TIFUX vs. VTILX

Last updated Jun 6, 2026

TIFUX (Morgan Stanley Pathway Funds International Fixed Income Fund) and VTILX (Vanguard Total International Bond II Index Fund) are both Global Bonds funds. Over the past 5 years, TIFUX returned -0.10%/yr vs 0.37%/yr for VTILX. Their correlation of 0.81 suggests significant overlap in exposure. TIFUX charges 0.88%/yr vs 0.07%/yr for VTILX.

Performance

TIFUX vs. VTILX - 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 II Index Fund (VTILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIFUX achieves a -0.59% return, which is significantly lower than VTILX's 0.45% return.

TIFUX

• 1D: 0.00%
• 1M: 0.30%
• YTD: -0.59%
• 6M: -0.26%
• 1Y: 1.50%
• 3Y*: 3.86%
• 5Y*: -0.10%
• 10Y*: 1.75%

VTILX

• 1D: 0.04%
• 1M: 0.12%
• YTD: 0.45%
• 6M: 0.56%
• 1Y: 2.14%
• 3Y*: 4.18%
• 5Y*: 0.37%
• 10Y*: —

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

TIFUX vs. VTILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TIFUX Morgan Stanley Pathway Funds International Fixed Income Fund	-0.59%	3.16%	3.93%	8.35%	-13.21%	-0.58%
VTILX Vanguard Total International Bond II Index Fund	0.45%	2.96%	3.91%	8.85%	-13.01%	0.38%

Correlation

The correlation between TIFUX and VTILX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	0.81

The correlation between TIFUX and VTILX has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

TIFUX vs. VTILX — Risk / Return Rank

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

TIFUX

TIFUX Risk / Return Rank: 5
TIFUX Sharpe Ratio Rank: 6
TIFUX Sortino Ratio Rank: 5
TIFUX Omega Ratio Rank: 5
TIFUX Calmar Ratio Rank: 6
TIFUX Martin Ratio Rank: 6

VTILX

VTILX Risk / Return Rank: 8
VTILX Sharpe Ratio Rank: 8
VTILX Sortino Ratio Rank: 8
VTILX Omega Ratio Rank: 8
VTILX Calmar Ratio Rank: 8
VTILX Martin Ratio Rank: 7

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. VTILX - 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 II Index Fund (VTILX). 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.

	TIFUX	VTILX	Difference
Sharpe ratio: Return per unit of total volatility	0.38	0.63	-0.25
Sortino ratio: Return per unit of downside risk	0.57	0.92	-0.35
Omega ratio: Gain probability vs. loss probability	1.07	1.11	-0.04
Calmar ratio: Return relative to maximum drawdown	0.43	0.66	-0.23
Martin ratio: Return relative to average drawdown	1.18	1.87	-0.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIFUX vs. VTILX - Sharpe Ratio Comparison

The current TIFUX Sharpe Ratio is 0.38, which is lower than the VTILX Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of TIFUX and VTILX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TIFUX	VTILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	0.63	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.08	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.09	+0.57

Drawdowns

TIFUX vs. VTILX - Drawdown Comparison

The maximum TIFUX drawdown since its inception was -17.74%, which is greater than VTILX's maximum drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for TIFUX and VTILX.

Drawdown Indicators

	TIFUX	VTILX	Difference
Max Drawdown Largest peak-to-trough decline	-17.74%	-15.85%	-1.89%
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%	-15.85%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	-16.69%	—	—
Current Drawdown Current decline from peak	-2.77%	-1.41%	-1.36%
Average Drawdown Average peak-to-trough decline	-4.17%	-5.90%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.03%	+0.35%

Volatility

TIFUX vs. VTILX - Volatility Comparison

Morgan Stanley Pathway Funds International Fixed Income Fund (TIFUX) has a higher volatility of 1.68% compared to Vanguard Total International Bond II Index Fund (VTILX) at 1.31%. This indicates that TIFUX's price experiences larger fluctuations and is considered to be riskier than VTILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIFUX	VTILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	1.31%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	3.79%	2.57%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	4.47%	3.04%	+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%	4.37%	+1.16%

TIFUX vs. VTILX - Expense Ratio Comparison

TIFUX has a 0.88% expense ratio, which is higher than VTILX's 0.07% expense ratio.

Dividends

TIFUX vs. VTILX - Dividend Comparison

TIFUX's dividend yield for the trailing twelve months is around 2.70%, less than VTILX's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTILX Vanguard Total International Bond II Index Fund	4.37%	4.27%	4.52%	4.22%	0.94%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TIFUX and VTILX in my portfolio?

TIFUX and VTILX have a correlation of 0.75, 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 VTILX?

TIFUX has higher volatility (1.68%) compared to VTILX (1.31%). In terms of maximum drawdown, TIFUX dropped -17.74% vs VTILX's -15.85%.

Which has better risk-adjusted returns?

VTILX currently has the higher Sharpe Ratio (0.63 vs 0.38), 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.