TGEIX vs. TGPCX

Last updated Jun 3, 2026

TGEIX (TCW Emerging Markets Income Fund) and TGPCX (TCW Conservative Allocation Fund) are both mutual funds - TGEIX is a Emerging Markets Bonds fund managed by TCW, while TGPCX is a Diversified Portfolio fund managed by TCW. Over the past 10 years, TGEIX returned 4.16%/yr vs 5.90%/yr for TGPCX. At a 0.41 correlation, their price movements are largely independent. TGEIX charges 0.85%/yr vs 0.41%/yr for TGPCX.

Performance

TGEIX vs. TGPCX - Performance Comparison

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

Returns By Period

In the year-to-date period, TGEIX achieves a 3.87% return, which is significantly lower than TGPCX's 4.73% return. Over the past 10 years, TGEIX has underperformed TGPCX with an annualized return of 4.16%, while TGPCX has yielded a comparatively higher 5.90% annualized return.

TGEIX

• 1D: 0.14%
• 1M: 0.93%
• YTD: 3.87%
• 6M: 4.70%
• 1Y: 15.54%
• 3Y*: 11.99%
• 5Y*: 2.61%
• 10Y*: 4.16%

TGPCX

• 1D: 0.24%
• 1M: 1.47%
• YTD: 4.73%
• 6M: 4.82%
• 1Y: 10.35%
• 3Y*: 9.62%
• 5Y*: 4.01%
• 10Y*: 5.90%

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

TGEIX vs. TGPCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGEIX TCW Emerging Markets Income Fund	3.87%	14.59%	7.33%	12.10%	-17.54%	-5.07%	5.13%	15.86%	-6.16%	11.40%
TGPCX TCW Conservative Allocation Fund	4.73%	9.17%	4.10%	16.54%	-15.22%	8.45%	14.24%	14.83%	-3.10%	8.83%

Correlation

The correlation between TGEIX and TGPCX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Nov 20, 2006	0.41

The correlation between TGEIX and TGPCX shifts across timeframes, from 0.41 (all time) to 0.58 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TGEIX vs. TGPCX — Risk / Return Rank

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

TGEIX

TGEIX Risk / Return Rank: 89
TGEIX Sharpe Ratio Rank: 97
TGEIX Sortino Ratio Rank: 97
TGEIX Omega Ratio Rank: 95
TGEIX Calmar Ratio Rank: 74
TGEIX Martin Ratio Rank: 82

TGPCX

TGPCX Risk / Return Rank: 43
TGPCX Sharpe Ratio Rank: 41
TGPCX Sortino Ratio Rank: 42
TGPCX Omega Ratio Rank: 43
TGPCX Calmar Ratio Rank: 39
TGPCX Martin Ratio Rank: 49

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. TGPCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Emerging Markets Income Fund (TGEIX) and TCW Conservative Allocation Fund (TGPCX). 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	TGPCX	Difference
Sharpe ratio Return per unit of total volatility	3.57	1.89	+1.68
Sortino ratio Return per unit of downside risk	5.93	2.73	+3.20
Omega ratio Gain probability vs. loss probability	1.81	1.35	+0.46
Calmar ratio Return relative to maximum drawdown	3.38	2.40	+0.98
Martin ratio Return relative to average drawdown	15.40	10.03	+5.37
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. TGPCX - Sharpe Ratio Comparison

The current TGEIX Sharpe Ratio is 3.57, which is higher than the TGPCX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of TGEIX and TGPCX, 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	TGPCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.57	1.89	+1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.51	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.77	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.71	-0.18

Drawdowns

TGEIX vs. TGPCX - Drawdown Comparison

The maximum TGEIX drawdown since its inception was -46.33%, which is greater than TGPCX's maximum drawdown of -21.03%. Use the drawdown chart below to compare losses from any high point for TGEIX and TGPCX.

Drawdown Indicators

	TGEIX	TGPCX	Difference
Max Drawdown Largest peak-to-trough decline	-46.33%	-21.03%	-25.30%
Max Drawdown (1Y) Largest decline over 1 year	-4.56%	-4.43%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-6.53%	-7.12%	+0.59%
Max Drawdown (5Y) Largest decline over 5 years	-29.53%	-20.27%	-9.26%
Max Drawdown (10Y) Largest decline over 10 years	-29.74%	-20.27%	-9.47%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.24%	-3.13%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.06%	-0.06%

Volatility

TGEIX vs. TGPCX - Volatility Comparison

The current volatility for TCW Emerging Markets Income Fund (TGEIX) is 1.31%, while TCW Conservative Allocation Fund (TGPCX) has a volatility of 2.02%. This indicates that TGEIX experiences smaller price fluctuations and is considered to be less risky than TGPCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGEIX	TGPCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	2.02%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	3.57%	4.50%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	5.52%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.63%	7.92%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.71%	7.69%	+0.02%

TGEIX vs. TGPCX - Expense Ratio Comparison

TGEIX has a 0.85% expense ratio, which is higher than TGPCX's 0.41% expense ratio.

Dividends

TGEIX vs. TGPCX - Dividend Comparison

TGEIX's dividend yield for the trailing twelve months is around 6.20%, more than TGPCX's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TGEIX TCW Emerging Markets Income Fund	6.20%	6.12%	6.67%	5.23%	5.07%	4.88%	4.00%	4.92%	4.59%	5.47%	5.16%	5.33%
TGPCX TCW Conservative Allocation Fund	4.38%	4.58%	7.42%	3.00%	4.86%	9.89%	1.47%	7.04%	6.71%	4.24%	6.84%	3.94%

Frequently Asked Questions

Can I hold both TGEIX and TGPCX in my portfolio?

TGEIX and TGPCX have a correlation of 0.54, 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 TGPCX?

TGPCX has higher volatility (2.02%) compared to TGEIX (1.31%). In terms of maximum drawdown, TGEIX dropped -46.33% vs TGPCX's -21.03%.

Which has better risk-adjusted returns?

TGEIX currently has the higher Sharpe Ratio (3.57 vs 1.89), 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.