MPEGX vs. TMUUX
MPEGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio) and TMUUX (Morgan Stanley Pathway Funds Municipal Bond Fund) are both mutual funds - MPEGX 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, MPEGX returned 13.50%/yr vs 1.36%/yr for TMUUX. Their -0.02 correlation means they have often moved in opposite directions in the past. MPEGX charges 0.72%/yr vs 0.71%/yr for TMUUX.
Performance
MPEGX vs. TMUUX - Performance Comparison
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Returns By Period
In the year-to-date period, MPEGX achieves a -1.99% return, which is significantly lower than TMUUX's -0.12% return. Over the past 10 years, MPEGX has outperformed TMUUX with an annualized return of 13.50%, while TMUUX has yielded a comparatively lower 1.36% annualized return.
MPEGX
- 1D
- -1.91%
- 1M
- -5.60%
- 6M
- 3.88%
- YTD
- -1.99%
- 1Y
- -10.57%
- 3Y*
- 18.58%
- 5Y*
- -5.92%
- 10Y*
- 13.50%
- ALL TIME*
- 12.70%
TMUUX
- 1D
- -0.36%
- 1M
- -2.10%
- 6M
- -0.92%
- YTD
- -0.12%
- 1Y
- 4.19%
- 3Y*
- 2.42%
- 5Y*
- -0.01%
- 10Y*
- 1.36%
- ALL TIME*
- 3.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MPEGX vs. TMUUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MPEGX Morgan Stanley Institutional Fund Trust Discovery Portfolio | -1.99% | 14.05% | 42.38% | 46.66% | -63.39% | -12.37% | 142.68% | 39.73% | 12.19% | 39.39% |
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | -0.12% | 2.42% | 1.73% | 6.04% | -9.03% | 1.21% | 3.57% | 7.44% | 0.54% | 4.84% |
Correlation
The correlation between MPEGX and TMUUX is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 1991 | -0.02 |
The correlation between MPEGX and TMUUX shifts across timeframes, from -0.02 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MPEGX vs. TMUUX — Risk / Return Rank
MPEGX
TMUUX
MPEGX vs. TMUUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX) 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.
| MPEGX | TMUUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.37 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 1.81 | -2.21 |
| Martin ratioReturn relative to average drawdown | -0.78 | 5.56 | -6.33 |
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Drawdowns
MPEGX vs. TMUUX - Drawdown Comparison
The maximum MPEGX drawdown since its inception was -75.29%, which is greater than TMUUX's maximum drawdown of -16.76%. Use the drawdown chart below to compare losses from any high point for MPEGX and TMUUX.
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Drawdown Indicators
| MPEGX | TMUUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.29% | -16.76% | -58.53% |
Max Drawdown (1Y)Largest decline over 1 year | -27.46% | -2.54% | -24.92% |
Max Drawdown (3Y)Largest decline over 3 years | -28.53% | -5.49% | -23.04% |
Max Drawdown (5Y)Largest decline over 5 years | -72.99% | -14.41% | -58.58% |
Max Drawdown (10Y)Largest decline over 10 years | -75.29% | -14.47% | -60.82% |
Current DrawdownCurrent decline from peak | -39.40% | -2.10% | -37.30% |
Average DrawdownAverage peak-to-trough decline | -21.29% | -2.16% | -19.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.86% | 0.82% | +13.04% |
Volatility
MPEGX vs. TMUUX - Volatility Comparison
Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX) has a higher volatility of 6.99% compared to Morgan Stanley Pathway Funds Municipal Bond Fund (TMUUX) at 0.91%. This indicates that MPEGX'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.
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Volatility by Period
| MPEGX | TMUUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 0.91% | +6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 22.19% | 2.04% | +20.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 2.94% | +26.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.32% | 4.42% | +35.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.65% | 3.96% | +30.69% |
MPEGX vs. TMUUX - Expense Ratio Comparison
MPEGX has a 0.72% expense ratio, which is higher than TMUUX's 0.71% expense ratio.
Dividends
MPEGX vs. TMUUX - Dividend Comparison
MPEGX has not paid dividends to shareholders, while TMUUX's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MPEGX Morgan Stanley Institutional Fund Trust Discovery Portfolio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 35.82% | 7.63% | 12.05% | 23.88% | 41.11% | 67.79% | 13.20% |
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | 2.10% | 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
MPEGX and TMUUX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MPEGX has higher volatility (6.99%) compared to TMUUX (0.91%). In terms of maximum drawdown, MPEGX dropped -75.29% vs TMUUX's -16.76%.
TMUUX currently has the higher Sharpe Ratio (1.57 vs -0.37), 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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