TGVOX vs. TGWIX

Last updated Aug 1, 2026

TGVOX (TCW Relative Value Mid Cap Fund) and TGWIX (TCW Emerging Markets Local Currency Income Fund) are both mutual funds - TGVOX is a Mid Cap Value Equities fund managed by TCW, while TGWIX is a Emerging Markets Bonds fund managed by TCW. Over the past 10 years, TGVOX returned 12.15%/yr vs 2.65%/yr for TGWIX. Their 0.33 correlation means their historical movements had little consistent relationship. Both charge a 0.85% expense ratio.

Performance

TGVOX vs. TGWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Relative Value Mid Cap Fund (TGVOX) 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, TGVOX achieves a 19.07% return, which is significantly higher than TGWIX's 3.58% return. Over the past 10 years, TGVOX has outperformed TGWIX with an annualized return of 12.15%, while TGWIX has yielded a comparatively lower 2.65% annualized return.

TGVOX

• 1D: 0.22%
• 1M: -0.65%
• 6M: 12.08%
• YTD: 19.07%
• 1Y: 31.30%
• 3Y*: 18.60%
• 5Y*: 11.63%
• 10Y*: 12.15%
• ALL TIME*: 9.85%

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)
TGVOX TCW Relative Value Mid Cap Fund	$0.00	$0.00	$0.00
TGWIX TCW Emerging Markets Local Currency Income Fund	$0.00	$0.00	$0.00

TGVOX vs. TGWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGVOX TCW Relative Value Mid Cap Fund	19.07%	15.53%	17.26%	15.99%	-11.80%	31.99%	3.66%	29.34%	-22.17%	19.74%
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 TGVOX and TGWIX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (10Y) Provides a long-term view across more market conditions.	0.27
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.33

Return for Risk

TGVOX vs. TGWIX — Risk / Return Rank

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

TGVOX

TGVOX Risk / Return Rank: 86
TGVOX Sharpe Ratio Rank: 85
TGVOX Sortino Ratio Rank: 83
TGVOX Omega Ratio Rank: 80
TGVOX Calmar Ratio Rank: 89
TGVOX Martin Ratio Rank: 91

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.

TGVOX vs. TGWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Relative Value Mid Cap Fund (TGVOX) 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.

	TGVOX	TGWIX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.35	+0.73
Sortino ratio: Return per unit of downside risk	2.95	2.09	+0.86
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.10
Calmar ratio: Return relative to maximum drawdown	3.30	1.53	+1.78
Martin ratio: Return relative to average drawdown	12.82	5.32	+7.50

TGVOX vs. TGWIX - Sharpe Ratio Comparison

The current TGVOX Sharpe Ratio is 2.07, which is higher than the TGWIX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of TGVOX 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

TGVOX vs. TGWIX - Drawdown Comparison

The maximum TGVOX drawdown since its inception was -58.14%, which is greater than TGWIX's maximum drawdown of -31.56%. Use the drawdown chart below to compare losses from any high point for TGVOX and TGWIX.

Drawdown Indicators

	TGVOX	TGWIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.14%	-31.56%	-26.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-7.64%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-22.69%	-8.73%	-13.96%
Max Drawdown (5Y) Largest decline over 5 years	-23.81%	-25.46%	+1.65%
Max Drawdown (10Y) Largest decline over 10 years	-51.10%	-28.28%	-22.82%
Current Drawdown Current decline from peak	-1.65%	-1.05%	-0.60%
Average Drawdown Average peak-to-trough decline	-10.24%	-11.39%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.19%	+0.14%

Volatility

TGVOX vs. TGWIX - Volatility Comparison

TCW Relative Value Mid Cap Fund (TGVOX) and TCW Emerging Markets Local Currency Income Fund (TGWIX) have volatilities of 2.25% and 2.27%, 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

	TGVOX	TGWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	2.27%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	7.90%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	14.42%	8.66%	+5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	8.57%	+10.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.12%	8.97%	+13.15%

TGVOX vs. TGWIX - Expense Ratio Comparison

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

Dividends

TGVOX vs. TGWIX - Dividend Comparison

TGVOX's dividend yield for the trailing twelve months is around 18.22%, more than TGWIX's 5.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TGVOX TCW Relative Value Mid Cap Fund	18.22%	21.70%	9.54%	2.34%	2.54%	12.69%	0.75%	2.43%	9.90%	8.25%	0.56%	16.12%
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 TGVOX and TGWIX in my portfolio?

TGVOX and TGWIX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGVOX or TGWIX?

TGWIX has higher volatility (2.27%) compared to TGVOX (2.25%). In terms of maximum drawdown, TGVOX dropped -58.14% vs TGWIX's -31.56%.

Which has better risk-adjusted returns?

TGVOX currently has the higher Sharpe Ratio (2.07 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.