VGMS vs VMSB: Grades, Fees and Holdings Compared

Vanguard Multi-Sector Income Bond ETF

VGMSACboe

Voya Multi-Sector Income ETF

VMSBBNYSE Arca

Overlap

0.0%by weight

Expense ratio

VGMS −0.15pt a year

VGMS0.30%VMSB0.45%

Avg volume · 30D

VGMS 8.8×the volume

VGMS80.4KVMSB9.11K

VGMS vs VMSB Performance

Dec 31, 2025 – Nov 2, 2026

+0.5%VGMS+0.3%VMSB

Expense ratio: VGMS 0.30%, better; VMSB 0.45%
Fund size: VGMS $298M; VMSB $318M
1Y total return: VGMS +1.6%; VMSB No data
Yield (12M): VGMS 6.00%; VMSB No data
Holdings: VGMS 1200; VMSB 850
Avg volume (30D): VGMS 80.4K sh, better; VMSB 9.11K sh
NAV per share: VGMS $49.75; VMSB $48.17
52W range

ETF.net Grade

Pillar letters and Scores for VGMS, VMSB, with each pillar’s weight
Pillar	VGMS	VMSB
Cost30% weight	A100Higher	A71
Mission25% weight	A95Higher	B58
Risk15% weight	A71Higher	D31
Tradability15% weight	B61Higher	D37
Holdings10% weight	A100Higher	A96
Durability5% weight	A71Higher	B63

Rank among Multi-Sector Bond Income funds

How we build Categories ›

Same Category. VGMS and VMSB are both graded against the same 23 Multi-Sector Bond Income funds, so their Grades compare head to head.

Multi-Sector Bond Income⁠

Category · 23 funds

See all 23 ›

VGMS ranks 1st and VMSB 9th of 23 funds in the Multi-Sector Bond Income Category.

Rank 1AVGMSVanguard Multi-Sector Income Bond ETFScore 87
Rank 2AAINPAllspring Income Plus ETFScore 72
Rank 8BGCPBGoldman Sachs ETF TrustScore 63
Rank 9BVMSBVoya Multi-Sector Income ETFScore 58
Rank 10BWMSBWeitz Multisector Bond ETFScore 55

Our read on each fund

ETF.net Research

VGMSAVanguard Multi-Sector Income Bond ETF

VMSBBVoya Multi-Sector Income ETF

In short

VGMS No data

VMSB Voya sub-advises ETFs for other shops. In December 2025 it put its own badge on one: an active, go-anywhere income fund where a credit desk, not an index, decides which corner of the bond market to lean into.

Stated mandate

VGMS No data

VMSB The actively managed ETF seeks high current income and, secondarily, long-term capital appreciation. It normally invests at least 80% of net assets plus investment borrowings in income-producing bonds or derivatives with similar economic characteristics.

Why people hold it

VGMS No data

VMSB Go-anywhere mandate: at least 80% of assets in income-producing bonds or derivatives with similar economics, with a manager setting the sector mix rather than a benchmark.
Run by Voya's Multi-Sector Fixed Income team, the same desk behind the firm's flagship Intermediate Bond Fund.voya.com
Income comes first in the charter, capital appreciation second, so the mandate is explicit about what the manager is chasing.
Portfolio construction is a relative strength here: the book is spread broadly rather than leaning on a few outsized positions.

Worth knowing

VGMS No data

VMSB 0.45% a year sits above the 0.40% typical for its bond peer group, and well above index options such as AGZ (0.15%) or BGRN (0.20%).
A December 2025 launch means a short record. Active credit calls take years of full market cycles to judge.
Trading is light next to the category's veterans, and payouts have not settled into a fixed calendar rhythm.

Full VGMS profile⁠

Full VMSB profile⁠

VGMS vs VMSB Holdings

How VGMS and VMSB differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of VMSB and 0.0% of VGMS.

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile89.0%

Sector

No Sector split for VGMS and VMSB.

Country, concentration and asset class

Country by domicile

Country weights in VGMS and VMSB, widest gap first
Country	More in VGMSMore in VMSB	VGMS	VMSB
United States	VMSB +10.2 points	74.8%	85.0%
United Kingdom	VGMS +1.5 points	2.6%	1.1%
Turkey	VGMS +1.5 points	10.3%	8.8%
Japan	VGMS +1.1 points	1.5%	0.4%
Germany	VGMS +0.9 points	0.9%	0.0%
Argentina	VGMS +0.9 points	0.9%	0.0%
Indonesia	VGMS +0.8 points	0.8%	0.0%
Canada	VGMS +0.6 points	1.2%	0.6%
Other countries (22)	VGMS +2.9 points	6.9%	4.0%

Outside the US: VGMS 40% developed, 60% emerging.

