TGCFX vs. TSI

Last updated Jun 18, 2026

TGCFX (TCW Core Fixed Income Fund) and TSI (TCW Strategic Income Fund Inc.) are both mutual funds - TGCFX is a Intermediate Core Bond fund managed by TCW, while TSI is a Multisector Bonds fund managed by TCW. Over the past 10 years, TGCFX returned 1.61%/yr vs 5.10%/yr for TSI. At a 0.04 correlation, their price movements are largely independent.

Performance

TGCFX vs. TSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Core Fixed Income Fund (TGCFX) 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, TGCFX achieves a 0.57% return, which is significantly higher than TSI's -6.74% return. Over the past 10 years, TGCFX has underperformed TSI with an annualized return of 1.61%, while TSI has yielded a comparatively higher 5.10% 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%

TSI

• 1D: -0.45%
• 1M: -1.14%
• YTD: -6.74%
• 6M: -4.24%
• 1Y: -1.29%
• 3Y*: 6.86%
• 5Y*: 2.24%
• 10Y*: 5.10%

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

TGCFX vs. TSI - 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%
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 TGCFX and TSI is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994	0.04

The correlation between TGCFX and TSI shifts across timeframes, from 0.04 (all time) to 0.23 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TGCFX vs. TSI — 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

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.

TGCFX vs. TSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Core Fixed Income Fund (TGCFX) 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.

	TGCFX	TSI	Difference
Sharpe ratio: Return per unit of total volatility	1.30	-0.15	+1.45
Sortino ratio: Return per unit of downside risk	1.94	-0.15	+2.09
Omega ratio: Gain probability vs. loss probability	1.23	0.98	+0.26
Calmar ratio: Return relative to maximum drawdown	1.68	-0.16	+1.83
Martin ratio: Return relative to average drawdown	4.84	-0.37	+5.20

TGCFX vs. TSI - Sharpe Ratio Comparison

The current TGCFX Sharpe Ratio is 1.30, which is higher than the TSI Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of TGCFX 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

TGCFX vs. TSI - Drawdown Comparison

The maximum TGCFX drawdown since its inception was -19.37%, smaller than the maximum TSI drawdown of -60.35%. Use the drawdown chart below to compare losses from any high point for TGCFX and TSI.

Drawdown Indicators

	TGCFX	TSI	Difference
Max Drawdown Largest peak-to-trough decline	-19.37%	-60.35%	+40.98%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-8.30%	+5.15%
Max Drawdown (3Y) Largest decline over 3 years	-7.12%	-8.30%	+1.18%
Max Drawdown (5Y) Largest decline over 5 years	-19.37%	-18.56%	-0.81%
Max Drawdown (10Y) Largest decline over 10 years	-19.37%	-30.00%	+10.63%
Current Drawdown Current decline from peak	-2.66%	-6.78%	+4.12%
Average Drawdown Average peak-to-trough decline	-3.61%	-7.69%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	3.54%	-2.45%

Volatility

TGCFX vs. TSI - Volatility Comparison

The current volatility for TCW Core Fixed Income Fund (TGCFX) is 1.20%, while TCW Strategic Income Fund Inc. (TSI) has a volatility of 1.64%. This indicates that TGCFX experiences smaller price fluctuations and is considered to be less risky than TSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGCFX	TSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.64%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	7.31%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	8.40%	-4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.56%	10.89%	-4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	14.03%	-8.81%

Dividends

TGCFX vs. TSI - Dividend Comparison

TGCFX's dividend yield for the trailing twelve months is around 4.43%, less than TSI's 9.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 TGCFX and TSI in my portfolio?

TGCFX and TSI have a correlation of 0.11, 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 TSI?

TSI has higher volatility (1.64%) compared to TGCFX (1.20%). In terms of maximum drawdown, TGCFX dropped -19.37% vs TSI's -60.35%.

Which has better risk-adjusted returns?

TGCFX currently has the higher Sharpe Ratio (1.30 vs -0.15), 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.