BBBIX vs. MUIIX

Last updated Jun 4, 2026

BBBIX (BBH Limited Duration Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, BBBIX returned 4.00%/yr vs 3.25%/yr for MUIIX. At a 0.26 correlation, their price movements are largely independent. BBBIX charges 0.27%/yr vs 0.35%/yr for MUIIX.

Performance

BBBIX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BBH Limited Duration Fund (BBBIX) 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, BBBIX achieves a 1.45% return, which is significantly lower than MUIIX's 1.57% return.

BBBIX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.45%
• 6M: 1.87%
• 1Y: 4.80%
• 3Y*: 6.31%
• 5Y*: 4.00%
• 10Y*: 3.46%

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)

BBBIX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BBBIX BBH Limited Duration Fund	1.45%	5.62%	6.79%	7.63%	-1.42%	1.06%	6.23%
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 BBBIX and MUIIX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.26

The correlation between BBBIX and MUIIX shifts across timeframes, from 0.25 (5 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BBBIX vs. MUIIX — Risk / Return Rank

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

BBBIX

BBBIX Risk / Return Rank: 97
BBBIX Sharpe Ratio Rank: 91
BBBIX Sortino Ratio Rank: 99
BBBIX Omega Ratio Rank: 98
BBBIX Calmar Ratio Rank: 98
BBBIX 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.

BBBIX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BBH Limited Duration Fund (BBBIX) 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.

	BBBIX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	3.07	3.61	-0.54
Sortino ratio: Return per unit of downside risk	8.23	23.95	-15.73
Omega ratio: Gain probability vs. loss probability	2.37	14.80	-12.43
Calmar ratio: Return relative to maximum drawdown	8.41	42.37	-33.96
Martin ratio: Return relative to average drawdown	35.12	126.87	-91.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBBIX vs. MUIIX - Sharpe Ratio Comparison

The current BBBIX Sharpe Ratio is 3.07, which is comparable to the MUIIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of BBBIX 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

	BBBIX	MUIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	3.61	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.60	2.05	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	1.90	-0.42

Drawdowns

BBBIX vs. MUIIX - Drawdown Comparison

The maximum BBBIX drawdown since its inception was -6.60%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for BBBIX and MUIIX.

Drawdown Indicators

	BBBIX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-6.60%	-1.20%	-5.40%
Max Drawdown (1Y) Largest decline over 1 year	-0.57%	-0.10%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-0.57%	-1.20%	+0.63%
Max Drawdown (5Y) Largest decline over 5 years	-3.16%	-1.20%	-1.96%
Max Drawdown (10Y) Largest decline over 10 years	-6.60%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.46%	-0.06%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.14%	0.03%	+0.11%

Volatility

BBBIX vs. MUIIX - Volatility Comparison

BBH Limited Duration Fund (BBBIX) has a higher volatility of 0.43% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.35%. This indicates that BBBIX'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

	BBBIX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	0.35%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.03%	0.78%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	1.56%	1.17%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.55%	1.59%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.47%	1.44%	+0.03%

BBBIX vs. MUIIX - Expense Ratio Comparison

BBBIX has a 0.27% expense ratio, which is lower than MUIIX's 0.35% expense ratio.

Dividends

BBBIX vs. MUIIX - Dividend Comparison

BBBIX's dividend yield for the trailing twelve months is around 4.60%, more than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBBIX BBH Limited Duration Fund	4.60%	4.68%	4.88%	4.31%	1.84%	1.35%	2.09%	3.01%	2.66%	2.09%	2.23%	2.08%
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 BBBIX and MUIIX in my portfolio?

BBBIX and MUIIX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBBIX or MUIIX?

BBBIX has higher volatility (0.43%) compared to MUIIX (0.35%). In terms of maximum drawdown, BBBIX dropped -6.60% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.61 vs 3.07), 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.