GIYIX vs. MUIIX

Last updated Jun 23, 2026

GIYIX (Guggenheim Ultra Short Duration Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, GIYIX returned 3.85%/yr vs 3.23%/yr for MUIIX. At a 0.22 correlation, their price movements are largely independent. GIYIX charges 0.34%/yr vs 0.35%/yr for MUIIX.

Performance

GIYIX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guggenheim Ultra Short Duration Fund (GIYIX) 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, GIYIX achieves a 1.63% return, which is significantly higher than MUIIX's 1.47% return.

GIYIX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.63%
• 6M: 2.03%
• 1Y: 4.67%
• 3Y*: 6.00%
• 5Y*: 3.85%
• 10Y*: —

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.47%
• 6M: 1.81%
• 1Y: 4.12%
• 3Y*: 4.34%
• 5Y*: 3.23%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GIYIX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GIYIX Guggenheim Ultra Short Duration Fund	1.63%	5.20%	7.04%	6.81%	-1.19%	0.17%	2.81%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.47%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%

Correlation

The correlation between GIYIX and MUIIX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Apr 7, 2020	0.22

Over the past year, GIYIX and MUIIX have become more correlated (0.43) than their long-term average of 0.22, meaning their price movements have been converging.

Return for Risk

GIYIX vs. MUIIX — Risk / Return Rank

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

GIYIX

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

MUIIX

MUIIX Risk / Return Rank: 99
MUIIX Sharpe Ratio Rank: 98
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.

GIYIX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim Ultra Short Duration Fund (GIYIX) 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.

	GIYIX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	3.31	3.46	-0.15
Sortino ratio: Return per unit of downside risk	10.10	16.53	-6.43
Omega ratio: Gain probability vs. loss probability	3.19	7.73	-4.54
Calmar ratio: Return relative to maximum drawdown	11.87	41.33	-29.46
Martin ratio: Return relative to average drawdown	58.60	113.97	-55.37

GIYIX vs. MUIIX - Sharpe Ratio Comparison

The current GIYIX Sharpe Ratio is 3.31, which is comparable to the MUIIX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of GIYIX 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

GIYIX vs. MUIIX - Drawdown Comparison

The maximum GIYIX drawdown since its inception was -3.50%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for GIYIX and MUIIX.

Drawdown Indicators

	GIYIX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-3.50%	-1.20%	-2.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-0.10%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-0.40%	-1.20%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-3.15%	-1.20%	-1.95%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.06%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.04%	+0.04%

Volatility

GIYIX vs. MUIIX - Volatility Comparison

The current volatility for Guggenheim Ultra Short Duration Fund (GIYIX) is 0.38%, while Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) has a volatility of 0.42%. This indicates that GIYIX 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

	GIYIX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.42%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.96%	0.82%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	1.20%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.52%	1.59%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.43%	1.44%	-0.01%

GIYIX vs. MUIIX - Expense Ratio Comparison

GIYIX has a 0.34% expense ratio, which is lower than MUIIX's 0.35% expense ratio.

Dividends

GIYIX vs. MUIIX - Dividend Comparison

GIYIX'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
GIYIX Guggenheim Ultra Short Duration Fund	4.36%	4.35%	5.15%	4.38%	1.67%	0.78%	1.45%	2.52%	0.56%
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%

Frequently Asked Questions

Can I hold both GIYIX and MUIIX in my portfolio?

GIYIX and MUIIX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIYIX or MUIIX?

MUIIX has higher volatility (0.42%) compared to GIYIX (0.38%). In terms of maximum drawdown, GIYIX dropped -3.50% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.46 vs 3.31), 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.