VGI vs. ICMUX

Last updated Jun 4, 2026

VGI (Virtus Global Multi-Sector Income Fund) and ICMUX (Intrepid Income Fund) are both Multisector Bonds funds. Over the past 10 years, VGI returned 5.03%/yr vs 5.89%/yr for ICMUX. At a 0.28 correlation, their price movements are largely independent.

Performance

VGI vs. ICMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Global Multi-Sector Income Fund (VGI) and Intrepid Income Fund (ICMUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGI achieves a -0.03% return, which is significantly lower than ICMUX's 2.43% return. Over the past 10 years, VGI has underperformed ICMUX with an annualized return of 5.03%, while ICMUX has yielded a comparatively higher 5.89% annualized return.

VGI

• 1D: -0.53%
• 1M: -0.01%
• YTD: -0.03%
• 6M: 1.52%
• 1Y: 9.28%
• 3Y*: 12.61%
• 5Y*: 2.43%
• 10Y*: 5.03%

ICMUX

• 1D: 0.00%
• 1M: 0.81%
• YTD: 2.43%
• 6M: 2.92%
• 1Y: 8.40%
• 3Y*: 9.96%
• 5Y*: 6.30%
• 10Y*: 5.89%

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

VGI vs. ICMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGI Virtus Global Multi-Sector Income Fund	-0.03%	16.14%	10.43%	14.58%	-21.70%	1.40%	9.81%	27.29%	-28.73%	27.46%
ICMUX Intrepid Income Fund	2.43%	8.16%	10.43%	10.90%	-3.17%	10.02%	8.77%	4.65%	0.53%	3.79%

Correlation

The correlation between VGI and ICMUX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Feb 27, 2012	0.28

The correlation between VGI and ICMUX shifts across timeframes, from 0.28 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VGI vs. ICMUX — Risk / Return Rank

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

VGI

VGI Risk / Return Rank: 15
VGI Sharpe Ratio Rank: 17
VGI Sortino Ratio Rank: 16
VGI Omega Ratio Rank: 18
VGI Calmar Ratio Rank: 12
VGI Martin Ratio Rank: 15

ICMUX

ICMUX Risk / Return Rank: 97
ICMUX Sharpe Ratio Rank: 99
ICMUX Sortino Ratio Rank: 98
ICMUX Omega Ratio Rank: 98
ICMUX Calmar Ratio Rank: 96
ICMUX Martin Ratio Rank: 95

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.

VGI vs. ICMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Global Multi-Sector Income Fund (VGI) and Intrepid Income Fund (ICMUX). 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.

	VGI	ICMUX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	4.44	-3.26
Sortino ratio: Return per unit of downside risk	1.67	7.48	-5.81
Omega ratio: Gain probability vs. loss probability	1.22	2.16	-0.94
Calmar ratio: Return relative to maximum drawdown	1.13	6.37	-5.24
Martin ratio: Return relative to average drawdown	4.19	22.42	-18.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGI vs. ICMUX - Sharpe Ratio Comparison

The current VGI Sharpe Ratio is 1.18, which is lower than the ICMUX Sharpe Ratio of 4.44. The chart below compares the historical Sharpe Ratios of VGI and ICMUX, 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

	VGI	ICMUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	4.44	-3.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	2.37	-2.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	2.29	-1.99
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	2.10	-1.79

Drawdowns

VGI vs. ICMUX - Drawdown Comparison

The maximum VGI drawdown since its inception was -48.08%, which is greater than ICMUX's maximum drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for VGI and ICMUX.

Drawdown Indicators

	VGI	ICMUX	Difference
Max Drawdown Largest peak-to-trough decline	-48.08%	-8.77%	-39.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.21%	-1.34%	-6.87%
Max Drawdown (3Y) Largest decline over 3 years	-12.34%	-3.11%	-9.23%
Max Drawdown (5Y) Largest decline over 5 years	-32.95%	-5.64%	-27.31%
Max Drawdown (10Y) Largest decline over 10 years	-48.08%	-8.77%	-39.31%
Current Drawdown Current decline from peak	-3.38%	0.00%	-3.38%
Average Drawdown Average peak-to-trough decline	-10.43%	-0.74%	-9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	0.38%	+1.84%

Volatility

VGI vs. ICMUX - Volatility Comparison

Virtus Global Multi-Sector Income Fund (VGI) has a higher volatility of 2.12% compared to Intrepid Income Fund (ICMUX) at 0.58%. This indicates that VGI's price experiences larger fluctuations and is considered to be riskier than ICMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGI	ICMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	0.58%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	6.37%	1.43%	+4.94%
Volatility (1Y) Calculated over the trailing 1-year period	7.92%	1.93%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	2.66%	+7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	2.58%	+14.16%

Dividends

VGI vs. ICMUX - Dividend Comparison

VGI's dividend yield for the trailing twelve months is around 12.90%, more than ICMUX's 7.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICMUX Intrepid Income Fund	7.55%	7.96%	7.85%	9.10%	8.17%	5.99%	5.56%	3.35%	3.07%	2.86%	3.01%	3.53%
VGI Virtus Global Multi-Sector Income Fund	12.90%	12.24%	12.57%	12.26%	13.42%	10.22%	11.81%	12.10%	15.00%	10.70%	12.21%	15.60%

Frequently Asked Questions

Can I hold both VGI and ICMUX in my portfolio?

VGI and ICMUX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGI or ICMUX?

VGI has higher volatility (2.12%) compared to ICMUX (0.58%). In terms of maximum drawdown, VGI dropped -48.08% vs ICMUX's -8.77%.

Which has better risk-adjusted returns?

ICMUX currently has the higher Sharpe Ratio (4.44 vs 1.18), 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.