- ISIN
- US6169694089
- CUSIP
- 616969408
- Issuer
- Morgan Stanley
- Inception Date
- Jul 28, 1997
- Category
- Intermediate Core Bond
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
USGDX Performance Chart
Morgan Stanley U.S. Government Securities Trust (USGDX) is down 1.4% since the beginning of the year. USGDX is currently trading at $7 per share. Investors who bought $1,000 worth of USGDX shares 5 years ago would now be looking at an investment worth $944.
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Returns By Period
Morgan Stanley U.S. Government Securities Trust (USGDX) has returned -1.35% so far this year and 8.37% over the past 12 months. Over the last ten years, USGDX has returned 0.71% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
Morgan Stanley U.S. Government Securities Trust
- 1D
- 0.44%
- 1M
- 2.89%
- YTD
- -1.35%
- 6M
- -0.98%
- 1Y
- 8.37%
- 3Y*
- 2.63%
- 5Y*
- -1.14%
- 10Y*
- 0.71%
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%
USGDX Monthly Returns History
Based on dividend-adjusted daily data since Jul 28, 1997, USGDX's average daily return is +0.01%, while the average monthly return is +0.26%. At this rate, an investment would double in approximately 22.2 years.
Historically, 62% of months were positive and 38% were negative. The best month was Nov 2023 with a return of +12.3%, while the worst month was Apr 2024 at -8.8%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 7 months.
On a daily basis, USGDX closed higher 41% of trading days. The best single day was Nov 14, 2023 with a return of +3.7%, while the worst single day was Apr 10, 2024 at -3.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.14% | 3.30% | -4.30% | 0.04% | 0.04% | -0.15% | -1.35% | ||||||
| 2025 | 1.52% | 6.40% | -0.72% | 0.44% | -3.76% | 3.89% | -1.57% | 3.84% | 1.15% | 1.05% | 1.81% | -0.88% | 13.54% |
| 2024 | -1.35% | -5.26% | 1.32% | -8.84% | 5.80% | 3.19% | 5.74% | 3.80% | 1.32% | -8.39% | 3.22% | -5.94% | -6.80% |
| 2023 | 3.20% | -2.24% | 1.86% | 0.57% | -1.16% | -1.51% | -1.22% | -2.27% | -7.56% | -6.45% | 12.25% | 10.96% | 4.64% |
| 2022 | -1.55% | -1.09% | -3.04% | -3.00% | -0.13% | -1.16% | 1.56% | -2.55% | -4.07% | -1.81% | 3.59% | -0.63% | -13.25% |
| 2021 | -0.34% | -1.03% | -1.03% | 0.69% | 0.10% | 0.33% | 0.92% | -0.26% | -0.72% | -0.35% | 0.09% | -0.59% | -2.18% |
Benchmark Metrics
Morgan Stanley U.S. Government Securities Trust has an annualized alpha of 3.43%, beta of -0.03, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since July 28, 1997.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (10.98%) than losses (2.27%) - typical of diversified or defensive assets.
- Beta of -0.03 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
- 3.43%
- Beta
- -0.03
- R²
- 0.01
- Upside Capture
- 10.98%
- Downside Capture
- 2.27%
Expense Ratio
USGDX has an expense ratio of 0.52%, placing it in the medium range.
Return for Risk
Risk / Return Rank
USGDX ranks 11 for risk / return — in the bottom 11% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Morgan Stanley U.S. Government Securities Trust (USGDX) 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.
| USGDX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.36 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 2.71 | -1.70 |
| Martin ratioReturn relative to average drawdown | 2.97 | 12.15 | -9.19 |
Dividends
Dividend History
Morgan Stanley U.S. Government Securities Trust provided a 5.00% dividend yield over the last twelve months, with an annual payout of $0.34 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.34 | $0.33 | $0.34 | $0.23 | $0.18 | $0.19 | $0.25 | $0.32 | $0.26 | $0.27 | $0.27 | $0.23 |
Dividend yield | 5.00% | 4.73% | 5.20% | 3.09% | 2.51% | 2.18% | 2.79% | 3.67% | 3.13% | 3.11% | 3.13% | 2.63% |
Monthly Dividends
The table displays the monthly dividend distributions for Morgan Stanley U.S. Government Securities Trust. 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 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.00 | $0.13 | ||||||
| 2025 | $0.06 | $0.00 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.33 |
| 2024 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.04 | $0.34 |
| 2023 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.03 | $0.02 | $0.00 | $0.00 | $0.00 | $0.03 | $0.03 | $0.23 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.00 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.18 |
| 2021 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.19 |
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 U.S. Government Securities Trust. 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 U.S. Government Securities Trust was 30.33%, occurring on Oct 19, 2023. The portfolio has not yet recovered.
The current Morgan Stanley U.S. Government Securities Trust drawdown is 7.86%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -30.33%Oct 2023 | 3y 2mo | — | 5y 10moAug 2020 - now |
Financial crisis2007–2009 | -11.40%Oct 2008 | 8mo 22d | 1y 7mo | 2y 3moFeb 2008 - Jun 2010 |
COVID crash2020 | -5.03%Mar 2020 | 9d | 4mo 14d | 4mo 23dMar 2020 - Jul 2020 |
2013 pullback2013 | -4.39%Sep 2013 | 4mo 5d | 7mo 28d | 12mo 3dMay 2013 - May 2014 |
2003 pullback2003 | -4.10%Aug 2003 | 1mo 28d | 6mo 25d | 8mo 23dJun 2003 - Mar 2004 |
Drawdown Indicators
| USGDX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.33% | -56.78% | +26.45% |
Max Drawdown (1Y)Largest decline over 1 year | -7.88% | -9.10% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -18.60% | -18.90% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -29.81% | -25.43% | -4.38% |
Max Drawdown (10Y)Largest decline over 10 years | -30.33% | -33.92% | +3.59% |
Current DrawdownCurrent decline from peak | -7.86% | -1.29% | -6.57% |
Average DrawdownAverage peak-to-trough decline | -3.20% | -10.72% | +7.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 2.02% | +0.64% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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