ASDIX vs. MUIIX

Last updated Jun 4, 2026

ASDIX (AAM/HIMCO Short Duration Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, ASDIX returned 2.86%/yr vs 3.25%/yr for MUIIX. At a 0.06 correlation, their price movements are largely independent. ASDIX charges 0.56%/yr vs 0.35%/yr for MUIIX.

Performance

ASDIX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM/HIMCO Short Duration Fund (ASDIX) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASDIX achieves a 0.96% return, which is significantly lower than MUIIX's 1.57% return.

ASDIX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.96%
• 6M: 1.32%
• 1Y: 4.26%
• 3Y*: 4.62%
• 5Y*: 2.86%
• 10Y*: 2.75%

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.57%
• 6M: 1.91%
• 1Y: 4.22%
• 3Y*: 4.41%
• 5Y*: 3.25%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ASDIX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ASDIX AAM/HIMCO Short Duration Fund	0.96%	4.61%	4.82%	5.49%	-1.33%	0.39%	6.08%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.57%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%

Correlation

The correlation between ASDIX and MUIIX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.06

The correlation between ASDIX and MUIIX shifts across timeframes, from 0.04 (3 years) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ASDIX vs. MUIIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ASDIX

ASDIX Risk / Return Rank: 98
ASDIX Sharpe Ratio Rank: 97
ASDIX Sortino Ratio Rank: 98
ASDIX Omega Ratio Rank: 98
ASDIX Calmar Ratio Rank: 97
ASDIX Martin Ratio Rank: 98

MUIIX

MUIIX Risk / Return Rank: 99
MUIIX Sharpe Ratio Rank: 97
MUIIX Sortino Ratio Rank: 100
MUIIX Omega Ratio Rank: 100
MUIIX Calmar Ratio Rank: 100
MUIIX Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ASDIX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM/HIMCO Short Duration Fund (ASDIX) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ASDIX	MUIIX	Difference
Sharpe ratio Return per unit of total volatility	3.75	3.61	+0.14
Sortino ratio Return per unit of downside risk	6.44	23.95	-17.51
Omega ratio Gain probability vs. loss probability	2.05	14.80	-12.75
Calmar ratio Return relative to maximum drawdown	7.24	42.37	-35.14
Martin ratio Return relative to average drawdown	33.88	126.87	-92.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASDIX vs. MUIIX - Sharpe Ratio Comparison

The current ASDIX Sharpe Ratio is 3.75, which is comparable to the MUIIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of ASDIX and MUIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ASDIX	MUIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.75	3.61	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.25	2.05	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	1.90	+0.07

Drawdowns

ASDIX vs. MUIIX - Drawdown Comparison

The maximum ASDIX drawdown since its inception was -7.62%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for ASDIX and MUIIX.

Drawdown Indicators

	ASDIX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-7.62%	-1.20%	-6.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.59%	-0.10%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-0.89%	-1.20%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-2.73%	-1.20%	-1.53%
Max Drawdown (10Y) Largest decline over 10 years	-7.62%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.06%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.03%	+0.10%

Volatility

ASDIX vs. MUIIX - Volatility Comparison

AAM/HIMCO Short Duration Fund (ASDIX) has a higher volatility of 0.37% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.35%. This indicates that ASDIX's price experiences larger fluctuations and is considered to be riskier than MUIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASDIX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.35%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.77%	0.78%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.14%	1.17%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.28%	1.59%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.42%	1.44%	-0.02%

ASDIX vs. MUIIX - Expense Ratio Comparison

ASDIX has a 0.56% expense ratio, which is higher than MUIIX's 0.35% expense ratio.

Dividends

ASDIX vs. MUIIX - Dividend Comparison

ASDIX's dividend yield for the trailing twelve months is around 3.99%, which matches MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASDIX AAM/HIMCO Short Duration Fund	3.99%	3.11%	3.69%	3.48%	2.01%	0.99%	1.70%	2.80%	2.50%	2.06%	2.40%	2.05%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASDIX and MUIIX in my portfolio?

ASDIX and MUIIX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASDIX or MUIIX?

ASDIX has higher volatility (0.37%) compared to MUIIX (0.35%). In terms of maximum drawdown, ASDIX dropped -7.62% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

ASDIX currently has the higher Sharpe Ratio (3.75 vs 3.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.