NFLT vs. MUSE

Last updated Jun 4, 2026

NFLT (Virtus Newfleet Multi-Sector Bond ETF) and MUSE (TCW Multisector Credit Income ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, NFLT returned 7.11% vs 8.14% for MUSE. At a 0.40 correlation, their price movements are largely independent. NFLT charges 0.50%/yr vs 0.56%/yr for MUSE.

Performance

NFLT vs. MUSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Multi-Sector Bond ETF (NFLT) and TCW Multisector Credit Income ETF (MUSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFLT achieves a 1.50% return, which is significantly lower than MUSE's 2.30% return.

NFLT

• 1D: -0.16%
• 1M: 0.47%
• YTD: 1.50%
• 6M: 1.58%
• 1Y: 7.11%
• 3Y*: 7.38%
• 5Y*: 3.15%
• 10Y*: 4.13%

MUSE

• 1D: -0.10%
• 1M: 0.90%
• YTD: 2.30%
• 6M: 2.82%
• 1Y: 8.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFLT vs. MUSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFLT Virtus Newfleet Multi-Sector Bond ETF	1.50%	8.77%	0.35%
MUSE TCW Multisector Credit Income ETF	2.30%	8.25%	0.34%

Correlation

The correlation between NFLT and MUSE is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.40

Return for Risk

NFLT vs. MUSE — Risk / Return Rank

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

NFLT

NFLT Risk / Return Rank: 57
NFLT Sharpe Ratio Rank: 52
NFLT Sortino Ratio Rank: 53
NFLT Omega Ratio Rank: 52
NFLT Calmar Ratio Rank: 60
NFLT Martin Ratio Rank: 70

MUSE

MUSE Risk / Return Rank: 81
MUSE Sharpe Ratio Rank: 88
MUSE Sortino Ratio Rank: 93
MUSE Omega Ratio Rank: 94
MUSE Calmar Ratio Rank: 66
MUSE Martin Ratio Rank: 66

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.

NFLT vs. MUSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Multi-Sector Bond ETF (NFLT) and TCW Multisector Credit Income ETF (MUSE). 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.

	NFLT	MUSE	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.91	-1.13
Sortino ratio: Return per unit of downside risk	2.60	4.62	-2.01
Omega ratio: Gain probability vs. loss probability	1.33	1.68	-0.36
Calmar ratio: Return relative to maximum drawdown	2.95	3.22	-0.27
Martin ratio: Return relative to average drawdown	13.00	11.96	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFLT vs. MUSE - Sharpe Ratio Comparison

The current NFLT Sharpe Ratio is 1.78, which is lower than the MUSE Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of NFLT and MUSE, 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

	NFLT	MUSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.91	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.85	-1.01

Drawdowns

NFLT vs. MUSE - Drawdown Comparison

The maximum NFLT drawdown since its inception was -15.17%, which is greater than MUSE's maximum drawdown of -3.63%. Use the drawdown chart below to compare losses from any high point for NFLT and MUSE.

Drawdown Indicators

	NFLT	MUSE	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-3.63%	-11.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-2.54%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-3.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.17%	—	—
Current Drawdown Current decline from peak	-0.33%	-0.10%	-0.23%
Average Drawdown Average peak-to-trough decline	-2.10%	-0.43%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.68%	-0.13%

Volatility

NFLT vs. MUSE - Volatility Comparison

Virtus Newfleet Multi-Sector Bond ETF (NFLT) has a higher volatility of 1.19% compared to TCW Multisector Credit Income ETF (MUSE) at 0.86%. This indicates that NFLT's price experiences larger fluctuations and is considered to be riskier than MUSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFLT	MUSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	0.86%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	2.40%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	2.81%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.43%	3.87%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.93%	3.87%	+1.06%

NFLT vs. MUSE - Expense Ratio Comparison

NFLT has a 0.50% expense ratio, which is lower than MUSE's 0.56% expense ratio.

Dividends

NFLT vs. MUSE - Dividend Comparison

NFLT's dividend yield for the trailing twelve months is around 5.50%, less than MUSE's 7.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUSE TCW Multisector Credit Income ETF	7.70%	7.35%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NFLT Virtus Newfleet Multi-Sector Bond ETF	5.50%	5.74%	5.76%	6.02%	4.16%	3.41%	3.63%	4.33%	4.81%	6.23%	5.30%	0.67%

Frequently Asked Questions

Can I hold both NFLT and MUSE in my portfolio?

NFLT and MUSE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLT or MUSE?

NFLT has higher volatility (1.19%) compared to MUSE (0.86%). In terms of maximum drawdown, NFLT dropped -15.17% vs MUSE's -3.63%.

Which ETF is better, NFLT or MUSE?

On 1-year performance, MUSE leads with 8.14% vs 7.11% for NFLT. On fees, NFLT is cheaper at 0.50% per year. On volatility, MUSE has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLT or MUSE?

Over the 1-year period, MUSE has performed better with a 8.14% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLT or MUSE?

NFLT is cheaper with a 0.50% expense ratio, compared with 0.56% for MUSE.

Which ETF pays a higher dividend yield, NFLT or MUSE?

MUSE has the higher dividend yield at 7.70%, compared with 5.50% for NFLT.

What is the main difference between NFLT and MUSE?

They also come from different issuers: Virtus and TCW. Their fees differ too: 0.50% for NFLT and 0.56% for MUSE.

Which has better risk-adjusted returns?

MUSE currently has the higher Sharpe Ratio (2.91 vs 1.78), 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.