BWG vs. GSCMX

Last updated Jun 4, 2026

BWG (BrandywineGLOBAL Global Income Opportunities Fund) and GSCMX (Goldman Sachs Income Fund) are both Multisector Bonds funds. Over the past 5 years, BWG returned 1.87%/yr vs 3.01%/yr for GSCMX. At a 0.48 correlation, their price movements are largely independent. BWG charges 2.66%/yr vs 0.72%/yr for GSCMX.

Performance

BWG vs. GSCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BrandywineGLOBAL Global Income Opportunities Fund (BWG) and Goldman Sachs Income Fund (GSCMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWG achieves a -0.48% return, which is significantly lower than GSCMX's 0.69% return.

BWG

• 1D: -0.50%
• 1M: -0.48%
• YTD: -0.48%
• 6M: -0.84%
• 1Y: 9.63%
• 3Y*: 13.45%
• 5Y*: 1.87%
• 10Y*: 5.11%

GSCMX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 0.69%
• 6M: 1.08%
• 1Y: 6.11%
• 3Y*: 7.77%
• 5Y*: 3.01%
• 10Y*: —

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

BWG vs. GSCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BWG BrandywineGLOBAL Global Income Opportunities Fund	-0.48%	17.38%	7.31%	15.94%	-21.53%	1.34%	6.30%	4.00%
GSCMX Goldman Sachs Income Fund	0.69%	8.70%	6.13%	10.60%	-10.75%	0.42%	9.24%	1.17%

Correlation

The correlation between BWG and GSCMX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 4, 2019	0.48

Return for Risk

BWG vs. GSCMX — Risk / Return Rank

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

BWG

BWG Risk / Return Rank: 11
BWG Sharpe Ratio Rank: 12
BWG Sortino Ratio Rank: 13
BWG Omega Ratio Rank: 12
BWG Calmar Ratio Rank: 8
BWG Martin Ratio Rank: 9

GSCMX

GSCMX Risk / Return Rank: 47
GSCMX Sharpe Ratio Rank: 45
GSCMX Sortino Ratio Rank: 54
GSCMX Omega Ratio Rank: 55
GSCMX Calmar Ratio Rank: 32
GSCMX Martin Ratio Rank: 48

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.

BWG vs. GSCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BrandywineGLOBAL Global Income Opportunities Fund (BWG) and Goldman Sachs Income Fund (GSCMX). 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.

	BWG	GSCMX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.98	-1.05
Sortino ratio: Return per unit of downside risk	1.46	3.11	-1.65
Omega ratio: Gain probability vs. loss probability	1.17	1.41	-0.24
Calmar ratio: Return relative to maximum drawdown	0.80	2.15	-1.34
Martin ratio: Return relative to average drawdown	2.57	9.99	-7.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWG vs. GSCMX - Sharpe Ratio Comparison

The current BWG Sharpe Ratio is 0.93, which is lower than the GSCMX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of BWG and GSCMX, 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

	BWG	GSCMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.98	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.69	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.66	-0.44

Drawdowns

BWG vs. GSCMX - Drawdown Comparison

The maximum BWG drawdown since its inception was -35.39%, which is greater than GSCMX's maximum drawdown of -20.12%. Use the drawdown chart below to compare losses from any high point for BWG and GSCMX.

Drawdown Indicators

	BWG	GSCMX	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-20.12%	-15.27%
Max Drawdown (1Y) Largest decline over 1 year	-12.03%	-2.93%	-9.10%
Max Drawdown (3Y) Largest decline over 3 years	-14.00%	-3.24%	-10.76%
Max Drawdown (5Y) Largest decline over 5 years	-34.10%	-18.20%	-15.90%
Max Drawdown (10Y) Largest decline over 10 years	-34.27%	—	—
Current Drawdown Current decline from peak	-4.60%	-0.17%	-4.43%
Average Drawdown Average peak-to-trough decline	-10.86%	-3.82%	-7.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	0.63%	+3.12%

Volatility

BWG vs. GSCMX - Volatility Comparison

BrandywineGLOBAL Global Income Opportunities Fund (BWG) has a higher volatility of 2.68% compared to Goldman Sachs Income Fund (GSCMX) at 1.14%. This indicates that BWG's price experiences larger fluctuations and is considered to be riskier than GSCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWG	GSCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	1.14%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	2.59%	+5.93%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	3.17%	+7.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.10%	4.37%	+9.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.01%	5.79%	+9.22%

BWG vs. GSCMX - Expense Ratio Comparison

BWG has a 2.66% expense ratio, which is higher than GSCMX's 0.72% expense ratio.

Dividends

BWG vs. GSCMX - Dividend Comparison

BWG's dividend yield for the trailing twelve months is around 12.11%, more than GSCMX's 5.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWG BrandywineGLOBAL Global Income Opportunities Fund	12.11%	11.47%	12.00%	11.73%	13.25%	8.20%	6.81%	6.55%	8.70%	8.35%	10.31%	16.41%
GSCMX Goldman Sachs Income Fund	5.09%	5.09%	5.39%	4.71%	8.43%	3.51%	3.95%	0.27%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BWG and GSCMX in my portfolio?

BWG and GSCMX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BWG or GSCMX?

BWG has higher volatility (2.68%) compared to GSCMX (1.14%). In terms of maximum drawdown, BWG dropped -35.39% vs GSCMX's -20.12%.

Which has better risk-adjusted returns?

GSCMX currently has the higher Sharpe Ratio (1.98 vs 0.93), 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.