CDX vs. MUIIX

Last updated Jun 4, 2026

CDX (Simplify High Yield PLUS Credit Hedge ETF) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both funds - CDX is a High Yield Bonds fund actively managed by Simplify, while MUIIX is a Ultrashort Bond fund managed by Morgan Stanley. Over the past 3 years, CDX returned 7.17%/yr vs 4.41%/yr for MUIIX. At a correlation of -0.02, they often move in opposite directions. CDX charges 0.26%/yr vs 0.35%/yr for MUIIX.

Performance

CDX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify High Yield PLUS Credit Hedge ETF (CDX) 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, CDX achieves a -2.44% return, which is significantly lower than MUIIX's 1.57% return.

CDX

• 1D: -0.19%
• 1M: -0.71%
• YTD: -2.44%
• 6M: -2.70%
• 1Y: -1.77%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —

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)

CDX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CDX Simplify High Yield PLUS Credit Hedge ETF	-2.44%	9.51%	7.71%	12.74%	-8.12%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.57%	4.47%	4.94%	4.17%	1.09%

Correlation

The correlation between CDX and MUIIX is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022	-0.02

The correlation between CDX and MUIIX shifts across timeframes, from -0.04 (3 years) to 0.09 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CDX vs. MUIIX — Risk / Return Rank

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

CDX

CDX Risk / Return Rank: 5
CDX Sharpe Ratio Rank: 6
CDX Sortino Ratio Rank: 5
CDX Omega Ratio Rank: 5
CDX Calmar Ratio Rank: 5
CDX Martin Ratio Rank: 4

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.

CDX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) 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.

	CDX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	3.61	-3.93
Sortino ratio: Return per unit of downside risk	-0.40	23.95	-24.36
Omega ratio: Gain probability vs. loss probability	0.95	14.80	-13.85
Calmar ratio: Return relative to maximum drawdown	-0.43	42.37	-42.80
Martin ratio: Return relative to average drawdown	-1.00	126.87	-127.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDX vs. MUIIX - Sharpe Ratio Comparison

The current CDX Sharpe Ratio is -0.31, which is lower than the MUIIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of CDX 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

	CDX	MUIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	3.61	-3.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.90	-1.52

Drawdowns

CDX vs. MUIIX - Drawdown Comparison

The maximum CDX drawdown since its inception was -13.24%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for CDX and MUIIX.

Drawdown Indicators

	CDX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-1.20%	-12.04%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-0.10%	-4.08%
Max Drawdown (3Y) Largest decline over 3 years	-8.88%	-1.20%	-7.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.20%	—
Current Drawdown Current decline from peak	-7.41%	0.00%	-7.41%
Average Drawdown Average peak-to-trough decline	-4.34%	-0.06%	-4.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	0.03%	+1.74%

Volatility

CDX vs. MUIIX - Volatility Comparison

Simplify High Yield PLUS Credit Hedge ETF (CDX) has a higher volatility of 1.61% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.35%. This indicates that CDX'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

	CDX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	0.35%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	0.78%	+3.94%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	1.17%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	1.59%	+9.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	1.44%	+9.66%

CDX vs. MUIIX - Expense Ratio Comparison

CDX has a 0.26% expense ratio, which is lower than MUIIX's 0.35% expense ratio.

Dividends

CDX vs. MUIIX - Dividend Comparison

CDX's dividend yield for the trailing twelve months is around 8.37%, more than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CDX Simplify High Yield PLUS Credit Hedge ETF	8.37%	7.18%	12.60%	5.26%	7.51%	0.00%	0.00%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%

Frequently Asked Questions

Can I hold both CDX and MUIIX in my portfolio?

CDX and MUIIX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDX or MUIIX?

CDX has higher volatility (1.61%) compared to MUIIX (0.35%). In terms of maximum drawdown, CDX dropped -13.24% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.61 vs -0.31), 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.