- ISIN
- US61769L8090
- Issuer
- Morgan Stanley
- Inception Date
- Nov 17, 1991
- Category
- Global Bonds
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
TIFUX Performance Chart
Morgan Stanley Pathway Funds International Fixed Income Fund (TIFUX) is down 0.7% since the beginning of the year. TIFUX is currently trading at $7 per share. Investors who bought $1,000 worth of TIFUX shares 5 years ago would now be looking at an investment worth $983.
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Returns By Period
Morgan Stanley Pathway Funds International Fixed Income Fund (TIFUX) has returned -0.74% so far this year and 0.90% over the past 12 months. Over the last ten years, TIFUX has returned 1.46% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Morgan Stanley Pathway Funds International Fixed Income Fund
- 1D
- -0.15%
- 1M
- -1.03%
- 6M
- -1.03%
- YTD
- -0.74%
- 1Y
- 0.90%
- 3Y*
- 3.70%
- 5Y*
- -0.35%
- 10Y*
- 1.46%
- ALL TIME*
- 4.07%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
TIFUX Monthly Returns History
Based on dividend-adjusted daily data since Nov 18, 1991, TIFUX's average daily return is +0.02%, while the average monthly return is +0.35%. At this rate, an investment would double in approximately 16.5 years.
Historically, 60% of months were positive and 40% were negative. The best month was Sep 1998 with a return of +6.9%, while the worst month was Mar 2020 at -4.5%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 7 months.
On a daily basis, TIFUX closed higher 42% of trading days. The best single day was Dec 7, 2022 with a return of +9.2%, while the worst single day was Dec 8, 2022 at -8.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.29% | 1.18% | -3.20% | 0.45% | 1.05% | 0.89% | -1.32% | -0.74% | |||||
| 2025 | 0.30% | 0.15% | -0.74% | 1.19% | -0.15% | 1.03% | -0.29% | 0.29% | 0.29% | 1.16% | -0.14% | 0.05% | 3.16% |
| 2024 | -0.30% | -0.30% | 1.36% | -1.04% | 0.15% | 0.30% | 1.50% | 0.30% | 1.33% | -1.02% | 1.76% | -0.12% | 3.93% |
| 2023 | 2.26% | -0.95% | 2.07% | -0.16% | -0.00% | 0.16% | 0.00% | 0.00% | -1.56% | -0.32% | 3.03% | 3.66% | 8.35% |
| 2022 | -1.16% | -1.82% | -1.46% | -2.68% | -1.38% | -1.96% | 3.14% | -3.18% | -3.00% | 0.88% | 1.46% | -2.72% | -13.21% |
| 2021 | -0.24% | -2.07% | 0.37% | -0.37% | 0.00% | 0.00% | 1.24% | -0.25% | -1.23% | -0.50% | 1.00% | -0.83% | -2.88% |
Benchmark Metrics
Morgan Stanley Pathway Funds International Fixed Income Fund has an annualized alpha of 4.56%, beta of -0.02, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since November 18, 1991.
- This fund captured 13.01% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -1.81%) - a profile typical of hedging or uncorrelated assets.
- Beta of -0.02 may look defensive, but with R2 of 0.01 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 0.01 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
- 4.56%
- Beta
- -0.02
- R²
- 0.01
- Upside Capture
- 13.01%
- Downside Capture
- -1.81%
Expense Ratio
TIFUX has an expense ratio of 0.88%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TIFUX ranks 7 for risk / return — above 7% of mutual funds peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Morgan Stanley Pathway Funds International Fixed Income Fund (TIFUX) 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.
| TIFUX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.25 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.29 | 2.00 | -1.71 |
| Martin ratioReturn relative to average drawdown | 0.73 | 8.49 | -7.76 |
Dividends
Dividend History
Morgan Stanley Pathway Funds International Fixed Income Fund provided a 2.70% dividend yield over the last twelve months, with an annual payout of $0.18 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.18 | $0.18 | $0.16 | $0.06 | $0.59 | $0.21 | $0.06 | $0.37 | $0.27 | $0.09 | $0.08 | $0.51 |
Dividend yield | 2.70% | 2.68% | 2.40% | 0.84% | 9.55% | 2.64% | 0.72% | 4.76% | 3.53% | 1.22% | 1.10% | 7.04% |
Monthly Dividends
The table displays the monthly dividend distributions for Morgan Stanley Pathway Funds International Fixed Income 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 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.18 | $0.18 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.16 | $0.16 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 | $0.06 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.59 | $0.59 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.21 | $0.21 |
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 International Fixed Income 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 International Fixed Income Fund was 17.74%, occurring on Oct 26, 2000. Recovery took 533 trading sessions.
The current Morgan Stanley Pathway Funds International Fixed Income Fund drawdown is 2.92%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-17.74%Oct 2000 | 1y 9mo | 2y 1mo | 3y 11moJan 1999 - Dec 2002 | Dot-com crash2000–2002 |
-16.69%Oct 2022 | 1y 9mo | — | 5y 6moJan 2021 - now | Bear market2022 |
-11.76%Aug 1997 | 8mo 17d | 1y | 1y 8moNov 1996 - Aug 1998 | — |
-11.58%Nov 2005 | 10mo 21d | 2y 2mo | 3y 17dDec 2004 - Jan 2008 | — |
-11.47%Jun 1994 | 7mo 23d | 9mo 6d | 1y 4moOct 1993 - Mar 1995 | — |
Drawdown Indicators
| TIFUX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.74% | -56.78% | +39.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.92% | -9.10% | +5.18% |
Max Drawdown (3Y)Largest decline over 3 years | -3.92% | -18.90% | +14.98% |
Max Drawdown (5Y)Largest decline over 5 years | -15.98% | -25.43% | +9.45% |
Max Drawdown (10Y)Largest decline over 10 years | -16.69% | -33.92% | +17.23% |
Current DrawdownCurrent decline from peak | -2.92% | -1.58% | -1.34% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -10.70% | +6.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 2.14% | -0.62% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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