MUIIX vs. CSHI

Last updated Jul 28, 2026

MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both Ultrashort Bond funds. Over the past 3 years, MUIIX returned 4.39%/yr vs 5.37%/yr for CSHI. Their -0.02 correlation means they have often moved in opposite directions in the past. MUIIX charges 0.35%/yr vs 0.38%/yr for CSHI.

Performance

MUIIX vs. CSHI - 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 NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUIIX achieves a 1.78% return, which is significantly lower than CSHI's 2.83% 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%

CSHI

• 1D: 0.02%
• 1M: 0.37%
• 6M: 2.61%
• YTD: 2.83%
• 1Y: 5.00%
• 3Y*: 5.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.42%

*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)
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	$27.49M	$27.74M	$29.50M
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	$0.00	$0.00	$0.00

MUIIX vs. CSHI - 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%	1.14%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.83%	5.05%	5.66%	6.21%	1.39%

Correlation

The correlation between MUIIX and CSHI is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (3Y) Balances recent behavior with more history.	-0.04
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	-0.02

The correlation between MUIIX and CSHI shifts across timeframes, from -0.04 (3 years) to 0.07 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MUIIX vs. CSHI — Risk / Return Rank

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

MUIIX

MUIIX Risk / Return Rank: 100
MUIIX Sharpe Ratio Rank: 99
MUIIX Sortino Ratio Rank: 100
MUIIX Omega Ratio Rank: 100
MUIIX Calmar Ratio Rank: 100
MUIIX Martin Ratio Rank: 100

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 99
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI 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. CSHI - 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 NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). 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	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	3.48	5.91	-2.43
Sortino ratio: Return per unit of downside risk	17.88	10.77	+7.11
Omega ratio: Gain probability vs. loss probability	8.98	2.74	+6.24
Calmar ratio: Return relative to maximum drawdown	40.79	23.68	+17.11
Martin ratio: Return relative to average drawdown	144.51	137.19	+7.31

MUIIX vs. CSHI - Sharpe Ratio Comparison

The current MUIIX Sharpe Ratio is 3.48, which is lower than the CSHI Sharpe Ratio of 5.91. The chart below compares the historical Sharpe Ratios of MUIIX and CSHI, 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

MUIIX vs. CSHI - Drawdown Comparison

The maximum MUIIX drawdown since its inception was -1.20%, smaller than the maximum CSHI drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for MUIIX and CSHI.

Drawdown Indicators

	MUIIX	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-1.20%	-1.69%	+0.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.21%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	-1.69%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-1.20%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.03%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.04%	-0.01%

Volatility

MUIIX vs. CSHI - Volatility Comparison

Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) has a higher volatility of 0.31% compared to NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) at 0.12%. This indicates that MUIIX's price experiences larger fluctuations and is considered to be riskier than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUIIX	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.12%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	0.81%	0.57%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	1.17%	0.85%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.60%	1.31%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.43%	1.31%	+0.12%

MUIIX vs. CSHI - Expense Ratio Comparison

MUIIX has a 0.35% expense ratio, which is lower than CSHI's 0.38% expense ratio.

Dividends

MUIIX vs. CSHI - Dividend Comparison

MUIIX's dividend yield for the trailing twelve months is around 3.98%, less than CSHI's 4.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.84%	5.11%	5.72%	6.15%	1.52%	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

Can I hold both MUIIX and CSHI in my portfolio?

MUIIX and CSHI have a correlation of 0.07, 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 CSHI?

MUIIX has higher volatility (0.31%) compared to CSHI (0.12%). In terms of maximum drawdown, MUIIX dropped -1.20% vs CSHI's -1.69%.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.91 vs 3.48), 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.