SMBPX vs. MUIIX

Last updated Apr 1, 2026

Compare and contrast key facts about Saratoga Municipal Bond Portfolio (SMBPX) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX).

SMBPX is managed by Saratoga. It was launched on Sep 1, 1994. MUIIX is managed by Morgan Stanley. It was launched on Apr 28, 2016.

Performance

SMBPX vs. MUIIX - Performance Comparison

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

SMBPX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SMBPX Saratoga Municipal Bond Portfolio	0.00%	2.92%	-0.11%	1.84%	-2.57%	-1.39%	1.52%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	0.52%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%

Returns By Period

SMBPX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.73%
• 1Y: 3.27%
• 3Y*: 1.35%
• 5Y*: 0.13%
• 10Y*: -0.09%

MUIIX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 0.52%
• 6M: 1.55%
• 1Y: 3.82%
• 3Y*: 4.27%
• 5Y*: 3.04%
• 10Y*: —

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

SMBPX vs. MUIIX - Expense Ratio Comparison

SMBPX has a 3.16% expense ratio, which is higher than MUIIX's 0.35% expense ratio.

SMBPX

Saratoga Municipal Bond Portfolio

MUIIX

Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio

Return for Risk

SMBPX vs. MUIIX — Risk / Return Rank

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

SMBPX

SMBPX Risk / Return Rank: 48
SMBPX Sharpe Ratio Rank: 61
SMBPX Sortino Ratio Rank: 54
SMBPX Omega Ratio Rank: 87
SMBPX Calmar Ratio Rank: 20
SMBPX Martin Ratio Rank: 20

MUIIX

MUIIX Risk / Return Rank: 100
MUIIX Sharpe Ratio Rank: 99
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.

SMBPX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Municipal Bond Portfolio (SMBPX) 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.

	SMBPX	MUIIX	Difference
Sharpe ratio Return per unit of total volatility	1.11	3.42	-2.31
Sortino ratio Return per unit of downside risk	1.46	18.58	-17.11
Omega ratio Gain probability vs. loss probability	1.37	9.29	-7.92
Calmar ratio Return relative to maximum drawdown	0.59	42.24	-41.65
Martin ratio Return relative to average drawdown	2.15	89.61	-87.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMBPX vs. MUIIX - Sharpe Ratio Comparison

The current SMBPX Sharpe Ratio is 1.11, which is lower than the MUIIX Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of SMBPX and MUIIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMBPX	MUIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	3.42	-2.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	1.94	-1.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	1.83	-0.95

Correlation

The correlation between SMBPX and MUIIX is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SMBPX vs. MUIIX - Dividend Comparison

SMBPX's dividend yield for the trailing twelve months is around 2.69%, less than MUIIX's 3.85% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMBPX Saratoga Municipal Bond Portfolio	2.69%	2.69%	1.16%	0.00%	0.00%	0.04%	0.10%	0.10%	0.36%	0.23%	4.23%	1.50%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	3.85%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SMBPX vs. MUIIX - Drawdown Comparison

The maximum SMBPX drawdown since its inception was -9.99%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for SMBPX and MUIIX.

Drawdown Indicators

	SMBPX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.99%	-1.20%	-8.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.63%	-0.10%	-3.53%
Max Drawdown (5Y) Largest decline over 5 years	-6.72%	-1.20%	-5.52%
Max Drawdown (10Y) Largest decline over 10 years	-9.99%	—	—
Current Drawdown Current decline from peak	-2.99%	-0.10%	-2.89%
Average Drawdown Average peak-to-trough decline	-2.47%	-0.06%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.05%	+0.98%

Volatility

SMBPX vs. MUIIX - Volatility Comparison

The current volatility for Saratoga Municipal Bond Portfolio (SMBPX) is 0.00%, while Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) has a volatility of 0.10%. This indicates that SMBPX 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

	SMBPX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.10%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	0.81%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	1.24%	+2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.20%	1.57%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.97%	1.44%	+0.53%