SCIO vs. MUSE

Last updated Jun 4, 2026

SCIO (First Trust Structured Credit Income Opportunities ETF) and MUSE (TCW Multisector Credit Income ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, SCIO returned 7.23% vs 8.14% for MUSE. At a 0.28 correlation, their price movements are largely independent. SCIO charges 0.70%/yr vs 0.56%/yr for MUSE.

Performance

SCIO vs. MUSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Structured Credit Income Opportunities ETF (SCIO) 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, SCIO achieves a 1.43% return, which is significantly lower than MUSE's 2.30% return.

SCIO

• 1D: 0.00%
• 1M: 0.33%
• YTD: 1.43%
• 6M: 1.90%
• 1Y: 7.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

SCIO vs. MUSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SCIO First Trust Structured Credit Income Opportunities ETF	1.43%	10.17%	1.32%
MUSE TCW Multisector Credit Income ETF	2.30%	8.25%	0.34%

Correlation

The correlation between SCIO and MUSE is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.28

Return for Risk

SCIO vs. MUSE — Risk / Return Rank

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

SCIO

SCIO Risk / Return Rank: 70
SCIO Sharpe Ratio Rank: 58
SCIO Sortino Ratio Rank: 65
SCIO Omega Ratio Rank: 74
SCIO Calmar Ratio Rank: 82
SCIO Martin Ratio Rank: 75

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.

SCIO vs. MUSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Structured Credit Income Opportunities ETF (SCIO) 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.

	SCIO	MUSE	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.91	-0.99
Sortino ratio: Return per unit of downside risk	2.94	4.62	-1.67
Omega ratio: Gain probability vs. loss probability	1.43	1.68	-0.25
Calmar ratio: Return relative to maximum drawdown	4.22	3.22	+1.00
Martin ratio: Return relative to average drawdown	14.02	11.96	+2.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCIO vs. MUSE - Sharpe Ratio Comparison

The current SCIO Sharpe Ratio is 1.92, which is lower than the MUSE Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of SCIO 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

	SCIO	MUSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	2.91	-0.99
Sharpe Ratio (All Time) Calculated using the full available price history	2.51	1.85	+0.65

Drawdowns

SCIO vs. MUSE - Drawdown Comparison

The maximum SCIO drawdown since its inception was -1.72%, smaller than the maximum MUSE drawdown of -3.63%. Use the drawdown chart below to compare losses from any high point for SCIO and MUSE.

Drawdown Indicators

	SCIO	MUSE	Difference
Max Drawdown Largest peak-to-trough decline	-1.72%	-3.63%	+1.91%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-2.54%	+0.82%
Current Drawdown Current decline from peak	-0.25%	-0.10%	-0.15%
Average Drawdown Average peak-to-trough decline	-0.31%	-0.43%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.68%	-0.16%

Volatility

SCIO vs. MUSE - Volatility Comparison

First Trust Structured Credit Income Opportunities ETF (SCIO) and TCW Multisector Credit Income ETF (MUSE) have volatilities of 0.85% and 0.86%, 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

	SCIO	MUSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.86%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.70%	2.40%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	2.81%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	3.87%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	3.87%	-0.67%

SCIO vs. MUSE - Expense Ratio Comparison

SCIO has a 0.70% expense ratio, which is higher than MUSE's 0.56% expense ratio.

Dividends

SCIO vs. MUSE - Dividend Comparison

SCIO's dividend yield for the trailing twelve months is around 5.99%, less than MUSE's 7.70% yield.

Position	TTM	2025	2024
MUSE TCW Multisector Credit Income ETF	7.70%	7.35%	0.75%
SCIO First Trust Structured Credit Income Opportunities ETF	5.99%	6.31%	6.02%

Frequently Asked Questions

Can I hold both SCIO and MUSE in my portfolio?

SCIO and MUSE have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCIO or MUSE?

MUSE has higher volatility (0.86%) compared to SCIO (0.85%). In terms of maximum drawdown, SCIO dropped -1.72% vs MUSE's -3.63%.

Which ETF is better, SCIO or MUSE?

On 1-year performance, MUSE leads with 8.14% vs 7.23% for SCIO. On fees, MUSE is cheaper at 0.56% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCIO or MUSE?

Over the 1-year period, MUSE has performed better with a 8.14% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCIO or MUSE?

MUSE is cheaper with a 0.56% expense ratio, compared with 0.70% for SCIO.

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

MUSE has the higher dividend yield at 7.70%, compared with 5.99% for SCIO.

What is the main difference between SCIO and MUSE?

They also come from different issuers: First Trust and TCW. Their fees differ too: 0.70% for SCIO and 0.56% for MUSE.

Which has better risk-adjusted returns?

MUSE currently has the higher Sharpe Ratio (2.91 vs 1.92), 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.