KIO vs. VMSAX

Last updated Jun 23, 2026

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 10.75%/yr vs 7.80%/yr for VMSAX. At a 0.45 correlation, their price movements are largely independent. KIO charges 0.04%/yr vs 0.30%/yr for VMSAX.

Performance

KIO vs. VMSAX - Performance Comparison

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

Returns By Period

In the year-to-date period, KIO achieves a 2.88% return, which is significantly higher than VMSAX's 1.30% return.

KIO

• 1D: -0.27%
• 1M: 0.46%
• YTD: 2.88%
• 6M: 2.97%
• 1Y: 2.86%
• 3Y*: 10.75%
• 5Y*: 3.67%
• 10Y*: 7.75%

VMSAX

• 1D: 0.11%
• 1M: 0.69%
• YTD: 1.30%
• 6M: 1.52%
• 1Y: 6.48%
• 3Y*: 7.80%
• 5Y*: —
• 10Y*: —

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

KIO vs. VMSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KIO KKR Income Opportunities Fund	2.88%	-2.49%	18.45%	31.53%	-23.74%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	1.30%	9.08%	6.86%	10.53%	-8.42%

Correlation

The correlation between KIO and VMSAX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.45

Return for Risk

KIO vs. VMSAX — Risk / Return Rank

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

KIO

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

VMSAX

VMSAX Risk / Return Rank: 25
VMSAX Sharpe Ratio Rank: 3
VMSAX Sortino Ratio Rank: 12
VMSAX Omega Ratio Rank: 98
VMSAX Calmar Ratio Rank: 3
VMSAX Martin Ratio Rank: 7

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. 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 ratio: Return per unit of total volatility	0.29	0.05	+0.24
Sortino ratio: Return per unit of downside risk	0.47	1.33	-0.86
Omega ratio: Gain probability vs. loss probability	1.06	2.10	-1.04
Calmar ratio: Return relative to maximum drawdown	0.26	0.12	+0.14
Martin ratio: Return relative to average drawdown	0.57	1.90	-1.33

KIO vs. VMSAX - Sharpe Ratio Comparison

The current KIO Sharpe Ratio is 0.29, which is higher than the VMSAX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of KIO and VMSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	KIO	VMSAX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-8.41%	-0.16%	-8.25%
Average Drawdown Average peak-to-trough decline	-8.08%	-3.06%	-5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	3.49%	+1.57%

Volatility

KIO vs. VMSAX - Volatility Comparison

KKR Income Opportunities Fund (KIO) has a higher volatility of 2.27% compared to Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) at 0.83%. 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.

Volatility by Period

	KIO	VMSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	0.83%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	7.74%	2.05%	+5.69%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	133.32%	-123.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.18%	63.93%	-50.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	63.93%	-47.56%

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 13.04%, more than VMSAX's 5.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KIO KKR Income Opportunities Fund	13.04%	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	5.54%	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

Can I hold both KIO and VMSAX in my portfolio?

KIO and VMSAX have a correlation of 0.42, 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 VMSAX?

KIO has higher volatility (2.27%) compared to VMSAX (0.83%). In terms of maximum drawdown, KIO dropped -43.87% vs VMSAX's -54.84%.

Which has better risk-adjusted returns?

KIO currently has the higher Sharpe Ratio (0.29 vs 0.05), 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.