MUIIX vs. CUTAX

Last updated Apr 1, 2026

Compare and contrast key facts about Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) and Six Circles Tax Aware Ultra Short Duration Fund (CUTAX).

MUIIX is managed by Morgan Stanley. It was launched on Apr 28, 2016. CUTAX is managed by Six Circles. It was launched on Jul 8, 2018.

Performance

MUIIX vs. CUTAX - 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 Six Circles Tax Aware Ultra Short Duration Fund (CUTAX). The values are adjusted to include any dividend payments, if applicable.

MUIIX vs. CUTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	0.52%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	0.18%	3.69%	3.74%	3.86%	-0.79%	0.02%	1.89%

Returns By Period

In the year-to-date period, MUIIX achieves a 0.52% return, which is significantly higher than CUTAX's 0.18% return.

MUIIX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 0.52%
• 6M: 1.55%
• 1Y: 3.82%
• 3Y*: 4.27%
• 5Y*: 3.04%
• 10Y*: —

CUTAX

• 1D: -0.20%
• 1M: -0.40%
• YTD: 0.18%
• 6M: 0.93%
• 1Y: 2.94%
• 3Y*: 3.50%
• 5Y*: 2.10%
• 10Y*: —

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

MUIIX vs. CUTAX - Expense Ratio Comparison

MUIIX has a 0.35% expense ratio, which is higher than CUTAX's 0.15% expense ratio.

MUIIX

Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio

CUTAX

Six Circles Tax Aware Ultra Short Duration Fund

Return for Risk

MUIIX vs. CUTAX — 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

CUTAX

CUTAX Risk / Return Rank: 99
CUTAX Sharpe Ratio Rank: 99
CUTAX Sortino Ratio Rank: 98
CUTAX Omega Ratio Rank: 99
CUTAX Calmar Ratio Rank: 99
CUTAX 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. CUTAX - 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 Six Circles Tax Aware Ultra Short Duration Fund (CUTAX). 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	CUTAX	Difference
Sharpe ratio Return per unit of total volatility	3.42	3.33	+0.09
Sortino ratio Return per unit of downside risk	18.58	5.65	+12.93
Omega ratio Gain probability vs. loss probability	9.29	2.40	+6.89
Calmar ratio Return relative to maximum drawdown	42.24	7.51	+34.73
Martin ratio Return relative to average drawdown	89.61	39.18	+50.43
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. CUTAX - Sharpe Ratio Comparison

The current MUIIX Sharpe Ratio is 3.42, which is comparable to the CUTAX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of MUIIX and CUTAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MUIIX	CUTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.42	3.33	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.94	2.06	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.83	1.77	+0.06

Correlation

The correlation between MUIIX and CUTAX is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MUIIX vs. CUTAX - Dividend Comparison

MUIIX's dividend yield for the trailing twelve months is around 3.85%, more than CUTAX's 2.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	3.85%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%	0.00%
CUTAX Six Circles Tax Aware Ultra Short Duration Fund	2.91%	3.22%	3.47%	2.86%	1.14%	0.52%	1.38%	0.48%

Drawdowns

MUIIX vs. CUTAX - Drawdown Comparison

The maximum MUIIX drawdown since its inception was -1.20%, smaller than the maximum CUTAX drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for MUIIX and CUTAX.

Drawdown Indicators

	MUIIX	CUTAX	Difference
Max Drawdown Largest peak-to-trough decline	-1.20%	-1.79%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.40%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-1.20%	-1.79%	+0.59%
Current Drawdown Current decline from peak	-0.10%	-0.40%	+0.30%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.22%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.08%	-0.03%

Volatility

MUIIX vs. CUTAX - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) is 0.10%, while Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) has a volatility of 0.38%. This indicates that MUIIX experiences smaller price fluctuations and is considered to be less risky than CUTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUIIX	CUTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	0.38%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	0.81%	0.63%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	1.24%	0.89%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.57%	1.03%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.44%	0.93%	+0.51%