0.47%	0.51%	0.00%

Frequently Asked Questions

Can I hold both TXUG and PATN in my portfolio?

TXUG and PATN have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TXUG or PATN?

PATN has higher volatility (8.84%) compared to TXUG (5.32%). In terms of maximum drawdown, TXUG dropped -18.58% vs PATN's -16.77%.

Which ETF is better, TXUG or PATN?

On 1-year performance, PATN leads with 73.16% vs 5.65% for TXUG. On fees, PATN is cheaper at 0.65% per year. On volatility, TXUG has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TXUG or PATN?

Over the 1-year period, PATN has performed better with a 73.16% return vs 5.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TXUG or PATN?

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

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

PATN has the higher dividend yield at 1.60%, compared with 0.47% for TXUG.

What is the main difference between TXUG and PATN?

They also come from different issuers: Thornburg and Pacer. Their fees differ too: 0.70% for TXUG and 0.65% for PATN.

Which has better risk-adjusted returns?

PATN currently has the higher Sharpe Ratio (3.47 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.