KIO vs. TSI

Last updated Jun 25, 2026

KIO (KKR Income Opportunities Fund) and TSI (TCW Strategic Income Fund Inc.) are both Multisector Bonds funds. Over the past 10 years, KIO returned 7.74%/yr vs 5.03%/yr for TSI. At a 0.17 correlation, their price movements are largely independent.

Performance

KIO vs. TSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KKR Income Opportunities Fund (KIO) and TCW Strategic Income Fund Inc. (TSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KIO achieves a 2.79% return, which is significantly higher than TSI's -6.74% return. Over the past 10 years, KIO has outperformed TSI with an annualized return of 7.74%, while TSI has yielded a comparatively lower 5.03% annualized return.

KIO

• 1D: 0.18%
• 1M: 0.37%
• YTD: 2.79%
• 6M: 2.52%
• 1Y: 2.02%
• 3Y*: 10.72%
• 5Y*: 3.81%
• 10Y*: 7.74%

TSI

• 1D: -0.45%
• 1M: -0.49%
• YTD: -6.74%
• 6M: -4.77%
• 1Y: -1.89%
• 3Y*: 6.86%
• 5Y*: 2.17%
• 10Y*: 5.03%

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

KIO vs. TSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KIO KKR Income Opportunities Fund	2.79%	-2.49%	18.45%	31.53%	-28.25%	26.82%	2.04%	21.92%	-2.53%	9.68%
TSI TCW Strategic Income Fund Inc.	-6.74%	9.72%	13.45%	7.13%	-14.33%	8.08%	3.77%	17.97%	-3.83%	16.42%

Correlation

The correlation between KIO and TSI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jul 26, 2013	0.17

Return for Risk

KIO vs. TSI — Risk / Return Rank

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

KIO

KIO Risk / Return Rank: 4
KIO Sharpe Ratio Rank: 5
KIO Sortino Ratio Rank: 4
KIO Omega Ratio Rank: 4
KIO Calmar Ratio Rank: 4
KIO Martin Ratio Rank: 4

TSI

TSI Risk / Return Rank: 2
TSI Sharpe Ratio Rank: 2
TSI Sortino Ratio Rank: 2
TSI Omega Ratio Rank: 2
TSI Calmar Ratio Rank: 2
TSI Martin Ratio Rank: 2

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.

KIO vs. TSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KKR Income Opportunities Fund (KIO) and TCW Strategic Income Fund Inc. (TSI). 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.

	KIO	TSI	Difference
Sharpe ratio: Return per unit of total volatility	0.20	-0.23	+0.43
Sortino ratio: Return per unit of downside risk	0.35	-0.25	+0.61
Omega ratio: Gain probability vs. loss probability	1.04	0.96	+0.08
Calmar ratio: Return relative to maximum drawdown	0.18	-0.23	+0.41
Martin ratio: Return relative to average drawdown	0.40	-0.52	+0.92

KIO vs. TSI - Sharpe Ratio Comparison

The current KIO Sharpe Ratio is 0.20, which is higher than the TSI Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of KIO and TSI, 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

KIO vs. TSI - Drawdown Comparison

The maximum KIO drawdown since its inception was -43.87%, smaller than the maximum TSI drawdown of -60.35%. Use the drawdown chart below to compare losses from any high point for KIO and TSI.

Drawdown Indicators

	KIO	TSI	Difference
Max Drawdown Largest peak-to-trough decline	-43.87%	-60.35%	+16.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-8.30%	-2.71%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-8.30%	-14.55%
Max Drawdown (5Y) Largest decline over 5 years	-31.87%	-18.56%	-13.31%
Max Drawdown (10Y) Largest decline over 10 years	-43.87%	-30.00%	-13.87%
Current Drawdown Current decline from peak	-8.49%	-6.78%	-1.71%
Average Drawdown Average peak-to-trough decline	-8.08%	-7.69%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.07%	3.64%	+1.43%

Volatility

KIO vs. TSI - Volatility Comparison

KKR Income Opportunities Fund (KIO) has a higher volatility of 2.21% compared to TCW Strategic Income Fund Inc. (TSI) at 1.48%. This indicates that KIO's price experiences larger fluctuations and is considered to be riskier than TSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KIO	TSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	1.48%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	7.68%	7.29%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	10.02%	8.38%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.18%	10.89%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.35%	14.03%	+2.32%

Dividends

KIO vs. TSI - Dividend Comparison

KIO's dividend yield for the trailing twelve months is around 13.05%, more than TSI's 9.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KIO KKR Income Opportunities Fund	13.05%	12.58%	10.90%	11.32%	11.44%	7.45%	10.12%	9.51%	10.53%	9.66%	9.92%	10.81%
TSI TCW Strategic Income Fund Inc.	9.19%	6.58%	8.00%	7.73%	7.00%	6.36%	4.83%	7.39%	7.07%	5.36%	5.21%	4.08%

Frequently Asked Questions

Can I hold both KIO and TSI in my portfolio?

KIO and TSI have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KIO or TSI?

KIO has higher volatility (2.21%) compared to TSI (1.48%). In terms of maximum drawdown, KIO dropped -43.87% vs TSI's -60.35%.

Which has better risk-adjusted returns?

KIO currently has the higher Sharpe Ratio (0.20 vs -0.23), 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.