- ISIN
- US61769L4032
- Issuer
- Morgan Stanley
- Inception Date
- Mar 8, 2016
- Category
- Ultrashort Bond
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
TSDUX Performance Chart
Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) is up 1.7% since the beginning of the year. TSDUX is currently trading at $10 per share. Investors who bought $1,000 worth of TSDUX shares 5 years ago would now be looking at an investment worth $1,180.
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Returns By Period
Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) has returned 1.67% so far this year and 3.17% over the past 12 months. Over the last ten years, TSDUX has returned 2.67% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.67%
- 6M
- 1.88%
- 1Y
- 3.17%
- 3Y*
- 4.82%
- 5Y*
- 3.37%
- 10Y*
- 2.67%
Benchmark (S&P 500 Index)
- 1D
- -0.57%
- 1M
- 1.39%
- YTD
- 9.73%
- 6M
- 10.46%
- 1Y
- 24.50%
- 3Y*
- 19.43%
- 5Y*
- 12.21%
- 10Y*
- 13.75%
TSDUX Monthly Returns History
Based on dividend-adjusted daily data since Mar 17, 2016, TSDUX's average daily return is +0.01%, while the average monthly return is +0.22%. At this rate, an investment would double in approximately 26.3 years.
Historically, 77% of months were positive and 23% were negative. The best month was Apr 2020 with a return of +1.9%, while the worst month was Mar 2020 at -3.0%. The longest winning streak lasted 29 consecutive months, and the longest losing streak was 3 months.
On a daily basis, TSDUX closed higher 20% of trading days. The best single day was Apr 14, 2025 with a return of +0.5%, while the worst single day was Mar 20, 2020 at -0.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.45% | 0.20% | -0.01% | 0.44% | 0.47% | 0.10% | 1.67% | ||||||
| 2025 | 0.87% | 0.26% | 0.09% | 0.19% | 0.51% | 0.09% | 0.38% | 0.51% | -0.03% | 0.31% | -0.10% | 0.11% | 3.24% |
| 2024 | 0.59% | 0.51% | 0.50% | 0.42% | 0.64% | 0.42% | 0.42% | 0.54% | 0.42% | 0.50% | 0.51% | 0.41% | 6.04% |
| 2023 | 0.43% | 0.65% | -0.11% | 0.43% | 0.53% | 0.64% | 0.53% | 0.63% | 0.64% | 0.38% | 0.53% | 0.52% | 5.94% |
| 2022 | 0.00% | -0.20% | -0.61% | 0.10% | -0.06% | -0.49% | -0.03% | 0.59% | 0.20% | -0.17% | 0.35% | 0.75% | 0.41% |
| 2021 | 0.20% | -0.10% | 0.10% | 0.00% | 0.00% | 0.00% | -0.10% | -0.00% | 0.05% | -0.23% | -0.05% | 0.01% | -0.11% |
Benchmark Metrics
Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund has an annualized alpha of 2.65%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since March 17, 2016.
- This fund captured 6.49% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -3.79%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 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 0.00 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
- 2.65%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 6.49%
- Downside Capture
- -3.79%
Expense Ratio
TSDUX has an expense ratio of 0.62%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TSDUX ranks 98 for risk / return — in the top 98% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) 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.
| TSDUX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.71 | ||
| Sortino ratioReturn per unit of downside risk | +2.42 | ||
| Omega ratioGain probability vs. loss probability | 3.14 | 1.36 | +1.78 |
| Calmar ratioReturn relative to maximum drawdown | 8.75 | 2.71 | +6.04 |
| Martin ratioReturn relative to average drawdown | 28.64 | 12.15 | +16.48 |
Dividends
Dividend History
Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund provided a 2.91% dividend yield over the last twelve months, with an annual payout of $0.28 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.28 | $0.30 | $0.49 | $0.15 | $0.59 | $0.06 | $0.16 | $0.28 | $0.26 | $0.22 | $0.19 |
Dividend yield | 2.91% | 3.09% | 5.03% | 1.55% | 6.36% | 0.60% | 1.65% | 2.84% | 2.66% | 2.22% | 1.87% |
Monthly Dividends
The table displays the monthly dividend distributions for Morgan Stanley Pathway Funds Ultra-ShortTerm 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 | $0.01 | $0.00 | $0.04 | $0.03 | $0.04 | $0.00 | $0.12 | ||||||
| 2025 | $0.03 | $0.04 | $0.05 | $0.03 | $0.00 | $0.04 | $0.04 | $0.00 | $0.04 | $0.00 | $0.00 | $0.05 | $0.30 |
| 2024 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.49 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.03 | $0.04 | $0.04 | $0.04 | $0.15 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.47 | $0.59 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.04 | $0.06 |
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 Ultra-ShortTerm 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 Ultra-ShortTerm Fixed Income Fund was 3.94%, occurring on Mar 25, 2020. Recovery took 54 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -3.94%Mar 2020 | 22d | 2mo 18d | 3mo 10dMar 2020 - Jun 2020 |
Bear market2022 | -1.72%Jul 2022 | 8mo 26d | 5mo 26d | 1y 2moOct 2021 - Dec 2022 |
2025 selloff2025 | -0.73%Apr 2025 | 14d | 14d | 28dMar 2025 - Apr 2025 |
2019 pullback2019 | -0.70%Jan 2019 | 1mo 19d | 29d | 2mo 18dNov 2018 - Feb 2019 |
2023 pullback2023 | -0.53%Mar 2023 | 3d | 29d | 1mo 2dMar 2023 - Apr 2023 |
Drawdown Indicators
| TSDUX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -56.78% | +52.84% |
Max Drawdown (1Y)Largest decline over 1 year | -0.41% | -9.10% | +8.69% |
Max Drawdown (3Y)Largest decline over 3 years | -0.73% | -18.90% | +18.17% |
Max Drawdown (5Y)Largest decline over 5 years | -1.72% | -25.43% | +23.71% |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | -33.92% | +29.98% |
Current DrawdownCurrent decline from peak | 0.00% | -1.29% | +1.29% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -10.72% | +10.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 2.02% | -1.89% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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