TSI vs. TGPCX

Last updated Jun 5, 2026

TSI (TCW Strategic Income Fund Inc.) and TGPCX (TCW Conservative Allocation Fund) are both mutual funds - TSI is a Multisector Bonds fund managed by TCW, while TGPCX is a Diversified Portfolio fund managed by TCW. Over the past 10 years, TSI returned 5.24%/yr vs 5.90%/yr for TGPCX. At a 0.18 correlation, their price movements are largely independent.

Performance

TSI vs. TGPCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Strategic Income Fund Inc. (TSI) and TCW Conservative Allocation Fund (TGPCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSI achieves a -6.08% return, which is significantly lower than TGPCX's 4.73% return. Over the past 10 years, TSI has underperformed TGPCX with an annualized return of 5.24%, while TGPCX has yielded a comparatively higher 5.90% annualized return.

TSI

• 1D: 0.00%
• 1M: 0.18%
• YTD: -6.08%
• 6M: -2.97%
• 1Y: -0.99%
• 3Y*: 6.96%
• 5Y*: 2.14%
• 10Y*: 5.24%

TGPCX

• 1D: -0.40%
• 1M: 1.31%
• YTD: 4.73%
• 6M: 4.65%
• 1Y: 9.79%
• 3Y*: 9.62%
• 5Y*: 3.99%
• 10Y*: 5.90%

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

TSI vs. TGPCX - 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%
TGPCX TCW Conservative Allocation Fund	4.73%	9.17%	4.10%	16.54%	-15.22%	8.45%	14.24%	14.83%	-3.10%	8.83%

Correlation

The correlation between TSI and TGPCX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Nov 20, 2006	0.18

Return for Risk

TSI vs. TGPCX — Risk / Return Rank

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

TSI

TSI Risk / Return Rank: 2
TSI Sharpe Ratio Rank: 2
TSI Sortino Ratio Rank: 2
TSI Omega Ratio Rank: 2
TSI Calmar Ratio Rank: 2
TSI Martin Ratio Rank: 2

TGPCX

TGPCX Risk / Return Rank: 43
TGPCX Sharpe Ratio Rank: 43
TGPCX Sortino Ratio Rank: 43
TGPCX Omega Ratio Rank: 42
TGPCX Calmar Ratio Rank: 39
TGPCX Martin Ratio Rank: 48

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.

TSI vs. TGPCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Strategic Income Fund Inc. (TSI) and TCW Conservative Allocation Fund (TGPCX). 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	TGPCX	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	1.86	-1.98
Sortino ratio: Return per unit of downside risk	-0.10	2.69	-2.80
Omega ratio: Gain probability vs. loss probability	0.99	1.34	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.12	2.32	-2.44
Martin ratio: Return relative to average drawdown	-0.30	9.69	-9.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSI vs. TGPCX - Sharpe Ratio Comparison

The current TSI Sharpe Ratio is -0.12, which is lower than the TGPCX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of TSI and TGPCX, 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

	TSI	TGPCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	1.86	-1.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.51	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.77	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.71	-0.24

Drawdowns

TSI vs. TGPCX - Drawdown Comparison

The maximum TSI drawdown since its inception was -60.35%, which is greater than TGPCX's maximum drawdown of -21.03%. Use the drawdown chart below to compare losses from any high point for TSI and TGPCX.

Drawdown Indicators

	TSI	TGPCX	Difference
Max Drawdown Largest peak-to-trough decline	-60.35%	-21.03%	-39.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-4.43%	-3.87%
Max Drawdown (3Y) Largest decline over 3 years	-8.30%	-7.12%	-1.18%
Max Drawdown (5Y) Largest decline over 5 years	-18.56%	-20.27%	+1.71%
Max Drawdown (10Y) Largest decline over 10 years	-30.00%	-20.27%	-9.73%
Current Drawdown Current decline from peak	-6.11%	-0.40%	-5.71%
Average Drawdown Average peak-to-trough decline	-7.69%	-3.13%	-4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	1.06%	+2.27%

Volatility

TSI vs. TGPCX - Volatility Comparison

The current volatility for TCW Strategic Income Fund Inc. (TSI) is 1.83%, while TCW Conservative Allocation Fund (TGPCX) has a volatility of 2.07%. This indicates that TSI experiences smaller price fluctuations and is considered to be less risky than TGPCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSI	TGPCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	2.07%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	7.32%	4.49%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	8.37%	5.54%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.92%	7.92%	+3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.03%	7.69%	+6.34%

Dividends

TSI vs. TGPCX - Dividend Comparison

TSI's dividend yield for the trailing twelve months is around 8.44%, more than TGPCX's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TGPCX TCW Conservative Allocation Fund	4.38%	4.58%	7.42%	3.00%	4.86%	9.89%	1.47%	7.04%	6.71%	4.24%	6.84%	3.94%
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

Can I hold both TSI and TGPCX in my portfolio?

TSI and TGPCX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSI or TGPCX?

TGPCX has higher volatility (2.07%) compared to TSI (1.83%). In terms of maximum drawdown, TSI dropped -60.35% vs TGPCX's -21.03%.

Which has better risk-adjusted returns?

TGPCX currently has the higher Sharpe Ratio (1.86 vs -0.12), 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.