Concentration

Weight in the 10 largest Holdings

VGMS15.7%
VMSB15.4%

Securities held

VGMS1,187
VMSB831

Asset class

VGMS: Fixed Income
VMSB: Equity

Holdings

Only in VGMS1,187
In both0
Only in VMSB831

Only in VGMS

1,187 securities, 100% of VGMS by weight

US 2YR NOTE (CBT) Dec265.36%
Usd/Eur Fwd 202612163.18%
US 5YR NOTE (CBT) Dec260.69%
United States Treasury Note/Bond 4.25% 06/30/20290.58%
US LONG BOND(CBT) Dec260.55%
Petroleos Mexicanos 8.75% 06/02/20290.51%
United States Treasury Bill 09/02/20270.48%
United States Treasury Note/Bond 4.25% 01/15/20280.47%
United States Treasury Bill 09/30/20270.47%
United States Treasury Note/Bond 3.88% 09/30/20290.46%
Foundry JV Holdco LLC 5.90% 01/25/20330.44%
United States Treasury Note/Bond 3.50% 01/31/20280.44%
Hawaiian Electric Co Inc 6.00% 10/01/20330.43%
TransDigm Inc 6.38% 05/31/20330.43%
Bank of America Corp 4.70% 04/23/20320.40%
Philippine Government International Bond 5.33% 06/24/20360.40%
General Motors Financial Co Inc 4.60% 01/08/20310.39%
Aon North America Inc / Aon Global Holdings Plc 5.35% 09/17/20290.39%
Sumisho Air Lease Corp 4.50% 03/24/20290.38%
Capital One Financial Corp 4.72% 01/30/20320.37%
Morocco Government International Bond 4.75% 05/26/20340.36%
Nissan Motor Acceptance Co LLC 6.13% 09/30/20300.36%
United States Treasury Note/Bond 4.00% 10/31/20290.36%
XPLR Infrastructure Operating Partners LP 4.50% 09/15/20270.35%
Saudi Government International Bond 5.88% 01/12/20560.35%
TransDigm Inc 6.75% 01/31/20350.34%
PR RNO Property Owner 1 LLC 6.50% 05/01/20310.33%
Mexico Government International Bond 6.25% 08/27/20370.32%
Venture Global Plaquemines LNG LLC 6.50% 06/15/20340.32%
United States Treasury Note/Bond 3.88% 11/30/20270.31%
El Salvador Government International Bond 9.25% 04/17/20300.31%
Pacific Gas and Electric Co 6.10% 01/15/20290.30%
WR Grace Holdings LLC 5.63% 08/15/20290.30%
Cloud Software Group LLC 8.25% 06/30/20320.30%
State Oil Co of the Azerbaijan Republic 6.57% 07/07/20560.30%
Seadrill Finance Ltd 6.75% 07/15/20340.30%
ZF North America Capital Inc 7.50% 03/24/20310.29%
Organon & Co / Organon Foreign Debt Co-Issuer BV 5.13% 04/30/20310.28%
Ingram Micro Inc 4.75% 05/15/20290.28%
BWX Technologies Inc 4.13% 04/15/20290.28%
Ecuador Government International Bond 6.90% 07/31/20350.27%
Performance Food Group Inc 5.63% 03/01/20340.27%
Cleveland-Cliffs Inc 4.63% 03/01/20290.26%
Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 04/01/20320.26%
Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.63% 10/15/20320.26%
Indonesia Government International Bond 1.10% 03/12/20330.26%
US Bancorp 4.86% 07/27/20300.25%
NCL Corp Ltd 5.88% 01/15/20310.25%
Hazine Mustesarligi Varlik Kiralama AS 6.75% 09/01/20300.25%
Freedom Mortgage Holdings LLC 7.88% 04/01/20330.25%

