ETSIX vs. VMSAX

Last updated Jun 24, 2026

ETSIX (Eaton Vance Strategic Income Fund Class I) and VMSAX (Vanguard Multi-Sector Income Bond Fund Admiral Shares) are both Multisector Bonds funds. Both are actively managed. Over the past 3 years, ETSIX returned 8.06%/yr vs 7.88%/yr for VMSAX. A 0.63 correlation means they provide meaningful diversification when combined. ETSIX charges 1.46%/yr vs 0.30%/yr for VMSAX.

Performance

ETSIX vs. VMSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Strategic Income Fund Class I (ETSIX) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETSIX achieves a 2.19% return, which is significantly higher than VMSAX's 1.24% return.

ETSIX

• 1D: -0.29%
• 1M: 0.72%
• YTD: 2.19%
• 6M: 2.53%
• 1Y: 9.08%
• 3Y*: 8.06%
• 5Y*: 4.92%
• 10Y*: 4.79%

VMSAX

• 1D: -0.05%
• 1M: 0.63%
• YTD: 1.24%
• 6M: 1.46%
• 1Y: 6.25%
• 3Y*: 7.88%
• 5Y*: —
• 10Y*: —

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

ETSIX vs. VMSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ETSIX Eaton Vance Strategic Income Fund Class I	2.19%	10.88%	6.38%	8.24%	-2.49%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	1.24%	9.08%	6.86%	10.53%	-8.42%

Correlation

The correlation between ETSIX and VMSAX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.63

The correlation between ETSIX and VMSAX shifts across timeframes, from 0.63 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ETSIX vs. VMSAX — Risk / Return Rank

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

ETSIX

ETSIX Risk / Return Rank: 89
ETSIX Sharpe Ratio Rank: 96
ETSIX Sortino Ratio Rank: 95
ETSIX Omega Ratio Rank: 94
ETSIX Calmar Ratio Rank: 85
ETSIX Martin Ratio Rank: 74

VMSAX

VMSAX Risk / Return Rank: 25
VMSAX Sharpe Ratio Rank: 3
VMSAX Sortino Ratio Rank: 12
VMSAX Omega Ratio Rank: 98
VMSAX Calmar Ratio Rank: 3
VMSAX Martin Ratio Rank: 7

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.

ETSIX vs. VMSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Strategic Income Fund Class I (ETSIX) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX). 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.

	ETSIX	VMSAX	Difference
Sharpe ratio: Return per unit of total volatility	3.21	0.05	+3.16
Sortino ratio: Return per unit of downside risk	4.68	1.33	+3.35
Omega ratio: Gain probability vs. loss probability	1.70	2.10	-0.40
Calmar ratio: Return relative to maximum drawdown	3.82	0.12	+3.71
Martin ratio: Return relative to average drawdown	13.07	1.85	+11.22

ETSIX vs. VMSAX - Sharpe Ratio Comparison

The current ETSIX Sharpe Ratio is 3.21, which is higher than the VMSAX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of ETSIX and VMSAX, 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

ETSIX vs. VMSAX - Drawdown Comparison

The maximum ETSIX drawdown since its inception was -12.63%, smaller than the maximum VMSAX drawdown of -54.84%. Use the drawdown chart below to compare losses from any high point for ETSIX and VMSAX.

Drawdown Indicators

	ETSIX	VMSAX	Difference
Max Drawdown Largest peak-to-trough decline	-12.63%	-54.84%	+42.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-54.84%	+52.41%
Max Drawdown (3Y) Largest decline over 3 years	-2.52%	-54.84%	+52.32%
Max Drawdown (5Y) Largest decline over 5 years	-6.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-12.28%	—	—
Current Drawdown Current decline from peak	-0.61%	-0.22%	-0.39%
Average Drawdown Average peak-to-trough decline	-1.43%	-3.06%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	3.49%	-2.78%

Volatility

ETSIX vs. VMSAX - Volatility Comparison

Eaton Vance Strategic Income Fund Class I (ETSIX) has a higher volatility of 1.10% compared to Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) at 0.76%. This indicates that ETSIX's price experiences larger fluctuations and is considered to be riskier than VMSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETSIX	VMSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.76%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	2.05%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.90%	133.59%	-130.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	63.90%	-60.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	63.90%	-60.74%

ETSIX vs. VMSAX - Expense Ratio Comparison

ETSIX has a 1.46% expense ratio, which is higher than VMSAX's 0.30% expense ratio.

Dividends

ETSIX vs. VMSAX - Dividend Comparison

ETSIX's dividend yield for the trailing twelve months is around 7.10%, more than VMSAX's 5.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETSIX Eaton Vance Strategic Income Fund Class I	7.10%	5.65%	6.97%	6.93%	5.56%	4.31%	4.19%	4.29%	3.98%	3.70%	3.94%	4.32%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	5.54%	5.66%	6.48%	5.52%	3.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETSIX and VMSAX in my portfolio?

ETSIX and VMSAX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETSIX or VMSAX?

ETSIX has higher volatility (1.10%) compared to VMSAX (0.76%). In terms of maximum drawdown, ETSIX dropped -12.63% vs VMSAX's -54.84%.

Which has better risk-adjusted returns?

ETSIX currently has the higher Sharpe Ratio (3.21 vs 0.05), 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.