MUIIX vs. FAPGX

Last updated Jun 4, 2026

MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) and FAPGX (Fidelity Sustainable Low Duration Bond) are both Ultrashort Bond funds. Over the past 3 years, MUIIX returned 4.41%/yr vs 4.91%/yr for FAPGX. At a 0.29 correlation, their price movements are largely independent. MUIIX charges 0.35%/yr vs 0.25%/yr for FAPGX.

Performance

MUIIX vs. FAPGX - 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 Fidelity Sustainable Low Duration Bond (FAPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUIIX achieves a 1.57% return, which is significantly higher than FAPGX's 1.39% return.

MUIIX

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

FAPGX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.39%
• 6M: 1.75%
• 1Y: 4.11%
• 3Y*: 4.91%
• 5Y*: —
• 10Y*: —

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

MUIIX vs. FAPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.57%	4.47%	4.94%	4.17%	1.17%
FAPGX Fidelity Sustainable Low Duration Bond	1.39%	4.57%	5.32%	5.28%	0.57%

Correlation

The correlation between MUIIX and FAPGX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Apr 14, 2022	0.29

The correlation between MUIIX and FAPGX shifts across timeframes, from 0.29 (all time) to 0.46 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MUIIX vs. FAPGX — 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

FAPGX

FAPGX Risk / Return Rank: 99
FAPGX Sharpe Ratio Rank: 97
FAPGX Sortino Ratio Rank: 99
FAPGX Omega Ratio Rank: 99
FAPGX Calmar Ratio Rank: 99
FAPGX 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. FAPGX - 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 Fidelity Sustainable Low Duration Bond (FAPGX). 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	FAPGX	Difference
Sharpe ratio: Return per unit of total volatility	3.61	3.69	-0.07
Sortino ratio: Return per unit of downside risk	23.95	9.70	+14.25
Omega ratio: Gain probability vs. loss probability	14.80	3.24	+11.57
Calmar ratio: Return relative to maximum drawdown	42.37	14.05	+28.32
Martin ratio: Return relative to average drawdown	126.87	64.52	+62.34
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. FAPGX - Sharpe Ratio Comparison

The current MUIIX Sharpe Ratio is 3.61, which is comparable to the FAPGX Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of MUIIX and FAPGX, 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	FAPGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	3.69	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	3.88	-1.98

Drawdowns

MUIIX vs. FAPGX - Drawdown Comparison

The maximum MUIIX drawdown since its inception was -1.20%, which is greater than FAPGX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for MUIIX and FAPGX.

Drawdown Indicators

	MUIIX	FAPGX	Difference
Max Drawdown Largest peak-to-trough decline	-1.20%	-0.49%	-0.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.29%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	-0.39%	-0.81%
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%	-0.06%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.06%	-0.03%

Volatility

MUIIX vs. FAPGX - Volatility Comparison

Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) has a higher volatility of 0.35% compared to Fidelity Sustainable Low Duration Bond (FAPGX) at 0.26%. This indicates that MUIIX's price experiences larger fluctuations and is considered to be riskier than FAPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUIIX	FAPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.26%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	0.78%	0.83%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.17%	1.12%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.59%	1.07%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.44%	1.07%	+0.37%

MUIIX vs. FAPGX - Expense Ratio Comparison

MUIIX has a 0.35% expense ratio, which is higher than FAPGX's 0.25% expense ratio.

Dividends

MUIIX vs. FAPGX - Dividend Comparison

MUIIX's dividend yield for the trailing twelve months is around 4.03%, less than FAPGX's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FAPGX Fidelity Sustainable Low Duration Bond	4.63%	4.40%	4.81%	3.44%	0.77%	0.00%	0.00%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%

Frequently Asked Questions

Can I hold both MUIIX and FAPGX in my portfolio?

MUIIX and FAPGX have a correlation of 0.46, 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 FAPGX?

MUIIX has higher volatility (0.35%) compared to FAPGX (0.26%). In terms of maximum drawdown, MUIIX dropped -1.20% vs FAPGX's -0.49%.

Which has better risk-adjusted returns?

FAPGX currently has the higher Sharpe Ratio (3.69 vs 3.61), 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.