GIYIX vs. TSDUX

Last updated Jun 4, 2026

GIYIX (Guggenheim Ultra Short Duration Fund) and TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) are both Ultrashort Bond funds. Over the past 5 years, GIYIX returned 3.83%/yr vs 3.35%/yr for TSDUX. At a 0.00 correlation, their price movements are largely independent. GIYIX charges 0.34%/yr vs 0.62%/yr for TSDUX.

Performance

GIYIX vs. TSDUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guggenheim Ultra Short Duration Fund (GIYIX) and Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GIYIX having a 1.63% return and TSDUX slightly lower at 1.56%.

GIYIX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.63%
• 6M: 2.03%
• 1Y: 4.67%
• 3Y*: 6.04%
• 5Y*: 3.83%
• 10Y*: —

TSDUX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.56%
• 6M: 1.98%
• 1Y: 3.17%
• 3Y*: 4.90%
• 5Y*: 3.35%
• 10Y*: 2.66%

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

GIYIX vs. TSDUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GIYIX Guggenheim Ultra Short Duration Fund	1.63%	5.20%	7.04%	6.81%	-1.19%	0.17%	1.78%	2.45%	0.16%
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund	1.56%	3.24%	6.04%	5.94%	0.41%	-0.11%	2.06%	2.65%	-0.23%

Correlation

The correlation between GIYIX and TSDUX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Dec 4, 2018	0.00

The correlation between GIYIX and TSDUX shifts across timeframes, from -0.02 (5 years) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GIYIX vs. TSDUX — Risk / Return Rank

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

GIYIX

GIYIX Risk / Return Rank: 98
GIYIX Sharpe Ratio Rank: 94
GIYIX Sortino Ratio Rank: 99
GIYIX Omega Ratio Rank: 99
GIYIX Calmar Ratio Rank: 99
GIYIX Martin Ratio Rank: 99

TSDUX

TSDUX Risk / Return Rank: 97
TSDUX Sharpe Ratio Rank: 97
TSDUX Sortino Ratio Rank: 95
TSDUX Omega Ratio Rank: 99
TSDUX Calmar Ratio Rank: 98
TSDUX Martin Ratio Rank: 97

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. TSDUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim Ultra Short Duration Fund (GIYIX) and Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX). 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.

	GIYIX	TSDUX	Difference
Sharpe ratio: Return per unit of total volatility	3.29	3.71	-0.42
Sortino ratio: Return per unit of downside risk	9.86	5.15	+4.71
Omega ratio: Gain probability vs. loss probability	3.09	3.14	-0.05
Calmar ratio: Return relative to maximum drawdown	11.87	8.83	+3.04
Martin ratio: Return relative to average drawdown	57.72	28.77	+28.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIYIX vs. TSDUX - Sharpe Ratio Comparison

The current GIYIX Sharpe Ratio is 3.29, which is comparable to the TSDUX Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of GIYIX and TSDUX, 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

	GIYIX	TSDUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.29	3.71	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.54	3.13	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.22	2.48	-0.26

Drawdowns

GIYIX vs. TSDUX - Drawdown Comparison

The maximum GIYIX drawdown since its inception was -3.50%, smaller than the maximum TSDUX drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for GIYIX and TSDUX.

Drawdown Indicators

	GIYIX	TSDUX	Difference
Max Drawdown Largest peak-to-trough decline	-3.50%	-3.94%	+0.44%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-0.41%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.40%	-0.73%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-3.15%	-1.72%	-1.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-3.94%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.19%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.14%	-0.06%

Volatility

GIYIX vs. TSDUX - Volatility Comparison

Guggenheim Ultra Short Duration Fund (GIYIX) has a higher volatility of 0.45% compared to Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) at 0.17%. This indicates that GIYIX's price experiences larger fluctuations and is considered to be riskier than TSDUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIYIX	TSDUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	0.17%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	0.62%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	1.43%	1.03%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.52%	1.11%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.43%	1.09%	+0.34%

GIYIX vs. TSDUX - Expense Ratio Comparison

GIYIX has a 0.34% expense ratio, which is lower than TSDUX's 0.62% expense ratio.

Dividends

GIYIX vs. TSDUX - Dividend Comparison

GIYIX's dividend yield for the trailing twelve months is around 4.36%, more than TSDUX's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GIYIX Guggenheim Ultra Short Duration Fund	4.36%	4.35%	5.15%	4.38%	1.67%	0.78%	1.45%	2.52%	0.56%	0.00%	0.00%
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund	2.91%	3.09%	5.03%	1.55%	6.36%	0.60%	1.65%	2.84%	2.66%	2.22%	1.87%

Frequently Asked Questions

Can I hold both GIYIX and TSDUX in my portfolio?

GIYIX and TSDUX have a correlation of 0.12, 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 TSDUX?

GIYIX has higher volatility (0.45%) compared to TSDUX (0.17%). In terms of maximum drawdown, GIYIX dropped -3.50% vs TSDUX's -3.94%.

Which has better risk-adjusted returns?

TSDUX currently has the higher Sharpe Ratio (3.71 vs 3.29), 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.