Only in VMSB

831 securities, 100% of VMSB by weight

Us Treasury N/B 4.625 8/15/20362.46%
Us Treasury N/B 4.75 10/31/20311.73%
Ms Im Balance USD1.72%
Fhr 5010 Wi 4 9/25/20501.24%
Fhr 5138 Ib 3.5 2/25/20501.14%
Fhr 5091 Il 4.5 3/25/20511.06%
Gnr 2024-159 SA Frn 10/20/20541.00%
American Honda Fin Corp 0.0 23NOV26 11260.63%
Ice: (CDX.NA.HY.46.V1)0.60%
ARES1 2024-IND2 A Frn 10/15/20340.47%
Gwt 2024-WLF2 A Frn 5/15/20410.47%
Bxmt 2026-FL6 A Frn 8/19/20430.47%
Crown Castle Inc 5.6 6/1/20290.46%
Rd Michigan Prop Owner I 7.5 3/30/20450.45%
Unlok 2026-1 A 5.75 6/25/20420.45%
Windr 2024-1A Cr Frn 4/20/20370.42%
Msc 2022-L8 As Frn 4/15/20550.42%
Glp Capital Lp / Fin Ii 4 1/15/20300.42%
Beacon Point Dc Llc 6.129 11/30/20420.40%
Oakc 2022-13RA C2 Frn 9/25/20390.39%
Bad Boy Mowers Jv Acquisition L 11/30/29 Term Loan0.39%
Stkpk 2022-1A Cr Frn 10/15/20370.39%
Ford Motor Credit Co Llc 7.122 11/7/20330.39%
Wells Fargo & Company 6.125 Perpetl 6/15/21750.37%
Salesforce Inc 4.9 9/15/20310.36%
Smb 2022-B A1A 3.94 2/16/20550.35%
Stacr 2024-HQA2 M2 Frn 8/25/20440.35%
Cloud Software Grp Llc 6.5 3/31/20290.35%
Black Hills Corp 3.05 10/15/20290.35%
Sempra 4.125 4/1/20520.34%
Xcel Energy Inc 5.75 12/3/20560.34%
Dbwf 2015-LCM D Frn 6/10/20340.33%
Stacr 2022-HQA1 M2 Frn 3/25/20420.32%
Stacr 2026-DNA2 M2 Frn 3/25/20460.32%
Lncr 2025-CRE9 A Frn 5/18/20430.32%
Neub 2017-25A CR2 Frn 7/18/20380.32%
Jw 2026-MRCO A Frn 6/15/20390.32%
Bcc 2021-2A CR2 Frn 7/16/20340.32%
Bgclo 2024-8A Cr Frn 4/20/20390.32%
Oakc 2025-22RA C2 Frn 10/20/20390.32%
Drslf 2019-76A C2R3 Frn 10/15/20390.32%
Stacr 2026-HQA1 M2 Frn 5/25/20460.31%
Enbridge U’s Inc Disc C 0.0 09NOV26 11260.31%
MF1 2026-FL22 A Frn 11/18/20430.31%
Bspdf 2026-FL4 A Frn 11/18/20430.31%
Agl 2021-16A Cr Frn 1/20/20350.31%
Smb 2022-C A1A 4.48 5/16/20500.31%
Bx 2026-SUMT D Frn 10/15/20510.31%
Beacn 2021-1A A 2.25 10/22/20460.31%
Jc 2026-VYV A Frn 9/10/20410.31%

Weight gaps

VGMS and VMSB share no securities.

All VGMS holdings⁠All VMSB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

VGMS vs VMSB Cost

Overpaying VMSB vs VGMS

$2,892

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

VGMS 0.30%
$6,149
VMSB 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

VGMS 0.30%
VMSB 0.45%
Overpaying

Year by year

Year	VGMS	VMSB	Overpaying
10	$545	$812	$267
20	$2,113	$3,128	$1,015
30	$6,149	$9,041	$2,892

Expense ratio

0.30%VGMS, cheaper
0.45%VMSB

VGMS0.30%VMSB0.45%

0.30%1.13%

Middle half of Multi-Sector Bond Income funds
Median 0.60%

VGMS cheapest of 23 funds

VMSB 8th cheapest of 23 funds

VGMS vs VMSB Dividends

Last 12 months to Nov 2, 2026

Yield (12M): VGMS 6.00%; VMSB No data
Payout (12M): VGMS $2.98; VMSB No data
Last payment: VGMS $0.20; VMSB $0.20
Ex-dividend: VGMS Nov 2, 2026; VMSB Oct 29, 2026
Paid on: VGMS Pays Nov 4, 2026; VMSB Oct 30, 2026
Frequency: VGMS Monthly; VMSB Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

VGMSMonthly · 17 paymentsAll VGMS payments⁠

VMSBMonthly · 11 paymentsAll VMSB payments⁠

VGMS vs VMSB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: VGMS 3.4%since Jul 2025VMSB No data
Return per unit of riskSharpe ratio, 3 years: VGMS −0.10since Jul 2025VMSB No data
Worst fallMax drawdown, 5 years: VGMS −2.7%since Jun 2025VMSB No data
Market sensitivityBeta, 5 years: VGMS 0.14VMSB 0.10; Market = 1

VGMS and VMSB in the news

All news⁠

First-Year Review
Hartford Dynamic Bond ETF's first year: coupons covered a 3.9% slide
Sep 23, 2026VGMS

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VGMS vs VMSB

In short

Stated mandate

Why people hold it

Worth knowing

How VGMS and VMSB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VGMS

Only in VMSB

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Hartford Dynamic Bond ETF's first year: coupons covered a 3.9% slide

How VGMS and VMSB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VGMS

Only in VMSB

Weight gaps