TGLMX vs. PCSIX

Last updated Jul 17, 2026

TGLMX (TCW Total Return Bond Fund) and PCSIX (PACE Strategic Fixed Income Investments) are both Intermediate Core-Plus Bond funds. Over the past 10 years, TGLMX returned 1.43%/yr vs 2.40%/yr for PCSIX. A 0.78 correlation means they provide meaningful diversification when combined. TGLMX charges 0.49%/yr vs 0.66%/yr for PCSIX.

Performance

TGLMX vs. PCSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Total Return Bond Fund (TGLMX) and PACE Strategic Fixed Income Investments (PCSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGLMX achieves a 1.25% return, which is significantly higher than PCSIX's 0.57% return. Over the past 10 years, TGLMX has underperformed PCSIX with an annualized return of 1.43%, while PCSIX has yielded a comparatively higher 2.40% annualized return.

TGLMX

• 1D: 0.13%
• 1M: -0.39%
• 6M: 0.73%
• YTD: 1.25%
• 1Y: 6.19%
• 3Y*: 4.80%
• 5Y*: -0.38%
• 10Y*: 1.43%

PCSIX

• 1D: 0.17%
• 1M: -0.42%
• 6M: 0.15%
• YTD: 0.57%
• 1Y: 4.73%
• 3Y*: 5.32%
• 5Y*: 0.69%
• 10Y*: 2.40%

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

TGLMX vs. PCSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGLMX TCW Total Return Bond Fund	1.25%	8.99%	1.82%	5.05%	-16.59%	-1.05%	8.32%	7.28%	0.80%	3.44%
PCSIX PACE Strategic Fixed Income Investments	0.57%	7.36%	3.62%	8.02%	-13.84%	-0.71%	9.38%	10.37%	-1.17%	5.46%

Correlation

The correlation between TGLMX and PCSIX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 18, 1995	0.78

The correlation between TGLMX and PCSIX shifts across timeframes, from 0.78 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TGLMX vs. PCSIX — Risk / Return Rank

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

TGLMX

TGLMX Risk / Return Rank: 49
TGLMX Sharpe Ratio Rank: 46
TGLMX Sortino Ratio Rank: 51
TGLMX Omega Ratio Rank: 47
TGLMX Calmar Ratio Rank: 63
TGLMX Martin Ratio Rank: 40

PCSIX

PCSIX Risk / Return Rank: 39
PCSIX Sharpe Ratio Rank: 38
PCSIX Sortino Ratio Rank: 43
PCSIX Omega Ratio Rank: 38
PCSIX Calmar Ratio Rank: 42
PCSIX Martin Ratio Rank: 33

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.

TGLMX vs. PCSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Total Return Bond Fund (TGLMX) and PACE Strategic Fixed Income Investments (PCSIX). 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.

	TGLMX	PCSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.42	+0.12
Sortino ratio: Return per unit of downside risk	2.31	2.15	+0.16
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.47	2.05	+0.42
Martin ratio: Return relative to average drawdown	6.98	5.95	+1.03

TGLMX vs. PCSIX - Sharpe Ratio Comparison

The current TGLMX Sharpe Ratio is 1.55, which is comparable to the PCSIX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of TGLMX and PCSIX, 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

TGLMX vs. PCSIX - Drawdown Comparison

The maximum TGLMX drawdown since its inception was -22.26%, which is greater than PCSIX's maximum drawdown of -18.54%. Use the drawdown chart below to compare losses from any high point for TGLMX and PCSIX.

Drawdown Indicators

	TGLMX	PCSIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.26%	-18.54%	-3.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.63%	-2.57%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-8.45%	-5.39%	-3.06%
Max Drawdown (5Y) Largest decline over 5 years	-22.17%	-18.54%	-3.63%
Max Drawdown (10Y) Largest decline over 10 years	-22.26%	-18.54%	-3.72%
Current Drawdown Current decline from peak	-2.73%	-1.07%	-1.66%
Average Drawdown Average peak-to-trough decline	-3.79%	-2.47%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.87%	+0.06%

Volatility

TGLMX vs. PCSIX - Volatility Comparison

TCW Total Return Bond Fund (TGLMX) has a higher volatility of 1.22% compared to PACE Strategic Fixed Income Investments (PCSIX) at 1.07%. This indicates that TGLMX's price experiences larger fluctuations and is considered to be riskier than PCSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGLMX	PCSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	1.07%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	3.19%	2.78%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	3.72%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.06%	5.48%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.60%	4.85%	+0.75%

TGLMX vs. PCSIX - Expense Ratio Comparison

TGLMX has a 0.49% expense ratio, which is lower than PCSIX's 0.66% expense ratio.

Dividends

TGLMX vs. PCSIX - Dividend Comparison

TGLMX's dividend yield for the trailing twelve months is around 6.65%, more than PCSIX's 5.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCSIX PACE Strategic Fixed Income Investments	5.21%	4.76%	5.66%	5.03%	3.47%	3.71%	5.62%	3.50%	3.39%	2.66%	4.23%	3.55%
TGLMX TCW Total Return Bond Fund	6.65%	7.19%	6.52%	6.13%	3.27%	2.08%	3.37%	4.07%	3.55%	2.89%	4.13%	2.88%

Frequently Asked Questions

Can I hold both TGLMX and PCSIX in my portfolio?

TGLMX and PCSIX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGLMX or PCSIX?

TGLMX has higher volatility (1.22%) compared to PCSIX (1.07%). In terms of maximum drawdown, TGLMX dropped -22.26% vs PCSIX's -18.54%.

Which has better risk-adjusted returns?

TGLMX currently has the higher Sharpe Ratio (1.55 vs 1.42), 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.