FHQFX vs. MUIIX

Last updated Jun 4, 2026

FHQFX (Fidelity Series Treasury Bill Index Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, FHQFX returned 3.04%/yr vs 3.25%/yr for MUIIX. At a 0.31 correlation, their price movements are largely independent. FHQFX charges 0.00%/yr vs 0.35%/yr for MUIIX.

Performance

FHQFX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Treasury Bill Index Fund (FHQFX) 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, FHQFX achieves a 1.41% return, which is significantly lower than MUIIX's 1.57% return.

FHQFX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.41%
• 6M: 1.84%
• 1Y: 4.08%
• 3Y*: 4.67%
• 5Y*: 3.04%
• 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)

FHQFX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FHQFX Fidelity Series Treasury Bill Index Fund	1.41%	4.37%	5.56%	4.47%	-0.50%	0.01%	-0.04%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.57%	4.47%	4.94%	4.17%	1.10%	0.10%	-0.04%

Correlation

The correlation between FHQFX and MUIIX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.31

Over the past year, FHQFX and MUIIX have become more correlated (0.79) than their long-term average of 0.31, meaning their price movements have been converging.

Return for Risk

FHQFX vs. MUIIX — Risk / Return Rank

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

FHQFX

FHQFX Risk / Return Rank: 99
FHQFX Sharpe Ratio Rank: 97
FHQFX Sortino Ratio Rank: 100
FHQFX Omega Ratio Rank: 100
FHQFX Calmar Ratio Rank: 100
FHQFX Martin Ratio Rank: 100

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.

FHQFX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Treasury Bill Index Fund (FHQFX) 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.

	FHQFX	MUIIX	Difference
Sharpe ratio Return per unit of total volatility	3.68	3.61	+0.07
Sortino ratio Return per unit of downside risk	28.60	23.95	+4.65
Omega ratio Gain probability vs. loss probability	20.94	14.80	+6.14
Calmar ratio Return relative to maximum drawdown	41.79	42.37	-0.58
Martin ratio Return relative to average drawdown	119.47	126.87	-7.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHQFX vs. MUIIX - Sharpe Ratio Comparison

The current FHQFX Sharpe Ratio is 3.68, which is comparable to the MUIIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of FHQFX 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

	FHQFX	MUIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	3.61	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.46	2.05	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	2.31	1.90	+0.41

Drawdowns

FHQFX vs. MUIIX - Drawdown Comparison

The maximum FHQFX drawdown since its inception was -0.70%, smaller than the maximum MUIIX drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for FHQFX and MUIIX.

Drawdown Indicators

	FHQFX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-0.70%	-1.20%	+0.50%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.10%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.70%	-1.20%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-0.70%	-1.20%	+0.50%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.06%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.03%	0.00%

Volatility

FHQFX vs. MUIIX - Volatility Comparison

The current volatility for Fidelity Series Treasury Bill Index Fund (FHQFX) is 0.31%, while Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) has a volatility of 0.35%. This indicates that FHQFX experiences smaller price fluctuations and is considered to be less risky than MUIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHQFX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.35%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.80%	0.78%	+0.02%
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	1.26%	1.59%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.19%	1.44%	-0.25%

FHQFX vs. MUIIX - Expense Ratio Comparison

FHQFX has a 0.00% expense ratio, which is lower than MUIIX's 0.35% expense ratio.

Dividends

FHQFX vs. MUIIX - Dividend Comparison

FHQFX's dividend yield for the trailing twelve months is around 3.89%, less than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FHQFX Fidelity Series Treasury Bill Index Fund	3.89%	4.16%	5.09%	4.67%	0.00%	0.01%	0.06%
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 FHQFX and MUIIX in my portfolio?

FHQFX and MUIIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHQFX or MUIIX?

MUIIX has higher volatility (0.35%) compared to FHQFX (0.31%). In terms of maximum drawdown, FHQFX dropped -0.70% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

FHQFX currently has the higher Sharpe Ratio (3.68 vs 3.61), 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.