VMSIX vs. VMSAX

Last updated Jun 25, 2026

VMSIX (Vanguard Multi-Sector Income Bond Inv) and VMSAX (Vanguard Multi-Sector Income Bond Fund Admiral Shares) are both Multisector Bonds funds from Vanguard. Both are actively managed. Over the past 3 years, VMSIX returned 7.77%/yr vs 7.86%/yr for VMSAX. With a 0.96 correlation, they move nearly in lockstep. VMSIX charges 0.45%/yr vs 0.30%/yr for VMSAX.

Performance

VMSIX vs. VMSAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VMSIX having a 1.14% return and VMSAX slightly higher at 1.19%.

VMSIX

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.14%
• 6M: 1.36%
• 1Y: 5.79%
• 3Y*: 7.77%
• 5Y*: —
• 10Y*: —

VMSAX

• 1D: -0.05%
• 1M: 0.58%
• YTD: 1.19%
• 6M: 1.29%
• 1Y: 5.84%
• 3Y*: 7.86%
• 5Y*: —
• 10Y*: —

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

VMSIX vs. VMSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VMSIX Vanguard Multi-Sector Income Bond Inv	1.14%	9.09%	6.68%	10.43%	-8.50%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	1.19%	9.08%	6.86%	10.53%	-8.42%

Correlation

The correlation between VMSIX and VMSAX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.96

The correlation between VMSIX and VMSAX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

VMSIX vs. VMSAX — Risk / Return Rank

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

VMSIX

VMSIX Risk / Return Rank: 77
VMSIX Sharpe Ratio Rank: 82
VMSIX Sortino Ratio Rank: 85
VMSIX Omega Ratio Rank: 85
VMSIX Calmar Ratio Rank: 60
VMSIX Martin Ratio Rank: 73

VMSAX

VMSAX Risk / Return Rank: 25
VMSAX Sharpe Ratio Rank: 3
VMSAX Sortino Ratio Rank: 13
VMSAX Omega Ratio Rank: 98
VMSAX Calmar Ratio Rank: 4
VMSAX Martin Ratio Rank: 8

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. VMSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Multi-Sector Income Bond Inv (VMSIX) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX). 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.

	VMSIX	VMSAX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	0.05	+2.42
Sortino ratio: Return per unit of downside risk	3.70	1.33	+2.37
Omega ratio: Gain probability vs. loss probability	1.53	2.09	-0.57
Calmar ratio: Return relative to maximum drawdown	2.80	0.11	+2.69
Martin ratio: Return relative to average drawdown	12.81	1.78	+11.03

VMSIX vs. VMSAX - Sharpe Ratio Comparison

The current VMSIX Sharpe Ratio is 2.47, which is higher than the VMSAX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of VMSIX and VMSAX, 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

VMSIX vs. VMSAX - Drawdown Comparison

The maximum VMSIX drawdown since its inception was -13.11%, smaller than the maximum VMSAX drawdown of -54.84%. Use the drawdown chart below to compare losses from any high point for VMSIX and VMSAX.

Drawdown Indicators

	VMSIX	VMSAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.11%	-54.84%	+41.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.20%	-54.84%	+52.64%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	-54.84%	+51.02%
Current Drawdown Current decline from peak	-0.22%	-0.27%	+0.05%
Average Drawdown Average peak-to-trough decline	-3.04%	-3.05%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	3.49%	-3.01%

Volatility

VMSIX vs. VMSAX - Volatility Comparison

Vanguard Multi-Sector Income Bond Inv (VMSIX) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) have volatilities of 0.74% and 0.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMSIX	VMSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	0.76%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	2.04%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	133.32%	-130.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.67%	63.87%	-59.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.67%	63.87%	-59.20%

VMSIX vs. VMSAX - Expense Ratio Comparison

VMSIX has a 0.45% expense ratio, which is higher than VMSAX's 0.30% expense ratio.

Dividends

VMSIX vs. VMSAX - Dividend Comparison

VMSIX's dividend yield for the trailing twelve months is around 5.44%, less than VMSAX's 5.54% yield.

Position	TTM	2025	2024	2023	2022
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	5.54%	5.66%	6.48%	5.52%	3.76%
VMSIX Vanguard Multi-Sector Income Bond Inv	5.44%	5.56%	6.37%	5.43%	3.66%

Frequently Asked Questions

Can I hold both VMSIX and VMSAX in my portfolio?

With a correlation of 0.90, VMSIX and VMSAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VMSIX or VMSAX?

VMSAX has higher volatility (0.76%) compared to VMSIX (0.74%). In terms of maximum drawdown, VMSIX dropped -13.11% vs VMSAX's -54.84%.

Which has better risk-adjusted returns?

VMSIX currently has the higher Sharpe Ratio (2.47 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.