MXIIX vs. MZLSX

Last updated Aug 4, 2026

MXIIX (Touchstone Flexible Income Fund) and MZLSX (Muzinich Low Duration Fund) are both Multisector Bonds funds. Over the past 10 years, MXIIX returned 3.21%/yr vs 3.69%/yr for MZLSX. Their 0.47 correlation means their historical movements had little consistent relationship. MXIIX charges 0.79%/yr vs 0.50%/yr for MZLSX.

Performance

MXIIX vs. MZLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Flexible Income Fund (MXIIX) and Muzinich Low Duration Fund (MZLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXIIX achieves a -0.19% return, which is significantly lower than MZLSX's 1.52% return. Over the past 10 years, MXIIX has underperformed MZLSX with an annualized return of 3.21%, while MZLSX has yielded a comparatively higher 3.69% annualized return.

MXIIX

• 1D: -0.30%
• 1M: -1.58%
• 6M: -0.44%
• YTD: -0.19%
• 1Y: 2.25%
• 3Y*: 5.08%
• 5Y*: 1.90%
• 10Y*: 3.21%
• ALL TIME*: 4.39%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MXIIX Touchstone Flexible Income Fund	$0.00	$0.00	$0.00
MZLSX Muzinich Low Duration Fund	$0.00	$0.00	$0.00

MXIIX vs. MZLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXIIX Touchstone Flexible Income Fund	-0.19%	6.11%	4.82%	7.96%	-8.14%	3.17%	8.15%	8.73%	-1.47%	6.75%
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 MXIIX and MZLSX is 0.67, 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.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.48
Correlation (All Time) Calculated using the full available price history since Jul 5, 2016	0.47

The correlation between MXIIX and MZLSX shifts across timeframes, from 0.47 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MXIIX vs. MZLSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MXIIX

MXIIX Risk / Return Rank: 21
MXIIX Sharpe Ratio Rank: 22
MXIIX Sortino Ratio Rank: 21
MXIIX Omega Ratio Rank: 20
MXIIX Calmar Ratio Rank: 20
MXIIX Martin Ratio Rank: 21

MZLSX

MZLSX Risk / Return Rank: 90
MZLSX Sharpe Ratio Rank: 94
MZLSX Sortino Ratio Rank: 95
MZLSX Omega Ratio Rank: 95
MZLSX Calmar Ratio Rank: 77
MZLSX Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MXIIX vs. MZLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Flexible Income Fund (MXIIX) 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.

	MXIIX	MZLSX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	2.50	-1.65
Sortino ratio: Return per unit of downside risk	1.25	3.96	-2.72
Omega ratio: Gain probability vs. loss probability	1.15	1.59	-0.44
Calmar ratio: Return relative to maximum drawdown	1.04	2.64	-1.60
Martin ratio: Return relative to average drawdown	3.16	11.77	-8.61

MXIIX vs. MZLSX - Sharpe Ratio Comparison

The current MXIIX Sharpe Ratio is 0.85, which is lower than the MZLSX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of MXIIX and MZLSX, 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

MXIIX vs. MZLSX - Drawdown Comparison

The maximum MXIIX drawdown since its inception was -37.45%, which is greater than MZLSX's maximum drawdown of -12.66%. Use the drawdown chart below to compare losses from any high point for MXIIX and MZLSX.

Drawdown Indicators

	MXIIX	MZLSX	Difference
Max Drawdown Largest peak-to-trough decline	-37.45%	-12.66%	-24.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-1.50%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-2.66%	-1.50%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-11.59%	-6.09%	-5.50%
Max Drawdown (10Y) Largest decline over 10 years	-15.21%	-12.66%	-2.55%
Current Drawdown Current decline from peak	-2.00%	-0.32%	-1.68%
Average Drawdown Average peak-to-trough decline	-3.43%	-0.84%	-2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.34%	+0.53%

Volatility

MXIIX vs. MZLSX - Volatility Comparison

Touchstone Flexible Income Fund (MXIIX) has a higher volatility of 0.81% compared to Muzinich Low Duration Fund (MZLSX) at 0.36%. This indicates that MXIIX'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.

Volatility by Period

	MXIIX	MZLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.36%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	1.37%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	1.59%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.46%	1.63%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.41%	2.12%	+2.29%

MXIIX vs. MZLSX - Expense Ratio Comparison

MXIIX has a 0.79% expense ratio, which is higher than MZLSX's 0.50% expense ratio.

Dividends

MXIIX vs. MZLSX - Dividend Comparison

MXIIX's dividend yield for the trailing twelve months is around 5.52%, less than MZLSX's 7.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MXIIX Touchstone Flexible Income Fund	5.52%	4.66%	4.03%	3.77%	4.70%	3.49%	4.66%	3.84%	4.04%	2.72%	2.91%	3.30%
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

Can I hold both MXIIX and MZLSX in my portfolio?

MXIIX and MZLSX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXIIX or MZLSX?

MXIIX has higher volatility (0.81%) compared to MZLSX (0.36%). In terms of maximum drawdown, MXIIX dropped -37.45% vs MZLSX's -12.66%.

Which has better risk-adjusted returns?

MZLSX currently has the higher Sharpe Ratio (2.50 vs 0.85), 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.