MDOEX vs. MUIIX

Last updated Jun 25, 2026

MDOEX (Morgan Stanley Developing Opportunity Portfolio) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both mutual funds - MDOEX is a Emerging Markets Diversified fund managed by Morgan Stanley, while MUIIX is a Ultrashort Bond fund managed by Morgan Stanley. Over the past 5 years, MDOEX returned -3.34%/yr vs 3.23%/yr for MUIIX. At a 0.03 correlation, their price movements are largely independent. MDOEX charges 1.15%/yr vs 0.35%/yr for MUIIX.

Performance

MDOEX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Developing Opportunity Portfolio (MDOEX) 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, MDOEX achieves a 11.78% return, which is significantly higher than MUIIX's 1.47% return.

MDOEX

• 1D: -5.42%
• 1M: 5.61%
• YTD: 11.78%
• 6M: 11.57%
• 1Y: 6.96%
• 3Y*: 13.20%
• 5Y*: -3.34%
• 10Y*: —

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.47%
• 6M: 1.81%
• 1Y: 4.02%
• 3Y*: 4.55%
• 5Y*: 3.23%
• 10Y*: —

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

MDOEX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MDOEX Morgan Stanley Developing Opportunity Portfolio	11.78%	8.28%	16.79%	5.36%	-30.36%	-18.69%	75.33%
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 MDOEX and MUIIX 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	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Apr 7, 2020	0.03

The correlation between MDOEX and MUIIX shifts across timeframes, from 0.02 (3 years) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MDOEX vs. MUIIX — Risk / Return Rank

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

MDOEX

MDOEX Risk / Return Rank: 7
MDOEX Sharpe Ratio Rank: 6
MDOEX Sortino Ratio Rank: 7
MDOEX Omega Ratio Rank: 8
MDOEX Calmar Ratio Rank: 6
MDOEX Martin Ratio Rank: 6

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.

MDOEX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Developing Opportunity Portfolio (MDOEX) 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.

	MDOEX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.42	3.46	-3.04
Sortino ratio: Return per unit of downside risk	0.73	16.53	-15.80
Omega ratio: Gain probability vs. loss probability	1.10	7.73	-6.63
Calmar ratio: Return relative to maximum drawdown	0.47	41.33	-40.86
Martin ratio: Return relative to average drawdown	1.26	110.67	-109.41

MDOEX vs. MUIIX - Sharpe Ratio Comparison

The current MDOEX Sharpe Ratio is 0.42, which is lower than the MUIIX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of MDOEX 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

MDOEX vs. MUIIX - Drawdown Comparison

The maximum MDOEX drawdown since its inception was -59.92%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for MDOEX and MUIIX.

Drawdown Indicators

	MDOEX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.92%	-1.20%	-58.72%
Max Drawdown (1Y) Largest decline over 1 year	-21.82%	-0.10%	-21.72%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-1.20%	-20.62%
Max Drawdown (5Y) Largest decline over 5 years	-52.60%	-1.20%	-51.40%
Current Drawdown Current decline from peak	-29.28%	-0.10%	-29.18%
Average Drawdown Average peak-to-trough decline	-34.97%	-0.06%	-34.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.07%	0.04%	+8.03%

Volatility

MDOEX vs. MUIIX - Volatility Comparison

Morgan Stanley Developing Opportunity Portfolio (MDOEX) has a higher volatility of 14.40% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.42%. This indicates that MDOEX'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

	MDOEX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.40%	0.42%	+13.98%
Volatility (6M) Calculated over the trailing 6-month period	22.50%	0.82%	+21.68%
Volatility (1Y) Calculated over the trailing 1-year period	24.58%	1.20%	+23.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.13%	1.59%	+22.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.13%	1.43%	+23.70%

MDOEX vs. MUIIX - Expense Ratio Comparison

MDOEX has a 1.15% expense ratio, which is higher than MUIIX's 0.35% expense ratio.

Dividends

MDOEX vs. MUIIX - Dividend Comparison

MDOEX's dividend yield for the trailing twelve months is around 0.66%, less than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MDOEX Morgan Stanley Developing Opportunity Portfolio	0.66%	0.74%	0.76%	0.00%	0.00%	0.00%	0.00%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%

Frequently Asked Questions

Can I hold both MDOEX and MUIIX in my portfolio?

MDOEX and MUIIX 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, MDOEX or MUIIX?

MDOEX has higher volatility (14.40%) compared to MUIIX (0.42%). In terms of maximum drawdown, MDOEX dropped -59.92% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.46 vs 0.42), 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.