BUBIX vs. TSDUX

Last updated Jun 25, 2026

BUBIX (Baird Ultra Short Bond Fund Institutional Class) and TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) are both Ultrashort Bond funds. Over the past 10 years, BUBIX returned 2.68%/yr vs 2.68%/yr for TSDUX. At a 0.04 correlation, their price movements are largely independent. BUBIX charges 0.15%/yr vs 0.62%/yr for TSDUX.

Performance

BUBIX vs. TSDUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baird Ultra Short Bond Fund Institutional Class (BUBIX) 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, BUBIX achieves a 1.37% return, which is significantly lower than TSDUX's 1.77% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: BUBIX at 2.68% and TSDUX at 2.68%.

BUBIX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.37%
• 6M: 1.43%
• 1Y: 3.85%
• 3Y*: 4.92%
• 5Y*: 3.62%
• 10Y*: 2.68%

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)

BUBIX vs. TSDUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUBIX Baird Ultra Short Bond Fund Institutional Class	1.37%	4.44%	5.65%	5.71%	0.96%	0.20%	1.66%	3.11%	1.95%	1.30%
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 BUBIX and TSDUX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Mar 17, 2016	0.04

Return for Risk

BUBIX vs. TSDUX — Risk / Return Rank

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

BUBIX

BUBIX Risk / Return Rank: 100
BUBIX Sharpe Ratio Rank: 100
BUBIX Sortino Ratio Rank: 99
BUBIX Omega Ratio Rank: 100
BUBIX Calmar Ratio Rank: 99
BUBIX Martin Ratio Rank: 100

TSDUX

TSDUX Risk / Return Rank: 98
TSDUX Sharpe Ratio Rank: 99
TSDUX Sortino Ratio Rank: 97
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.

BUBIX vs. TSDUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Ultra Short Bond Fund Institutional Class (BUBIX) 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.

	BUBIX	TSDUX	Difference
Sharpe ratio: Return per unit of total volatility	5.48	3.68	+1.80
Sortino ratio: Return per unit of downside risk	10.71	5.11	+5.59
Omega ratio: Gain probability vs. loss probability	5.89	3.14	+2.75
Calmar ratio: Return relative to maximum drawdown	13.32	8.71	+4.61
Martin ratio: Return relative to average drawdown	94.42	28.57	+65.85

BUBIX vs. TSDUX - Sharpe Ratio Comparison

The current BUBIX Sharpe Ratio is 5.48, which is higher than the TSDUX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of BUBIX 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

BUBIX vs. TSDUX - Drawdown Comparison

The maximum BUBIX drawdown since its inception was -1.88%, smaller than the maximum TSDUX drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for BUBIX and TSDUX.

Drawdown Indicators

	BUBIX	TSDUX	Difference
Max Drawdown Largest peak-to-trough decline	-1.88%	-3.94%	+2.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.41%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	-0.73%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	-0.68%	-1.72%	+1.04%
Max Drawdown (10Y) Largest decline over 10 years	-1.88%	-3.94%	+2.06%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.19%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.13%	-0.09%

Volatility

BUBIX vs. TSDUX - Volatility Comparison

Baird Ultra Short Bond Fund Institutional Class (BUBIX) has a higher volatility of 0.26% compared to Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) at 0.17%. This indicates that BUBIX'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

	BUBIX	TSDUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	0.17%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	0.55%	0.52%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.72%	0.96%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.80%	1.11%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.71%	1.09%	-0.38%

BUBIX vs. TSDUX - Expense Ratio Comparison

BUBIX has a 0.15% expense ratio, which is lower than TSDUX's 0.62% expense ratio.

Dividends

BUBIX vs. TSDUX - Dividend Comparison

BUBIX's dividend yield for the trailing twelve months is around 3.58%, more than TSDUX's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUBIX Baird Ultra Short Bond Fund Institutional Class	3.58%	4.16%	5.31%	4.65%	1.56%	0.50%	1.44%	2.57%	2.13%	1.29%	1.04%	0.80%
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 BUBIX and TSDUX in my portfolio?

BUBIX and TSDUX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUBIX or TSDUX?

BUBIX has higher volatility (0.26%) compared to TSDUX (0.17%). In terms of maximum drawdown, BUBIX dropped -1.88% vs TSDUX's -3.94%.

Which has better risk-adjusted returns?

BUBIX currently has the higher Sharpe Ratio (5.48 vs 3.68), 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.