ICIFX vs. TSDUX
ICIFX (Invesco Conservative Income Fund) and TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) are both Ultrashort Bond funds. Over the past 10 years, ICIFX returned 2.54%/yr vs 2.68%/yr for TSDUX. At a 0.00 correlation, their price movements are largely independent. ICIFX charges 0.27%/yr vs 0.62%/yr for TSDUX.
Performance
ICIFX vs. TSDUX - Performance Comparison
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Returns By Period
In the year-to-date period, ICIFX achieves a 1.36% return, which is significantly lower than TSDUX's 1.77% return. Over the past 10 years, ICIFX has underperformed TSDUX with an annualized return of 2.54%, while TSDUX has yielded a comparatively higher 2.68% annualized return.
ICIFX
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.36%
- 6M
- 1.74%
- 1Y
- 4.27%
- 3Y*
- 5.08%
- 5Y*
- 3.39%
- 10Y*
- 2.54%
TSDUX
- 1D
- 0.00%
- 1M
- 0.37%
- YTD
- 1.77%
- 6M
- 1.88%
- 1Y
- 3.17%
- 3Y*
- 4.82%
- 5Y*
- 3.41%
- 10Y*
- 2.68%
ICIFX vs. TSDUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICIFX Invesco Conservative Income Fund | 1.36% | 4.97% | 5.74% | 4.77% | 0.37% | -0.09% | 1.74% | 2.83% | 2.03% | 1.45% |
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund | 1.77% | 3.24% | 6.04% | 5.94% | 0.41% | -0.11% | 2.06% | 2.65% | 1.64% | 1.73% |
Correlation
The correlation between ICIFX and TSDUX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2016 | 0.00 |
The correlation between ICIFX and TSDUX shifts across timeframes, from 0.00 (5 years) to 0.12 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICIFX vs. TSDUX — Risk / Return Rank
ICIFX
TSDUX
ICIFX vs. TSDUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Conservative Income Fund (ICIFX) 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.
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.
| ICIFX | TSDUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | +4.59 | ||
| Omega ratioGain probability vs. loss probability | 3.22 | 3.14 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 10.84 | 8.71 | +2.13 |
| Martin ratioReturn relative to average drawdown | 49.71 | 28.57 | +21.14 |
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Drawdowns
ICIFX vs. TSDUX - Drawdown Comparison
The maximum ICIFX drawdown since its inception was -2.19%, smaller than the maximum TSDUX drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for ICIFX and TSDUX.
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Drawdown Indicators
| ICIFX | TSDUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.19% | -3.94% | +1.75% |
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 | -1.24% | -1.72% | +0.48% |
Max Drawdown (10Y)Largest decline over 10 years | -2.19% | -3.94% | +1.75% |
Current DrawdownCurrent decline from peak | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -0.11% | -0.19% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.09% | 0.13% | -0.04% |
Volatility
ICIFX vs. TSDUX - Volatility Comparison
Invesco Conservative Income Fund (ICIFX) has a higher volatility of 0.42% compared to Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) at 0.17%. This indicates that ICIFX'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.
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Volatility by Period
| ICIFX | TSDUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 0.17% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.98% | 0.52% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.41% | 0.97% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.36% | 1.11% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.12% | 1.09% | +0.03% |
ICIFX vs. TSDUX - Expense Ratio Comparison
ICIFX has a 0.27% expense ratio, which is lower than TSDUX's 0.62% expense ratio.
Dividends
ICIFX vs. TSDUX - Dividend Comparison
ICIFX's dividend yield for the trailing twelve months is around 4.48%, more than TSDUX's 2.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICIFX Invesco Conservative Income Fund | 4.48% | 4.74% | 5.37% | 3.53% | 1.47% | 0.40% | 1.22% | 2.29% | 2.21% | 1.34% | 0.91% | 0.47% |
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% | 0.00% |
Frequently Asked Questions
ICIFX and TSDUX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICIFX has higher volatility (0.42%) compared to TSDUX (0.17%). In terms of maximum drawdown, ICIFX dropped -2.19% vs TSDUX's -3.94%.
TSDUX currently has the higher Sharpe Ratio (3.68 vs 3.06), 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.
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