TGWIX vs. PYELX

Last updated Jun 4, 2026

TGWIX (TCW Emerging Markets Local Currency Income Fund) and PYELX (Payden Emerging Markets Local Bond Fund) are both Emerging Markets Bonds funds. Over the past 10 years, TGWIX returned 3.19%/yr vs 2.96%/yr for PYELX. Their correlation of 0.83 suggests significant overlap in exposure. TGWIX charges 0.85%/yr vs 0.09%/yr for PYELX.

Performance

TGWIX vs. PYELX - Performance Comparison

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

Returns By Period

In the year-to-date period, TGWIX achieves a 3.41% return, which is significantly higher than PYELX's 1.20% return. Over the past 10 years, TGWIX has outperformed PYELX with an annualized return of 3.19%, while PYELX has yielded a comparatively lower 2.96% annualized return.

TGWIX

• 1D: 0.63%
• 1M: 2.07%
• YTD: 3.41%
• 6M: 4.32%
• 1Y: 13.78%
• 3Y*: 8.94%
• 5Y*: 2.07%
• 10Y*: 3.19%

PYELX

• 1D: 0.30%
• 1M: 1.50%
• YTD: 1.20%
• 6M: 2.01%
• 1Y: 11.47%
• 3Y*: 7.70%
• 5Y*: 1.97%
• 10Y*: 2.96%

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

TGWIX vs. PYELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGWIX TCW Emerging Markets Local Currency Income Fund	3.41%	21.09%	-3.66%	13.22%	-12.30%	-9.32%	1.78%	12.91%	-8.22%	16.28%
PYELX Payden Emerging Markets Local Bond Fund	1.20%	19.79%	-3.48%	13.16%	-11.28%	-7.83%	1.79%	13.92%	-8.16%	15.38%

Correlation

The correlation between TGWIX and PYELX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.83

The correlation between TGWIX and PYELX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

TGWIX vs. PYELX — Risk / Return Rank

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

TGWIX

TGWIX Risk / Return Rank: 33
TGWIX Sharpe Ratio Rank: 34
TGWIX Sortino Ratio Rank: 40
TGWIX Omega Ratio Rank: 41
TGWIX Calmar Ratio Rank: 24
TGWIX Martin Ratio Rank: 27

PYELX

PYELX Risk / Return Rank: 30
PYELX Sharpe Ratio Rank: 36
PYELX Sortino Ratio Rank: 36
PYELX Omega Ratio Rank: 41
PYELX Calmar Ratio Rank: 19
PYELX Martin Ratio Rank: 20

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.

TGWIX vs. PYELX - Risk-Adjusted Trends Comparison

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

	TGWIX	PYELX	Difference
Sharpe ratio Return per unit of total volatility	1.67	1.74	-0.06
Sortino ratio Return per unit of downside risk	2.63	2.50	+0.13
Omega ratio Gain probability vs. loss probability	1.34	1.35	0.00
Calmar ratio Return relative to maximum drawdown	1.79	1.56	+0.23
Martin ratio Return relative to average drawdown	6.49	5.28	+1.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGWIX vs. PYELX - Sharpe Ratio Comparison

The current TGWIX Sharpe Ratio is 1.67, which is comparable to the PYELX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of TGWIX and PYELX, 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

	TGWIX	PYELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.74	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.04	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.08	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.04	+0.14

Drawdowns

TGWIX vs. PYELX - Drawdown Comparison

The maximum TGWIX drawdown since its inception was -31.56%, smaller than the maximum PYELX drawdown of -56.98%. Use the drawdown chart below to compare losses from any high point for TGWIX and PYELX.

Drawdown Indicators

	TGWIX	PYELX	Difference
Max Drawdown Largest peak-to-trough decline	-31.56%	-56.98%	+25.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-7.22%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-9.85%	-50.49%	+40.64%
Max Drawdown (5Y) Largest decline over 5 years	-26.94%	-51.98%	+25.04%
Max Drawdown (10Y) Largest decline over 10 years	-28.28%	-52.62%	+24.34%
Current Drawdown Current decline from peak	-1.21%	-2.59%	+1.38%
Average Drawdown Average peak-to-trough decline	-11.49%	-16.80%	+5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.13%	-0.02%

Volatility

TGWIX vs. PYELX - Volatility Comparison

TCW Emerging Markets Local Currency Income Fund (TGWIX) has a higher volatility of 2.85% compared to Payden Emerging Markets Local Bond Fund (PYELX) at 2.13%. This indicates that TGWIX's price experiences larger fluctuations and is considered to be riskier than PYELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGWIX	PYELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.13%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	7.31%	5.60%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	8.21%	6.52%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.49%	50.60%	-42.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.07%	36.37%	-27.30%

TGWIX vs. PYELX - Expense Ratio Comparison

TGWIX has a 0.85% expense ratio, which is higher than PYELX's 0.09% expense ratio.

Dividends

TGWIX vs. PYELX - Dividend Comparison

TGWIX's dividend yield for the trailing twelve months is around 5.94%, less than PYELX's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYELX Payden Emerging Markets Local Bond Fund	7.19%	7.32%	7.08%	5.38%	5.93%	5.36%	4.69%	5.46%	6.67%	6.15%	5.44%	5.26%
TGWIX TCW Emerging Markets Local Currency Income Fund	5.94%	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 PYELX in my portfolio?

TGWIX and PYELX have a correlation of 0.88, 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 PYELX?

TGWIX has higher volatility (2.85%) compared to PYELX (2.13%). In terms of maximum drawdown, TGWIX dropped -31.56% vs PYELX's -56.98%.

Which has better risk-adjusted returns?

PYELX currently has the higher Sharpe Ratio (1.74 vs 1.67), 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.