IISIX vs. WAVLX
IISIX (Voya Strategic Income Opportunities Fund) and WAVLX (Wavelength Fund) are both Nontraditional Bonds funds. Over the past 10 years, IISIX returned 3.22%/yr vs 3.82%/yr for WAVLX. Their 0.44 correlation means their historical movements had little consistent relationship. IISIX charges 0.61%/yr vs 0.99%/yr for WAVLX.
Performance
IISIX vs. WAVLX - Performance Comparison
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Returns By Period
In the year-to-date period, IISIX achieves a 0.73% return, which is significantly lower than WAVLX's 1.96% return. Over the past 10 years, IISIX has underperformed WAVLX with an annualized return of 3.22%, while WAVLX has yielded a comparatively higher 3.82% annualized return.
IISIX
- 1D
- 0.22%
- 1M
- -0.54%
- 6M
- 0.42%
- YTD
- 0.73%
- 1Y
- 2.62%
- 3Y*
- 5.47%
- 5Y*
- 2.27%
- 10Y*
- 3.22%
- ALL TIME*
- 3.18%
WAVLX
- 1D
- 0.50%
- 1M
- -0.49%
- 6M
- 0.71%
- YTD
- 1.96%
- 1Y
- 6.43%
- 3Y*
- 6.90%
- 5Y*
- 2.28%
- 10Y*
- 3.82%
- ALL TIME*
- 3.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
WAVLX Wavelength Fund | $0.00 | $0.00 | $0.00 |
IISIX vs. WAVLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IISIX Voya Strategic Income Opportunities Fund | 0.73% | 5.94% | 6.78% | 6.69% | -8.19% | 1.54% | 1.46% | 8.47% | 1.65% | 5.87% |
WAVLX Wavelength Fund | 1.96% | 9.86% | 5.21% | 7.02% | -11.34% | 1.72% | 8.29% | 13.07% | -1.46% | 5.59% |
Correlation
The correlation between IISIX and WAVLX is 0.54, 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. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | 0.44 |
The correlation between IISIX and WAVLX shifts across timeframes, from 0.44 (all time) to 0.61 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IISIX vs. WAVLX — Risk / Return Rank
IISIX
WAVLX
IISIX vs. WAVLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya Strategic Income Opportunities Fund (IISIX) and Wavelength Fund (WAVLX). 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.
| IISIX | WAVLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.29 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 2.22 | -0.55 |
| Martin ratioReturn relative to average drawdown | 6.33 | 8.41 | -2.08 |
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Drawdowns
IISIX vs. WAVLX - Drawdown Comparison
The maximum IISIX drawdown since its inception was -17.64%, which is greater than WAVLX's maximum drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for IISIX and WAVLX.
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Drawdown Indicators
| IISIX | WAVLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.64% | -14.39% | -3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -1.91% | -3.03% | +1.12% |
Max Drawdown (3Y)Largest decline over 3 years | -2.22% | -5.33% | +3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -9.49% | -14.39% | +4.90% |
Max Drawdown (10Y)Largest decline over 10 years | -17.64% | -14.39% | -3.25% |
Current DrawdownCurrent decline from peak | -0.64% | -1.41% | +0.77% |
Average DrawdownAverage peak-to-trough decline | -1.56% | -2.96% | +1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.80% | -0.31% |
Volatility
IISIX vs. WAVLX - Volatility Comparison
The current volatility for Voya Strategic Income Opportunities Fund (IISIX) is 0.78%, while Wavelength Fund (WAVLX) has a volatility of 1.15%. This indicates that IISIX experiences smaller price fluctuations and is considered to be less risky than WAVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IISIX | WAVLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 1.15% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 3.48% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 4.36% | -1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.00% | 5.63% | -2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.43% | 5.31% | -1.88% |
IISIX vs. WAVLX - Expense Ratio Comparison
IISIX has a 0.61% expense ratio, which is lower than WAVLX's 0.99% expense ratio.
Dividends
IISIX vs. WAVLX - Dividend Comparison
IISIX's dividend yield for the trailing twelve months is around 3.58%, which matches WAVLX's 3.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IISIX Voya Strategic Income Opportunities Fund | 3.58% | 3.70% | 5.66% | 3.75% | 2.70% | 2.86% | 3.87% | 4.55% | 4.38% | 4.12% | 4.09% | 0.81% |
WAVLX Wavelength Fund | 3.55% | 3.67% | 4.41% | 4.83% | 3.63% | 2.83% | 2.21% | 4.96% | 2.65% | 2.09% | 2.13% | 2.18% |
Frequently Asked Questions
IISIX and WAVLX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WAVLX has higher volatility (1.15%) compared to IISIX (0.78%). In terms of maximum drawdown, IISIX dropped -17.64% vs WAVLX's -14.39%.
WAVLX currently has the higher Sharpe Ratio (1.54 vs 1.01), 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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