BBBMX vs. TSDUX

Last updated Jun 24, 2026

BBBMX (BBH Limited Duration Fund Class N) and TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) are both Ultrashort Bond funds. Over the past 10 years, BBBMX returned 3.35%/yr vs 2.68%/yr for TSDUX. At a 0.03 correlation, their price movements are largely independent. BBBMX charges 0.35%/yr vs 0.62%/yr for TSDUX.

Performance

BBBMX vs. TSDUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BBH Limited Duration Fund Class N (BBBMX) 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, BBBMX achieves a 1.23% return, which is significantly lower than TSDUX's 1.77% return. Over the past 10 years, BBBMX has outperformed TSDUX with an annualized return of 3.35%, while TSDUX has yielded a comparatively lower 2.68% annualized return.

BBBMX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.23%
• 6M: 1.64%
• 1Y: 4.52%
• 3Y*: 6.13%
• 5Y*: 3.89%
• 10Y*: 3.35%

TSDUX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.77%
• 6M: 1.88%
• 1Y: 3.17%
• 3Y*: 4.82%
• 5Y*: 3.41%
• 10Y*: 2.68%

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

BBBMX vs. TSDUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BBBMX BBH Limited Duration Fund Class N	1.23%	5.54%	6.81%	7.44%	-1.48%	1.10%	2.78%	4.30%	1.99%	2.31%
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund	1.77%	3.24%	6.04%	5.94%	0.41%	-0.11%	2.06%	2.65%	1.64%	1.73%

Correlation

The correlation between BBBMX and TSDUX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.00
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Mar 17, 2016	0.03

The correlation between BBBMX and TSDUX shifts across timeframes, from 0.00 (5 years) to 0.11 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BBBMX vs. TSDUX — Risk / Return Rank

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

BBBMX

BBBMX Risk / Return Rank: 97
BBBMX Sharpe Ratio Rank: 91
BBBMX Sortino Ratio Rank: 99
BBBMX Omega Ratio Rank: 98
BBBMX Calmar Ratio Rank: 98
BBBMX Martin Ratio Rank: 98

TSDUX

TSDUX Risk / Return Rank: 98
TSDUX Sharpe Ratio Rank: 98
TSDUX Sortino Ratio Rank: 96
TSDUX Omega Ratio Rank: 99
TSDUX Calmar Ratio Rank: 98
TSDUX Martin Ratio Rank: 98

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.

BBBMX vs. TSDUX - Risk-Adjusted Trends Comparison

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

	BBBMX	TSDUX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	3.68	-0.87
Sortino ratio: Return per unit of downside risk	8.00	5.11	+2.89
Omega ratio: Gain probability vs. loss probability	2.46	3.14	-0.68
Calmar ratio: Return relative to maximum drawdown	7.96	8.71	-0.75
Martin ratio: Return relative to average drawdown	37.21	28.57	+8.64

BBBMX vs. TSDUX - Sharpe Ratio Comparison

The current BBBMX Sharpe Ratio is 2.81, which is comparable to the TSDUX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of BBBMX 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

BBBMX vs. TSDUX - Drawdown Comparison

The maximum BBBMX drawdown since its inception was -6.50%, which is greater than TSDUX's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for BBBMX and TSDUX.

Drawdown Indicators

	BBBMX	TSDUX	Difference
Max Drawdown Largest peak-to-trough decline	-6.50%	-3.94%	-2.56%
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	-3.18%	-1.72%	-1.46%
Max Drawdown (10Y) Largest decline over 10 years	-6.50%	-3.94%	-2.56%
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.57%	-0.19%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.13%	-0.01%

Volatility

BBBMX vs. TSDUX - Volatility Comparison

BBH Limited Duration Fund Class N (BBBMX) has a higher volatility of 0.49% compared to Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) at 0.17%. This indicates that BBBMX's price experiences larger fluctuations and is considered to be riskier than TSDUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBBMX	TSDUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	0.17%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	1.21%	0.52%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	1.62%	0.97%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.56%	1.11%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.48%	1.09%	+0.39%

BBBMX vs. TSDUX - Expense Ratio Comparison

BBBMX has a 0.35% expense ratio, which is lower than TSDUX's 0.62% expense ratio.

Dividends

BBBMX vs. TSDUX - Dividend Comparison

BBBMX's dividend yield for the trailing twelve months is around 4.53%, more than TSDUX's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBBMX BBH Limited Duration Fund Class N	4.53%	4.60%	4.80%	4.23%	1.78%	1.29%	2.03%	2.93%	2.57%	1.99%	2.00%	1.72%
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund	2.91%	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 BBBMX and TSDUX in my portfolio?

BBBMX and TSDUX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBBMX or TSDUX?

BBBMX has higher volatility (0.49%) compared to TSDUX (0.17%). In terms of maximum drawdown, BBBMX dropped -6.50% vs TSDUX's -3.94%.

Which has better risk-adjusted returns?

TSDUX currently has the higher Sharpe Ratio (3.68 vs 2.81), 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.