MZLSX vs. ICMUX

Last updated Apr 1, 2026

Compare and contrast key facts about Muzinich Low Duration Fund (MZLSX) and Intrepid Income Fund (ICMUX).

MZLSX is managed by Muzinich. It was launched on Jun 29, 2016. ICMUX is managed by Intrepid Funds. It was launched on Jul 1, 2007.

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.

MZLSX vs. ICMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MZLSX Muzinich Low Duration Fund	-0.57%	6.38%	6.30%	7.63%	-3.41%	2.50%	2.64%	7.86%	0.80%	4.26%
ICMUX Intrepid Income Fund	-0.24%	8.16%	10.43%	10.90%	-3.17%	10.02%	8.77%	4.65%	0.53%	3.79%

Returns By Period

In the year-to-date period, MZLSX achieves a -0.57% return, which is significantly lower than ICMUX's -0.24% return.

MZLSX

• 1D: 0.11%
• 1M: -1.38%
• YTD: -0.57%
• 6M: 0.72%
• 1Y: 4.41%
• 3Y*: 6.11%
• 5Y*: 3.46%
• 10Y*: —

ICMUX

• 1D: 0.11%
• 1M: -0.34%
• YTD: -0.24%
• 6M: 0.95%
• 1Y: 6.58%
• 3Y*: 9.12%
• 5Y*: 6.22%
• 10Y*: 5.93%

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

MZLSX vs. ICMUX - Expense Ratio Comparison

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

ICMUX

Intrepid Income Fund

MZLSX

Muzinich Low Duration Fund

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: 96
MZLSX Sharpe Ratio Rank: 98
MZLSX Sortino Ratio Rank: 97
MZLSX Omega Ratio Rank: 97
MZLSX Calmar Ratio Rank: 94
MZLSX Martin Ratio Rank: 96

ICMUX

ICMUX Risk / Return Rank: 94
ICMUX Sharpe Ratio Rank: 97
ICMUX Sortino Ratio Rank: 96
ICMUX Omega Ratio Rank: 97
ICMUX Calmar Ratio Rank: 91
ICMUX Martin Ratio Rank: 90

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	2.80	2.52	+0.28
Sortino ratio Return per unit of downside risk	4.00	3.40	+0.60
Omega ratio Gain probability vs. loss probability	1.71	1.62	+0.09
Calmar ratio Return relative to maximum drawdown	2.99	2.60	+0.39
Martin ratio Return relative to average drawdown	14.39	10.35	+4.04
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 2.80, which is comparable to the ICMUX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MZLSX and ICMUX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MZLSX	ICMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.52	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.19	2.35	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	2.04	-0.36

Correlation

The correlation between MZLSX and ICMUX is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MZLSX vs. ICMUX - Dividend Comparison

MZLSX's dividend yield for the trailing twelve months is around 7.01%, which matches ICMUX's 7.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MZLSX Muzinich Low Duration Fund	7.01%	7.03%	4.77%	4.88%	3.85%	6.36%	2.08%	2.24%	8.62%	1.86%	0.79%	0.00%
ICMUX Intrepid Income Fund	7.03%	7.96%	7.85%	9.10%	8.17%	5.99%	5.56%	3.35%	3.07%	2.86%	3.01%	3.53%

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%	-2.46%	+0.96%
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	-1.40%	-1.12%	-0.28%
Average Drawdown Average peak-to-trough decline	-0.86%	-0.74%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.62%	-0.31%

Volatility

MZLSX vs. ICMUX - Volatility Comparison

Muzinich Low Duration Fund (MZLSX) has a higher volatility of 0.81% compared to Intrepid Income Fund (ICMUX) at 0.77%. This indicates that MZLSX's price experiences larger fluctuations and is considered to be riskier than ICMUX based on this measure. 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	0.81%	0.77%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.13%	1.38%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	1.57%	2.59%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.58%	2.66%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.13%	2.58%	-0.45%