MUIIX vs. AOUIX

Last updated Jun 4, 2026

MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) and AOUIX (Angel Oak UltraShort Income Fund) are both Ultrashort Bond funds. Over the past 5 years, MUIIX returned 3.25%/yr vs 3.28%/yr for AOUIX. At a 0.27 correlation, their price movements are largely independent. MUIIX charges 0.35%/yr vs 0.53%/yr for AOUIX.

Performance

MUIIX vs. AOUIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) and Angel Oak UltraShort Income Fund (AOUIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MUIIX having a 1.57% return and AOUIX slightly higher at 1.62%.

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.57%
• 6M: 1.91%
• 1Y: 4.22%
• 3Y*: 4.41%
• 5Y*: 3.25%
• 10Y*: —

AOUIX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.62%
• 6M: 2.05%
• 1Y: 5.13%
• 3Y*: 6.05%
• 5Y*: 3.28%
• 10Y*: —

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

MUIIX vs. AOUIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.57%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%
AOUIX Angel Oak UltraShort Income Fund	1.62%	5.63%	7.06%	6.21%	-4.11%	0.97%	6.03%

Correlation

The correlation between MUIIX and AOUIX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.27

Over the past year, MUIIX and AOUIX have become more correlated (0.52) than their long-term average of 0.27, meaning their price movements have been converging.

Return for Risk

MUIIX vs. AOUIX — Risk / Return Rank

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

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

AOUIX

AOUIX Risk / Return Rank: 98
AOUIX Sharpe Ratio Rank: 93
AOUIX Sortino Ratio Rank: 99
AOUIX Omega Ratio Rank: 99
AOUIX Calmar Ratio Rank: 99
AOUIX Martin Ratio Rank: 99

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.

MUIIX vs. AOUIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) and Angel Oak UltraShort Income Fund (AOUIX). 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.

	MUIIX	AOUIX	Difference
Sharpe ratio: Return per unit of total volatility	3.61	3.17	+0.44
Sortino ratio: Return per unit of downside risk	23.95	9.92	+14.04
Omega ratio: Gain probability vs. loss probability	14.80	3.02	+11.78
Calmar ratio: Return relative to maximum drawdown	42.37	12.46	+29.91
Martin ratio: Return relative to average drawdown	126.87	55.66	+71.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUIIX vs. AOUIX - Sharpe Ratio Comparison

The current MUIIX Sharpe Ratio is 3.61, which is comparable to the AOUIX Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of MUIIX and AOUIX, 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

	MUIIX	AOUIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	3.17	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.05	2.16	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	1.60	+0.30

Drawdowns

MUIIX vs. AOUIX - Drawdown Comparison

The maximum MUIIX drawdown since its inception was -1.20%, smaller than the maximum AOUIX drawdown of -7.38%. Use the drawdown chart below to compare losses from any high point for MUIIX and AOUIX.

Drawdown Indicators

	MUIIX	AOUIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.20%	-7.38%	+6.18%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.40%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	-0.51%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-1.20%	-4.53%	+3.33%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.60%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.09%	-0.06%

Volatility

MUIIX vs. AOUIX - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) is 0.35%, while Angel Oak UltraShort Income Fund (AOUIX) has a volatility of 0.43%. This indicates that MUIIX experiences smaller price fluctuations and is considered to be less risky than AOUIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUIIX	AOUIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.43%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	0.78%	1.07%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	1.17%	1.59%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.59%	1.53%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.44%	1.93%	-0.49%

MUIIX vs. AOUIX - Expense Ratio Comparison

MUIIX has a 0.35% expense ratio, which is lower than AOUIX's 0.53% expense ratio.

Dividends

MUIIX vs. AOUIX - Dividend Comparison

MUIIX's dividend yield for the trailing twelve months is around 4.03%, less than AOUIX's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AOUIX Angel Oak UltraShort Income Fund	4.79%	5.05%	5.36%	3.69%	1.48%	1.37%	2.24%	3.08%	2.12%
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%

Frequently Asked Questions

Can I hold both MUIIX and AOUIX in my portfolio?

MUIIX and AOUIX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUIIX or AOUIX?

AOUIX has higher volatility (0.43%) compared to MUIIX (0.35%). In terms of maximum drawdown, MUIIX dropped -1.20% vs AOUIX's -7.38%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.61 vs 3.17), 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.