FAPGX vs. MUIIX

Last updated Aug 1, 2026

FAPGX (Fidelity Sustainable Low Duration Bond) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 3 years, FAPGX returned 4.77%/yr vs 4.24%/yr for MUIIX. Their 0.29 correlation means their historical movements had little consistent relationship. FAPGX charges 0.25%/yr vs 0.35%/yr for MUIIX.

Performance

FAPGX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Sustainable Low Duration Bond (FAPGX) 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

The year-to-date returns for both investments are quite close, with FAPGX having a 1.75% return and MUIIX slightly higher at 1.78%.

FAPGX

• 1D: 0.00%
• 1M: 0.10%
• 6M: 1.38%
• YTD: 1.75%
• 1Y: 3.59%
• 3Y*: 4.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.06%

MUIIX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.45%
• YTD: 1.78%
• 1Y: 3.58%
• 3Y*: 4.24%
• 5Y*: 3.29%
• 10Y*: —
• ALL TIME*: 2.69%

*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)
FAPGX Fidelity Sustainable Low Duration Bond	$0.00	$0.00	$0.00
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	$0.00	$0.00	$0.00

FAPGX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FAPGX Fidelity Sustainable Low Duration Bond	1.75%	4.57%	5.32%	5.28%	0.57%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.78%	4.47%	4.94%	4.17%	1.17%

Correlation

The correlation between FAPGX and MUIIX is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (All Time) Calculated using the full available price history since Apr 13, 2022	0.29

The correlation between FAPGX and MUIIX shifts across timeframes, from 0.29 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FAPGX vs. MUIIX — Risk / Return Rank

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

FAPGX

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

MUIIX

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

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.

FAPGX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable Low Duration Bond (FAPGX) 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.

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.

	FAPGX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	3.45	3.48	-0.02
Sortino ratio: Return per unit of downside risk	8.62	17.88	-9.26
Omega ratio: Gain probability vs. loss probability	2.84	8.98	-6.13
Calmar ratio: Return relative to maximum drawdown	13.46	40.79	-27.33
Martin ratio: Return relative to average drawdown	56.73	144.51	-87.78

FAPGX vs. MUIIX - Sharpe Ratio Comparison

The current FAPGX Sharpe Ratio is 3.45, which is comparable to the MUIIX Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of FAPGX 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.

Drawdowns

FAPGX vs. MUIIX - Drawdown Comparison

The maximum FAPGX drawdown since its inception was -0.49%, smaller than the maximum MUIIX drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for FAPGX and MUIIX.

Drawdown Indicators

	FAPGX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-0.49%	-1.20%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.29%	-0.10%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-0.39%	-1.20%	+0.81%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.20%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.06%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.03%	+0.04%

Volatility

FAPGX vs. MUIIX - Volatility Comparison

Fidelity Sustainable Low Duration Bond (FAPGX) has a higher volatility of 0.22% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.00%. This indicates that FAPGX'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

	FAPGX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.00%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	0.82%	0.81%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.14%	1.17%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	1.60%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	1.43%	-0.36%

FAPGX vs. MUIIX - Expense Ratio Comparison

FAPGX has a 0.25% expense ratio, which is lower than MUIIX's 0.35% expense ratio.

Dividends

FAPGX vs. MUIIX - Dividend Comparison

FAPGX's dividend yield for the trailing twelve months is around 4.42%, more than MUIIX's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FAPGX Fidelity Sustainable Low Duration Bond	4.42%	4.40%	4.81%	3.44%	0.77%	0.00%	0.00%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	3.61%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%

Frequently Asked Questions

Can I hold both FAPGX and MUIIX in my portfolio?

FAPGX and MUIIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAPGX or MUIIX?

FAPGX has higher volatility (0.22%) compared to MUIIX (0.00%). In terms of maximum drawdown, FAPGX dropped -0.49% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.48 vs 3.45), 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.