AXSIX vs. MSYIX

Last updated Jun 4, 2026

AXSIX (Axonic Strategic Income Fund) and MSYIX (Morgan Stanley Institutional Fund Trust High Yield Portfolio) are both mutual funds - AXSIX is a Multisector Bonds fund managed by Axonic, while MSYIX is a High Yield Bonds fund managed by Morgan Stanley. At a 0.26 correlation, their price movements are largely independent. AXSIX charges 1.00%/yr vs 0.65%/yr for MSYIX.

Performance

AXSIX vs. MSYIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Axonic Strategic Income Fund (AXSIX) and Morgan Stanley Institutional Fund Trust High Yield Portfolio (MSYIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AXSIX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.94%
• 6M: 1.67%
• 1Y: 5.89%
• 3Y*: 7.33%
• 5Y*: 3.79%
• 10Y*: —

MSYIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AXSIX vs. MSYIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AXSIX Axonic Strategic Income Fund	1.94%	6.71%	8.30%	7.54%	-6.81%	5.91%	-0.16%
MSYIX Morgan Stanley Institutional Fund Trust High Yield Portfolio	0.47%	7.94%	8.78%	13.52%	-11.56%	5.57%	3.05%

Correlation

The correlation between AXSIX and MSYIX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.26

The correlation between AXSIX and MSYIX shifts across timeframes, from 0.13 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AXSIX vs. MSYIX — Risk / Return Rank

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

AXSIX

AXSIX Risk / Return Rank: 87
AXSIX Sharpe Ratio Rank: 68
AXSIX Sortino Ratio Rank: 96
AXSIX Omega Ratio Rank: 91
AXSIX Calmar Ratio Rank: 91
AXSIX Martin Ratio Rank: 88

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.

AXSIX vs. MSYIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Axonic Strategic Income Fund (AXSIX) and Morgan Stanley Institutional Fund Trust High Yield Portfolio (MSYIX). 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.

	AXSIX	MSYIX	Difference
Sharpe ratio Return per unit of total volatility	2.42	—	—
Sortino ratio Return per unit of downside risk	5.20	—	—
Omega ratio Gain probability vs. loss probability	1.67	—	—
Calmar ratio Return relative to maximum drawdown	4.76	—	—
Martin ratio Return relative to average drawdown	17.44	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	AXSIX	MSYIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	—	—

Drawdowns

Drawdown Indicators

	AXSIX	MSYIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.55%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.87%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-1.96%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	—	—

Volatility

Volatility by Period

	AXSIX	MSYIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.18%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	—	—

AXSIX vs. MSYIX - Expense Ratio Comparison

AXSIX has a 1.00% expense ratio, which is higher than MSYIX's 0.65% expense ratio.

Dividends

AXSIX vs. MSYIX - Dividend Comparison

AXSIX's dividend yield for the trailing twelve months is around 6.21%, more than MSYIX's 4.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AXSIX Axonic Strategic Income Fund	6.21%	6.39%	6.52%	6.24%	3.89%	6.70%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%
MSYIX Morgan Stanley Institutional Fund Trust High Yield Portfolio	4.18%	7.03%	7.25%	6.71%	6.29%	5.57%	5.90%	6.20%	6.27%	5.75%	6.22%	6.77%

Frequently Asked Questions

Can I hold both AXSIX and MSYIX in my portfolio?

AXSIX and MSYIX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.