MACGX vs. TMUUX
MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) and TMUUX (Morgan Stanley Pathway Funds Municipal Bond Fund) are both mutual funds - MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley, while TMUUX is a Municipal Bonds fund managed by Morgan Stanley. Over the past 10 years, MACGX returned 13.87%/yr vs 1.49%/yr for TMUUX. At a correlation of -0.06, they often move in opposite directions. MACGX charges 1.00%/yr vs 0.71%/yr for TMUUX.
Performance
MACGX vs. TMUUX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MACGX achieves a -1.87% return, which is significantly lower than TMUUX's 1.50% return. Over the past 10 years, MACGX has outperformed TMUUX with an annualized return of 13.87%, while TMUUX has yielded a comparatively lower 1.49% annualized return.
MACGX
- 1D
- -0.18%
- 1M
- -4.01%
- YTD
- -1.87%
- 6M
- -5.57%
- 1Y
- -6.92%
- 3Y*
- 22.95%
- 5Y*
- -7.15%
- 10Y*
- 13.87%
TMUUX
- 1D
- -0.12%
- 1M
- 1.33%
- YTD
- 1.50%
- 6M
- 1.64%
- 1Y
- 5.45%
- 3Y*
- 2.88%
- 5Y*
- 0.45%
- 10Y*
- 1.49%
MACGX vs. TMUUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | -1.87% | 13.71% | 42.06% | 46.30% | -63.51% | -12.84% | 142.01% | 39.41% | 11.85% | 38.99% |
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | 1.50% | 2.42% | 1.73% | 6.04% | -9.03% | 1.21% | 3.57% | 7.44% | 0.54% | 4.84% |
Correlation
The correlation between MACGX and TMUUX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 1997 | -0.06 |
The correlation between MACGX and TMUUX shifts across timeframes, from -0.06 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MACGX vs. TMUUX — Risk / Return Rank
MACGX
TMUUX
MACGX vs. TMUUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) and Morgan Stanley Pathway Funds Municipal Bond Fund (TMUUX). 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.
| MACGX | TMUUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -3.36 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.55 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 2.34 | -2.54 |
| Martin ratioReturn relative to average drawdown | -0.41 | 7.49 | -7.90 |
Loading charts...
Drawdowns
MACGX vs. TMUUX - Drawdown Comparison
The maximum MACGX drawdown since its inception was -77.61%, which is greater than TMUUX's maximum drawdown of -16.76%. Use the drawdown chart below to compare losses from any high point for MACGX and TMUUX.
Loading charts...
Drawdown Indicators
| MACGX | TMUUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.61% | -16.76% | -60.85% |
Max Drawdown (1Y)Largest decline over 1 year | -27.55% | -2.54% | -25.01% |
Max Drawdown (3Y)Largest decline over 3 years | -28.55% | -5.96% | -22.59% |
Max Drawdown (5Y)Largest decline over 5 years | -77.61% | -14.47% | -63.14% |
Max Drawdown (10Y)Largest decline over 10 years | -77.61% | -14.47% | -63.14% |
Current DrawdownCurrent decline from peak | -45.44% | -0.37% | -45.07% |
Average DrawdownAverage peak-to-trough decline | -25.68% | -2.16% | -23.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.23% | 0.77% | +12.46% |
Volatility
MACGX vs. TMUUX - Volatility Comparison
Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a higher volatility of 9.66% compared to Morgan Stanley Pathway Funds Municipal Bond Fund (TMUUX) at 0.66%. This indicates that MACGX's price experiences larger fluctuations and is considered to be riskier than TMUUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MACGX | TMUUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.66% | 0.66% | +9.00% |
Volatility (6M)Calculated over the trailing 6-month period | 21.85% | 1.84% | +20.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.74% | 2.82% | +25.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.40% | 4.40% | +44.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.44% | 3.96% | +35.48% |
MACGX vs. TMUUX - Expense Ratio Comparison
MACGX has a 1.00% expense ratio, which is higher than TMUUX's 0.71% expense ratio.
Dividends
MACGX vs. TMUUX - Dividend Comparison
MACGX has not paid dividends to shareholders, while TMUUX's dividend yield for the trailing twelve months is around 2.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 52.53% | 9.95% | 15.34% | 29.46% | 48.48% | 75.72% | 14.05% |
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | 2.32% | 2.13% | 3.37% | 3.11% | 2.41% | 1.95% | 2.54% | 3.30% | 2.92% | 2.77% | 5.74% | 3.07% |
Frequently Asked Questions
MACGX and TMUUX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MACGX has higher volatility (9.66%) compared to TMUUX (0.66%). In terms of maximum drawdown, MACGX dropped -77.61% vs TMUUX's -16.76%.
TMUUX currently has the higher Sharpe Ratio (2.11 vs -0.19), 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.
Find the right allocation for MACGX and TMUUX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer