- ISIN
- US61769L6011
- Issuer
- Morgan Stanley
- Inception Date
- Jul 13, 1998
- Category
- High Yield Bonds
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
THYUX Performance Chart
Morgan Stanley Pathway Funds High Yield Fund (THYUX) is up 2.0% since the beginning of the year. THYUX is currently trading at $3 per share. Investors who bought $1,000 worth of THYUX shares 5 years ago would now be looking at an investment worth $1,165.
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Returns By Period
Morgan Stanley Pathway Funds High Yield Fund (THYUX) has returned 2.00% so far this year and 4.90% over the past 12 months. Over the last ten years, THYUX has returned 4.49% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Morgan Stanley Pathway Funds High Yield Fund
- 1D
- 0.00%
- 1M
- 0.84%
- YTD
- 2.00%
- 6M
- 2.26%
- 1Y
- 4.90%
- 3Y*
- 7.24%
- 5Y*
- 3.10%
- 10Y*
- 4.49%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
THYUX Monthly Returns History
Based on dividend-adjusted daily data since Jan 4, 1999, THYUX's average daily return is +0.02%, while the average monthly return is +0.38%. At this rate, an investment would double in approximately 15.2 years.
Historically, 65% of months were positive and 35% were negative. The best month was Apr 2009 with a return of +10.1%, while the worst month was Oct 2008 at -16.0%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 7 months.
On a daily basis, THYUX closed higher 32% of trading days. The best single day was Mar 26, 2020 with a return of +3.2%, while the worst single day was Oct 10, 2008 at -4.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.62% | -0.26% | -0.99% | 1.48% | 0.85% | 0.31% | 2.00% | ||||||
| 2025 | 1.25% | 0.62% | -1.95% | -0.04% | 1.90% | 1.49% | 0.54% | 1.54% | -0.08% | 0.00% | 0.00% | -0.36% | 4.96% |
| 2024 | 0.07% | 0.22% | 1.20% | -0.98% | 0.95% | 0.89% | 1.53% | 1.53% | 1.21% | -0.40% | 1.51% | -0.50% | 7.43% |
| 2023 | 3.95% | -1.20% | 0.26% | 1.17% | -1.04% | 1.83% | 1.50% | 0.55% | -1.04% | -1.69% | 4.25% | 3.70% | 12.70% |
| 2022 | -2.38% | -1.28% | -0.85% | -3.31% | -1.02% | -6.82% | 5.41% | -1.64% | -4.28% | 2.21% | 2.20% | -0.39% | -12.01% |
| 2021 | 0.10% | 0.37% | -0.09% | 1.20% | 0.11% | 1.25% | 0.14% | 0.41% | 0.13% | -0.14% | -0.94% | 1.86% | 4.45% |
Benchmark Metrics
Morgan Stanley Pathway Funds High Yield Fund has an annualized alpha of 3.60%, beta of 0.09, and R2 of 0.13 versus S&P 500 Index. Calculated based on daily prices since January 04, 1999.
- This fund participated in 37.03% of S&P 500 Index downside but only 36.10% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.09 may look defensive, but with R2 of 0.13 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.13 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.60%
- Beta
- 0.09
- R²
- 0.13
- Upside Capture
- 36.10%
- Downside Capture
- 37.03%
Expense Ratio
THYUX has an expense ratio of 0.76%, placing it in the medium range.
Return for Risk
Risk / Return Rank
THYUX ranks 41 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Morgan Stanley Pathway Funds High Yield Fund (THYUX) and compare them to S&P 500 Index.
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.
| THYUX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.37 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 2.78 | -0.17 |
| Martin ratioReturn relative to average drawdown | 8.81 | 12.44 | -3.63 |
Dividends
Dividend History
Morgan Stanley Pathway Funds High Yield Fund provided a 4.80% dividend yield over the last twelve months, with an annual payout of $0.15 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.15 | $0.14 | $0.24 | $0.20 | $0.20 | $0.18 | $0.16 | $0.20 | $0.23 | $0.23 | $0.24 | $0.26 |
Dividend yield | 4.80% | 4.24% | 7.54% | 6.35% | 6.62% | 4.93% | 4.22% | 5.20% | 6.43% | 6.04% | 6.21% | 7.43% |
Monthly Dividends
The table displays the monthly dividend distributions for Morgan Stanley Pathway Funds High Yield Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.02 | $0.02 | $0.02 | $0.00 | $0.05 | ||||||
| 2025 | $0.00 | $0.00 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.00 | $0.02 | $0.00 | $0.00 | $0.05 | $0.14 |
| 2024 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.05 | $0.24 |
| 2023 | $0.00 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.04 | $0.20 |
| 2022 | $0.00 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.04 | $0.20 |
| 2021 | $0.00 | $0.01 | $0.02 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.01 | $0.01 | $0.02 | $0.03 | $0.18 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Morgan Stanley Pathway Funds High Yield Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Morgan Stanley Pathway Funds High Yield Fund was 35.28%, occurring on Dec 12, 2008. Recovery took 191 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -35.28%Dec 2008 | 1y 6mo | 9mo 9d | 2y 3moJun 2007 - Sep 2009 |
Dot-com crash2000–2002 | -23.56%Oct 2002 | 3y 5mo | 1y 3mo | 4y 8moMay 1999 - Jan 2004 |
COVID crash2020 | -21.20%Mar 2020 | 28d | 8mo 15d | 9mo 13dFeb 2020 - Dec 2020 |
2016 correction2016 | -17.21%Feb 2016 | 1y 7mo | 10mo 22d | 2y 5moJul 2014 - Dec 2016 |
Bear market2022 | -15.49%Oct 2022 | 9mo 16d | 1y 4mo | 2y 2moDec 2021 - Mar 2024 |
Drawdown Indicators
| THYUX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.28% | -56.78% | +21.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.11% | -9.10% | +6.99% |
Max Drawdown (3Y)Largest decline over 3 years | -4.72% | -18.90% | +14.18% |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | -25.43% | +9.94% |
Max Drawdown (10Y)Largest decline over 10 years | -21.20% | -33.92% | +12.72% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -10.71% | +6.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 2.03% | -1.43% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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