PIAMX vs. TGHYX

Last updated Apr 1, 2026

Compare and contrast key facts about PIA High Yield (MACS) Fund (PIAMX) and TCW High Yield Bond Fund (TGHYX).

PIAMX is managed by PIA Mutual Funds. It was launched on Dec 26, 2017. TGHYX is managed by TCW. It was launched on Feb 26, 1993.

Performance

PIAMX vs. TGHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIA High Yield (MACS) Fund (PIAMX) and TCW High Yield Bond Fund (TGHYX). The values are adjusted to include any dividend payments, if applicable.

PIAMX vs. TGHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PIAMX PIA High Yield (MACS) Fund	-2.20%	2.34%	11.23%	16.38%	-10.93%	7.82%	9.05%	11.77%	-2.63%
TGHYX TCW High Yield Bond Fund	0.00%	0.00%	6.19%	10.65%	-8.76%	3.46%	10.03%	12.98%	-0.46%

Returns By Period

PIAMX

• 1D: 0.26%
• 1M: -2.36%
• YTD: -2.20%
• 6M: -2.91%
• 1Y: 1.56%
• 3Y*: 7.17%
• 5Y*: 3.87%
• 10Y*: —

TGHYX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIAMX vs. TGHYX - Expense Ratio Comparison

PIAMX has a 0.20% expense ratio, which is lower than TGHYX's 0.55% expense ratio.

TGHYX

TCW High Yield Bond Fund

PIAMX

PIA High Yield (MACS) Fund

Return for Risk

PIAMX vs. TGHYX — Risk / Return Rank

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

PIAMX

PIAMX Risk / Return Rank: 11
PIAMX Sharpe Ratio Rank: 13
PIAMX Sortino Ratio Rank: 10
PIAMX Omega Ratio Rank: 12
PIAMX Calmar Ratio Rank: 10
PIAMX Martin Ratio Rank: 10

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.

PIAMX vs. TGHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA High Yield (MACS) Fund (PIAMX) and TCW High Yield Bond Fund (TGHYX). 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.

	PIAMX	TGHYX	Difference
Sharpe ratio Return per unit of total volatility	0.31	—	—
Sortino ratio Return per unit of downside risk	0.41	—	—
Omega ratio Gain probability vs. loss probability	1.07	—	—
Calmar ratio Return relative to maximum drawdown	0.20	—	—
Martin ratio Return relative to average drawdown	0.61	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PIAMX	TGHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	—	—

Correlation

The correlation between PIAMX and TGHYX is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PIAMX vs. TGHYX - Dividend Comparison

PIAMX's dividend yield for the trailing twelve months is around 8.51%, while TGHYX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIAMX PIA High Yield (MACS) Fund	8.51%	9.12%	8.49%	8.12%	7.99%	8.64%	6.63%	6.96%	7.14%	0.00%	0.00%	0.00%
TGHYX TCW High Yield Bond Fund	0.00%	0.00%	5.04%	5.91%	5.32%	5.70%	3.84%	4.32%	5.17%	4.35%	4.12%	4.50%

Drawdowns

Drawdown Indicators

	PIAMX	TGHYX	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-4.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.92%	—	—
Current Drawdown Current decline from peak	-3.50%	—	—
Average Drawdown Average peak-to-trough decline	-2.36%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	—	—

Volatility

Volatility by Period

	PIAMX	TGHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.32%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.01%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	—	—