FISAX vs. MUIIX

Last updated Jun 3, 2026

FISAX (Franklin Adjustable U.S. Government Securities Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, FISAX returned 2.15%/yr vs 3.25%/yr for MUIIX. At a 0.22 correlation, their price movements are largely independent. FISAX charges 0.85%/yr vs 0.35%/yr for MUIIX.

Performance

FISAX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Adjustable U.S. Government Securities Fund (FISAX) 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, FISAX achieves a 1.05% return, which is significantly lower than MUIIX's 1.57% return.

FISAX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.05%
• 6M: 1.56%
• 1Y: 3.89%
• 3Y*: 4.77%
• 5Y*: 2.15%
• 10Y*: 1.54%

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)

FISAX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FISAX Franklin Adjustable U.S. Government Securities Fund	1.05%	5.02%	5.22%	3.61%	-3.11%	-0.23%	2.05%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.57%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%

Correlation

The correlation between FISAX and MUIIX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.22

Over the past year, FISAX and MUIIX have become more correlated (0.45) than their long-term average of 0.22, meaning their price movements have been converging.

Return for Risk

FISAX vs. MUIIX — Risk / Return Rank

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

FISAX

FISAX Risk / Return Rank: 93
FISAX Sharpe Ratio Rank: 75
FISAX Sortino Ratio Rank: 97
FISAX Omega Ratio Rank: 98
FISAX Calmar Ratio Rank: 97
FISAX Martin Ratio Rank: 97

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.

FISAX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Adjustable U.S. Government Securities Fund (FISAX) 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.

	FISAX	MUIIX	Difference
Sharpe ratio Return per unit of total volatility	2.53	3.61	-1.09
Sortino ratio Return per unit of downside risk	5.76	23.95	-18.19
Omega ratio Gain probability vs. loss probability	2.11	14.80	-12.69
Calmar ratio Return relative to maximum drawdown	6.72	46.17	-39.45
Martin ratio Return relative to average drawdown	29.07	138.51	-109.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FISAX vs. MUIIX - Sharpe Ratio Comparison

The current FISAX Sharpe Ratio is 2.53, which is lower than the MUIIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of FISAX 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

	FISAX	MUIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	3.61	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.30	2.05	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	1.90	-0.26

Drawdowns

FISAX vs. MUIIX - Drawdown Comparison

The maximum FISAX drawdown since its inception was -4.77%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for FISAX and MUIIX.

Drawdown Indicators

	FISAX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.77%	-1.20%	-3.57%
Max Drawdown (1Y) Largest decline over 1 year	-0.66%	-0.10%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-0.92%	-1.20%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	-4.72%	-1.20%	-3.52%
Max Drawdown (10Y) Largest decline over 10 years	-4.77%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.54%	-0.06%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	0.03%	+0.12%

Volatility

FISAX vs. MUIIX - Volatility Comparison

Franklin Adjustable U.S. Government Securities Fund (FISAX) has a higher volatility of 0.42% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.35%. This indicates that FISAX'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

	FISAX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.35%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	0.85%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	1.60%	1.18%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.66%	1.59%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.57%	1.44%	+0.13%

FISAX vs. MUIIX - Expense Ratio Comparison

FISAX has a 0.85% expense ratio, which is higher than MUIIX's 0.35% expense ratio.

Dividends

FISAX vs. MUIIX - Dividend Comparison

FISAX's dividend yield for the trailing twelve months is around 4.36%, more than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISAX Franklin Adjustable U.S. Government Securities Fund	4.36%	4.62%	4.81%	3.25%	1.41%	0.91%	1.89%	2.99%	2.51%	1.95%	1.52%	1.19%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FISAX and MUIIX in my portfolio?

FISAX and MUIIX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FISAX or MUIIX?

FISAX has higher volatility (0.42%) compared to MUIIX (0.35%). In terms of maximum drawdown, FISAX dropped -4.77% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.61 vs 2.53), 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.