MSYIX vs. ICMUX

Last updated Aug 1, 2026

MSYIX (Morgan Stanley Institutional Fund Trust High Yield Portfolio) and ICMUX (Intrepid Income Fund) are both mutual funds - MSYIX is a High Yield Bonds fund managed by Morgan Stanley, while ICMUX is a Multisector Bonds fund actively managed by Intrepid. Their 0.49 correlation means their historical movements had little consistent relationship. MSYIX charges 0.65%/yr vs 1.01%/yr for ICMUX.

Performance

MSYIX vs. ICMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund Trust High Yield Portfolio (MSYIX) and Intrepid Income Fund (ICMUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MSYIX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ICMUX

• 1D: 0.11%
• 1M: 0.34%
• 6M: 2.35%
• YTD: 2.85%
• 1Y: 6.60%
• 3Y*: 8.93%
• 5Y*: 6.14%
• 10Y*: 5.73%
• ALL TIME*: 4.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICMUX Intrepid Income Fund	$0.00	$0.00	$0.00

MSYIX vs. ICMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSYIX Morgan Stanley Institutional Fund Trust High Yield Portfolio	0.47%	7.94%	8.78%	13.52%	-11.56%	5.57%	3.26%	13.77%	-2.75%	6.95%
ICMUX Intrepid Income Fund	2.85%	8.16%	10.43%	10.90%	-3.17%	10.02%	8.77%	4.65%	0.53%	3.79%

Correlation

The correlation between MSYIX and ICMUX is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Feb 7, 2012	0.49

The correlation between MSYIX and ICMUX shifts across timeframes, from 0.40 (1 year) to 0.59 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MSYIX vs. ICMUX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSYIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ICMUX

ICMUX Risk / Return Rank: 97
ICMUX Sharpe Ratio Rank: 99
ICMUX Sortino Ratio Rank: 98
ICMUX Omega Ratio Rank: 98
ICMUX Calmar Ratio Rank: 97
ICMUX Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSYIX vs. ICMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Trust High Yield Portfolio (MSYIX) and Intrepid Income Fund (ICMUX). 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.

	MSYIX	ICMUX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.34	—
Sortino ratio: Return per unit of downside risk	—	5.45	—
Omega ratio: Gain probability vs. loss probability	—	1.79	—
Calmar ratio: Return relative to maximum drawdown	—	4.83	—
Martin ratio: Return relative to average drawdown	—	16.75	—

Drawdowns

Drawdown Indicators

	MSYIX	ICMUX	Difference
Max Drawdown Largest peak-to-trough decline	—	-8.77%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.34%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.11%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-8.77%	—
Current Drawdown Current decline from peak	—	-0.11%	—
Average Drawdown Average peak-to-trough decline	—	-0.73%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.39%	—

Volatility

Volatility by Period

	MSYIX	ICMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.48%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.94%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	2.65%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	2.57%	—

MSYIX vs. ICMUX - Expense Ratio Comparison

MSYIX has a 0.65% expense ratio, which is lower than ICMUX's 1.01% expense ratio.

Dividends

MSYIX vs. ICMUX - Dividend Comparison

MSYIX's dividend yield for the trailing twelve months is around 3.63%, less than ICMUX's 6.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICMUX Intrepid Income Fund	6.89%	7.96%	7.85%	9.10%	8.17%	5.99%	5.56%	3.35%	3.07%	2.86%	3.01%	3.53%
MSYIX Morgan Stanley Institutional Fund Trust High Yield Portfolio	3.63%	7.03%	7.25%	6.71%	6.29%	5.57%	5.90%	6.20%	6.27%	5.75%	6.22%	6.77%

Frequently Asked Questions

Can I hold both MSYIX and ICMUX in my portfolio?

MSYIX and ICMUX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.