TSI vs. ICMUX
TSI (TCW Strategic Income Fund Inc.) and ICMUX (Intrepid Income Fund) are both Multisector Bonds funds. Over the past 10 years, TSI returned 4.83%/yr vs 5.72%/yr for ICMUX. At a 0.13 correlation, their price movements are largely independent.
Performance
TSI vs. ICMUX - Performance Comparison
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Returns By Period
In the year-to-date period, TSI achieves a -7.37% return, which is significantly lower than ICMUX's 2.73% return. Over the past 10 years, TSI has underperformed ICMUX with an annualized return of 4.83%, while ICMUX has yielded a comparatively higher 5.72% annualized return.
TSI
- 1D
- -0.45%
- 1M
- -1.59%
- 6M
- -6.81%
- YTD
- -7.37%
- 1Y
- -2.65%
- 3Y*
- 6.01%
- 5Y*
- 1.66%
- 10Y*
- 4.83%
ICMUX
- 1D
- -0.11%
- 1M
- 0.52%
- 6M
- 2.28%
- YTD
- 2.73%
- 1Y
- 7.16%
- 3Y*
- 9.11%
- 5Y*
- 6.20%
- 10Y*
- 5.72%
TSI vs. ICMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSI TCW Strategic Income Fund Inc. | -7.37% | 9.72% | 13.45% | 7.13% | -14.33% | 8.08% | 3.77% | 17.97% | -3.83% | 16.42% |
ICMUX Intrepid Income Fund | 2.73% | 8.16% | 10.43% | 10.90% | -3.17% | 10.02% | 8.77% | 4.65% | 0.53% | 3.79% |
Correlation
The correlation between TSI and ICMUX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2010 | 0.13 |
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Return for Risk
TSI vs. ICMUX — Risk / Return Rank
TSI
ICMUX
TSI vs. ICMUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TCW Strategic Income Fund Inc. (TSI) and Intrepid Income Fund (ICMUX). 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.
| TSI | ICMUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.04 | ||
| Sortino ratioReturn per unit of downside risk | -6.51 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.92 | -0.97 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 5.36 | -5.68 |
| Martin ratioReturn relative to average drawdown | -0.68 | 18.65 | -19.32 |
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Drawdowns
TSI vs. ICMUX - Drawdown Comparison
The maximum TSI drawdown since its inception was -60.35%, which is greater than ICMUX's maximum drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for TSI and ICMUX.
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Drawdown Indicators
| TSI | ICMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.35% | -8.77% | -51.58% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -1.34% | -6.96% |
Max Drawdown (3Y)Largest decline over 3 years | -8.30% | -3.11% | -5.19% |
Max Drawdown (5Y)Largest decline over 5 years | -18.56% | -5.64% | -12.92% |
Max Drawdown (10Y)Largest decline over 10 years | -30.00% | -8.77% | -21.23% |
Current DrawdownCurrent decline from peak | -7.40% | -0.11% | -7.29% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -0.73% | -6.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.92% | 0.38% | +3.54% |
Volatility
TSI vs. ICMUX - Volatility Comparison
TCW Strategic Income Fund Inc. (TSI) has a higher volatility of 2.22% compared to Intrepid Income Fund (ICMUX) at 0.43%. This indicates that TSI's price experiences larger fluctuations and is considered to be riskier than ICMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSI | ICMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 0.43% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 7.12% | 1.44% | +5.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.35% | 1.93% | +6.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.84% | 2.66% | +8.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.03% | 2.57% | +11.46% |
Dividends
TSI vs. ICMUX - Dividend Comparison
TSI's dividend yield for the trailing twelve months is around 7.79%, more than ICMUX's 7.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICMUX Intrepid Income Fund | 7.54% | 7.96% | 7.85% | 9.10% | 8.17% | 5.99% | 5.56% | 3.35% | 3.07% | 2.86% | 3.01% | 3.53% |
TSI TCW Strategic Income Fund Inc. | 7.79% | 6.58% | 8.00% | 7.73% | 7.00% | 6.36% | 4.83% | 7.39% | 7.07% | 5.36% | 5.21% | 4.08% |
Frequently Asked Questions
TSI and ICMUX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSI has higher volatility (2.22%) compared to ICMUX (0.43%). In terms of maximum drawdown, TSI dropped -60.35% vs ICMUX's -8.77%.
ICMUX currently has the higher Sharpe Ratio (3.72 vs -0.32), 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.
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