VMSAX vs. ETSIX

Last updated Jun 23, 2026

VMSAX (Vanguard Multi-Sector Income Bond Fund Admiral Shares) and ETSIX (Eaton Vance Strategic Income Fund Class I) are both Multisector Bonds funds. Both are actively managed. Over the past 3 years, VMSAX returned 7.80%/yr vs 8.22%/yr for ETSIX. A 0.63 correlation means they provide meaningful diversification when combined. VMSAX charges 0.30%/yr vs 1.46%/yr for ETSIX.

Performance

VMSAX vs. ETSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) and Eaton Vance Strategic Income Fund Class I (ETSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMSAX achieves a 1.30% return, which is significantly lower than ETSIX's 2.49% return.

VMSAX

• 1D: 0.11%
• 1M: 0.69%
• YTD: 1.30%
• 6M: 1.52%
• 1Y: 6.48%
• 3Y*: 7.80%
• 5Y*: —
• 10Y*: —

ETSIX

• 1D: 0.29%
• 1M: 1.01%
• YTD: 2.49%
• 6M: 2.98%
• 1Y: 9.57%
• 3Y*: 8.22%
• 5Y*: 4.98%
• 10Y*: 4.78%

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

VMSAX vs. ETSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	1.30%	9.08%	6.86%	10.53%	-8.42%
ETSIX Eaton Vance Strategic Income Fund Class I	2.49%	10.88%	6.38%	8.24%	-2.49%

Correlation

The correlation between VMSAX and ETSIX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.63

The correlation between VMSAX and ETSIX shifts across timeframes, from 0.63 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VMSAX vs. ETSIX — Risk / Return Rank

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

VMSAX

VMSAX Risk / Return Rank: 25
VMSAX Sharpe Ratio Rank: 3
VMSAX Sortino Ratio Rank: 12
VMSAX Omega Ratio Rank: 98
VMSAX Calmar Ratio Rank: 3
VMSAX Martin Ratio Rank: 7

ETSIX

ETSIX Risk / Return Rank: 91
ETSIX Sharpe Ratio Rank: 97
ETSIX Sortino Ratio Rank: 96
ETSIX Omega Ratio Rank: 95
ETSIX Calmar Ratio Rank: 87
ETSIX Martin Ratio Rank: 79

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.

VMSAX vs. ETSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) and Eaton Vance Strategic Income Fund Class I (ETSIX). 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.

	VMSAX	ETSIX	Difference
Sharpe ratio: Return per unit of total volatility	0.05	3.40	-3.35
Sortino ratio: Return per unit of downside risk	1.33	4.97	-3.64
Omega ratio: Gain probability vs. loss probability	2.10	1.75	+0.35
Calmar ratio: Return relative to maximum drawdown	0.12	4.02	-3.90
Martin ratio: Return relative to average drawdown	1.90	13.77	-11.87

VMSAX vs. ETSIX - Sharpe Ratio Comparison

The current VMSAX Sharpe Ratio is 0.05, which is lower than the ETSIX Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of VMSAX and ETSIX, 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

VMSAX vs. ETSIX - Drawdown Comparison

The maximum VMSAX drawdown since its inception was -54.84%, which is greater than ETSIX's maximum drawdown of -12.63%. Use the drawdown chart below to compare losses from any high point for VMSAX and ETSIX.

Drawdown Indicators

	VMSAX	ETSIX	Difference
Max Drawdown Largest peak-to-trough decline	-54.84%	-12.63%	-42.21%
Max Drawdown (1Y) Largest decline over 1 year	-54.84%	-2.43%	-52.41%
Max Drawdown (3Y) Largest decline over 3 years	-54.84%	-2.52%	-52.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-6.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-12.28%	—
Current Drawdown Current decline from peak	-0.16%	-0.31%	+0.15%
Average Drawdown Average peak-to-trough decline	-3.06%	-1.43%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	0.71%	+2.78%

Volatility

VMSAX vs. ETSIX - Volatility Comparison

The current volatility for Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) is 0.83%, while Eaton Vance Strategic Income Fund Class I (ETSIX) has a volatility of 1.12%. This indicates that VMSAX experiences smaller price fluctuations and is considered to be less risky than ETSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMSAX	ETSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	1.12%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	2.34%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	133.32%	2.88%	+130.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.93%	3.23%	+60.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.93%	3.16%	+60.77%

VMSAX vs. ETSIX - Expense Ratio Comparison

VMSAX has a 0.30% expense ratio, which is lower than ETSIX's 1.46% expense ratio.

Dividends

VMSAX vs. ETSIX - Dividend Comparison

VMSAX's dividend yield for the trailing twelve months is around 5.54%, less than ETSIX's 7.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETSIX Eaton Vance Strategic Income Fund Class I	7.08%	5.65%	6.97%	6.93%	5.56%	4.31%	4.19%	4.29%	3.98%	3.70%	3.94%	4.32%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	5.54%	5.66%	6.48%	5.52%	3.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VMSAX and ETSIX in my portfolio?

VMSAX and ETSIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMSAX or ETSIX?

ETSIX has higher volatility (1.12%) compared to VMSAX (0.83%). In terms of maximum drawdown, VMSAX dropped -54.84% vs ETSIX's -12.63%.

Which has better risk-adjusted returns?

ETSIX currently has the higher Sharpe Ratio (3.40 vs 0.05), 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.