BBBIX vs. TSDUX

Last updated Aug 4, 2026

BBBIX (BBH Limited Duration Fund) and TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) are both Ultrashort Bond funds. Over the past 10 years, BBBIX returned 3.45%/yr vs 2.67%/yr for TSDUX. Their 0.02 correlation means their historical movements had little consistent relationship. BBBIX charges 0.27%/yr vs 0.62%/yr for TSDUX.

Performance

BBBIX vs. TSDUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BBH Limited Duration Fund (BBBIX) 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, BBBIX achieves a 2.04% return, which is significantly higher than TSDUX's 1.91% return. Over the past 10 years, BBBIX has outperformed TSDUX with an annualized return of 3.45%, while TSDUX has yielded a comparatively lower 2.67% annualized return.

BBBIX

• 1D: 0.38%
• 1M: 0.28%
• 6M: 1.66%
• YTD: 2.04%
• 1Y: 4.25%
• 3Y*: 6.09%
• 5Y*: 4.07%
• 10Y*: 3.45%
• ALL TIME*: 3.83%

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)
BBBIX BBH Limited Duration Fund	$0.00	$0.00	$0.00
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund	$0.00	$0.00	$0.00

BBBIX vs. TSDUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BBBIX BBH Limited Duration Fund	2.04%	5.62%	6.79%	7.63%	-1.42%	1.06%	2.85%	4.39%	2.07%	2.51%
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 BBBIX and TSDUX is 0.16, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.16
Correlation (3Y) Balances recent behavior with more history.	0.11
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	0.02

The correlation between BBBIX and TSDUX shifts across timeframes, from 0.02 (10 years) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BBBIX vs. TSDUX — Risk / Return Rank

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

BBBIX

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

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.

BBBIX vs. TSDUX - Risk-Adjusted Trends Comparison

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

	BBBIX	TSDUX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.85	+0.07
Sortino ratio: Return per unit of downside risk	7.09	3.69	+3.40
Omega ratio: Gain probability vs. loss probability	2.18	2.46	-0.28
Calmar ratio: Return relative to maximum drawdown	7.65	7.33	+0.32
Martin ratio: Return relative to average drawdown	31.49	23.71	+7.79

BBBIX vs. TSDUX - Sharpe Ratio Comparison

The current BBBIX Sharpe Ratio is 2.92, which is comparable to the TSDUX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of BBBIX 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

BBBIX vs. TSDUX - Drawdown Comparison

The maximum BBBIX drawdown since its inception was -6.60%, which is greater than TSDUX's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for BBBIX and TSDUX.

Drawdown Indicators

	BBBIX	TSDUX	Difference
Max Drawdown Largest peak-to-trough decline	-6.60%	-3.94%	-2.66%
Max Drawdown (1Y) Largest decline over 1 year	-0.57%	-0.41%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-0.57%	-0.73%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-3.16%	-1.72%	-1.44%
Max Drawdown (10Y) Largest decline over 10 years	-6.60%	-3.94%	-2.66%
Current Drawdown Current decline from peak	0.00%	-0.41%	+0.41%
Average Drawdown Average peak-to-trough decline	-0.46%	-0.18%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.14%	0.12%	+0.02%

Volatility

BBBIX vs. TSDUX - Volatility Comparison

BBH Limited Duration Fund (BBBIX) and Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) have volatilities of 0.46% and 0.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBBIX	TSDUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	0.47%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	0.66%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	1.57%	1.05%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.57%	1.12%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.48%	1.09%	+0.39%

BBBIX vs. TSDUX - Expense Ratio Comparison

BBBIX has a 0.27% expense ratio, which is lower than TSDUX's 0.62% expense ratio.

Dividends

BBBIX vs. TSDUX - Dividend Comparison

BBBIX's dividend yield for the trailing twelve months is around 4.55%, more than TSDUX's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBBIX BBH Limited Duration Fund	4.55%	4.68%	4.88%	4.31%	1.84%	1.35%	2.09%	3.01%	2.66%	2.09%	2.23%	2.08%
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 BBBIX and TSDUX in my portfolio?

BBBIX and TSDUX 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, BBBIX or TSDUX?

TSDUX has higher volatility (0.47%) compared to BBBIX (0.46%). In terms of maximum drawdown, BBBIX dropped -6.60% vs TSDUX's -3.94%.

Which has better risk-adjusted returns?

BBBIX currently has the higher Sharpe Ratio (2.92 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.