GOVZ vs. MUSI
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and MUSI (American Century Multisector Income ETF) are both exchange-traded funds - GOVZ is a Government Bonds fund tracking the ICE BofA Long US Treasury Principal STRIPS Index, while MUSI is a Multisector Bonds fund actively managed by American Century. GOVZ is passively managed, while MUSI is actively managed. Over the past 5 years, GOVZ returned -13.74%/yr vs 2.01%/yr for MUSI. Their 0.62 correlation means they have sometimes moved together and sometimes differently. GOVZ charges 0.15%/yr vs 0.36%/yr for MUSI.
Performance
GOVZ vs. MUSI - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a -4.46% return, which is significantly lower than MUSI's 0.22% return.
GOVZ
- 1D
- -0.14%
- 1M
- -7.26%
- 6M
- -5.94%
- YTD
- -4.46%
- 1Y
- -2.02%
- 3Y*
- -8.60%
- 5Y*
- -13.74%
- 10Y*
- —
- ALL TIME*
- -13.84%
MUSI
- 1D
- 0.13%
- 1M
- -1.19%
- 6M
- -0.07%
- YTD
- 0.22%
- 1Y
- 3.82%
- 3Y*
- 6.19%
- 5Y*
- 2.01%
- 10Y*
- —
- ALL TIME*
- 2.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.86M | $5.64M | $8.53M | |
| $899.14K | $840.36K | $838.13K |
GOVZ vs. MUSI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -4.46% | -1.81% | -16.24% | 0.90% | -41.03% | 6.68% |
MUSI American Century Multisector Income ETF | 0.22% | 8.32% | 5.14% | 7.51% | -10.33% | 0.60% |
Correlation
The correlation between GOVZ and MUSI is 0.69, 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. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | 0.62 |
The correlation between GOVZ and MUSI has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.
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Return for Risk
GOVZ vs. MUSI — Risk / Return Rank
GOVZ
MUSI
GOVZ vs. MUSI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) and American Century Multisector Income ETF (MUSI). 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.
| GOVZ | MUSI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.21 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 1.42 | -1.49 |
| Martin ratioReturn relative to average drawdown | -0.15 | 4.62 | -4.77 |
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Drawdowns
GOVZ vs. MUSI - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, which is greater than MUSI's maximum drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for GOVZ and MUSI.
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Drawdown Indicators
| GOVZ | MUSI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -13.91% | -45.74% |
Max Drawdown (1Y)Largest decline over 1 year | -14.16% | -2.78% | -11.38% |
Max Drawdown (3Y)Largest decline over 3 years | -26.26% | -3.59% | -22.67% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -13.91% | -43.72% |
Current DrawdownCurrent decline from peak | -58.02% | -1.51% | -56.51% |
Average DrawdownAverage peak-to-trough decline | -40.28% | -4.13% | -36.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.03% | 0.85% | +6.18% |
Volatility
GOVZ vs. MUSI - Volatility Comparison
iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 3.06% compared to American Century Multisector Income ETF (MUSI) at 0.89%. This indicates that GOVZ's price experiences larger fluctuations and is considered to be riskier than MUSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVZ | MUSI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 0.89% | +2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 10.57% | 2.79% | +7.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.45% | 3.41% | +12.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.75% | 4.84% | +18.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.17% | 4.81% | +18.36% |
GOVZ vs. MUSI - Expense Ratio Comparison
GOVZ has a 0.15% expense ratio, which is lower than MUSI's 0.36% expense ratio.
Dividends
GOVZ vs. MUSI - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.38%, less than MUSI's 5.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.38% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% |
MUSI American Century Multisector Income ETF | 5.48% | 5.74% | 6.00% | 5.20% | 4.02% | 1.62% | 0.00% |
Frequently Asked Questions
GOVZ and MUSI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOVZ has higher volatility (3.06%) compared to MUSI (0.89%). In terms of maximum drawdown, GOVZ dropped -59.65% vs MUSI's -13.91%.
On 5-year performance, MUSI leads with 2.01% vs -13.74% for GOVZ. On fees, GOVZ is cheaper at 0.15% per year. On volatility, MUSI has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MUSI has performed better with a 2.01% return vs -13.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVZ is cheaper with a 0.15% expense ratio, compared with 0.36% for MUSI.
MUSI has the higher dividend yield at 5.48%, compared with 5.38% for GOVZ.
GOVZ is categorized as Government Bonds, while MUSI is Multisector Bonds. They also come from different issuers: iShares and American Century. Their fees differ too: 0.15% for GOVZ and 0.36% for MUSI.
MUSI currently has the higher Sharpe Ratio (1.16 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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