RGCYX vs. RLVSX

Last updated Jun 5, 2026

RGCYX (Russell Investments Opportunistic Credit Fund) and RLVSX (Russell Investments Tax-Exempt Bond Fund) are both mutual funds - RGCYX is a Multisector Bonds fund managed by Russell, while RLVSX is a Municipal Bonds fund managed by Russell. Over the past 10 years, RGCYX returned 4.45%/yr vs 2.25%/yr for RLVSX. At a 0.24 correlation, their price movements are largely independent. RGCYX charges 0.71%/yr vs 0.53%/yr for RLVSX.

Performance

RGCYX vs. RLVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Russell Investments Opportunistic Credit Fund (RGCYX) and Russell Investments Tax-Exempt Bond Fund (RLVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RGCYX achieves a 1.82% return, which is significantly higher than RLVSX's 1.53% return. Over the past 10 years, RGCYX has outperformed RLVSX with an annualized return of 4.45%, while RLVSX has yielded a comparatively lower 2.25% annualized return.

RGCYX

• 1D: -0.12%
• 1M: 0.43%
• YTD: 1.82%
• 6M: 2.12%
• 1Y: 7.13%
• 3Y*: 8.53%
• 5Y*: 3.33%
• 10Y*: 4.45%

RLVSX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.53%
• 6M: 1.83%
• 1Y: 6.11%
• 3Y*: 3.85%
• 5Y*: 1.22%
• 10Y*: 2.25%

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

RGCYX vs. RLVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RGCYX Russell Investments Opportunistic Credit Fund	1.82%	8.69%	7.34%	11.22%	-11.40%	2.71%	3.73%	11.98%	-3.22%	9.84%
RLVSX Russell Investments Tax-Exempt Bond Fund	1.53%	4.26%	1.76%	6.11%	-7.58%	2.03%	4.05%	7.38%	1.45%	4.69%

Correlation

The correlation between RGCYX and RLVSX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.24

Over the past year, RGCYX and RLVSX have become more correlated (0.51) than their long-term average of 0.24, meaning their price movements have been converging.

Return for Risk

RGCYX vs. RLVSX — Risk / Return Rank

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

RGCYX

RGCYX Risk / Return Rank: 91
RGCYX Sharpe Ratio Rank: 95
RGCYX Sortino Ratio Rank: 96
RGCYX Omega Ratio Rank: 95
RGCYX Calmar Ratio Rank: 83
RGCYX Martin Ratio Rank: 87

RLVSX

RLVSX Risk / Return Rank: 79
RLVSX Sharpe Ratio Rank: 96
RLVSX Sortino Ratio Rank: 96
RLVSX Omega Ratio Rank: 97
RLVSX Calmar Ratio Rank: 57
RLVSX Martin Ratio Rank: 50

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.

RGCYX vs. RLVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investments Opportunistic Credit Fund (RGCYX) and Russell Investments Tax-Exempt Bond Fund (RLVSX). 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.

	RGCYX	RLVSX	Difference
Sharpe ratio: Return per unit of total volatility	3.36	3.50	-0.14
Sortino ratio: Return per unit of downside risk	5.33	5.23	+0.10
Omega ratio: Gain probability vs. loss probability	1.76	2.00	-0.24
Calmar ratio: Return relative to maximum drawdown	3.73	2.85	+0.87
Martin ratio: Return relative to average drawdown	16.04	10.14	+5.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RGCYX vs. RLVSX - Sharpe Ratio Comparison

The current RGCYX Sharpe Ratio is 3.36, which is comparable to the RLVSX Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of RGCYX and RLVSX, 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

	RGCYX	RLVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.36	3.50	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.40	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	0.68	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.97	+0.11

Drawdowns

RGCYX vs. RLVSX - Drawdown Comparison

The maximum RGCYX drawdown since its inception was -19.48%, which is greater than RLVSX's maximum drawdown of -11.77%. Use the drawdown chart below to compare losses from any high point for RGCYX and RLVSX.

Drawdown Indicators

	RGCYX	RLVSX	Difference
Max Drawdown Largest peak-to-trough decline	-19.48%	-11.77%	-7.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-2.17%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-2.75%	-4.22%	+1.47%
Max Drawdown (5Y) Largest decline over 5 years	-16.72%	-11.77%	-4.95%
Max Drawdown (10Y) Largest decline over 10 years	-19.48%	-11.77%	-7.71%
Current Drawdown Current decline from peak	-0.12%	-0.44%	+0.32%
Average Drawdown Average peak-to-trough decline	-2.82%	-1.53%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.61%	-0.14%

Volatility

RGCYX vs. RLVSX - Volatility Comparison

Russell Investments Opportunistic Credit Fund (RGCYX) has a higher volatility of 0.80% compared to Russell Investments Tax-Exempt Bond Fund (RLVSX) at 0.70%. This indicates that RGCYX's price experiences larger fluctuations and is considered to be riskier than RLVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RGCYX	RLVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.70%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	1.38%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.24%	1.77%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.46%	3.10%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.18%	3.33%	+0.85%

RGCYX vs. RLVSX - Expense Ratio Comparison

RGCYX has a 0.71% expense ratio, which is higher than RLVSX's 0.53% expense ratio.

Dividends

RGCYX vs. RLVSX - Dividend Comparison

RGCYX's dividend yield for the trailing twelve months is around 5.87%, more than RLVSX's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RGCYX Russell Investments Opportunistic Credit Fund	5.87%	5.77%	5.35%	4.83%	4.78%	4.60%	3.85%	6.91%	5.89%	4.53%	4.61%	4.21%
RLVSX Russell Investments Tax-Exempt Bond Fund	3.52%	3.18%	3.57%	3.20%	2.73%	2.06%	2.58%	3.08%	2.89%	2.65%	2.64%	2.80%

Frequently Asked Questions

Can I hold both RGCYX and RLVSX in my portfolio?

RGCYX and RLVSX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RGCYX or RLVSX?

RGCYX has higher volatility (0.80%) compared to RLVSX (0.70%). In terms of maximum drawdown, RGCYX dropped -19.48% vs RLVSX's -11.77%.

Which has better risk-adjusted returns?

RLVSX currently has the higher Sharpe Ratio (3.50 vs 3.36), 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.