TIFUX vs. VTABX

Last updated Jun 23, 2026

TIFUX (Morgan Stanley Pathway Funds International Fixed Income Fund) and VTABX (Vanguard Total International Bond Index Fund Admiral Shares) are both Global Bonds funds. Over the past 10 years, TIFUX returned 1.83%/yr vs 1.83%/yr for VTABX. A 0.76 correlation means they provide meaningful diversification when combined. TIFUX charges 0.88%/yr vs 0.10%/yr for VTABX.

Performance

TIFUX vs. VTABX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Pathway Funds International Fixed Income Fund (TIFUX) and Vanguard Total International Bond Index Fund Admiral Shares (VTABX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIFUX achieves a 0.44% return, which is significantly lower than VTABX's 1.08% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: TIFUX at 1.83% and VTABX at 1.83%.

TIFUX

• 1D: 0.00%
• 1M: 1.64%
• YTD: 0.44%
• 6M: 1.04%
• 1Y: 2.10%
• 3Y*: 4.17%
• 5Y*: 0.16%
• 10Y*: 1.83%

VTABX

• 1D: 0.00%
• 1M: 1.07%
• YTD: 1.08%
• 6M: 1.45%
• 1Y: 2.37%
• 3Y*: 4.40%
• 5Y*: 0.45%
• 10Y*: 1.83%

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

TIFUX vs. VTABX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIFUX Morgan Stanley Pathway Funds International Fixed Income Fund	0.44%	3.16%	3.93%	8.35%	-13.21%	-2.88%	5.88%	7.52%	2.21%	3.08%
VTABX Vanguard Total International Bond Index Fund Admiral Shares	1.08%	2.96%	3.92%	8.77%	-12.92%	-2.22%	4.54%	8.83%	2.97%	2.39%

Correlation

The correlation between TIFUX and VTABX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013	0.76

The correlation between TIFUX and VTABX has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

TIFUX vs. VTABX — Risk / Return Rank

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

TIFUX

TIFUX Risk / Return Rank: 7
TIFUX Sharpe Ratio Rank: 7
TIFUX Sortino Ratio Rank: 7
TIFUX Omega Ratio Rank: 7
TIFUX Calmar Ratio Rank: 7
TIFUX Martin Ratio Rank: 7

VTABX

VTABX Risk / Return Rank: 9
VTABX Sharpe Ratio Rank: 10
VTABX Sortino Ratio Rank: 9
VTABX Omega Ratio Rank: 9
VTABX Calmar Ratio Rank: 9
VTABX Martin Ratio Rank: 8

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.

TIFUX vs. VTABX - 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 Vanguard Total International Bond Index Fund Admiral Shares (VTABX). 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	VTABX	Difference
Sharpe ratio: Return per unit of total volatility	0.52	0.76	-0.24
Sortino ratio: Return per unit of downside risk	0.78	1.10	-0.32
Omega ratio: Gain probability vs. loss probability	1.10	1.14	-0.03
Calmar ratio: Return relative to maximum drawdown	0.60	0.80	-0.20
Martin ratio: Return relative to average drawdown	1.59	2.18	-0.59

TIFUX vs. VTABX - Sharpe Ratio Comparison

The current TIFUX Sharpe Ratio is 0.52, which is lower than the VTABX Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of TIFUX and VTABX, 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

TIFUX vs. VTABX - Drawdown Comparison

The maximum TIFUX drawdown since its inception was -17.74%, which is greater than VTABX's maximum drawdown of -16.16%. Use the drawdown chart below to compare losses from any high point for TIFUX and VTABX.

Drawdown Indicators

	TIFUX	VTABX	Difference
Max Drawdown Largest peak-to-trough decline	-17.74%	-16.16%	-1.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.92%	-2.90%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-3.92%	-2.90%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-15.98%	-15.81%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-16.69%	-16.16%	-0.53%
Current Drawdown Current decline from peak	-1.76%	-0.79%	-0.97%
Average Drawdown Average peak-to-trough decline	-4.17%	-3.04%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	1.07%	+0.34%

Volatility

TIFUX vs. VTABX - Volatility Comparison

Morgan Stanley Pathway Funds International Fixed Income Fund (TIFUX) has a higher volatility of 1.21% compared to Vanguard Total International Bond Index Fund Admiral Shares (VTABX) at 1.01%. This indicates that TIFUX's price experiences larger fluctuations and is considered to be riskier than VTABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIFUX	VTABX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	1.01%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	3.77%	2.62%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.50%	3.07%	+1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.25%	4.45%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.53%	3.62%	+1.91%

TIFUX vs. VTABX - Expense Ratio Comparison

TIFUX has a 0.88% expense ratio, which is higher than VTABX's 0.10% expense ratio.

Dividends

TIFUX vs. VTABX - Dividend Comparison

TIFUX's dividend yield for the trailing twelve months is around 2.67%, less than VTABX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TIFUX Morgan Stanley Pathway Funds International Fixed Income Fund	2.67%	2.68%	2.40%	0.84%	9.55%	2.64%	0.72%	4.76%	3.53%	1.22%	1.10%	7.04%
VTABX Vanguard Total International Bond Index Fund Admiral Shares	4.44%	4.36%	4.33%	4.39%	1.48%	3.70%	1.08%	4.28%	3.00%	2.23%	1.80%	1.64%

Frequently Asked Questions

Can I hold both TIFUX and VTABX in my portfolio?

TIFUX and VTABX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIFUX or VTABX?

TIFUX has higher volatility (1.21%) compared to VTABX (1.01%). In terms of maximum drawdown, TIFUX dropped -17.74% vs VTABX's -16.16%.

Which has better risk-adjusted returns?

VTABX currently has the higher Sharpe Ratio (0.76 vs 0.52), 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.