MUIIX vs. CDX
MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) and CDX (Simplify High Yield ETF) are both funds - MUIIX is a Ultrashort Bond fund managed by Morgan Stanley, while CDX is a High Yield Bonds fund actively managed by Simplify. Over the past 3 years, MUIIX returned 4.39%/yr vs 6.95%/yr for CDX. Their -0.00 correlation means they have often moved in opposite directions in the past. MUIIX charges 0.35%/yr vs 0.25%/yr for CDX.
Performance
MUIIX vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, MUIIX achieves a 1.78% return, which is significantly higher than CDX's -3.24% return.
MUIIX
- 1D
- 0.00%
- 1M
- 0.31%
- 6M
- 1.78%
- YTD
- 1.78%
- 1Y
- 4.07%
- 3Y*
- 4.39%
- 5Y*
- 3.29%
- 10Y*
- —
- ALL TIME*
- 2.69%
CDX
- 1D
- -0.19%
- 1M
- -1.43%
- 6M
- -3.80%
- YTD
- -3.24%
- 1Y
- -2.91%
- 3Y*
- 6.95%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.14M | $2.62M | $3.19M | |
| $0.00 | $0.00 | $0.00 |
MUIIX vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio | 1.78% | 4.47% | 4.94% | 4.17% | 1.09% |
CDX Simplify High Yield ETF | -3.24% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between MUIIX and CDX is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | -0.00 |
The correlation between MUIIX and CDX shifts across timeframes, from -0.02 (3 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MUIIX vs. CDX — Risk / Return Rank
MUIIX
CDX
MUIIX vs. CDX - 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 Simplify High Yield ETF (CDX). 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.
| MUIIX | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.98 | ||
| Sortino ratioReturn per unit of downside risk | +18.54 | ||
| Omega ratioGain probability vs. loss probability | 8.98 | 0.92 | +8.05 |
| Calmar ratioReturn relative to maximum drawdown | 40.79 | -0.64 | +41.44 |
| Martin ratioReturn relative to average drawdown | 144.51 | -1.35 | +145.85 |
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Drawdowns
MUIIX vs. CDX - Drawdown Comparison
The maximum MUIIX drawdown since its inception was -1.20%, smaller than the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for MUIIX and CDX.
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Drawdown Indicators
| MUIIX | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.20% | -13.24% | +12.04% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -4.53% | +4.43% |
Max Drawdown (3Y)Largest decline over 3 years | -1.20% | -8.88% | +7.68% |
Max Drawdown (5Y)Largest decline over 5 years | -1.20% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -8.17% | +8.17% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -4.42% | +4.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 2.16% | -2.13% |
Volatility
MUIIX vs. CDX - Volatility Comparison
The current volatility for Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) is 0.31%, while Simplify High Yield ETF (CDX) has a volatility of 1.87%. This indicates that MUIIX experiences smaller price fluctuations and is considered to be less risky than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUIIX | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 1.87% | -1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 0.81% | 5.04% | -4.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.17% | 5.89% | -4.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.60% | 10.97% | -9.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.43% | 10.97% | -9.54% |
MUIIX vs. CDX - Expense Ratio Comparison
MUIIX has a 0.35% expense ratio, which is higher than CDX's 0.25% expense ratio.
Dividends
MUIIX vs. CDX - Dividend Comparison
MUIIX's dividend yield for the trailing twelve months is around 3.98%, less than CDX's 8.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CDX Simplify High Yield ETF | 8.39% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% |
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio | 3.98% | 4.36% | 4.81% | 3.88% | 1.20% | 0.10% | 0.39% |
Frequently Asked Questions
MUIIX and CDX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.87%) compared to MUIIX (0.31%). In terms of maximum drawdown, MUIIX dropped -1.20% vs CDX's -13.24%.
MUIIX currently has the higher Sharpe Ratio (3.48 vs -0.50), 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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