ASDIX vs. TSDUX

Last updated Aug 4, 2026

ASDIX (AAM/HIMCO Short Duration Fund) and TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) are both Ultrashort Bond funds. Over the past 10 years, ASDIX returned 2.70%/yr vs 2.67%/yr for TSDUX. Their 0.01 correlation means their historical movements had little consistent relationship. ASDIX charges 0.56%/yr vs 0.62%/yr for TSDUX.

Performance

ASDIX vs. TSDUX - Performance Comparison

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

Returns By Period

In the year-to-date period, ASDIX achieves a 1.26% return, which is significantly lower than TSDUX's 1.91% return. Both investments have delivered pretty close results over the past 10 years, with ASDIX having a 2.70% annualized return and TSDUX not far behind at 2.67%.

ASDIX

• 1D: -0.10%
• 1M: -0.03%
• 6M: 0.97%
• YTD: 1.26%
• 1Y: 3.32%
• 3Y*: 4.38%
• 5Y*: 2.91%
• 10Y*: 2.70%
• ALL TIME*: 2.66%

TSDUX

• 1D: -0.41%
• 1M: 0.00%
• 6M: 1.45%
• YTD: 1.91%
• 1Y: 2.71%
• 3Y*: 4.61%
• 5Y*: 3.44%
• 10Y*: 2.67%
• ALL TIME*: 2.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ASDIX AAM/HIMCO Short Duration Fund	$0.00	$0.00	$0.00
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund	$0.00	$0.00	$0.00

ASDIX vs. TSDUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASDIX AAM/HIMCO Short Duration Fund	1.26%	4.61%	4.82%	5.49%	-1.33%	0.39%	2.15%	5.15%	1.08%	2.70%
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund	1.91%	3.24%	6.04%	5.94%	0.41%	-0.11%	2.06%	2.65%	1.64%	1.73%

Correlation

The correlation between ASDIX and TSDUX is 0.15, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.15
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.02
Correlation (10Y) Provides a long-term view across more market conditions.	0.02
Correlation (All Time) Calculated using the full available price history since Mar 17, 2016	0.01

The correlation between ASDIX and TSDUX shifts across timeframes, from 0.01 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ASDIX vs. TSDUX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ASDIX

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

TSDUX

TSDUX Risk / Return Rank: 97
TSDUX Sharpe Ratio Rank: 97
TSDUX Sortino Ratio Rank: 93
TSDUX Omega Ratio Rank: 99
TSDUX Calmar Ratio Rank: 98
TSDUX Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ASDIX vs. TSDUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM/HIMCO Short Duration Fund (ASDIX) and Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX). 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.

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.

	ASDIX	TSDUX	Difference
Sharpe ratio: Return per unit of total volatility	3.30	2.85	+0.45
Sortino ratio: Return per unit of downside risk	5.50	3.69	+1.81
Omega ratio: Gain probability vs. loss probability	1.90	2.46	-0.56
Calmar ratio: Return relative to maximum drawdown	6.17	7.33	-1.15
Martin ratio: Return relative to average drawdown	28.69	23.71	+4.98

ASDIX vs. TSDUX - Sharpe Ratio Comparison

The current ASDIX Sharpe Ratio is 3.30, which is comparable to the TSDUX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of ASDIX and TSDUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ASDIX vs. TSDUX - Drawdown Comparison

The maximum ASDIX drawdown since its inception was -7.62%, which is greater than TSDUX's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for ASDIX and TSDUX.

Drawdown Indicators

	ASDIX	TSDUX	Difference
Max Drawdown Largest peak-to-trough decline	-7.62%	-3.94%	-3.68%
Max Drawdown (1Y) Largest decline over 1 year	-0.59%	-0.41%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-0.89%	-0.73%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-2.73%	-1.72%	-1.01%
Max Drawdown (10Y) Largest decline over 10 years	-7.62%	-3.94%	-3.68%
Current Drawdown Current decline from peak	-0.12%	-0.41%	+0.29%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.18%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.12%	+0.01%

Volatility

ASDIX vs. TSDUX - Volatility Comparison

The current volatility for AAM/HIMCO Short Duration Fund (ASDIX) is 0.34%, while Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) has a volatility of 0.47%. This indicates that ASDIX experiences smaller price fluctuations and is considered to be less risky than TSDUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASDIX	TSDUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.47%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	0.81%	0.66%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	1.11%	1.05%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	1.12%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.42%	1.09%	+0.33%

ASDIX vs. TSDUX - Expense Ratio Comparison

ASDIX has a 0.56% expense ratio, which is lower than TSDUX's 0.62% expense ratio.

Dividends

ASDIX vs. TSDUX - Dividend Comparison

ASDIX's dividend yield for the trailing twelve months is around 3.89%, more than TSDUX's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASDIX AAM/HIMCO Short Duration Fund	3.89%	3.11%	3.69%	3.48%	2.01%	0.99%	1.70%	2.80%	2.50%	2.06%	2.40%	2.05%
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund	2.47%	3.09%	5.03%	1.55%	6.36%	0.60%	1.65%	2.84%	2.66%	2.22%	1.87%	0.00%

Frequently Asked Questions

Can I hold both ASDIX and TSDUX in my portfolio?

ASDIX and TSDUX have a correlation of 0.15, 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 TSDUX?

TSDUX has higher volatility (0.47%) compared to ASDIX (0.34%). In terms of maximum drawdown, ASDIX dropped -7.62% vs TSDUX's -3.94%.

Which has better risk-adjusted returns?

ASDIX currently has the higher Sharpe Ratio (3.30 vs 2.85), 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.