MUIIX vs. UMNIX

Last updated Jun 24, 2026

MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) and UMNIX (Lazard US Short Duration Fixed Income Portfolio) are both Ultrashort Bond funds. At a 0.18 correlation, their price movements are largely independent. MUIIX charges 0.35%/yr vs 0.40%/yr for UMNIX.

Performance

MUIIX vs. UMNIX - 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 Lazard US Short Duration Fixed Income Portfolio (UMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MUIIX

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

UMNIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUIIX vs. UMNIX - 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%
UMNIX Lazard US Short Duration Fixed Income Portfolio	0.22%	5.02%	3.88%	3.53%	-2.72%	-0.44%	0.73%

Correlation

The correlation between MUIIX and UMNIX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Apr 7, 2020	0.18

The correlation between MUIIX and UMNIX shifts across timeframes, from 0.18 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MUIIX vs. UMNIX — 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

UMNIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. UMNIX - 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 Lazard US Short Duration Fixed Income Portfolio (UMNIX). 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	UMNIX	Difference
Sharpe ratio: Return per unit of total volatility	3.46	—	—
Sortino ratio: Return per unit of downside risk	16.53	—	—
Omega ratio: Gain probability vs. loss probability	7.73	—	—
Calmar ratio: Return relative to maximum drawdown	41.33	—	—
Martin ratio: Return relative to average drawdown	112.29	—	—

Drawdowns

Drawdown Indicators

	MUIIX	UMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.20%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.20%	—	—
Current Drawdown Current decline from peak	-0.10%	—	—
Average Drawdown Average peak-to-trough decline	-0.06%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	—	—

Volatility

Volatility by Period

	MUIIX	UMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.20%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.59%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.43%	—	—

MUIIX vs. UMNIX - Expense Ratio Comparison

MUIIX has a 0.35% expense ratio, which is lower than UMNIX's 0.40% expense ratio.

Dividends

MUIIX vs. UMNIX - Dividend Comparison

MUIIX's dividend yield for the trailing twelve months is around 4.03%, more than UMNIX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
UMNIX Lazard US Short Duration Fixed Income Portfolio	2.96%	3.94%	3.48%	2.70%	1.30%	0.16%	1.22%	2.48%	2.00%	1.53%	1.30%	1.06%

Frequently Asked Questions

Can I hold both MUIIX and UMNIX in my portfolio?

MUIIX and UMNIX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.