MZLSX vs. ESIIX

Last updated Jun 20, 2026

MZLSX (Muzinich Low Duration Fund) and ESIIX (Eaton Vance Strategic Income Fund Class I) are both Multisector Bonds funds. Over the past 5 years, MZLSX returned 3.73%/yr vs 5.49%/yr for ESIIX. At a 0.41 correlation, their price movements are largely independent. MZLSX charges 0.50%/yr vs 1.21%/yr for ESIIX.

Performance

MZLSX vs. ESIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Muzinich Low Duration Fund (MZLSX) and Eaton Vance Strategic Income Fund Class I (ESIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MZLSX achieves a 1.54% return, which is significantly lower than ESIIX's 2.48% return.

MZLSX

• 1D: 0.11%
• 1M: 0.73%
• YTD: 1.54%
• 6M: 1.81%
• 1Y: 5.01%
• 3Y*: 6.44%
• 5Y*: 3.73%
• 10Y*: —

ESIIX

• 1D: 0.15%
• 1M: 0.89%
• YTD: 2.48%
• 6M: 2.99%
• 1Y: 9.72%
• 3Y*: 8.87%
• 5Y*: 5.49%
• 10Y*: 5.23%

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

MZLSX vs. ESIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MZLSX Muzinich Low Duration Fund	1.54%	6.38%	6.30%	7.63%	-3.41%	2.50%	2.64%	7.86%	0.80%	4.26%
ESIIX Eaton Vance Strategic Income Fund Class I	2.48%	12.46%	6.66%	8.52%	-2.32%	1.59%	7.80%	7.65%	-2.44%	5.16%

Correlation

The correlation between MZLSX and ESIIX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jul 5, 2016	0.41

The correlation between MZLSX and ESIIX shifts across timeframes, from 0.41 (all time) to 0.57 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MZLSX vs. ESIIX — Risk / Return Rank

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

MZLSX

MZLSX Risk / Return Rank: 91
MZLSX Sharpe Ratio Rank: 97
MZLSX Sortino Ratio Rank: 97
MZLSX Omega Ratio Rank: 97
MZLSX Calmar Ratio Rank: 79
MZLSX Martin Ratio Rank: 87

ESIIX

ESIIX Risk / Return Rank: 93
ESIIX Sharpe Ratio Rank: 98
ESIIX Sortino Ratio Rank: 96
ESIIX Omega Ratio Rank: 96
ESIIX Calmar Ratio Rank: 89
ESIIX Martin Ratio Rank: 88

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.

MZLSX vs. ESIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Muzinich Low Duration Fund (MZLSX) and Eaton Vance Strategic Income Fund Class I (ESIIX). 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.

	MZLSX	ESIIX	Difference
Sharpe ratio: Return per unit of total volatility	3.24	3.47	-0.23
Sortino ratio: Return per unit of downside risk	5.24	5.07	+0.17
Omega ratio: Gain probability vs. loss probability	1.84	1.80	+0.05
Calmar ratio: Return relative to maximum drawdown	3.34	4.07	-0.73
Martin ratio: Return relative to average drawdown	15.12	15.36	-0.23

MZLSX vs. ESIIX - Sharpe Ratio Comparison

The current MZLSX Sharpe Ratio is 3.24, which is comparable to the ESIIX Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of MZLSX and ESIIX, 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

MZLSX vs. ESIIX - Drawdown Comparison

The maximum MZLSX drawdown since its inception was -12.66%, smaller than the maximum ESIIX drawdown of -26.87%. Use the drawdown chart below to compare losses from any high point for MZLSX and ESIIX.

Drawdown Indicators

	MZLSX	ESIIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.66%	-26.87%	+14.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	-2.44%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-1.50%	-2.46%	+0.96%
Max Drawdown (5Y) Largest decline over 5 years	-6.09%	-6.18%	+0.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-12.25%	—
Current Drawdown Current decline from peak	0.00%	-0.29%	+0.29%
Average Drawdown Average peak-to-trough decline	-0.85%	-4.71%	+3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.64%	-0.31%

Volatility

MZLSX vs. ESIIX - Volatility Comparison

The current volatility for Muzinich Low Duration Fund (MZLSX) is 0.42%, while Eaton Vance Strategic Income Fund Class I (ESIIX) has a volatility of 0.96%. This indicates that MZLSX experiences smaller price fluctuations and is considered to be less risky than ESIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZLSX	ESIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.96%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	1.35%	2.30%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	1.55%	2.86%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.62%	3.20%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.13%	3.17%	-1.04%

MZLSX vs. ESIIX - Expense Ratio Comparison

MZLSX has a 0.50% expense ratio, which is lower than ESIIX's 1.21% expense ratio.

Dividends

MZLSX vs. ESIIX - Dividend Comparison

MZLSX's dividend yield for the trailing twelve months is around 7.22%, less than ESIIX's 7.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESIIX Eaton Vance Strategic Income Fund Class I	7.37%	7.01%	7.23%	7.19%	5.82%	4.57%	4.44%	5.29%	4.25%	3.95%	4.18%	4.59%
MZLSX Muzinich Low Duration Fund	7.22%	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 MZLSX and ESIIX in my portfolio?

MZLSX and ESIIX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MZLSX or ESIIX?

ESIIX has higher volatility (0.96%) compared to MZLSX (0.42%). In terms of maximum drawdown, MZLSX dropped -12.66% vs ESIIX's -26.87%.

Which has better risk-adjusted returns?

ESIIX currently has the higher Sharpe Ratio (3.47 vs 3.24), 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.