KIO vs. VGI

Last updated Jun 4, 2026

KIO (KKR Income Opportunities Fund) and VGI (Virtus Global Multi-Sector Income Fund) are both Multisector Bonds funds. Over the past 10 years, KIO returned 7.92%/yr vs 5.03%/yr for VGI. At a 0.40 correlation, their price movements are largely independent.

Performance

KIO vs. VGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KKR Income Opportunities Fund (KIO) and Virtus Global Multi-Sector Income Fund (VGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KIO achieves a 2.77% return, which is significantly higher than VGI's -0.03% return. Over the past 10 years, KIO has outperformed VGI with an annualized return of 7.92%, while VGI has yielded a comparatively lower 5.03% annualized return.

KIO

• 1D: -0.35%
• 1M: 1.08%
• YTD: 2.77%
• 6M: 3.32%
• 1Y: 4.71%
• 3Y*: 12.54%
• 5Y*: 3.74%
• 10Y*: 7.92%

VGI

• 1D: -0.53%
• 1M: -0.01%
• YTD: -0.03%
• 6M: 1.52%
• 1Y: 9.28%
• 3Y*: 12.61%
• 5Y*: 2.43%
• 10Y*: 5.03%

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

KIO vs. VGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KIO KKR Income Opportunities Fund	2.77%	-2.49%	18.45%	31.53%	-28.25%	26.82%	2.04%	21.92%	-2.53%	9.68%
VGI Virtus Global Multi-Sector Income Fund	-0.03%	16.14%	10.43%	14.58%	-21.70%	1.40%	9.81%	27.29%	-28.73%	27.46%

Correlation

The correlation between KIO and VGI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 29, 2013	0.40

Return for Risk

KIO vs. VGI — Risk / Return Rank

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

KIO

KIO Risk / Return Rank: 5
KIO Sharpe Ratio Rank: 6
KIO Sortino Ratio Rank: 6
KIO Omega Ratio Rank: 6
KIO Calmar Ratio Rank: 5
KIO Martin Ratio Rank: 4

VGI

VGI Risk / Return Rank: 15
VGI Sharpe Ratio Rank: 17
VGI Sortino Ratio Rank: 16
VGI Omega Ratio Rank: 18
VGI Calmar Ratio Rank: 12
VGI Martin Ratio Rank: 15

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.

KIO vs. VGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KKR Income Opportunities Fund (KIO) and Virtus Global Multi-Sector Income Fund (VGI). 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.

	KIO	VGI	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.18	-0.70
Sortino ratio: Return per unit of downside risk	0.73	1.67	-0.94
Omega ratio: Gain probability vs. loss probability	1.09	1.22	-0.13
Calmar ratio: Return relative to maximum drawdown	0.43	1.13	-0.71
Martin ratio: Return relative to average drawdown	0.94	4.19	-3.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KIO vs. VGI - Sharpe Ratio Comparison

The current KIO Sharpe Ratio is 0.47, which is lower than the VGI Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of KIO and VGI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KIO	VGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.47	1.18	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.23	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.30	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.31	+0.08

Drawdowns

KIO vs. VGI - Drawdown Comparison

The maximum KIO drawdown since its inception was -43.87%, smaller than the maximum VGI drawdown of -48.08%. Use the drawdown chart below to compare losses from any high point for KIO and VGI.

Drawdown Indicators

	KIO	VGI	Difference
Max Drawdown Largest peak-to-trough decline	-43.87%	-48.08%	+4.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-8.21%	-2.80%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-12.34%	-10.51%
Max Drawdown (5Y) Largest decline over 5 years	-31.87%	-32.95%	+1.08%
Max Drawdown (10Y) Largest decline over 10 years	-43.87%	-48.08%	+4.21%
Current Drawdown Current decline from peak	-8.51%	-3.38%	-5.13%
Average Drawdown Average peak-to-trough decline	-8.08%	-10.43%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.00%	2.22%	+2.78%

Volatility

KIO vs. VGI - Volatility Comparison

KKR Income Opportunities Fund (KIO) has a higher volatility of 2.55% compared to Virtus Global Multi-Sector Income Fund (VGI) at 2.12%. This indicates that KIO's price experiences larger fluctuations and is considered to be riskier than VGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KIO	VGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	2.12%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	7.70%	6.37%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	9.96%	7.92%	+2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.18%	10.52%	+2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	16.74%	-0.35%

Dividends

KIO vs. VGI - Dividend Comparison

KIO's dividend yield for the trailing twelve months is around 12.91%, which matches VGI's 12.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KIO KKR Income Opportunities Fund	12.91%	12.58%	10.90%	11.32%	11.44%	7.45%	10.12%	9.51%	10.53%	9.66%	9.92%	10.81%
VGI Virtus Global Multi-Sector Income Fund	12.90%	12.24%	12.57%	12.26%	13.42%	10.22%	11.81%	12.10%	15.00%	10.70%	12.21%	15.60%

Frequently Asked Questions

Can I hold both KIO and VGI in my portfolio?

KIO and VGI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KIO or VGI?

KIO has higher volatility (2.55%) compared to VGI (2.12%). In terms of maximum drawdown, KIO dropped -43.87% vs VGI's -48.08%.

Which has better risk-adjusted returns?

VGI currently has the higher Sharpe Ratio (1.18 vs 0.47), 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.