VOX vs. MUSQ

Last updated Jul 15, 2026

VOX (Vanguard Communication Services ETF) and MUSQ (MUSQ Global Music Industry Index ETF) are both Communications Equities funds - VOX tracks the MSCI US Investable Market Communication Services 25/50 Index while MUSQ tracks the MUSQ Global Music Industry Index. Both are passively managed. Over the past 3 years, VOX returned 21.57%/yr vs 0.90%/yr for MUSQ. A 0.69 correlation means they provide meaningful diversification when combined. VOX charges 0.09%/yr vs 0.76%/yr for MUSQ.

Performance

VOX vs. MUSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Communication Services ETF (VOX) and MUSQ Global Music Industry Index ETF (MUSQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOX achieves a -0.87% return, which is significantly higher than MUSQ's -9.23% return.

VOX

• 1D: 0.17%
• 1M: 2.21%
• 6M: -1.47%
• YTD: -0.87%
• 1Y: 13.16%
• 3Y*: 21.57%
• 5Y*: 7.14%
• 10Y*: 8.14%

MUSQ

• 1D: -0.63%
• 1M: 0.49%
• 6M: -9.23%
• YTD: -9.23%
• 1Y: -10.18%
• 3Y*: 0.90%
• 5Y*: —
• 10Y*: —

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

VOX vs. MUSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VOX Vanguard Communication Services ETF	-0.87%	26.27%	33.12%	11.36%
MUSQ MUSQ Global Music Industry Index ETF	-9.23%	19.60%	-4.94%	0.81%

Correlation

The correlation between VOX and MUSQ is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.69

The correlation between VOX and MUSQ has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

VOX vs. MUSQ — Risk / Return Rank

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

VOX

VOX Risk / Return Rank: 27
VOX Sharpe Ratio Rank: 28
VOX Sortino Ratio Rank: 28
VOX Omega Ratio Rank: 26
VOX Calmar Ratio Rank: 25
VOX Martin Ratio Rank: 29

MUSQ

MUSQ Risk / Return Rank: 5
MUSQ Sharpe Ratio Rank: 4
MUSQ Sortino Ratio Rank: 4
MUSQ Omega Ratio Rank: 4
MUSQ Calmar Ratio Rank: 6
MUSQ Martin Ratio Rank: 5

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.

VOX vs. MUSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Communication Services ETF (VOX) and MUSQ Global Music Industry Index ETF (MUSQ). 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.

	VOX	MUSQ	Difference
Sharpe ratio: Return per unit of total volatility	0.82	-0.59	+1.41
Sortino ratio: Return per unit of downside risk	1.27	-0.73	+2.00
Omega ratio: Gain probability vs. loss probability	1.15	0.92	+0.24
Calmar ratio: Return relative to maximum drawdown	0.98	-0.44	+1.42
Martin ratio: Return relative to average drawdown	3.20	-0.94	+4.14

VOX vs. MUSQ - Sharpe Ratio Comparison

The current VOX Sharpe Ratio is 0.82, which is higher than the MUSQ Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of VOX and MUSQ, 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

VOX vs. MUSQ - Drawdown Comparison

The maximum VOX drawdown since its inception was -57.18%, which is greater than MUSQ's maximum drawdown of -23.11%. Use the drawdown chart below to compare losses from any high point for VOX and MUSQ.

Drawdown Indicators

	VOX	MUSQ	Difference
Max Drawdown Largest peak-to-trough decline	-57.18%	-23.11%	-34.07%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-23.11%	+9.55%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-23.11%	+1.96%
Max Drawdown (5Y) Largest decline over 5 years	-46.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.76%	—	—
Current Drawdown Current decline from peak	-4.20%	-15.31%	+11.11%
Average Drawdown Average peak-to-trough decline	-11.88%	-6.92%	-4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	10.85%	-6.73%

Volatility

VOX vs. MUSQ - Volatility Comparison

Vanguard Communication Services ETF (VOX) has a higher volatility of 6.22% compared to MUSQ Global Music Industry Index ETF (MUSQ) at 4.95%. This indicates that VOX's price experiences larger fluctuations and is considered to be riskier than MUSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOX	MUSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	4.95%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	14.21%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	17.44%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.31%	17.90%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.94%	17.90%	+3.04%

VOX vs. MUSQ - Expense Ratio Comparison

VOX has a 0.09% expense ratio, which is lower than MUSQ's 0.76% expense ratio.

Dividends

VOX vs. MUSQ - Dividend Comparison

VOX's dividend yield for the trailing twelve months is around 1.03%, more than MUSQ's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUSQ MUSQ Global Music Industry Index ETF	0.69%	0.63%	1.08%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOX Vanguard Communication Services ETF	1.03%	0.95%	1.05%	1.03%	0.88%	0.93%	0.73%	0.90%	2.77%	3.83%	2.67%	3.55%

Frequently Asked Questions

Can I hold both VOX and MUSQ in my portfolio?

VOX and MUSQ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOX or MUSQ?

VOX has higher volatility (6.22%) compared to MUSQ (4.95%). In terms of maximum drawdown, VOX dropped -57.18% vs MUSQ's -23.11%.

Which ETF is better, VOX or MUSQ?

On 3-year performance, VOX leads with 21.57% vs 0.90% for MUSQ. On fees, VOX is cheaper at 0.09% per year. On volatility, MUSQ has been the lower-risk option at 4.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOX or MUSQ?

Over the 3-year period, VOX has performed better with a 21.57% return vs 0.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOX or MUSQ?

VOX is cheaper with a 0.09% expense ratio, compared with 0.76% for MUSQ.

Which ETF pays a higher dividend yield, VOX or MUSQ?

VOX has the higher dividend yield at 1.03%, compared with 0.69% for MUSQ.

What is the main difference between VOX and MUSQ?

VOX tracks MSCI US Investable Market Communication Services 25/50 Index, while MUSQ tracks MUSQ Global Music Industry Index. They also come from different issuers: Vanguard and Exchange Traded Concepts. Their fees differ too: 0.09% for VOX and 0.76% for MUSQ.

Which has better risk-adjusted returns?

VOX currently has the higher Sharpe Ratio (0.82 vs -0.59), 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.