PSDSX vs. MUIIX

Last updated Jun 23, 2026

PSDSX (Palmer Square Ultra-Short Duration Investment Grade Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, PSDSX returned 2.68%/yr vs 3.23%/yr for MUIIX. At a 0.07 correlation, their price movements are largely independent. PSDSX charges 0.53%/yr vs 0.35%/yr for MUIIX.

Performance

PSDSX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Palmer Square Ultra-Short Duration Investment Grade Fund (PSDSX) 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, PSDSX achieves a 1.01% return, which is significantly lower than MUIIX's 1.47% return.

PSDSX

• 1D: 0.05%
• 1M: 0.35%
• YTD: 1.01%
• 6M: 1.09%
• 1Y: 3.41%
• 3Y*: 3.82%
• 5Y*: 2.68%
• 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)

PSDSX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PSDSX Palmer Square Ultra-Short Duration Investment Grade Fund	1.01%	3.67%	4.43%	4.69%	-0.28%	0.05%	2.99%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.47%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%

Correlation

The correlation between PSDSX and MUIIX is 0.10, 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	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 7, 2020	0.07

Return for Risk

PSDSX vs. MUIIX — Risk / Return Rank

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

PSDSX

PSDSX Risk / Return Rank: 96
PSDSX Sharpe Ratio Rank: 99
PSDSX Sortino Ratio Rank: 93
PSDSX Omega Ratio Rank: 99
PSDSX Calmar Ratio Rank: 93
PSDSX Martin Ratio Rank: 96

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.

PSDSX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palmer Square Ultra-Short Duration Investment Grade Fund (PSDSX) 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.

	PSDSX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	3.95	3.46	+0.49
Sortino ratio: Return per unit of downside risk	4.40	16.53	-12.13
Omega ratio: Gain probability vs. loss probability	4.15	7.73	-3.59
Calmar ratio: Return relative to maximum drawdown	4.83	41.33	-36.50
Martin ratio: Return relative to average drawdown	22.84	113.97	-91.13

PSDSX vs. MUIIX - Sharpe Ratio Comparison

The current PSDSX Sharpe Ratio is 3.95, which is comparable to the MUIIX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of PSDSX 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

PSDSX vs. MUIIX - Drawdown Comparison

The maximum PSDSX drawdown since its inception was -3.03%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for PSDSX and MUIIX.

Drawdown Indicators

	PSDSX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-3.03%	-1.20%	-1.83%
Max Drawdown (1Y) Largest decline over 1 year	-0.80%	-0.10%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-1.29%	-1.20%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-1.52%	-1.20%	-0.32%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.19%	-0.06%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	0.04%	+0.12%

Volatility

PSDSX vs. MUIIX - Volatility Comparison

The current volatility for Palmer Square Ultra-Short Duration Investment Grade Fund (PSDSX) is 0.13%, while Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) has a volatility of 0.42%. This indicates that PSDSX experiences smaller price fluctuations and is considered to be less risky than MUIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSDSX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.42%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	0.82%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.98%	1.20%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.35%	1.59%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.08%	1.44%	-0.36%

PSDSX vs. MUIIX - Expense Ratio Comparison

PSDSX has a 0.53% expense ratio, which is higher than MUIIX's 0.35% expense ratio.

Dividends

PSDSX vs. MUIIX - Dividend Comparison

PSDSX's dividend yield for the trailing twelve months is around 3.54%, less than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PSDSX Palmer Square Ultra-Short Duration Investment Grade Fund	2.49%	3.57%	4.06%	3.57%	1.70%	0.50%	1.21%	2.51%	2.18%	1.50%

Frequently Asked Questions

Can I hold both PSDSX and MUIIX in my portfolio?

PSDSX and MUIIX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSDSX or MUIIX?

MUIIX has higher volatility (0.42%) compared to PSDSX (0.13%). In terms of maximum drawdown, PSDSX dropped -3.03% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

PSDSX currently has the higher Sharpe Ratio (3.95 vs 3.46), 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.