TGWIX vs. TGEIX

Last updated Jun 3, 2026

TGWIX (TCW Emerging Markets Local Currency Income Fund) and TGEIX (TCW Emerging Markets Income Fund) are both Emerging Markets Bonds funds from TCW. Over the past 10 years, TGWIX returned 3.12%/yr vs 4.16%/yr for TGEIX. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.85% expense ratio.

Performance

TGWIX vs. TGEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Emerging Markets Local Currency Income Fund (TGWIX) 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, TGWIX achieves a 2.76% return, which is significantly lower than TGEIX's 3.87% return. Over the past 10 years, TGWIX has underperformed TGEIX with an annualized return of 3.12%, while TGEIX has yielded a comparatively higher 4.16% annualized return.

TGWIX

• 1D: 0.00%
• 1M: 1.05%
• YTD: 2.76%
• 6M: 4.32%
• 1Y: 12.92%
• 3Y*: 8.71%
• 5Y*: 1.92%
• 10Y*: 3.12%

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)

TGWIX vs. TGEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGWIX TCW Emerging Markets Local Currency Income Fund	2.76%	21.09%	-3.66%	13.22%	-12.30%	-9.32%	1.78%	12.91%	-8.22%	16.28%
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 TGWIX and TGEIX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.63

The correlation between TGWIX and TGEIX has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

TGWIX vs. TGEIX — Risk / Return Rank

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

TGWIX

TGWIX Risk / Return Rank: 32
TGWIX Sharpe Ratio Rank: 33
TGWIX Sortino Ratio Rank: 40
TGWIX Omega Ratio Rank: 41
TGWIX Calmar Ratio Rank: 20
TGWIX Martin Ratio Rank: 25

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.

TGWIX vs. TGEIX - Risk-Adjusted Trends Comparison

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

	TGWIX	TGEIX	Difference
Sharpe ratio Return per unit of total volatility	1.68	3.57	-1.89
Sortino ratio Return per unit of downside risk	2.64	5.93	-3.29
Omega ratio Gain probability vs. loss probability	1.34	1.81	-0.46
Calmar ratio Return relative to maximum drawdown	1.72	3.38	-1.66
Martin ratio Return relative to average drawdown	6.26	15.40	-9.14
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. TGEIX - Sharpe Ratio Comparison

The current TGWIX Sharpe Ratio is 1.68, which is lower than the TGEIX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of TGWIX 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

	TGWIX	TGEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	3.57	-1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.40	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.54	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.53	-0.35

Drawdowns

TGWIX vs. TGEIX - Drawdown Comparison

The maximum TGWIX drawdown since its inception was -31.56%, smaller than the maximum TGEIX drawdown of -46.33%. Use the drawdown chart below to compare losses from any high point for TGWIX and TGEIX.

Drawdown Indicators

	TGWIX	TGEIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.56%	-46.33%	+14.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-4.56%	-3.08%
Max Drawdown (3Y) Largest decline over 3 years	-9.85%	-6.53%	-3.32%
Max Drawdown (5Y) Largest decline over 5 years	-26.94%	-29.53%	+2.59%
Max Drawdown (10Y) Largest decline over 10 years	-28.28%	-29.74%	+1.46%
Current Drawdown Current decline from peak	-1.83%	0.00%	-1.83%
Average Drawdown Average peak-to-trough decline	-11.50%	-7.24%	-4.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.00%	+1.10%

Volatility

TGWIX vs. TGEIX - Volatility Comparison

TCW Emerging Markets Local Currency Income Fund (TGWIX) has a higher volatility of 2.81% compared to TCW Emerging Markets Income Fund (TGEIX) at 1.31%. This indicates that TGWIX'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

	TGWIX	TGEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	1.31%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	3.57%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	8.21%	4.34%	+3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.48%	6.63%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.08%	7.71%	+1.37%

TGWIX vs. TGEIX - Expense Ratio Comparison

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

Dividends

TGWIX vs. TGEIX - Dividend Comparison

TGWIX's dividend yield for the trailing twelve months is around 5.98%, 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%
TGWIX TCW Emerging Markets Local Currency Income Fund	5.98%	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 TGEIX in my portfolio?

TGWIX and TGEIX have a correlation of 0.57, 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 TGEIX?

TGWIX has higher volatility (2.81%) compared to TGEIX (1.31%). In terms of maximum drawdown, TGWIX dropped -31.56% vs TGEIX's -46.33%.

Which has better risk-adjusted returns?

TGEIX currently has the higher Sharpe Ratio (3.57 vs 1.68), 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.