TGCFX vs. GSY

Last updated Jun 18, 2026

TGCFX (TCW Core Fixed Income Fund) and GSY (Invesco Ultra Short Duration ETF) are both funds - TGCFX is a Intermediate Core Bond fund managed by TCW, while GSY is a Ultrashort Bond fund actively managed by Invesco. Over the past 10 years, TGCFX returned 1.61%/yr vs 2.86%/yr for GSY. At a 0.22 correlation, their price movements are largely independent. TGCFX charges 0.49%/yr vs 0.22%/yr for GSY.

Performance

TGCFX vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Core Fixed Income Fund (TGCFX) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGCFX achieves a 0.57% return, which is significantly lower than GSY's 1.72% return. Over the past 10 years, TGCFX has underperformed GSY with an annualized return of 1.61%, while GSY has yielded a comparatively higher 2.86% annualized return.

TGCFX

• 1D: 0.21%
• 1M: 1.52%
• YTD: 0.57%
• 6M: 0.72%
• 1Y: 4.93%
• 3Y*: 3.92%
• 5Y*: -0.23%
• 10Y*: 1.61%

GSY

• 1D: -0.06%
• 1M: 0.32%
• YTD: 1.72%
• 6M: 1.90%
• 1Y: 4.45%
• 3Y*: 5.44%
• 5Y*: 3.68%
• 10Y*: 2.86%

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

TGCFX vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGCFX TCW Core Fixed Income Fund	0.57%	7.51%	0.75%	5.61%	-14.25%	-1.27%	8.79%	8.75%	0.09%	3.23%
GSY Invesco Ultra Short Duration ETF	1.72%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%

Correlation

The correlation between TGCFX and GSY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 12, 2008	0.22

Over the past year, TGCFX and GSY have become more correlated (0.45) than their long-term average of 0.22, meaning their price movements have been converging.

Return for Risk

TGCFX vs. GSY — Risk / Return Rank

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

TGCFX

TGCFX Risk / Return Rank: 22
TGCFX Sharpe Ratio Rank: 23
TGCFX Sortino Ratio Rank: 24
TGCFX Omega Ratio Rank: 22
TGCFX Calmar Ratio Rank: 23
TGCFX Martin Ratio Rank: 20

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 99
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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.

TGCFX vs. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Core Fixed Income Fund (TGCFX) and Invesco Ultra Short Duration ETF (GSY). 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.

	TGCFX	GSY	Difference
Sharpe ratio: Return per unit of total volatility	1.30	10.83	-9.53
Sortino ratio: Return per unit of downside risk	1.94	25.31	-23.37
Omega ratio: Gain probability vs. loss probability	1.23	6.08	-4.85
Calmar ratio: Return relative to maximum drawdown	1.68	74.67	-72.99
Martin ratio: Return relative to average drawdown	4.84	352.17	-347.34

TGCFX vs. GSY - Sharpe Ratio Comparison

The current TGCFX Sharpe Ratio is 1.30, which is lower than the GSY Sharpe Ratio of 10.83. The chart below compares the historical Sharpe Ratios of TGCFX and GSY, 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

TGCFX vs. GSY - Drawdown Comparison

The maximum TGCFX drawdown since its inception was -19.37%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for TGCFX and GSY.

Drawdown Indicators

	TGCFX	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-19.37%	-12.14%	-7.23%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-0.06%	-3.09%
Max Drawdown (3Y) Largest decline over 3 years	-7.12%	-0.18%	-6.94%
Max Drawdown (5Y) Largest decline over 5 years	-19.37%	-1.48%	-17.89%
Max Drawdown (10Y) Largest decline over 10 years	-19.37%	-5.25%	-14.12%
Current Drawdown Current decline from peak	-2.66%	-0.06%	-2.60%
Average Drawdown Average peak-to-trough decline	-3.61%	-2.38%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.01%	+1.08%

Volatility

TGCFX vs. GSY - Volatility Comparison

TCW Core Fixed Income Fund (TGCFX) has a higher volatility of 1.20% compared to Invesco Ultra Short Duration ETF (GSY) at 0.16%. This indicates that TGCFX's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGCFX	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.16%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	0.31%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	0.41%	+3.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.56%	0.58%	+5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	1.22%	+4.00%

TGCFX vs. GSY - Expense Ratio Comparison

TGCFX has a 0.49% expense ratio, which is higher than GSY's 0.22% expense ratio.

Dividends

TGCFX vs. GSY - Dividend Comparison

TGCFX's dividend yield for the trailing twelve months is around 4.43%, more than GSY's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
TGCFX TCW Core Fixed Income Fund	4.43%	4.51%	4.34%	3.66%	2.22%	1.56%	4.14%	2.63%	2.57%	2.17%	2.95%	2.59%

Frequently Asked Questions

Can I hold both TGCFX and GSY in my portfolio?

TGCFX and GSY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGCFX or GSY?

TGCFX has higher volatility (1.20%) compared to GSY (0.16%). In terms of maximum drawdown, TGCFX dropped -19.37% vs GSY's -12.14%.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (10.83 vs 1.30), 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.