TSI vs. KIO
TSI (TCW Strategic Income Fund Inc.) and KIO (KKR Income Opportunities Fund) are both Multisector Bonds funds. Over the past 10 years, TSI returned 5.24%/yr vs 7.92%/yr for KIO. At a 0.17 correlation, their price movements are largely independent.
Performance
TSI vs. KIO - Performance Comparison
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Returns By Period
In the year-to-date period, TSI achieves a -6.08% return, which is significantly lower than KIO's 2.77% return. Over the past 10 years, TSI has underperformed KIO with an annualized return of 5.24%, while KIO has yielded a comparatively higher 7.92% annualized return.
TSI
- 1D
- -0.11%
- 1M
- -0.04%
- YTD
- -6.08%
- 6M
- -3.17%
- 1Y
- -0.59%
- 3Y*
- 6.73%
- 5Y*
- 2.14%
- 10Y*
- 5.24%
KIO
- 1D
- -0.35%
- 1M
- 1.08%
- YTD
- 2.77%
- 6M
- 3.32%
- 1Y
- 4.71%
- 3Y*
- 12.54%
- 5Y*
- 3.74%
- 10Y*
- 7.92%
TSI vs. KIO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSI TCW Strategic Income Fund Inc. | -6.08% | 9.72% | 13.45% | 7.13% | -14.33% | 8.08% | 3.77% | 17.97% | -3.83% | 16.42% |
KIO KKR Income Opportunities Fund | 2.77% | -2.49% | 18.45% | 31.53% | -28.25% | 26.82% | 2.04% | 21.92% | -2.53% | 9.68% |
Correlation
The correlation between TSI and KIO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2013 | 0.17 |
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Return for Risk
TSI vs. KIO — Risk / Return Rank
TSI
KIO
TSI vs. KIO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TCW Strategic Income Fund Inc. (TSI) and KKR Income Opportunities Fund (KIO). 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.
| TSI | KIO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.09 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.43 | -0.50 |
| Martin ratioReturn relative to average drawdown | -0.18 | 0.94 | -1.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSI | KIO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.07 | 0.47 | -0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.29 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.48 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.39 | +0.08 |
Drawdowns
TSI vs. KIO - Drawdown Comparison
The maximum TSI drawdown since its inception was -60.35%, which is greater than KIO's maximum drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for TSI and KIO.
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Drawdown Indicators
| TSI | KIO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.35% | -43.87% | -16.48% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -11.01% | +2.71% |
Max Drawdown (3Y)Largest decline over 3 years | -8.30% | -22.85% | +14.55% |
Max Drawdown (5Y)Largest decline over 5 years | -18.56% | -31.87% | +13.31% |
Max Drawdown (10Y)Largest decline over 10 years | -30.00% | -43.87% | +13.87% |
Current DrawdownCurrent decline from peak | -6.11% | -8.51% | +2.40% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -8.08% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 5.00% | -1.69% |
Volatility
TSI vs. KIO - Volatility Comparison
The current volatility for TCW Strategic Income Fund Inc. (TSI) is 1.85%, while KKR Income Opportunities Fund (KIO) has a volatility of 2.55%. This indicates that TSI experiences smaller price fluctuations and is considered to be less risky than KIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSI | KIO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 2.55% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.32% | 7.70% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 9.96% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.92% | 13.18% | -2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.04% | 16.39% | -2.35% |
Dividends
TSI vs. KIO - Dividend Comparison
TSI's dividend yield for the trailing twelve months is around 8.44%, less than KIO's 12.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 12.91% | 12.58% | 10.90% | 11.32% | 11.44% | 7.45% | 10.12% | 9.51% | 10.53% | 9.66% | 9.92% | 10.81% |
TSI TCW Strategic Income Fund Inc. | 8.44% | 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 KIO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KIO has higher volatility (2.55%) compared to TSI (1.85%). In terms of maximum drawdown, TSI dropped -60.35% vs KIO's -43.87%.
KIO currently has the higher Sharpe Ratio (0.47 vs -0.07), 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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