MSSMX vs. MUIIX

Last updated Jun 6, 2026

MSSMX (Morgan Stanley Institutional Inception Fund Class A) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both mutual funds - MSSMX is a Small Cap Growth Equities fund actively managed by Morgan Stanley, while MUIIX is a Ultrashort Bond fund managed by Morgan Stanley. Over the past 5 years, MSSMX returned -7.96%/yr vs 3.25%/yr for MUIIX. At a 0.04 correlation, their price movements are largely independent. MSSMX charges 1.35%/yr vs 0.35%/yr for MUIIX.

Performance

MSSMX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Inception Fund Class A (MSSMX) 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, MSSMX achieves a 6.52% return, which is significantly higher than MUIIX's 1.57% return.

MSSMX

• 1D: 1.35%
• 1M: 3.58%
• YTD: 6.52%
• 6M: -0.44%
• 1Y: 8.05%
• 3Y*: 17.14%
• 5Y*: -7.96%
• 10Y*: 16.25%

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.57%
• 6M: 1.91%
• 1Y: 4.22%
• 3Y*: 4.48%
• 5Y*: 3.25%
• 10Y*: —

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

MSSMX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MSSMX Morgan Stanley Institutional Inception Fund Class A	6.52%	0.76%	29.15%	54.22%	-59.57%	-4.29%	200.30%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.57%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%

Correlation

The correlation between MSSMX and MUIIX 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	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.04

Return for Risk

MSSMX vs. MUIIX — Risk / Return Rank

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

MSSMX

MSSMX Risk / Return Rank: 4
MSSMX Sharpe Ratio Rank: 4
MSSMX Sortino Ratio Rank: 5
MSSMX Omega Ratio Rank: 5
MSSMX Calmar Ratio Rank: 4
MSSMX Martin Ratio Rank: 4

MUIIX

MUIIX Risk / Return Rank: 99
MUIIX Sharpe Ratio Rank: 97
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.

MSSMX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Inception Fund Class A (MSSMX) 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.

	MSSMX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.24	3.61	-3.37
Sortino ratio: Return per unit of downside risk	0.55	23.95	-23.41
Omega ratio: Gain probability vs. loss probability	1.06	14.80	-13.74
Calmar ratio: Return relative to maximum drawdown	0.22	42.37	-42.16
Martin ratio: Return relative to average drawdown	0.46	126.87	-126.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSSMX vs. MUIIX - Sharpe Ratio Comparison

The current MSSMX Sharpe Ratio is 0.24, which is lower than the MUIIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of MSSMX 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.

Sharpe Ratios by Period

	MSSMX	MUIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.24	3.61	-3.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	2.05	-2.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.90	-1.51

Drawdowns

MSSMX vs. MUIIX - Drawdown Comparison

The maximum MSSMX drawdown since its inception was -76.24%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for MSSMX and MUIIX.

Drawdown Indicators

	MSSMX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-1.20%	-75.04%
Max Drawdown (1Y) Largest decline over 1 year	-32.92%	-0.10%	-32.82%
Max Drawdown (3Y) Largest decline over 3 years	-32.92%	-1.20%	-31.72%
Max Drawdown (5Y) Largest decline over 5 years	-73.30%	-1.20%	-72.10%
Max Drawdown (10Y) Largest decline over 10 years	-76.24%	—	—
Current Drawdown Current decline from peak	-46.80%	0.00%	-46.80%
Average Drawdown Average peak-to-trough decline	-24.60%	-0.06%	-24.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.42%	0.03%	+15.39%

Volatility

MSSMX vs. MUIIX - Volatility Comparison

Morgan Stanley Institutional Inception Fund Class A (MSSMX) has a higher volatility of 9.53% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.35%. This indicates that MSSMX'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

	MSSMX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	0.35%	+9.18%
Volatility (6M) Calculated over the trailing 6-month period	22.52%	0.78%	+21.74%
Volatility (1Y) Calculated over the trailing 1-year period	29.92%	1.17%	+28.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.89%	1.59%	+36.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.32%	1.44%	+32.88%

MSSMX vs. MUIIX - Expense Ratio Comparison

MSSMX has a 1.35% expense ratio, which is higher than MUIIX's 0.35% expense ratio.

Dividends

MSSMX vs. MUIIX - Dividend Comparison

MSSMX has not paid dividends to shareholders, while MUIIX's dividend yield for the trailing twelve months is around 4.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSSMX Morgan Stanley Institutional Inception Fund Class A	0.00%	0.00%	1.16%	0.00%	0.14%	36.28%	13.10%	45.60%	18.04%	57.39%	3.76%	9.73%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSSMX and MUIIX in my portfolio?

MSSMX and MUIIX 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.

Which is riskier, MSSMX or MUIIX?

MSSMX has higher volatility (9.53%) compared to MUIIX (0.35%). In terms of maximum drawdown, MSSMX dropped -76.24% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.61 vs 0.24), 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.