TGEIX vs. TGWIX

Last updated Aug 1, 2026

TGEIX (TCW Emerging Markets Income Fund) and TGWIX (TCW Emerging Markets Local Currency Income Fund) are both Emerging Markets Bonds funds from TCW. Over the past 10 years, TGEIX returned 3.69%/yr vs 2.65%/yr for TGWIX. Their 0.63 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.85% expense ratio.

Performance

TGEIX vs. TGWIX - Performance Comparison

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

Returns By Period

In the year-to-date period, TGEIX achieves a 4.10% return, which is significantly higher than TGWIX's 3.58% return. Over the past 10 years, TGEIX has outperformed TGWIX with an annualized return of 3.69%, while TGWIX has yielded a comparatively lower 2.65% annualized return.

TGEIX

• 1D: 0.00%
• 1M: -0.71%
• 6M: 2.25%
• YTD: 4.10%
• 1Y: 10.88%
• 3Y*: 10.58%
• 5Y*: 2.62%
• 10Y*: 3.69%
• ALL TIME*: 5.73%

TGWIX

• 1D: 1.01%
• 1M: 0.00%
• 6M: 0.66%
• YTD: 3.58%
• 1Y: 11.48%
• 3Y*: 7.07%
• 5Y*: 2.57%
• 10Y*: 2.65%
• ALL TIME*: 1.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TGEIX TCW Emerging Markets Income Fund	$0.00	$0.00	$0.00
TGWIX TCW Emerging Markets Local Currency Income Fund	$0.00	$0.00	$0.00

TGEIX vs. TGWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGEIX TCW Emerging Markets Income Fund	4.10%	14.59%	7.33%	12.10%	-17.54%	-5.07%	5.13%	15.86%	-6.16%	11.40%
TGWIX TCW Emerging Markets Local Currency Income Fund	3.58%	21.09%	-3.66%	13.22%	-12.30%	-9.32%	1.78%	12.91%	-8.22%	16.28%

Correlation

The correlation between TGEIX and TGWIX is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (10Y) Provides a long-term view across more market conditions.	0.61
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.63

The correlation between TGEIX and TGWIX has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

TGEIX vs. TGWIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TGEIX

TGEIX Risk / Return Rank: 89
TGEIX Sharpe Ratio Rank: 95
TGEIX Sortino Ratio Rank: 96
TGEIX Omega Ratio Rank: 93
TGEIX Calmar Ratio Rank: 75
TGEIX Martin Ratio Rank: 86

TGWIX

TGWIX Risk / Return Rank: 47
TGWIX Sharpe Ratio Rank: 50
TGWIX Sortino Ratio Rank: 57
TGWIX Omega Ratio Rank: 58
TGWIX Calmar Ratio Rank: 36
TGWIX Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TGEIX vs. TGWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Emerging Markets Income Fund (TGEIX) and TCW Emerging Markets Local Currency Income Fund (TGWIX). 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.

	TGEIX	TGWIX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.35	+1.22
Sortino ratio: Return per unit of downside risk	4.18	2.09	+2.09
Omega ratio: Gain probability vs. loss probability	1.54	1.27	+0.27
Calmar ratio: Return relative to maximum drawdown	2.45	1.53	+0.92
Martin ratio: Return relative to average drawdown	10.91	5.32	+5.59

TGEIX vs. TGWIX - Sharpe Ratio Comparison

The current TGEIX Sharpe Ratio is 2.56, which is higher than the TGWIX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of TGEIX and TGWIX, 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

TGEIX vs. TGWIX - Drawdown Comparison

The maximum TGEIX drawdown since its inception was -46.33%, which is greater than TGWIX's maximum drawdown of -31.56%. Use the drawdown chart below to compare losses from any high point for TGEIX and TGWIX.

Drawdown Indicators

	TGEIX	TGWIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.33%	-31.56%	-14.77%
Max Drawdown (1Y) Largest decline over 1 year	-4.56%	-7.64%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-5.62%	-8.73%	+3.11%
Max Drawdown (5Y) Largest decline over 5 years	-29.53%	-25.46%	-4.07%
Max Drawdown (10Y) Largest decline over 10 years	-29.74%	-28.28%	-1.46%
Current Drawdown Current decline from peak	-1.05%	-1.05%	0.00%
Average Drawdown Average peak-to-trough decline	-7.20%	-11.39%	+4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	2.19%	-1.17%

Volatility

TGEIX vs. TGWIX - Volatility Comparison

The current volatility for TCW Emerging Markets Income Fund (TGEIX) is 0.88%, while TCW Emerging Markets Local Currency Income Fund (TGWIX) has a volatility of 2.27%. This indicates that TGEIX experiences smaller price fluctuations and is considered to be less risky than TGWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGEIX	TGWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	2.27%	-1.39%
Volatility (6M) Calculated over the trailing 6-month period	3.54%	7.90%	-4.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	8.66%	-4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.65%	8.57%	-1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.69%	8.97%	-1.28%

TGEIX vs. TGWIX - Expense Ratio Comparison

Both TGEIX and TGWIX have an expense ratio of 0.85%.

Dividends

TGEIX vs. TGWIX - Dividend Comparison

TGEIX's dividend yield for the trailing twelve months is around 5.77%, more than TGWIX's 5.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TGEIX TCW Emerging Markets Income Fund	5.77%	6.12%	6.67%	5.23%	5.07%	4.88%	4.00%	4.92%	4.59%	5.47%	5.16%	5.33%
TGWIX TCW Emerging Markets Local Currency Income Fund	5.54%	5.66%	6.00%	3.81%	2.70%	3.93%	0.37%	1.66%	4.16%	6.50%	0.00%	0.32%

Frequently Asked Questions

Can I hold both TGEIX and TGWIX in my portfolio?

TGEIX and TGWIX have a correlation of 0.62, 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 TGWIX?

TGWIX has higher volatility (2.27%) compared to TGEIX (0.88%). In terms of maximum drawdown, TGEIX dropped -46.33% vs TGWIX's -31.56%.

Which has better risk-adjusted returns?

TGEIX currently has the higher Sharpe Ratio (2.56 vs 1.35), 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.