TMSF vs. MUSE

Last updated Jun 4, 2026

TMSF (T. Rowe Price Multi-Sector Income ETF) and MUSE (TCW Multisector Credit Income ETF) are both Multisector Bonds funds. Both are actively managed. A 0.62 correlation means they provide meaningful diversification when combined. TMSF charges 0.37%/yr vs 0.56%/yr for MUSE.

Performance

TMSF vs. MUSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Multi-Sector Income ETF (TMSF) 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, TMSF achieves a 1.71% return, which is significantly lower than MUSE's 2.30% return.

TMSF

• 1D: -0.20%
• 1M: 0.53%
• YTD: 1.71%
• 6M: 2.23%
• 1Y: —
• 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)

TMSF vs. MUSE - Yearly Performance Comparison

	2026 (YTD)	2025
TMSF T. Rowe Price Multi-Sector Income ETF	1.71%	1.29%
MUSE TCW Multisector Credit Income ETF	2.30%	0.98%

Correlation

The correlation between TMSF and MUSE is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.62

Return for Risk

TMSF vs. MUSE — Risk / Return Rank

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

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.

TMSF vs. MUSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Multi-Sector Income ETF (TMSF) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TMSF	MUSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.99	1.85	+0.14

Drawdowns

TMSF vs. MUSE - Drawdown Comparison

The maximum TMSF drawdown since its inception was -2.28%, smaller than the maximum MUSE drawdown of -3.63%. Use the drawdown chart below to compare losses from any high point for TMSF and MUSE.

Drawdown Indicators

	TMSF	MUSE	Difference
Max Drawdown Largest peak-to-trough decline	-2.28%	-3.63%	+1.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.54%	—
Current Drawdown Current decline from peak	-0.25%	-0.10%	-0.15%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.43%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.68%	—

Volatility

Volatility by Period

	TMSF	MUSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.86%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.94%	2.81%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.94%	3.87%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.94%	3.87%	-0.93%

TMSF vs. MUSE - Expense Ratio Comparison

TMSF has a 0.37% expense ratio, which is lower than MUSE's 0.56% expense ratio.

Dividends

TMSF vs. MUSE - Dividend Comparison

TMSF's dividend yield for the trailing twelve months is around 3.06%, less than MUSE's 7.70% yield.

Position	TTM	2025	2024
MUSE TCW Multisector Credit Income ETF	7.70%	7.35%	0.75%
TMSF T. Rowe Price Multi-Sector Income ETF	3.06%	0.75%	0.00%

Frequently Asked Questions

Can I hold both TMSF and MUSE in my portfolio?

TMSF and MUSE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMSF or MUSE?

On fees, TMSF is cheaper at 0.37% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMSF or MUSE?

TMSF is cheaper with a 0.37% expense ratio, compared with 0.56% for MUSE.

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

MUSE has the higher dividend yield at 7.70%, compared with 3.06% for TMSF.

What is the main difference between TMSF and MUSE?

They also come from different issuers: T. Rowe Price and TCW. Their fees differ too: 0.37% for TMSF and 0.56% for MUSE.