VMSIX vs. DODIX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Multi-Sector Income Bond Inv (VMSIX) and Dodge & Cox Income Fund (DODIX).

VMSIX is an actively managed fund by Vanguard. It was launched on Oct 14, 2021. DODIX is managed by Dodge & Cox.

Performance

VMSIX vs. DODIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Multi-Sector Income Bond Inv (VMSIX) and Dodge & Cox Income Fund (DODIX). The values are adjusted to include any dividend payments, if applicable.

VMSIX vs. DODIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VMSIX Vanguard Multi-Sector Income Bond Inv	-1.00%	9.09%	6.68%	10.43%	-8.50%
DODIX Dodge & Cox Income Fund	-0.19%	8.32%	2.25%	7.69%	-9.69%

Returns By Period

In the year-to-date period, VMSIX achieves a -1.00% return, which is significantly lower than DODIX's -0.19% return.

VMSIX

• 1D: 0.22%
• 1M: -1.88%
• YTD: -1.00%
• 6M: 0.67%
• 1Y: 5.96%
• 3Y*: 7.10%
• 5Y*: —
• 10Y*: —

DODIX

• 1D: 0.63%
• 1M: -2.32%
• YTD: -0.19%
• 6M: 1.09%
• 1Y: 5.10%
• 3Y*: 4.90%
• 5Y*: 1.40%
• 10Y*: 3.02%

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

VMSIX vs. DODIX - Expense Ratio Comparison

VMSIX has a 0.45% expense ratio, which is higher than DODIX's 0.41% expense ratio.

VMSIX

Vanguard Multi-Sector Income Bond Inv

DODIX

Dodge & Cox Income Fund

Return for Risk

VMSIX vs. DODIX — Risk / Return Rank

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

VMSIX

VMSIX Risk / Return Rank: 92
VMSIX Sharpe Ratio Rank: 94
VMSIX Sortino Ratio Rank: 94
VMSIX Omega Ratio Rank: 93
VMSIX Calmar Ratio Rank: 87
VMSIX Martin Ratio Rank: 90

DODIX

DODIX Risk / Return Rank: 67
DODIX Sharpe Ratio Rank: 67
DODIX Sortino Ratio Rank: 67
DODIX Omega Ratio Rank: 53
DODIX Calmar Ratio Rank: 83
DODIX Martin Ratio Rank: 64

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.

VMSIX vs. DODIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Multi-Sector Income Bond Inv (VMSIX) and Dodge & Cox Income Fund (DODIX). 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.

	VMSIX	DODIX	Difference
Sharpe ratio Return per unit of total volatility	2.08	1.15	+0.93
Sortino ratio Return per unit of downside risk	2.93	1.65	+1.28
Omega ratio Gain probability vs. loss probability	1.47	1.21	+0.26
Calmar ratio Return relative to maximum drawdown	2.27	2.02	+0.25
Martin ratio Return relative to average drawdown	10.30	6.03	+4.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMSIX vs. DODIX - Sharpe Ratio Comparison

The current VMSIX Sharpe Ratio is 2.08, which is higher than the DODIX Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of VMSIX and DODIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VMSIX	DODIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.15	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.47	-0.69

Correlation

The correlation between VMSIX and DODIX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VMSIX vs. DODIX - Dividend Comparison

VMSIX's dividend yield for the trailing twelve months is around 5.07%, more than DODIX's 4.29% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMSIX Vanguard Multi-Sector Income Bond Inv	5.07%	5.56%	6.37%	5.43%	3.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DODIX Dodge & Cox Income Fund	4.29%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%

Drawdowns

VMSIX vs. DODIX - Drawdown Comparison

The maximum VMSIX drawdown since its inception was -13.11%, smaller than the maximum DODIX drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for VMSIX and DODIX.

Drawdown Indicators

	VMSIX	DODIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.11%	-16.89%	+3.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	-2.94%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.89%	—
Current Drawdown Current decline from peak	-1.99%	-2.32%	+0.33%
Average Drawdown Average peak-to-trough decline	-3.19%	-1.50%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.98%	-0.40%

Volatility

VMSIX vs. DODIX - Volatility Comparison

The current volatility for Vanguard Multi-Sector Income Bond Inv (VMSIX) is 1.23%, while Dodge & Cox Income Fund (DODIX) has a volatility of 1.85%. This indicates that VMSIX experiences smaller price fluctuations and is considered to be less risky than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMSIX	DODIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.85%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	1.67%	2.80%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	4.61%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	5.52%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	4.42%	+0.33%