KIO vs. MZLSX
KIO (KKR Income Opportunities Fund) and MZLSX (Muzinich Low Duration Fund) are both Multisector Bonds funds. Over the past 10 years, KIO returned 7.21%/yr vs 3.69%/yr for MZLSX. Their 0.25 correlation means their historical movements had little consistent relationship. KIO charges 0.04%/yr vs 0.50%/yr for MZLSX.
Performance
KIO vs. MZLSX - Performance Comparison
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Returns By Period
In the year-to-date period, KIO achieves a 2.31% return, which is significantly higher than MZLSX's 1.52% return. Over the past 10 years, KIO has outperformed MZLSX with an annualized return of 7.21%, while MZLSX has yielded a comparatively lower 3.69% annualized return.
KIO
- 1D
- -0.09%
- 1M
- -2.13%
- 6M
- 0.38%
- YTD
- 2.31%
- 1Y
- -2.19%
- 3Y*
- 9.61%
- 5Y*
- 3.32%
- 10Y*
- 7.21%
- ALL TIME*
- 5.87%
MZLSX
- 1D
- -0.11%
- 1M
- -0.21%
- 6M
- 1.10%
- YTD
- 1.52%
- 1Y
- 3.85%
- 3Y*
- 6.11%
- 5Y*
- 3.66%
- 10Y*
- 3.69%
- ALL TIME*
- 3.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.83M | $2.45M | $2.07M | |
| $0.00 | $0.00 | $0.00 |
KIO vs. MZLSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 2.31% | -2.49% | 18.45% | 31.53% | -28.25% | 26.82% | 2.04% | 21.92% | -2.53% | 9.68% |
MZLSX Muzinich Low Duration Fund | 1.52% | 6.38% | 6.30% | 7.63% | -3.41% | 2.50% | 2.64% | 7.86% | 0.80% | 4.26% |
Correlation
The correlation between KIO and MZLSX is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.30 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jul 5, 2016 | 0.25 |
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Return for Risk
KIO vs. MZLSX — Risk / Return Rank
KIO
MZLSX
KIO vs. MZLSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KKR Income Opportunities Fund (KIO) and Muzinich Low Duration Fund (MZLSX). 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.
| KIO | MZLSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -4.20 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.59 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.64 | -2.84 |
| Martin ratioReturn relative to average drawdown | -0.43 | 11.77 | -12.20 |
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Drawdowns
KIO vs. MZLSX - Drawdown Comparison
The maximum KIO drawdown since its inception was -43.87%, which is greater than MZLSX's maximum drawdown of -12.66%. Use the drawdown chart below to compare losses from any high point for KIO and MZLSX.
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Drawdown Indicators
| KIO | MZLSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.87% | -12.66% | -31.21% |
Max Drawdown (1Y)Largest decline over 1 year | -11.01% | -1.50% | -9.51% |
Max Drawdown (3Y)Largest decline over 3 years | -22.85% | -1.50% | -21.35% |
Max Drawdown (5Y)Largest decline over 5 years | -31.87% | -6.09% | -25.78% |
Max Drawdown (10Y)Largest decline over 10 years | -43.87% | -12.66% | -31.21% |
Current DrawdownCurrent decline from peak | -8.92% | -0.32% | -8.60% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -0.84% | -7.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 0.34% | +4.82% |
Volatility
KIO vs. MZLSX - Volatility Comparison
KKR Income Opportunities Fund (KIO) has a higher volatility of 2.61% compared to Muzinich Low Duration Fund (MZLSX) at 0.36%. This indicates that KIO's price experiences larger fluctuations and is considered to be riskier than MZLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KIO | MZLSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 0.36% | +2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 7.91% | 1.37% | +6.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.29% | 1.59% | +8.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.19% | 1.63% | +11.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.34% | 2.12% | +14.22% |
KIO vs. MZLSX - Expense Ratio Comparison
KIO has a 0.04% expense ratio, which is lower than MZLSX's 0.50% expense ratio.
Dividends
KIO vs. MZLSX - Dividend Comparison
KIO's dividend yield for the trailing twelve months is around 13.25%, more than MZLSX's 7.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 13.25% | 12.58% | 10.90% | 11.32% | 11.44% | 7.45% | 10.12% | 9.51% | 10.53% | 9.66% | 9.92% | 10.81% |
MZLSX Muzinich Low Duration Fund | 7.15% | 7.03% | 4.77% | 4.88% | 3.85% | 6.36% | 2.08% | 2.24% | 8.62% | 1.86% | 0.79% | 0.00% |
Frequently Asked Questions
KIO and MZLSX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KIO has higher volatility (2.61%) compared to MZLSX (0.36%). In terms of maximum drawdown, KIO dropped -43.87% vs MZLSX's -12.66%.
MZLSX currently has the higher Sharpe Ratio (2.50 vs -0.21), 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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