TIFUX vs. MACGX
TIFUX (Morgan Stanley Pathway Funds International Fixed Income Fund) and MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) are both mutual funds - TIFUX is a Global Bonds fund managed by Morgan Stanley, while MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley. Over the past 10 years, TIFUX returned 1.46%/yr vs 13.21%/yr for MACGX. Their -0.05 correlation means they have often moved in opposite directions in the past. TIFUX charges 0.88%/yr vs 1.00%/yr for MACGX.
Performance
TIFUX vs. MACGX - Performance Comparison
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Returns By Period
In the year-to-date period, TIFUX achieves a -0.74% return, which is significantly lower than MACGX's -0.24% return. Over the past 10 years, TIFUX has underperformed MACGX with an annualized return of 1.46%, while MACGX has yielded a comparatively higher 13.21% annualized return.
TIFUX
- 1D
- -0.15%
- 1M
- -1.03%
- 6M
- -1.03%
- YTD
- -0.74%
- 1Y
- 0.90%
- 3Y*
- 3.70%
- 5Y*
- -0.35%
- 10Y*
- 1.46%
- ALL TIME*
- 4.07%
MACGX
- 1D
- 2.22%
- 1M
- -3.78%
- 6M
- 5.55%
- YTD
- -0.24%
- 1Y
- -9.12%
- 3Y*
- 18.64%
- 5Y*
- -5.86%
- 10Y*
- 13.21%
- ALL TIME*
- 9.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TIFUX vs. MACGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIFUX Morgan Stanley Pathway Funds International Fixed Income Fund | -0.74% | 3.16% | 3.93% | 8.35% | -13.21% | -2.88% | 5.88% | 7.52% | 2.21% | 3.08% |
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | -0.24% | 13.71% | 42.06% | 46.30% | -63.51% | -12.84% | 142.01% | 39.41% | 11.85% | 38.99% |
Correlation
The correlation between TIFUX and MACGX is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 1997 | -0.05 |
The correlation between TIFUX and MACGX shifts across timeframes, from -0.05 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TIFUX vs. MACGX — Risk / Return Rank
TIFUX
MACGX
TIFUX vs. MACGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds International Fixed Income Fund (TIFUX) and Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX). 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.
| TIFUX | MACGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.98 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.29 | -0.29 | +0.59 |
| Martin ratioReturn relative to average drawdown | 0.73 | -0.58 | +1.31 |
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Drawdowns
TIFUX vs. MACGX - Drawdown Comparison
The maximum TIFUX drawdown since its inception was -17.74%, smaller than the maximum MACGX drawdown of -77.61%. Use the drawdown chart below to compare losses from any high point for TIFUX and MACGX.
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Drawdown Indicators
| TIFUX | MACGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.74% | -77.61% | +59.87% |
Max Drawdown (1Y)Largest decline over 1 year | -3.92% | -27.55% | +23.63% |
Max Drawdown (3Y)Largest decline over 3 years | -3.92% | -28.55% | +24.63% |
Max Drawdown (5Y)Largest decline over 5 years | -15.98% | -77.61% | +61.63% |
Max Drawdown (10Y)Largest decline over 10 years | -16.69% | -77.61% | +60.92% |
Current DrawdownCurrent decline from peak | -2.92% | -44.54% | +41.62% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -25.74% | +21.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 13.93% | -12.41% |
Volatility
TIFUX vs. MACGX - Volatility Comparison
The current volatility for Morgan Stanley Pathway Funds International Fixed Income Fund (TIFUX) is 1.15%, while Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a volatility of 6.99%. This indicates that TIFUX experiences smaller price fluctuations and is considered to be less risky than MACGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIFUX | MACGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 6.99% | -5.84% |
Volatility (6M)Calculated over the trailing 6-month period | 3.86% | 22.22% | -18.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.47% | 29.20% | -24.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.27% | 48.41% | -41.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.54% | 39.47% | -33.93% |
TIFUX vs. MACGX - Expense Ratio Comparison
TIFUX has a 0.88% expense ratio, which is lower than MACGX's 1.00% expense ratio.
Dividends
TIFUX vs. MACGX - Dividend Comparison
TIFUX's dividend yield for the trailing twelve months is around 2.70%, while MACGX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 52.53% | 9.95% | 15.34% | 29.46% | 48.48% | 75.72% | 14.05% |
TIFUX Morgan Stanley Pathway Funds International Fixed Income Fund | 2.70% | 2.68% | 2.40% | 0.84% | 9.55% | 2.64% | 0.72% | 4.76% | 3.53% | 1.22% | 1.10% | 7.04% |
Frequently Asked Questions
TIFUX and MACGX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MACGX has higher volatility (6.99%) compared to TIFUX (1.15%). In terms of maximum drawdown, TIFUX dropped -17.74% vs MACGX's -77.61%.
TIFUX currently has the higher Sharpe Ratio (0.26 vs -0.28), 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.
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