MZLSX vs. ICMUX

Last updated Jun 3, 2026

MZLSX (Muzinich Low Duration Fund) and ICMUX (Intrepid Income Fund) are both Multisector Bonds funds. Over the past 5 years, MZLSX returned 3.71%/yr vs 6.30%/yr for ICMUX. At a 0.40 correlation, their price movements are largely independent. MZLSX charges 0.50%/yr vs 0.91%/yr for ICMUX.

Performance

MZLSX vs. ICMUX - Performance Comparison

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

Returns By Period

In the year-to-date period, MZLSX achieves a 1.21% return, which is significantly lower than ICMUX's 2.43% return.

MZLSX

• 1D: -0.11%
• 1M: 0.52%
• YTD: 1.21%
• 6M: 1.70%
• 1Y: 5.00%
• 3Y*: 6.37%
• 5Y*: 3.71%
• 10Y*: —

ICMUX

• 1D: 0.00%
• 1M: 0.70%
• YTD: 2.43%
• 6M: 2.92%
• 1Y: 8.52%
• 3Y*: 9.96%
• 5Y*: 6.30%
• 10Y*: 5.89%

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

MZLSX vs. ICMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MZLSX Muzinich Low Duration Fund	1.21%	6.38%	6.30%	7.63%	-3.41%	2.50%	2.64%	7.86%	0.80%	4.26%
ICMUX Intrepid Income Fund	2.43%	8.16%	10.43%	10.90%	-3.17%	10.02%	8.77%	4.65%	0.53%	3.79%

Correlation

The correlation between MZLSX and ICMUX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 6, 2016	0.40

The correlation between MZLSX and ICMUX shifts across timeframes, from 0.40 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MZLSX vs. ICMUX — Risk / Return Rank

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

MZLSX

MZLSX Risk / Return Rank: 88
MZLSX Sharpe Ratio Rank: 94
MZLSX Sortino Ratio Rank: 96
MZLSX Omega Ratio Rank: 96
MZLSX Calmar Ratio Rank: 74
MZLSX Martin Ratio Rank: 81

ICMUX

ICMUX Risk / Return Rank: 97
ICMUX Sharpe Ratio Rank: 99
ICMUX Sortino Ratio Rank: 98
ICMUX Omega Ratio Rank: 98
ICMUX Calmar Ratio Rank: 96
ICMUX Martin Ratio Rank: 95

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. ICMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Muzinich Low Duration Fund (MZLSX) and Intrepid Income Fund (ICMUX). 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.

	MZLSX	ICMUX	Difference
Sharpe ratio Return per unit of total volatility	3.25	4.44	-1.19
Sortino ratio Return per unit of downside risk	5.27	7.48	-2.21
Omega ratio Gain probability vs. loss probability	1.86	2.16	-0.30
Calmar ratio Return relative to maximum drawdown	3.38	6.41	-3.03
Martin ratio Return relative to average drawdown	15.35	22.57	-7.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MZLSX vs. ICMUX - Sharpe Ratio Comparison

The current MZLSX Sharpe Ratio is 3.25, which is comparable to the ICMUX Sharpe Ratio of 4.44. The chart below compares the historical Sharpe Ratios of MZLSX and ICMUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MZLSX	ICMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	4.44	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.30	2.37	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	2.10	-0.35

Drawdowns

MZLSX vs. ICMUX - Drawdown Comparison

The maximum MZLSX drawdown since its inception was -12.66%, which is greater than ICMUX's maximum drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for MZLSX and ICMUX.

Drawdown Indicators

	MZLSX	ICMUX	Difference
Max Drawdown Largest peak-to-trough decline	-12.66%	-8.77%	-3.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	-1.34%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-1.50%	-3.11%	+1.61%
Max Drawdown (5Y) Largest decline over 5 years	-6.09%	-5.64%	-0.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-8.77%	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.85%	-0.74%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.38%	-0.05%

Volatility

MZLSX vs. ICMUX - Volatility Comparison

Muzinich Low Duration Fund (MZLSX) and Intrepid Income Fund (ICMUX) have volatilities of 0.58% and 0.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZLSX	ICMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.59%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.35%	1.44%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	1.55%	1.93%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.62%	2.66%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.13%	2.58%	-0.45%

MZLSX vs. ICMUX - Expense Ratio Comparison

MZLSX has a 0.50% expense ratio, which is lower than ICMUX's 0.91% expense ratio.

Dividends

MZLSX vs. ICMUX - Dividend Comparison

MZLSX's dividend yield for the trailing twelve months is around 7.24%, less than ICMUX's 7.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICMUX Intrepid Income Fund	7.55%	7.96%	7.85%	9.10%	8.17%	5.99%	5.56%	3.35%	3.07%	2.86%	3.01%	3.53%
MZLSX Muzinich Low Duration Fund	7.24%	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 ICMUX in my portfolio?

MZLSX and ICMUX have a correlation of 0.54, 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 ICMUX?

ICMUX has higher volatility (0.59%) compared to MZLSX (0.58%). In terms of maximum drawdown, MZLSX dropped -12.66% vs ICMUX's -8.77%.

Which has better risk-adjusted returns?

ICMUX currently has the higher Sharpe Ratio (4.44 vs 3.25), 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.