KIO vs. TSI
KIO (KKR Income Opportunities Fund) and TSI (TCW Strategic Income Fund Inc.) are both Multisector Bonds funds. Over the past 10 years, KIO returned 7.92%/yr vs 5.24%/yr for TSI. At a 0.17 correlation, their price movements are largely independent.
Performance
KIO vs. TSI - Performance Comparison
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Returns By Period
In the year-to-date period, KIO achieves a 2.77% return, which is significantly higher than TSI's -6.08% return. Over the past 10 years, KIO has outperformed TSI with an annualized return of 7.92%, while TSI has yielded a comparatively lower 5.24% annualized return.
KIO
- 1D
- -0.35%
- 1M
- 1.08%
- YTD
- 2.77%
- 6M
- 3.32%
- 1Y
- 4.71%
- 3Y*
- 12.54%
- 5Y*
- 3.74%
- 10Y*
- 7.92%
TSI
- 1D
- -0.11%
- 1M
- -0.04%
- YTD
- -6.08%
- 6M
- -3.17%
- 1Y
- -0.59%
- 3Y*
- 6.73%
- 5Y*
- 2.14%
- 10Y*
- 5.24%
KIO vs. TSI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 2.77% | -2.49% | 18.45% | 31.53% | -28.25% | 26.82% | 2.04% | 21.92% | -2.53% | 9.68% |
TSI TCW Strategic Income Fund Inc. | -6.08% | 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 | 0.20 |
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 29, 2013 | 0.17 |
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Return for Risk
KIO vs. TSI — Risk / Return Rank
KIO
TSI
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.
| KIO | TSI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.99 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | -0.07 | +0.50 |
| Martin ratioReturn relative to average drawdown | 0.94 | -0.18 | +1.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KIO | TSI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.47 | -0.07 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.20 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.37 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.47 | -0.08 |
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.
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Drawdown Indicators
| KIO | TSI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -8.51% | -6.11% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -7.69% | -0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.00% | 3.31% | +1.69% |
Volatility
KIO vs. TSI - Volatility Comparison
KKR Income Opportunities Fund (KIO) has a higher volatility of 2.55% compared to TCW Strategic Income Fund Inc. (TSI) at 1.85%. 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.
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Volatility by Period
| KIO | TSI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 1.85% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.70% | 7.32% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.96% | 8.41% | +1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.18% | 10.92% | +2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.39% | 14.04% | +2.35% |
Dividends
KIO vs. TSI - Dividend Comparison
KIO's dividend yield for the trailing twelve months is around 12.91%, more than TSI's 8.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 12.91% | 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. | 8.44% | 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
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.
KIO has higher volatility (2.55%) compared to TSI (1.85%). In terms of maximum drawdown, KIO dropped -43.87% vs TSI's -60.35%.
KIO currently has the higher Sharpe Ratio (0.47 vs -0.07), 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.
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