MUSE vs. FLXR

Last updated Jun 3, 2026

MUSE (TCW Multisector Credit Income ETF) and FLXR (TCW Flexible Income ETF) are both Multisector Bonds funds from TCW. Both are actively managed. Over the past year, MUSE returned 8.39% vs 6.08% for FLXR. At a 0.37 correlation, their price movements are largely independent. MUSE charges 0.56%/yr vs 0.40%/yr for FLXR.

Performance

MUSE vs. FLXR - Performance Comparison

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

Returns By Period

In the year-to-date period, MUSE achieves a 2.40% return, which is significantly higher than FLXR's 1.28% return.

MUSE

• 1D: 0.08%
• 1M: 0.95%
• YTD: 2.40%
• 6M: 3.02%
• 1Y: 8.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLXR

• 1D: 0.08%
• 1M: 0.32%
• YTD: 1.28%
• 6M: 1.79%
• 1Y: 6.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUSE vs. FLXR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUSE TCW Multisector Credit Income ETF	2.40%	8.25%	0.34%
FLXR TCW Flexible Income ETF	1.28%	8.37%	0.53%

Correlation

The correlation between MUSE and FLXR is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.37

Return for Risk

MUSE vs. FLXR — Risk / Return Rank

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

MUSE

MUSE Risk / Return Rank: 81
MUSE Sharpe Ratio Rank: 88
MUSE Sortino Ratio Rank: 93
MUSE Omega Ratio Rank: 94
MUSE Calmar Ratio Rank: 65
MUSE Martin Ratio Rank: 66

FLXR

FLXR Risk / Return Rank: 84
FLXR Sharpe Ratio Rank: 82
FLXR Sortino Ratio Rank: 89
FLXR Omega Ratio Rank: 86
FLXR Calmar Ratio Rank: 79
FLXR Martin Ratio Rank: 85

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.

MUSE vs. FLXR - Risk-Adjusted Trends Comparison

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

	MUSE	FLXR	Difference
Sharpe ratio Return per unit of total volatility	3.00	2.71	+0.29
Sortino ratio Return per unit of downside risk	4.76	4.10	+0.66
Omega ratio Gain probability vs. loss probability	1.71	1.53	+0.18
Calmar ratio Return relative to maximum drawdown	3.29	4.13	-0.84
Martin ratio Return relative to average drawdown	12.25	17.82	-5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUSE vs. FLXR - Sharpe Ratio Comparison

The current MUSE Sharpe Ratio is 3.00, which is comparable to the FLXR Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of MUSE and FLXR, 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

	MUSE	FLXR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	2.71	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	2.69	-0.82

Drawdowns

MUSE vs. FLXR - Drawdown Comparison

The maximum MUSE drawdown since its inception was -3.63%, which is greater than FLXR's maximum drawdown of -1.94%. Use the drawdown chart below to compare losses from any high point for MUSE and FLXR.

Drawdown Indicators

	MUSE	FLXR	Difference
Max Drawdown Largest peak-to-trough decline	-3.63%	-1.94%	-1.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-1.46%	-1.08%
Current Drawdown Current decline from peak	0.00%	-0.05%	+0.05%
Average Drawdown Average peak-to-trough decline	-0.43%	-0.36%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.34%	+0.34%

Volatility

MUSE vs. FLXR - Volatility Comparison

TCW Multisector Credit Income ETF (MUSE) has a higher volatility of 0.85% compared to TCW Flexible Income ETF (FLXR) at 0.77%. This indicates that MUSE's price experiences larger fluctuations and is considered to be riskier than FLXR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUSE	FLXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.77%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	1.64%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	2.25%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.87%	2.79%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.87%	2.79%	+1.08%

MUSE vs. FLXR - Expense Ratio Comparison

MUSE has a 0.56% expense ratio, which is higher than FLXR's 0.40% expense ratio.

Dividends

MUSE vs. FLXR - Dividend Comparison

MUSE's dividend yield for the trailing twelve months is around 7.69%, more than FLXR's 5.81% yield.

Position	TTM	2025	2024
FLXR TCW Flexible Income ETF	5.81%	5.66%	3.44%
MUSE TCW Multisector Credit Income ETF	7.69%	7.35%	0.75%

Frequently Asked Questions

Can I hold both MUSE and FLXR in my portfolio?

MUSE and FLXR have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUSE or FLXR?

MUSE has higher volatility (0.85%) compared to FLXR (0.77%). In terms of maximum drawdown, MUSE dropped -3.63% vs FLXR's -1.94%.

Which ETF is better, MUSE or FLXR?

On 1-year performance, MUSE leads with 8.39% vs 6.08% for FLXR. On fees, FLXR is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUSE or FLXR?

Over the 1-year period, MUSE has performed better with a 8.39% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUSE or FLXR?

FLXR is cheaper with a 0.40% expense ratio, compared with 0.56% for MUSE.

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

MUSE has the higher dividend yield at 7.69%, compared with 5.81% for FLXR.

What is the main difference between MUSE and FLXR?

Their fees differ too: 0.56% for MUSE and 0.40% for FLXR.

Which has better risk-adjusted returns?

MUSE currently has the higher Sharpe Ratio (3.00 vs 2.71), 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.