MZCSX vs. VMSAX

Last updated Aug 1, 2026

MZCSX (Muzinich Credit Opportunities Fund) and VMSAX (Vanguard Multi-Sector Income Bond Fund Admiral Shares) are both Multisector Bonds funds. Over the past 3 years, MZCSX returned 5.26%/yr vs 7.27%/yr for VMSAX. Their correlation of 0.85 means they have usually moved in the same direction. MZCSX charges 0.60%/yr vs 0.30%/yr for VMSAX.

Performance

MZCSX vs. VMSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Muzinich Credit Opportunities Fund (MZCSX) 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, MZCSX achieves a 0.30% return, which is significantly lower than VMSAX's 1.01% return.

MZCSX

• 1D: -0.11%
• 1M: -0.94%
• 6M: -0.11%
• YTD: 0.30%
• 1Y: 2.87%
• 3Y*: 5.26%
• 5Y*: 1.86%
• 10Y*: 3.16%
• ALL TIME*: 3.38%

VMSAX

• 1D: 0.11%
• 1M: -0.49%
• 6M: 0.68%
• YTD: 1.01%
• 1Y: 4.59%
• 3Y*: 7.27%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.99%

*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)
MZCSX Muzinich Credit Opportunities Fund	$0.00	$0.00	$0.00
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	$0.00	$0.00	$0.00

MZCSX vs. VMSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MZCSX Muzinich Credit Opportunities Fund	0.30%	6.74%	4.27%	7.48%	-7.09%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	1.01%	9.08%	6.86%	10.53%	-8.42%

Correlation

The correlation between MZCSX and VMSAX is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.85

The correlation between MZCSX and VMSAX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

MZCSX vs. VMSAX — Risk / Return Rank

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

MZCSX

MZCSX Risk / Return Rank: 39
MZCSX Sharpe Ratio Rank: 42
MZCSX Sortino Ratio Rank: 45
MZCSX Omega Ratio Rank: 45
MZCSX Calmar Ratio Rank: 29
MZCSX Martin Ratio Rank: 35

VMSAX

VMSAX Risk / Return Rank: 29
VMSAX Sharpe Ratio Rank: 5
VMSAX Sortino Ratio Rank: 26
VMSAX Omega Ratio Rank: 98
VMSAX Calmar Ratio Rank: 6
VMSAX Martin Ratio Rank: 11

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.

MZCSX vs. VMSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Muzinich Credit Opportunities Fund (MZCSX) 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.

	MZCSX	VMSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	0.04	+1.22
Sortino ratio: Return per unit of downside risk	1.88	1.30	+0.58
Omega ratio: Gain probability vs. loss probability	1.24	2.06	-0.82
Calmar ratio: Return relative to maximum drawdown	1.32	0.09	+1.23
Martin ratio: Return relative to average drawdown	5.28	1.39	+3.90

MZCSX vs. VMSAX - Sharpe Ratio Comparison

The current MZCSX Sharpe Ratio is 1.26, which is higher than the VMSAX Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of MZCSX 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

MZCSX vs. VMSAX - Drawdown Comparison

The maximum MZCSX drawdown since its inception was -12.56%, smaller than the maximum VMSAX drawdown of -54.84%. Use the drawdown chart below to compare losses from any high point for MZCSX and VMSAX.

Drawdown Indicators

	MZCSX	VMSAX	Difference
Max Drawdown Largest peak-to-trough decline	-12.56%	-54.84%	+42.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-54.84%	+52.41%
Max Drawdown (3Y) Largest decline over 3 years	-2.77%	-54.84%	+52.07%
Max Drawdown (5Y) Largest decline over 5 years	-12.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-12.56%	—	—
Current Drawdown Current decline from peak	-1.08%	-0.66%	-0.42%
Average Drawdown Average peak-to-trough decline	-1.59%	-2.99%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	3.49%	-2.89%

Volatility

MZCSX vs. VMSAX - Volatility Comparison

Muzinich Credit Opportunities Fund (MZCSX) has a higher volatility of 0.69% compared to Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) at 0.63%. This indicates that MZCSX'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

	MZCSX	VMSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.63%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.09%	2.13%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	2.55%	133.32%	-130.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	63.13%	-59.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	63.13%	-59.78%

MZCSX vs. VMSAX - Expense Ratio Comparison

MZCSX has a 0.60% expense ratio, which is higher than VMSAX's 0.30% expense ratio.

Dividends

MZCSX vs. VMSAX - Dividend Comparison

MZCSX's dividend yield for the trailing twelve months is around 6.72%, more than VMSAX's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MZCSX Muzinich Credit Opportunities Fund	6.72%	5.96%	5.19%	4.10%	1.35%	8.02%	2.41%	6.52%	2.11%	2.80%	3.99%	2.56%
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

Can I hold both MZCSX and VMSAX in my portfolio?

MZCSX and VMSAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MZCSX or VMSAX?

MZCSX has higher volatility (0.69%) compared to VMSAX (0.63%). In terms of maximum drawdown, MZCSX dropped -12.56% vs VMSAX's -54.84%.

Which has better risk-adjusted returns?

MZCSX currently has the higher Sharpe Ratio (1.26 vs 0.04), 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.