MPFDX vs. SMARX

Last updated Jul 4, 2026

MPFDX (Morgan Stanley Institutional Fund Trust Corporate Bond Portfolio) and SMARX (Brandes Separately Managed Account Reserve Trust) are both Corporate Bonds funds. Over the past 10 years, MPFDX returned 2.96%/yr vs 2.95%/yr for SMARX. A 0.66 correlation means they provide meaningful diversification when combined. MPFDX charges 0.70%/yr vs 0.00%/yr for SMARX.

Performance

MPFDX vs. SMARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund Trust Corporate Bond Portfolio (MPFDX) and Brandes Separately Managed Account Reserve Trust (SMARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MPFDX achieves a 0.70% return, which is significantly lower than SMARX's 1.29% return. Both investments have delivered pretty close results over the past 10 years, with MPFDX having a 2.96% annualized return and SMARX not far behind at 2.95%.

MPFDX

• 1D: 0.12%
• 1M: 0.59%
• 6M: 0.70%
• YTD: 0.70%
• 1Y: 4.15%
• 3Y*: 5.68%
• 5Y*: 0.44%
• 10Y*: 2.96%

SMARX

• 1D: 0.13%
• 1M: 1.06%
• 6M: 1.42%
• YTD: 1.29%
• 1Y: 4.47%
• 3Y*: 5.60%
• 5Y*: 1.75%
• 10Y*: 2.95%

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

MPFDX vs. SMARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MPFDX Morgan Stanley Institutional Fund Trust Corporate Bond Portfolio	0.70%	7.75%	2.69%	10.05%	-16.28%	-1.92%	10.32%	15.73%	-3.87%	6.91%
SMARX Brandes Separately Managed Account Reserve Trust	1.29%	6.91%	3.73%	9.76%	-11.77%	0.76%	6.55%	7.77%	-1.13%	4.75%

Correlation

The correlation between MPFDX and SMARX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 5, 2005	0.66

The correlation between MPFDX and SMARX shifts across timeframes, from 0.66 (all time) to 0.88 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MPFDX vs. SMARX — Risk / Return Rank

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

MPFDX

MPFDX Risk / Return Rank: 21
MPFDX Sharpe Ratio Rank: 21
MPFDX Sortino Ratio Rank: 20
MPFDX Omega Ratio Rank: 19
MPFDX Calmar Ratio Rank: 22
MPFDX Martin Ratio Rank: 22

SMARX

SMARX Risk / Return Rank: 30
SMARX Sharpe Ratio Rank: 28
SMARX Sortino Ratio Rank: 29
SMARX Omega Ratio Rank: 27
SMARX Calmar Ratio Rank: 31
SMARX Martin Ratio Rank: 32

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.

MPFDX vs. SMARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Trust Corporate Bond Portfolio (MPFDX) and Brandes Separately Managed Account Reserve Trust (SMARX). 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.

	MPFDX	SMARX	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.18	-0.18
Sortino ratio: Return per unit of downside risk	1.44	1.75	-0.30
Omega ratio: Gain probability vs. loss probability	1.17	1.21	-0.03
Calmar ratio: Return relative to maximum drawdown	1.33	1.67	-0.34
Martin ratio: Return relative to average drawdown	4.16	5.81	-1.65

MPFDX vs. SMARX - Sharpe Ratio Comparison

The current MPFDX Sharpe Ratio is 0.99, which is comparable to the SMARX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of MPFDX and SMARX, 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

MPFDX vs. SMARX - Drawdown Comparison

The maximum MPFDX drawdown since its inception was -25.17%, smaller than the maximum SMARX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for MPFDX and SMARX.

Drawdown Indicators

	MPFDX	SMARX	Difference
Max Drawdown Largest peak-to-trough decline	-25.17%	-47.07%	+21.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-2.61%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-6.46%	-5.19%	-1.27%
Max Drawdown (5Y) Largest decline over 5 years	-22.81%	-16.20%	-6.61%
Max Drawdown (10Y) Largest decline over 10 years	-25.17%	-16.20%	-8.97%
Current Drawdown Current decline from peak	-2.23%	-0.13%	-2.10%
Average Drawdown Average peak-to-trough decline	-3.13%	-6.95%	+3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.75%	+0.23%

Volatility

MPFDX vs. SMARX - Volatility Comparison

Morgan Stanley Institutional Fund Trust Corporate Bond Portfolio (MPFDX) has a higher volatility of 1.30% compared to Brandes Separately Managed Account Reserve Trust (SMARX) at 1.14%. This indicates that MPFDX's price experiences larger fluctuations and is considered to be riskier than SMARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MPFDX	SMARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.14%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	3.13%	2.95%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.09%	3.71%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.46%	5.17%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.17%	4.39%	+1.78%

MPFDX vs. SMARX - Expense Ratio Comparison

MPFDX has a 0.70% expense ratio, which is higher than SMARX's 0.00% expense ratio.

Dividends

MPFDX vs. SMARX - Dividend Comparison

MPFDX's dividend yield for the trailing twelve months is around 4.59%, less than SMARX's 4.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MPFDX Morgan Stanley Institutional Fund Trust Corporate Bond Portfolio	4.59%	4.58%	5.40%	4.41%	3.17%	4.74%	5.79%	2.98%	3.04%	2.92%	3.05%	3.12%
SMARX Brandes Separately Managed Account Reserve Trust	4.77%	5.02%	4.07%	3.85%	3.53%	2.57%	3.35%	4.19%	4.55%	4.20%	4.87%	5.24%

Frequently Asked Questions

Can I hold both MPFDX and SMARX in my portfolio?

MPFDX and SMARX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MPFDX or SMARX?

MPFDX has higher volatility (1.30%) compared to SMARX (1.14%). In terms of maximum drawdown, MPFDX dropped -25.17% vs SMARX's -47.07%.

Which has better risk-adjusted returns?

SMARX currently has the higher Sharpe Ratio (1.18 vs 0.99), 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.