DFSHX vs. TGGBX

Last updated Jun 3, 2026

DFSHX (DFA Selectively Hedged Global Fixed Income Portfolio) and TGGBX (TCW Global Bond Fund) are both Global Bonds funds. Over the past 10 years, DFSHX returned 2.13%/yr vs 1.03%/yr for TGGBX. A 0.52 correlation means they provide meaningful diversification when combined. DFSHX charges 0.16%/yr vs 0.60%/yr for TGGBX.

Performance

DFSHX vs. TGGBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX) and TCW Global Bond Fund (TGGBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, DFSHX has outperformed TGGBX with an annualized return of 2.13%, while TGGBX has yielded a comparatively lower 1.03% annualized return.

DFSHX

• 1D: -0.21%
• 1M: 0.54%
• YTD: 1.52%
• 6M: 1.67%
• 1Y: 4.27%
• 3Y*: 5.14%
• 5Y*: 1.93%
• 10Y*: 2.13%

TGGBX

• 1D: -0.36%
• 1M: -0.24%
• YTD: -0.00%
• 6M: 0.46%
• 1Y: 2.95%
• 3Y*: 4.21%
• 5Y*: -1.51%
• 10Y*: 1.03%

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

DFSHX vs. TGGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSHX DFA Selectively Hedged Global Fixed Income Portfolio	1.52%	4.84%	5.66%	5.55%	-6.24%	-0.82%	2.33%	4.82%	1.83%	2.61%
TGGBX TCW Global Bond Fund	-0.00%	10.17%	-2.27%	7.01%	-17.09%	-4.71%	12.29%	8.36%	-1.75%	6.02%

Correlation

The correlation between DFSHX and TGGBX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.52

The correlation between DFSHX and TGGBX shifts across timeframes, from 0.37 (3 years) to 0.57 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DFSHX vs. TGGBX — Risk / Return Rank

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

DFSHX

DFSHX Risk / Return Rank: 85
DFSHX Sharpe Ratio Rank: 87
DFSHX Sortino Ratio Rank: 91
DFSHX Omega Ratio Rank: 95
DFSHX Calmar Ratio Rank: 75
DFSHX Martin Ratio Rank: 77

TGGBX

TGGBX Risk / Return Rank: 7
TGGBX Sharpe Ratio Rank: 7
TGGBX Sortino Ratio Rank: 7
TGGBX Omega Ratio Rank: 7
TGGBX Calmar Ratio Rank: 8
TGGBX Martin Ratio Rank: 8

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.

DFSHX vs. TGGBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX) and TCW Global Bond Fund (TGGBX). 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.

	DFSHX	TGGBX	Difference
Sharpe ratio Return per unit of total volatility	2.83	0.62	+2.21
Sortino ratio Return per unit of downside risk	4.46	0.96	+3.50
Omega ratio Gain probability vs. loss probability	1.79	1.11	+0.67
Calmar ratio Return relative to maximum drawdown	3.42	0.80	+2.62
Martin ratio Return relative to average drawdown	14.57	2.26	+12.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSHX vs. TGGBX - Sharpe Ratio Comparison

The current DFSHX Sharpe Ratio is 2.83, which is higher than the TGGBX Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of DFSHX and TGGBX, 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

	DFSHX	TGGBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	0.62	+2.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	-0.22	+0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.18	+0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.29	+0.20

Drawdowns

DFSHX vs. TGGBX - Drawdown Comparison

The maximum DFSHX drawdown since its inception was -9.58%, smaller than the maximum TGGBX drawdown of -27.37%. Use the drawdown chart below to compare losses from any high point for DFSHX and TGGBX.

Drawdown Indicators

	DFSHX	TGGBX	Difference
Max Drawdown Largest peak-to-trough decline	-9.58%	-27.37%	+17.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	-4.16%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	-4.18%	-8.55%	+4.37%
Max Drawdown (5Y) Largest decline over 5 years	-9.58%	-26.20%	+16.62%
Max Drawdown (10Y) Largest decline over 10 years	-9.58%	-27.37%	+17.79%
Current Drawdown Current decline from peak	-0.21%	-9.15%	+8.94%
Average Drawdown Average peak-to-trough decline	-2.29%	-6.47%	+4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	1.47%	-1.17%

Volatility

DFSHX vs. TGGBX - Volatility Comparison

The current volatility for DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX) is 0.69%, while TCW Global Bond Fund (TGGBX) has a volatility of 1.84%. This indicates that DFSHX experiences smaller price fluctuations and is considered to be less risky than TGGBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSHX	TGGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	1.84%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	1.36%	4.04%	-2.68%
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	5.22%	-3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.37%	6.80%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.65%	5.80%	-3.15%

DFSHX vs. TGGBX - Expense Ratio Comparison

DFSHX has a 0.16% expense ratio, which is lower than TGGBX's 0.60% expense ratio.

Dividends

DFSHX vs. TGGBX - Dividend Comparison

DFSHX's dividend yield for the trailing twelve months is around 4.19%, which matches TGGBX's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSHX DFA Selectively Hedged Global Fixed Income Portfolio	4.19%	4.26%	4.50%	3.90%	0.04%	1.77%	0.03%	2.52%	3.23%	1.75%	1.63%	1.11%
TGGBX TCW Global Bond Fund	4.17%	4.12%	2.99%	3.65%	1.97%	1.93%	3.70%	4.18%	0.50%	1.88%	2.91%	2.25%

Frequently Asked Questions

Can I hold both DFSHX and TGGBX in my portfolio?

DFSHX and TGGBX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSHX or TGGBX?

TGGBX has higher volatility (1.84%) compared to DFSHX (0.69%). In terms of maximum drawdown, DFSHX dropped -9.58% vs TGGBX's -27.37%.

Which has better risk-adjusted returns?

DFSHX currently has the higher Sharpe Ratio (2.83 vs 0.62), 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.