TGWIX vs. TGGBX

Last updated Jun 24, 2026

TGWIX (TCW Emerging Markets Local Currency Income Fund) and TGGBX (TCW Global Bond Fund) are both mutual funds - TGWIX is a Emerging Markets Bonds fund managed by TCW, while TGGBX is a Global Bonds fund managed by TCW. Over the past 10 years, TGWIX returned 3.04%/yr vs 0.94%/yr for TGGBX. A 0.50 correlation means they provide meaningful diversification when combined. TGWIX charges 0.85%/yr vs 0.60%/yr for TGGBX.

Performance

TGWIX vs. TGGBX - 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 Global Bond Fund (TGGBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGWIX achieves a 3.28% return, which is significantly higher than TGGBX's -0.60% return. Over the past 10 years, TGWIX has outperformed TGGBX with an annualized return of 3.04%, while TGGBX has yielded a comparatively lower 0.94% annualized return.

TGWIX

• 1D: -0.12%
• 1M: 1.95%
• YTD: 3.28%
• 6M: 3.79%
• 1Y: 12.88%
• 3Y*: 8.07%
• 5Y*: 2.38%
• 10Y*: 3.04%

TGGBX

• 1D: -0.36%
• 1M: 0.12%
• YTD: -0.60%
• 6M: -0.49%
• 1Y: 1.62%
• 3Y*: 4.00%
• 5Y*: -1.47%
• 10Y*: 0.94%

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

TGWIX vs. TGGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGWIX TCW Emerging Markets Local Currency Income Fund	3.28%	21.09%	-3.66%	13.22%	-12.30%	-9.32%	1.78%	12.91%	-8.22%	16.28%
TGGBX TCW Global Bond Fund	-0.60%	10.17%	-2.27%	7.01%	-17.09%	-4.71%	12.29%	8.36%	-1.75%	6.02%

Correlation

The correlation between TGWIX and TGGBX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.50

The correlation between TGWIX and TGGBX shifts across timeframes, from 0.50 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TGWIX vs. TGGBX — Risk / Return Rank

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

TGWIX

TGWIX Risk / Return Rank: 31
TGWIX Sharpe Ratio Rank: 31
TGWIX Sortino Ratio Rank: 36
TGWIX Omega Ratio Rank: 37
TGWIX Calmar Ratio Rank: 23
TGWIX Martin Ratio Rank: 26

TGGBX

TGGBX Risk / Return Rank: 5
TGGBX Sharpe Ratio Rank: 5
TGGBX Sortino Ratio Rank: 5
TGGBX Omega Ratio Rank: 5
TGGBX Calmar Ratio Rank: 6
TGGBX Martin Ratio Rank: 6

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. TGGBX - 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 Global Bond Fund (TGGBX). 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	TGGBX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.36	+1.12
Sortino ratio: Return per unit of downside risk	2.33	0.58	+1.75
Omega ratio: Gain probability vs. loss probability	1.30	1.07	+0.23
Calmar ratio: Return relative to maximum drawdown	1.65	0.45	+1.20
Martin ratio: Return relative to average drawdown	5.84	1.17	+4.67

TGWIX vs. TGGBX - Sharpe Ratio Comparison

The current TGWIX Sharpe Ratio is 1.48, which is higher than the TGGBX Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of TGWIX and TGGBX, 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. TGGBX - Drawdown Comparison

The maximum TGWIX drawdown since its inception was -31.56%, which is greater than TGGBX's maximum drawdown of -27.37%. Use the drawdown chart below to compare losses from any high point for TGWIX and TGGBX.

Drawdown Indicators

	TGWIX	TGGBX	Difference
Max Drawdown Largest peak-to-trough decline	-31.56%	-27.37%	-4.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-4.16%	-3.48%
Max Drawdown (3Y) Largest decline over 3 years	-9.85%	-8.55%	-1.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.48%	-26.20%	+0.72%
Max Drawdown (10Y) Largest decline over 10 years	-28.28%	-27.37%	-0.91%
Current Drawdown Current decline from peak	-1.34%	-9.69%	+8.35%
Average Drawdown Average peak-to-trough decline	-11.46%	-6.48%	-4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.59%	+0.57%

Volatility

TGWIX vs. TGGBX - Volatility Comparison

TCW Emerging Markets Local Currency Income Fund (TGWIX) has a higher volatility of 2.85% compared to TCW Global Bond Fund (TGGBX) at 1.42%. This indicates that TGWIX's price experiences larger fluctuations and is considered to be riskier than TGGBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGWIX	TGGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	1.42%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	7.65%	4.13%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	8.55%	5.17%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.53%	6.81%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.05%	5.80%	+3.25%

TGWIX vs. TGGBX - Expense Ratio Comparison

TGWIX has a 0.85% expense ratio, which is higher than TGGBX's 0.60% expense ratio.

Dividends

TGWIX vs. TGGBX - Dividend Comparison

TGWIX's dividend yield for the trailing twelve months is around 5.95%, more than TGGBX's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TGGBX TCW Global Bond Fund	4.20%	4.12%	2.99%	3.65%	1.97%	1.93%	3.70%	4.18%	0.50%	1.88%	2.91%	2.25%
TGWIX TCW Emerging Markets Local Currency Income Fund	5.95%	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 TGGBX in my portfolio?

TGWIX and TGGBX have a correlation of 0.70, 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 TGGBX?

TGWIX has higher volatility (2.85%) compared to TGGBX (1.42%). In terms of maximum drawdown, TGWIX dropped -31.56% vs TGGBX's -27.37%.

Which has better risk-adjusted returns?

TGWIX currently has the higher Sharpe Ratio (1.48 vs 0.36), 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.