TGPCX vs. TGEIX

Last updated Jun 3, 2026

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

Performance

TGPCX vs. TGEIX - Performance Comparison

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

Returns By Period

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

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%

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%

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

TGPCX vs. TGEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

Return for Risk

TGPCX vs. TGEIX — Risk / Return Rank

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

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

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

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.

TGPCX vs. TGEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Conservative Allocation Fund (TGPCX) and TCW Emerging Markets Income Fund (TGEIX). 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.

	TGPCX	TGEIX	Difference
Sharpe ratio Return per unit of total volatility	1.89	3.57	-1.68
Sortino ratio Return per unit of downside risk	2.73	5.93	-3.20
Omega ratio Gain probability vs. loss probability	1.35	1.81	-0.46
Calmar ratio Return relative to maximum drawdown	2.40	3.38	-0.98
Martin ratio Return relative to average drawdown	10.03	15.40	-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.

TGPCX vs. TGEIX - Sharpe Ratio Comparison

The current TGPCX Sharpe Ratio is 1.89, which is lower than the TGEIX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of TGPCX and TGEIX, 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

	TGPCX	TGEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	3.57	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.40	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.54	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.53	+0.18

Drawdowns

TGPCX vs. TGEIX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

TGPCX vs. TGEIX - Volatility Comparison

TCW Conservative Allocation Fund (TGPCX) has a higher volatility of 2.02% compared to TCW Emerging Markets Income Fund (TGEIX) at 1.31%. This indicates that TGPCX's price experiences larger fluctuations and is considered to be riskier than TGEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

TGPCX vs. TGEIX - Expense Ratio Comparison

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

Dividends

TGPCX vs. TGEIX - Dividend Comparison

TGPCX's dividend yield for the trailing twelve months is around 4.38%, less than TGEIX's 6.20% 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 TGPCX and TGEIX in my portfolio?

TGPCX and TGEIX 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, TGPCX or TGEIX?

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

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.