FCBYX vs. VMSIX

Last updated Aug 1, 2026

FCBYX (Nuveen Strategic Income Fund) and VMSIX (Vanguard Multi-Sector Income Bond Inv) are both Multisector Bonds funds. Over the past 3 years, FCBYX returned 6.70%/yr vs 7.18%/yr for VMSIX. Their correlation of 0.82 means they have usually moved in the same direction. FCBYX charges 0.59%/yr vs 0.45%/yr for VMSIX.

Performance

FCBYX vs. VMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Strategic Income Fund (FCBYX) and Vanguard Multi-Sector Income Bond Inv (VMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCBYX achieves a 0.60% return, which is significantly lower than VMSIX's 0.90% return.

FCBYX

• 1D: 0.00%
• 1M: -0.81%
• 6M: 0.13%
• YTD: 0.60%
• 1Y: 4.01%
• 3Y*: 6.70%
• 5Y*: 2.62%
• 10Y*: 3.92%
• ALL TIME*: 4.95%

VMSIX

• 1D: 0.11%
• 1M: -0.55%
• 6M: 0.58%
• YTD: 0.90%
• 1Y: 4.50%
• 3Y*: 7.18%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCBYX Nuveen Strategic Income Fund	$0.00	$0.00	$0.00
VMSIX Vanguard Multi-Sector Income Bond Inv	$0.00	$0.00	$0.00

FCBYX vs. VMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCBYX Nuveen Strategic Income Fund	0.60%	8.55%	6.86%	9.14%	-8.98%
VMSIX Vanguard Multi-Sector Income Bond Inv	0.90%	9.09%	6.68%	10.43%	-8.50%

Correlation

The correlation between FCBYX and VMSIX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.82

The correlation between FCBYX and VMSIX has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

FCBYX vs. VMSIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCBYX

FCBYX Risk / Return Rank: 72
FCBYX Sharpe Ratio Rank: 78
FCBYX Sortino Ratio Rank: 86
FCBYX Omega Ratio Rank: 83
FCBYX Calmar Ratio Rank: 62
FCBYX Martin Ratio Rank: 49

VMSIX

VMSIX Risk / Return Rank: 79
VMSIX Sharpe Ratio Rank: 82
VMSIX Sortino Ratio Rank: 82
VMSIX Omega Ratio Rank: 83
VMSIX Calmar Ratio Rank: 68
VMSIX Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FCBYX vs. VMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Strategic Income Fund (FCBYX) and Vanguard Multi-Sector Income Bond Inv (VMSIX). 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.

	FCBYX	VMSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.94	-0.09
Sortino ratio: Return per unit of downside risk	3.14	2.84	+0.30
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	2.11	2.18	-0.07
Martin ratio: Return relative to average drawdown	6.86	9.62	-2.75

FCBYX vs. VMSIX - Sharpe Ratio Comparison

The current FCBYX Sharpe Ratio is 1.85, which is comparable to the VMSIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of FCBYX and VMSIX, 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

FCBYX vs. VMSIX - Drawdown Comparison

The maximum FCBYX drawdown since its inception was -24.49%, which is greater than VMSIX's maximum drawdown of -13.11%. Use the drawdown chart below to compare losses from any high point for FCBYX and VMSIX.

Drawdown Indicators

	FCBYX	VMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.49%	-13.11%	-11.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.39%	-2.20%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-4.16%	-3.44%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	-15.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.93%	—	—
Current Drawdown Current decline from peak	-0.93%	-0.66%	-0.27%
Average Drawdown Average peak-to-trough decline	-2.39%	-2.98%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.50%	+0.23%

Volatility

FCBYX vs. VMSIX - Volatility Comparison

The current volatility for Nuveen Strategic Income Fund (FCBYX) is 0.54%, while Vanguard Multi-Sector Income Bond Inv (VMSIX) has a volatility of 0.61%. This indicates that FCBYX experiences smaller price fluctuations and is considered to be less risky than VMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCBYX	VMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	0.61%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	2.09%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	2.49%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.14%	4.63%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	4.63%	-0.44%

FCBYX vs. VMSIX - Expense Ratio Comparison

FCBYX has a 0.59% expense ratio, which is higher than VMSIX's 0.45% expense ratio.

Dividends

FCBYX vs. VMSIX - Dividend Comparison

FCBYX's dividend yield for the trailing twelve months is around 4.81%, less than VMSIX's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCBYX Nuveen Strategic Income Fund	4.81%	6.22%	6.44%	5.59%	4.71%	3.08%	3.58%	3.69%	3.91%	4.92%	5.28%	5.53%
VMSIX Vanguard Multi-Sector Income Bond Inv	4.90%	5.56%	6.37%	5.43%	3.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCBYX and VMSIX in my portfolio?

FCBYX and VMSIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCBYX or VMSIX?

VMSIX has higher volatility (0.61%) compared to FCBYX (0.54%). In terms of maximum drawdown, FCBYX dropped -24.49% vs VMSIX's -13.11%.

Which has better risk-adjusted returns?

VMSIX currently has the higher Sharpe Ratio (1.94 vs 1.85), 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.