MUIIX vs. TRSTX

Last updated Jun 24, 2026

MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) and TRSTX (T. Rowe Price Ultra Short-Term Bond Fund Class I) are both Ultrashort Bond funds. Over the past 5 years, MUIIX returned 3.23%/yr vs 3.59%/yr for TRSTX. At a 0.25 correlation, their price movements are largely independent. MUIIX charges 0.35%/yr vs 0.20%/yr for TRSTX.

Performance

MUIIX vs. TRSTX - 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 T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUIIX achieves a 1.47% return, which is significantly lower than TRSTX's 1.64% return.

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.47%
• 6M: 1.81%
• 1Y: 4.12%
• 3Y*: 4.55%
• 5Y*: 3.23%
• 10Y*: —

TRSTX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.64%
• 6M: 2.04%
• 1Y: 4.70%
• 3Y*: 5.74%
• 5Y*: 3.59%
• 10Y*: —

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

MUIIX vs. TRSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.47%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	1.64%	5.34%	6.41%	5.89%	-1.20%	0.29%	4.90%

Correlation

The correlation between MUIIX and TRSTX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Apr 7, 2020	0.25

Over the past year, the correlation between MUIIX and TRSTX has dropped to 0.02 - well below their long-term average of 0.25, suggesting their price drivers have been diverging.

Return for Risk

MUIIX vs. TRSTX — 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: 98
MUIIX Sortino Ratio Rank: 100
MUIIX Omega Ratio Rank: 100
MUIIX Calmar Ratio Rank: 100
MUIIX Martin Ratio Rank: 100

TRSTX

TRSTX Risk / Return Rank: 99
TRSTX Sharpe Ratio Rank: 96
TRSTX Sortino Ratio Rank: 99
TRSTX Omega Ratio Rank: 100
TRSTX Calmar Ratio Rank: 100
TRSTX 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. TRSTX - 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 T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX). 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	TRSTX	Difference
Sharpe ratio: Return per unit of total volatility	3.46	3.15	+0.30
Sortino ratio: Return per unit of downside risk	16.53	9.73	+6.80
Omega ratio: Gain probability vs. loss probability	7.73	4.91	+2.83
Calmar ratio: Return relative to maximum drawdown	41.33	24.71	+16.62
Martin ratio: Return relative to average drawdown	112.29	55.77	+56.51

MUIIX vs. TRSTX - Sharpe Ratio Comparison

The current MUIIX Sharpe Ratio is 3.46, which is comparable to the TRSTX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of MUIIX and TRSTX, 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. TRSTX - Drawdown Comparison

The maximum MUIIX drawdown since its inception was -1.20%, smaller than the maximum TRSTX drawdown of -4.34%. Use the drawdown chart below to compare losses from any high point for MUIIX and TRSTX.

Drawdown Indicators

	MUIIX	TRSTX	Difference
Max Drawdown Largest peak-to-trough decline	-1.20%	-4.34%	+3.14%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.20%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	-0.59%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-1.20%	-2.58%	+1.38%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.30%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.09%	-0.05%

Volatility

MUIIX vs. TRSTX - Volatility Comparison

Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) has a higher volatility of 0.42% compared to T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) at 0.37%. This indicates that MUIIX's price experiences larger fluctuations and is considered to be riskier than TRSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUIIX	TRSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.37%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.82%	1.14%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	1.20%	1.54%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.59%	1.65%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.43%	1.62%	-0.19%

MUIIX vs. TRSTX - Expense Ratio Comparison

MUIIX has a 0.35% expense ratio, which is higher than TRSTX's 0.20% expense ratio.

Dividends

MUIIX vs. TRSTX - Dividend Comparison

MUIIX's dividend yield for the trailing twelve months is around 4.03%, less than TRSTX's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	4.59%	4.79%	5.19%	3.46%	1.61%	1.28%	1.94%	2.78%	1.98%

Frequently Asked Questions

Can I hold both MUIIX and TRSTX in my portfolio?

MUIIX and TRSTX have a correlation of 0.02, 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 TRSTX?

MUIIX has higher volatility (0.42%) compared to TRSTX (0.37%). In terms of maximum drawdown, MUIIX dropped -1.20% vs TRSTX's -4.34%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.46 vs 3.15), 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.