OOSP vs. MUIIX

Last updated Jun 23, 2026

OOSP (Obra Opportunistic Structured Products ETF) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both funds - OOSP is a Multisector Bonds fund actively managed by Obra, while MUIIX is a Ultrashort Bond fund managed by Morgan Stanley. Over the past year, OOSP returned 6.71% vs 4.12% for MUIIX. At a 0.05 correlation, their price movements are largely independent. OOSP charges 0.90%/yr vs 0.35%/yr for MUIIX.

Performance

OOSP vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Obra Opportunistic Structured Products ETF (OOSP) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OOSP achieves a 2.66% return, which is significantly higher than MUIIX's 1.47% return.

OOSP

• 1D: 0.00%
• 1M: 0.36%
• YTD: 2.66%
• 6M: 2.87%
• 1Y: 6.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.47%
• 6M: 1.81%
• 1Y: 4.12%
• 3Y*: 4.34%
• 5Y*: 3.23%
• 10Y*: —

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

OOSP vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OOSP Obra Opportunistic Structured Products ETF	2.66%	7.41%	6.27%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.47%	4.47%	3.99%

Correlation

The correlation between OOSP and MUIIX 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 (All Time) Calculated using the full available price history since Apr 10, 2024	0.05

Return for Risk

OOSP vs. MUIIX — Risk / Return Rank

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

OOSP

OOSP Risk / Return Rank: 72
OOSP Sharpe Ratio Rank: 56
OOSP Sortino Ratio Rank: 59
OOSP Omega Ratio Rank: 68
OOSP Calmar Ratio Rank: 89
OOSP Martin Ratio Rank: 89

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

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.

OOSP vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Obra Opportunistic Structured Products ETF (OOSP) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). 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.

	OOSP	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	3.46	-1.61
Sortino ratio: Return per unit of downside risk	2.68	16.53	-13.85
Omega ratio: Gain probability vs. loss probability	1.39	7.73	-6.34
Calmar ratio: Return relative to maximum drawdown	5.13	41.33	-36.19
Martin ratio: Return relative to average drawdown	19.00	113.97	-94.97

OOSP vs. MUIIX - Sharpe Ratio Comparison

The current OOSP Sharpe Ratio is 1.85, which is lower than the MUIIX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of OOSP and MUIIX, 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

OOSP vs. MUIIX - Drawdown Comparison

The maximum OOSP drawdown since its inception was -1.31%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for OOSP and MUIIX.

Drawdown Indicators

	OOSP	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.31%	-1.20%	-0.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-0.10%	-1.21%
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	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.06%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.04%	+0.31%

Volatility

OOSP vs. MUIIX - Volatility Comparison

Obra Opportunistic Structured Products ETF (OOSP) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) have volatilities of 0.44% and 0.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OOSP	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.42%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	0.82%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	3.66%	1.20%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	1.59%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	1.44%	+1.88%

OOSP vs. MUIIX - Expense Ratio Comparison

OOSP has a 0.90% expense ratio, which is higher than MUIIX's 0.35% expense ratio.

Dividends

OOSP vs. MUIIX - Dividend Comparison

OOSP's dividend yield for the trailing twelve months is around 6.45%, more than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%
OOSP Obra Opportunistic Structured Products ETF	6.45%	6.71%	5.42%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OOSP and MUIIX in my portfolio?

OOSP and MUIIX 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, OOSP or MUIIX?

OOSP has higher volatility (0.44%) compared to MUIIX (0.42%). In terms of maximum drawdown, OOSP dropped -1.31% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

MUIIX currently has the higher Sharpe Ratio (3.46 vs 1.84), 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.