TGEIX vs. FEMDX

Last updated Jun 4, 2026

TGEIX (TCW Emerging Markets Income Fund) and FEMDX (Franklin Emerging Market Debt Opportunities Fund) are both Emerging Markets Bonds funds. Over the past 10 years, TGEIX returned 4.19%/yr vs 7.15%/yr for FEMDX. A 0.69 correlation means they provide meaningful diversification when combined. TGEIX charges 0.85%/yr vs 1.00%/yr for FEMDX.

Performance

TGEIX vs. FEMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Emerging Markets Income Fund (TGEIX) and Franklin Emerging Market Debt Opportunities Fund (FEMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGEIX achieves a 4.17% return, which is significantly lower than FEMDX's 7.92% return. Over the past 10 years, TGEIX has underperformed FEMDX with an annualized return of 4.19%, while FEMDX has yielded a comparatively higher 7.15% annualized return.

TGEIX

• 1D: 0.28%
• 1M: 1.51%
• YTD: 4.17%
• 6M: 4.85%
• 1Y: 15.52%
• 3Y*: 12.09%
• 5Y*: 2.69%
• 10Y*: 4.19%

FEMDX

• 1D: 0.22%
• 1M: 1.97%
• YTD: 7.92%
• 6M: 8.95%
• 1Y: 20.76%
• 3Y*: 16.62%
• 5Y*: 7.89%
• 10Y*: 7.15%

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

TGEIX vs. FEMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGEIX TCW Emerging Markets Income Fund	4.17%	14.59%	7.33%	12.10%	-17.54%	-5.07%	5.13%	15.86%	-6.16%	11.40%
FEMDX Franklin Emerging Market Debt Opportunities Fund	7.92%	15.69%	11.83%	15.47%	-8.87%	1.58%	3.93%	9.92%	-1.19%	11.68%

Correlation

The correlation between TGEIX and FEMDX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 1, 2006	0.69

The correlation between TGEIX and FEMDX shifts across timeframes, from 0.69 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TGEIX vs. FEMDX — Risk / Return Rank

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

TGEIX

TGEIX Risk / Return Rank: 90
TGEIX Sharpe Ratio Rank: 97
TGEIX Sortino Ratio Rank: 98
TGEIX Omega Ratio Rank: 96
TGEIX Calmar Ratio Rank: 77
TGEIX Martin Ratio Rank: 84

FEMDX

FEMDX Risk / Return Rank: 98
FEMDX Sharpe Ratio Rank: 99
FEMDX Sortino Ratio Rank: 99
FEMDX Omega Ratio Rank: 98
FEMDX Calmar Ratio Rank: 95
FEMDX Martin Ratio Rank: 97

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.

TGEIX vs. FEMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Emerging Markets Income Fund (TGEIX) and Franklin Emerging Market Debt Opportunities Fund (FEMDX). 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.

	TGEIX	FEMDX	Difference
Sharpe ratio: Return per unit of total volatility	3.68	4.92	-1.24
Sortino ratio: Return per unit of downside risk	6.12	8.35	-2.23
Omega ratio: Gain probability vs. loss probability	1.84	2.24	-0.40
Calmar ratio: Return relative to maximum drawdown	3.50	5.98	-2.49
Martin ratio: Return relative to average drawdown	15.90	28.54	-12.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGEIX vs. FEMDX - Sharpe Ratio Comparison

The current TGEIX Sharpe Ratio is 3.68, which is comparable to the FEMDX Sharpe Ratio of 4.92. The chart below compares the historical Sharpe Ratios of TGEIX and FEMDX, 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

	TGEIX	FEMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	4.92	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	1.22	-0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	1.21	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.02	-0.48

Drawdowns

TGEIX vs. FEMDX - Drawdown Comparison

The maximum TGEIX drawdown since its inception was -46.33%, which is greater than FEMDX's maximum drawdown of -36.14%. Use the drawdown chart below to compare losses from any high point for TGEIX and FEMDX.

Drawdown Indicators

	TGEIX	FEMDX	Difference
Max Drawdown Largest peak-to-trough decline	-46.33%	-36.14%	-10.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.56%	-3.54%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-6.53%	-6.17%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-29.53%	-19.93%	-9.60%
Max Drawdown (10Y) Largest decline over 10 years	-29.74%	-19.93%	-9.81%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.24%	-4.75%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.74%	+0.26%

Volatility

TGEIX vs. FEMDX - Volatility Comparison

TCW Emerging Markets Income Fund (TGEIX) and Franklin Emerging Market Debt Opportunities Fund (FEMDX) have volatilities of 1.27% and 1.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGEIX	FEMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.21%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.58%	3.74%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	4.30%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.63%	6.48%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.71%	5.91%	+1.80%

TGEIX vs. FEMDX - Expense Ratio Comparison

TGEIX has a 0.85% expense ratio, which is lower than FEMDX's 1.00% expense ratio.

Dividends

TGEIX vs. FEMDX - Dividend Comparison

TGEIX's dividend yield for the trailing twelve months is around 6.18%, more than FEMDX's 6.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMDX Franklin Emerging Market Debt Opportunities Fund	6.01%	6.49%	4.65%	3.12%	9.31%	0.00%	0.00%	7.29%	8.06%	4.29%	0.69%	6.04%
TGEIX TCW Emerging Markets Income Fund	6.18%	6.12%	6.67%	5.23%	5.07%	4.88%	4.00%	4.92%	4.59%	5.47%	5.16%	5.33%

Frequently Asked Questions

Can I hold both TGEIX and FEMDX in my portfolio?

TGEIX and FEMDX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGEIX or FEMDX?

TGEIX has higher volatility (1.27%) compared to FEMDX (1.21%). In terms of maximum drawdown, TGEIX dropped -46.33% vs FEMDX's -36.14%.

Which has better risk-adjusted returns?

FEMDX currently has the higher Sharpe Ratio (4.92 vs 3.68), 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.