KIO vs. VMSAX
KIO (KKR Income Opportunities Fund) and VMSAX (Vanguard Multi-Sector Income Bond Fund Admiral Shares) are both Multisector Bonds funds. Over the past 3 years, KIO returned 9.61%/yr vs 7.41%/yr for VMSAX. Their 0.45 correlation means their historical movements had little consistent relationship. KIO charges 0.04%/yr vs 0.30%/yr for VMSAX.
Performance
KIO vs. VMSAX - 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 VMSAX's 0.95% 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%
VMSAX
- 1D
- -0.05%
- 1M
- -0.55%
- 6M
- 0.59%
- YTD
- 0.95%
- 1Y
- 4.54%
- 3Y*
- 7.41%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.97%
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. VMSAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 2.31% | -2.49% | 18.45% | 31.53% | -23.74% |
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares | 0.95% | 9.08% | 6.86% | 10.53% | -8.42% |
Correlation
The correlation between KIO and VMSAX is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | 0.45 |
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Return for Risk
KIO vs. VMSAX — Risk / Return Rank
KIO
VMSAX
KIO vs. VMSAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KKR Income Opportunities Fund (KIO) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX). 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 | VMSAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 2.06 | -1.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.09 | -0.29 |
| Martin ratioReturn relative to average drawdown | -0.43 | 1.35 | -1.78 |
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Drawdowns
KIO vs. VMSAX - Drawdown Comparison
The maximum KIO drawdown since its inception was -43.87%, smaller than the maximum VMSAX drawdown of -54.84%. Use the drawdown chart below to compare losses from any high point for KIO and VMSAX.
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Drawdown Indicators
| KIO | VMSAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.87% | -54.84% | +10.97% |
Max Drawdown (1Y)Largest decline over 1 year | -11.01% | -54.84% | +43.83% |
Max Drawdown (3Y)Largest decline over 3 years | -22.85% | -54.84% | +31.99% |
Max Drawdown (5Y)Largest decline over 5 years | -31.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.87% | — | — |
Current DrawdownCurrent decline from peak | -8.92% | -0.71% | -8.21% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -2.99% | -5.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 3.49% | +1.67% |
Volatility
KIO vs. VMSAX - Volatility Comparison
KKR Income Opportunities Fund (KIO) has a higher volatility of 2.61% compared to Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) at 0.63%. This indicates that KIO's price experiences larger fluctuations and is considered to be riskier than VMSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KIO | VMSAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 0.63% | +1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 7.91% | 2.13% | +5.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.29% | 133.32% | -123.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.19% | 63.10% | -49.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.34% | 63.10% | -46.76% |
KIO vs. VMSAX - Expense Ratio Comparison
KIO has a 0.04% expense ratio, which is lower than VMSAX's 0.30% expense ratio.
Dividends
KIO vs. VMSAX - Dividend Comparison
KIO's dividend yield for the trailing twelve months is around 13.25%, more than VMSAX's 4.99% 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% |
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares | 4.99% | 5.66% | 6.48% | 5.52% | 3.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KIO and VMSAX have a correlation of 0.44, 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 VMSAX (0.63%). In terms of maximum drawdown, KIO dropped -43.87% vs VMSAX's -54.84%.
VMSAX currently has the higher Sharpe Ratio (0.04 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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