RMYYX vs. RFBSX

Last updated Jun 23, 2026

RMYYX (Russell Investments Multi-Strategy Income Fund) and RFBSX (Russell Investments Short Duration Bond Fund) are both mutual funds - RMYYX is a Diversified Portfolio fund managed by Russell, while RFBSX is a Short-Term Bond fund managed by Russell. Over the past 10 years, RMYYX returned 5.21%/yr vs 2.30%/yr for RFBSX. At a 0.34 correlation, their price movements are largely independent. RMYYX charges 0.57%/yr vs 0.55%/yr for RFBSX.

Performance

RMYYX vs. RFBSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Russell Investments Multi-Strategy Income Fund (RMYYX) and Russell Investments Short Duration Bond Fund (RFBSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMYYX achieves a 4.82% return, which is significantly higher than RFBSX's 0.78% return. Over the past 10 years, RMYYX has outperformed RFBSX with an annualized return of 5.21%, while RFBSX has yielded a comparatively lower 2.30% annualized return.

RMYYX

• 1D: 0.09%
• 1M: 0.66%
• YTD: 4.82%
• 6M: 5.03%
• 1Y: 13.51%
• 3Y*: 10.00%
• 5Y*: 4.47%
• 10Y*: 5.21%

RFBSX

• 1D: 0.16%
• 1M: 0.32%
• YTD: 0.78%
• 6M: 0.94%
• 1Y: 3.76%
• 3Y*: 4.99%
• 5Y*: 2.07%
• 10Y*: 2.30%

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

RMYYX vs. RFBSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RMYYX Russell Investments Multi-Strategy Income Fund	4.82%	14.24%	5.64%	11.56%	-13.78%	9.06%	3.64%	10.35%	-3.39%	9.17%
RFBSX Russell Investments Short Duration Bond Fund	0.78%	5.92%	4.67%	5.06%	-4.95%	-0.75%	4.98%	4.69%	1.27%	1.33%

Correlation

The correlation between RMYYX and RFBSX 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	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.34

Over the past year, RMYYX and RFBSX have become more correlated (0.54) than their long-term average of 0.34, meaning their price movements have been converging.

Return for Risk

RMYYX vs. RFBSX — Risk / Return Rank

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

RMYYX

RMYYX Risk / Return Rank: 64
RMYYX Sharpe Ratio Rank: 77
RMYYX Sortino Ratio Rank: 79
RMYYX Omega Ratio Rank: 76
RMYYX Calmar Ratio Rank: 42
RMYYX Martin Ratio Rank: 43

RFBSX

RFBSX Risk / Return Rank: 88
RFBSX Sharpe Ratio Rank: 89
RFBSX Sortino Ratio Rank: 92
RFBSX Omega Ratio Rank: 87
RFBSX Calmar Ratio Rank: 83
RFBSX Martin Ratio Rank: 87

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.

RMYYX vs. RFBSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investments Multi-Strategy Income Fund (RMYYX) and Russell Investments Short Duration Bond Fund (RFBSX). 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.

	RMYYX	RFBSX	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.70	-0.34
Sortino ratio: Return per unit of downside risk	3.43	4.21	-0.78
Omega ratio: Gain probability vs. loss probability	1.45	1.57	-0.12
Calmar ratio: Return relative to maximum drawdown	2.36	3.68	-1.32
Martin ratio: Return relative to average drawdown	8.68	15.51	-6.83

RMYYX vs. RFBSX - Sharpe Ratio Comparison

The current RMYYX Sharpe Ratio is 2.36, which is comparable to the RFBSX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of RMYYX and RFBSX, 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

RMYYX vs. RFBSX - Drawdown Comparison

The maximum RMYYX drawdown since its inception was -21.79%, which is greater than RFBSX's maximum drawdown of -9.71%. Use the drawdown chart below to compare losses from any high point for RMYYX and RFBSX.

Drawdown Indicators

	RMYYX	RFBSX	Difference
Max Drawdown Largest peak-to-trough decline	-21.79%	-9.71%	-12.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.65%	-1.04%	-4.61%
Max Drawdown (3Y) Largest decline over 3 years	-7.56%	-1.04%	-6.52%
Max Drawdown (5Y) Largest decline over 5 years	-21.75%	-7.80%	-13.95%
Max Drawdown (10Y) Largest decline over 10 years	-21.79%	-7.80%	-13.99%
Current Drawdown Current decline from peak	-1.01%	-0.16%	-0.85%
Average Drawdown Average peak-to-trough decline	-3.67%	-2.21%	-1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	0.25%	+1.28%

Volatility

RMYYX vs. RFBSX - Volatility Comparison

Russell Investments Multi-Strategy Income Fund (RMYYX) has a higher volatility of 1.83% compared to Russell Investments Short Duration Bond Fund (RFBSX) at 0.57%. This indicates that RMYYX's price experiences larger fluctuations and is considered to be riskier than RFBSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMYYX	RFBSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	0.57%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	4.62%	1.09%	+3.53%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	1.42%	+4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.86%	2.07%	+6.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.61%	1.75%	+6.86%

RMYYX vs. RFBSX - Expense Ratio Comparison

RMYYX has a 0.57% expense ratio, which is higher than RFBSX's 0.55% expense ratio.

Dividends

RMYYX vs. RFBSX - Dividend Comparison

RMYYX's dividend yield for the trailing twelve months is around 3.94%, less than RFBSX's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFBSX Russell Investments Short Duration Bond Fund	4.70%	4.85%	3.91%	2.83%	0.68%	1.72%	2.23%	2.43%	2.32%	1.33%	1.73%	1.48%
RMYYX Russell Investments Multi-Strategy Income Fund	3.94%	4.10%	5.57%	5.20%	4.02%	5.89%	1.52%	3.60%	3.83%	3.42%	4.00%	0.00%

Frequently Asked Questions

Can I hold both RMYYX and RFBSX in my portfolio?

RMYYX and RFBSX 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, RMYYX or RFBSX?

RMYYX has higher volatility (1.83%) compared to RFBSX (0.57%). In terms of maximum drawdown, RMYYX dropped -21.79% vs RFBSX's -9.71%.

Which has better risk-adjusted returns?

RFBSX currently has the higher Sharpe Ratio (2.70 vs 2.36), 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.