TGWIX vs. APFOX

Last updated Aug 1, 2026

TGWIX (TCW Emerging Markets Local Currency Income Fund) and APFOX (Artisan Emerging Markets Debt Opportunities Fund) are both Emerging Markets Bonds funds. Over the past 3 years, TGWIX returned 7.07%/yr vs 11.13%/yr for APFOX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. TGWIX charges 0.85%/yr vs 1.25%/yr for APFOX.

Performance

TGWIX vs. APFOX - Performance Comparison

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

Returns By Period

In the year-to-date period, TGWIX achieves a 3.58% return, which is significantly lower than APFOX's 6.99% return.

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%

APFOX

• 1D: 0.25%
• 1M: 0.61%
• 6M: 4.70%
• YTD: 6.99%
• 1Y: 14.86%
• 3Y*: 11.13%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.90%

*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)
APFOX Artisan Emerging Markets Debt Opportunities Fund	$0.00	$0.00	$0.00
TGWIX TCW Emerging Markets Local Currency Income Fund	$0.00	$0.00	$0.00

TGWIX vs. APFOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TGWIX TCW Emerging Markets Local Currency Income Fund	3.58%	21.09%	-3.66%	13.22%	-0.51%
APFOX Artisan Emerging Markets Debt Opportunities Fund	6.99%	13.45%	10.61%	11.44%	7.85%

Correlation

The correlation between TGWIX and APFOX is 0.66, 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.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022	0.58

The correlation between TGWIX and APFOX has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.

Return for Risk

TGWIX vs. APFOX — Risk / Return Rank

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

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

APFOX

APFOX Risk / Return Rank: 98
APFOX Sharpe Ratio Rank: 100
APFOX Sortino Ratio Rank: 99
APFOX Omega Ratio Rank: 99
APFOX Calmar Ratio Rank: 96
APFOX Martin Ratio Rank: 97

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.

TGWIX vs. APFOX - Risk-Adjusted Trends Comparison

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

	TGWIX	APFOX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	5.20	-3.86
Sortino ratio: Return per unit of downside risk	2.09	7.89	-5.80
Omega ratio: Gain probability vs. loss probability	1.27	2.29	-1.03
Calmar ratio: Return relative to maximum drawdown	1.53	4.64	-3.11
Martin ratio: Return relative to average drawdown	5.32	19.49	-14.18

TGWIX vs. APFOX - Sharpe Ratio Comparison

The current TGWIX Sharpe Ratio is 1.35, which is lower than the APFOX Sharpe Ratio of 5.20. The chart below compares the historical Sharpe Ratios of TGWIX and APFOX, 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

TGWIX vs. APFOX - Drawdown Comparison

The maximum TGWIX drawdown since its inception was -31.56%, which is greater than APFOX's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for TGWIX and APFOX.

Drawdown Indicators

	TGWIX	APFOX	Difference
Max Drawdown Largest peak-to-trough decline	-31.56%	-5.69%	-25.87%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-3.21%	-4.43%
Max Drawdown (3Y) Largest decline over 3 years	-8.73%	-5.69%	-3.04%
Max Drawdown (5Y) Largest decline over 5 years	-25.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.28%	—	—
Current Drawdown Current decline from peak	-1.05%	0.00%	-1.05%
Average Drawdown Average peak-to-trough decline	-11.39%	-0.69%	-10.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	0.76%	+1.43%

Volatility

TGWIX vs. APFOX - Volatility Comparison

TCW Emerging Markets Local Currency Income Fund (TGWIX) has a higher volatility of 2.27% compared to Artisan Emerging Markets Debt Opportunities Fund (APFOX) at 0.59%. This indicates that TGWIX's price experiences larger fluctuations and is considered to be riskier than APFOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGWIX	APFOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	0.59%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	7.90%	2.50%	+5.40%
Volatility (1Y) Calculated over the trailing 1-year period	8.66%	2.86%	+5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.57%	3.69%	+4.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.97%	3.69%	+5.28%

TGWIX vs. APFOX - Expense Ratio Comparison

TGWIX has a 0.85% expense ratio, which is lower than APFOX's 1.25% expense ratio.

Dividends

TGWIX vs. APFOX - Dividend Comparison

TGWIX's dividend yield for the trailing twelve months is around 5.54%, less than APFOX's 7.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APFOX Artisan Emerging Markets Debt Opportunities Fund	7.51%	5.71%	9.39%	9.03%	7.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 TGWIX and APFOX in my portfolio?

TGWIX and APFOX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGWIX or APFOX?

TGWIX has higher volatility (2.27%) compared to APFOX (0.59%). In terms of maximum drawdown, TGWIX dropped -31.56% vs APFOX's -5.69%.

Which has better risk-adjusted returns?

APFOX currently has the higher Sharpe Ratio (5.20 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.