It is believed that in SU(N) Yang-Mills theory observables are N-branched
functions of the topological θ angle. This is supposed to be due to the
existence of a set of locally-stable candidate vacua, which compete for global
stability as a function of θ. We study the number of θ vacua,
their interpretation, and their stability properties using systematic
semiclassical analysis in the context of adiabatic circle compactification on
R3×S1. We find that while observables are indeed N-branched
functions of θ, there are only ≈N/2 locally-stable candidate
vacua for any given θ. We point out that the different θ vacua
are distinguished by the expectation values of certain magnetic line operators
that carry non-zero GNO charge but zero 't Hooft charge. Finally, we show that
in the regime of validity of our analysis YM theory has spinodal points as a
function of θ, and gather evidence for the conjecture that these
spinodal points are present even in the R4 limit.Comment: 33 pages, 6 figures. v3: added reference