SIO vs. MUSE

Last updated Jun 4, 2026

SIO (Touchstone Strategic Income Opportunities ETF) and MUSE (TCW Multisector Credit Income ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, SIO returned 6.63% vs 8.14% for MUSE. At a 0.40 correlation, their price movements are largely independent. SIO charges 0.65%/yr vs 0.56%/yr for MUSE.

Performance

SIO vs. MUSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Strategic Income Opportunities ETF (SIO) 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, SIO achieves a 0.79% return, which is significantly lower than MUSE's 2.30% return.

SIO

• 1D: -0.35%
• 1M: 0.27%
• YTD: 0.79%
• 6M: 1.08%
• 1Y: 6.63%
• 3Y*: 7.30%
• 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)

SIO vs. MUSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SIO Touchstone Strategic Income Opportunities ETF	0.79%	9.29%	-0.29%
MUSE TCW Multisector Credit Income ETF	2.30%	8.25%	0.34%

Correlation

The correlation between SIO and MUSE is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.40

Return for Risk

SIO vs. MUSE — Risk / Return Rank

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

SIO

SIO Risk / Return Rank: 47
SIO Sharpe Ratio Rank: 43
SIO Sortino Ratio Rank: 45
SIO Omega Ratio Rank: 45
SIO Calmar Ratio Rank: 52
SIO Martin Ratio Rank: 47

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.

SIO vs. MUSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Strategic Income Opportunities ETF (SIO) 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.

	SIO	MUSE	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.91	-1.39
Sortino ratio: Return per unit of downside risk	2.25	4.62	-2.36
Omega ratio: Gain probability vs. loss probability	1.28	1.68	-0.40
Calmar ratio: Return relative to maximum drawdown	2.54	3.22	-0.68
Martin ratio: Return relative to average drawdown	7.78	11.96	-4.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIO vs. MUSE - Sharpe Ratio Comparison

The current SIO Sharpe Ratio is 1.52, which is lower than the MUSE Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of SIO 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

	SIO	MUSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.91	-1.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	1.85	-0.53

Drawdowns

SIO vs. MUSE - Drawdown Comparison

The maximum SIO drawdown since its inception was -6.94%, which is greater than MUSE's maximum drawdown of -3.63%. Use the drawdown chart below to compare losses from any high point for SIO and MUSE.

Drawdown Indicators

	SIO	MUSE	Difference
Max Drawdown Largest peak-to-trough decline	-6.94%	-3.63%	-3.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-2.54%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-4.34%	—	—
Current Drawdown Current decline from peak	-1.13%	-0.10%	-1.03%
Average Drawdown Average peak-to-trough decline	-1.25%	-0.43%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.68%	+0.17%

Volatility

SIO vs. MUSE - Volatility Comparison

Touchstone Strategic Income Opportunities ETF (SIO) has a higher volatility of 1.15% compared to TCW Multisector Credit Income ETF (MUSE) at 0.86%. This indicates that SIO'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

	SIO	MUSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.86%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	2.40%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	4.38%	2.81%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	3.87%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.00%	3.87%	+1.13%

SIO vs. MUSE - Expense Ratio Comparison

SIO has a 0.65% expense ratio, which is higher than MUSE's 0.56% expense ratio.

Dividends

SIO vs. MUSE - Dividend Comparison

SIO's dividend yield for the trailing twelve months is around 6.94%, less than MUSE's 7.70% yield.

Position	TTM	2025	2024	2023	2022
MUSE TCW Multisector Credit Income ETF	7.70%	7.35%	0.75%	0.00%	0.00%
SIO Touchstone Strategic Income Opportunities ETF	6.94%	6.80%	5.30%	5.37%	3.12%

Frequently Asked Questions

Can I hold both SIO and MUSE in my portfolio?

SIO and MUSE have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIO or MUSE?

SIO has higher volatility (1.15%) compared to MUSE (0.86%). In terms of maximum drawdown, SIO dropped -6.94% vs MUSE's -3.63%.

Which ETF is better, SIO or MUSE?

On 1-year performance, MUSE leads with 8.14% vs 6.63% for SIO. On fees, MUSE is cheaper at 0.56% 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, SIO or MUSE?

Over the 1-year period, MUSE has performed better with a 8.14% return vs 6.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIO or MUSE?

MUSE is cheaper with a 0.56% expense ratio, compared with 0.65% for SIO.

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

MUSE has the higher dividend yield at 7.70%, compared with 6.94% for SIO.

What is the main difference between SIO and MUSE?

They also come from different issuers: Touchstone and TCW. Their fees differ too: 0.65% for SIO and 0.56% for MUSE.

Which has better risk-adjusted returns?

MUSE currently has the higher Sharpe Ratio (2.91 vs 1.52), 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.