IGCB vs. MUSE

Last updated Aug 2, 2026

IGCB (TCW Corporate Bond ETF) and MUSE (TCW Multisector Credit Income ETF) are both exchange-traded funds - IGCB is a Corporate Bonds fund tracking the Actively Managed, while MUSE is a Multisector Bonds fund actively managed by TCW. IGCB is passively managed, while MUSE is actively managed. Over the past year, IGCB returned 1.46% vs 5.92% for MUSE. Their 0.54 correlation means they have sometimes moved together and sometimes differently. IGCB charges 0.35%/yr vs 0.56%/yr for MUSE.

Performance

IGCB vs. MUSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Corporate Bond ETF (IGCB) and TCW Multisector Credit Income ETF (MUSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGCB achieves a -1.29% return, which is significantly lower than MUSE's 2.47% return.

IGCB

• 1D: -0.18%
• 1M: -1.80%
• 6M: -1.42%
• YTD: -1.29%
• 1Y: 1.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.92%

MUSE

• 1D: 0.00%
• 1M: -0.22%
• 6M: 1.50%
• YTD: 2.47%
• 1Y: 5.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IGCB TCW Corporate Bond ETF	$131.01K	$67.75K	$73.05K
MUSE TCW Multisector Credit Income ETF	$5.03K	$2.86K	$16.74K

IGCB vs. MUSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IGCB TCW Corporate Bond ETF	-1.29%	8.42%	-0.26%
MUSE TCW Multisector Credit Income ETF	2.47%	8.25%	0.34%

Correlation

The correlation between IGCB and MUSE is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.54

The correlation between IGCB and MUSE has been stable across timeframes, ranging from 0.53 to 0.54 - a consistent structural relationship.

Return for Risk

IGCB vs. MUSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IGCB

IGCB Risk / Return Rank: 22
IGCB Sharpe Ratio Rank: 23
IGCB Sortino Ratio Rank: 21
IGCB Omega Ratio Rank: 21
IGCB Calmar Ratio Rank: 23
IGCB Martin Ratio Rank: 24

MUSE

MUSE Risk / Return Rank: 81
MUSE Sharpe Ratio Rank: 87
MUSE Sortino Ratio Rank: 91
MUSE Omega Ratio Rank: 93
MUSE Calmar Ratio Rank: 66
MUSE Martin Ratio Rank: 70

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IGCB vs. MUSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Corporate Bond ETF (IGCB) and TCW Multisector Credit Income ETF (MUSE). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IGCB	MUSE	Difference
Sharpe ratio: Return per unit of total volatility	0.51	2.10	-1.59
Sortino ratio: Return per unit of downside risk	0.73	3.31	-2.58
Omega ratio: Gain probability vs. loss probability	1.09	1.46	-0.37
Calmar ratio: Return relative to maximum drawdown	0.68	2.32	-1.64
Martin ratio: Return relative to average drawdown	1.74	8.58	-6.83

IGCB vs. MUSE - Sharpe Ratio Comparison

The current IGCB Sharpe Ratio is 0.51, which is lower than the MUSE Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of IGCB and MUSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IGCB vs. MUSE - Drawdown Comparison

The maximum IGCB drawdown since its inception was -4.20%, which is greater than MUSE's maximum drawdown of -3.63%. Use the drawdown chart below to compare losses from any high point for IGCB and MUSE.

Drawdown Indicators

	IGCB	MUSE	Difference
Max Drawdown Largest peak-to-trough decline	-4.20%	-3.63%	-0.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-2.54%	-0.37%
Current Drawdown Current decline from peak	-2.66%	-0.43%	-2.23%
Average Drawdown Average peak-to-trough decline	-0.98%	-0.40%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.69%	+0.44%

Volatility

IGCB vs. MUSE - Volatility Comparison

TCW Corporate Bond ETF (IGCB) has a higher volatility of 0.98% compared to TCW Multisector Credit Income ETF (MUSE) at 0.49%. This indicates that IGCB's price experiences larger fluctuations and is considered to be riskier than MUSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGCB	MUSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.49%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	2.45%	+0.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	2.81%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.74%	3.73%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.74%	3.73%	+1.01%

IGCB vs. MUSE - Expense Ratio Comparison

IGCB has a 0.35% expense ratio, which is lower than MUSE's 0.56% expense ratio.

Dividends

IGCB vs. MUSE - Dividend Comparison

IGCB's dividend yield for the trailing twelve months is around 4.86%, less than MUSE's 7.74% yield.

Position	TTM	2025	2024
IGCB TCW Corporate Bond ETF	4.46%	4.52%	0.66%
MUSE TCW Multisector Credit Income ETF	7.13%	7.35%	0.75%

Frequently Asked Questions

Can I hold both IGCB and MUSE in my portfolio?

IGCB and MUSE have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGCB or MUSE?

IGCB has higher volatility (0.98%) compared to MUSE (0.49%). In terms of maximum drawdown, IGCB dropped -4.20% vs MUSE's -3.63%.

Which ETF is better, IGCB or MUSE?

On 1-year performance, MUSE leads with 5.92% vs 1.46% for IGCB. On fees, IGCB is cheaper at 0.35% per year. On volatility, MUSE has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGCB or MUSE?

Over the 1-year period, MUSE has performed better with a 5.92% return vs 1.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGCB or MUSE?

IGCB is cheaper with a 0.35% expense ratio, compared with 0.56% for MUSE.

Which ETF pays a higher dividend yield, IGCB or MUSE?

MUSE has the higher dividend yield at 7.13%, compared with 4.46% for IGCB.

What is the main difference between IGCB and MUSE?

IGCB is categorized as Corporate Bonds, while MUSE is Multisector Bonds. Their fees differ too: 0.35% for IGCB and 0.56% for MUSE.

Which has better risk-adjusted returns?

MUSE currently has the higher Sharpe Ratio (2.10 vs 0.51), 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.