TILUX vs. TRBFX

Last updated Jun 24, 2026

TILUX (Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund) and TRBFX (T. Rowe Price Limited Duration Inflation Focused Bond Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, TILUX returned 2.53%/yr vs 2.80%/yr for TRBFX. A 0.63 correlation means they provide meaningful diversification when combined. TILUX charges 0.86%/yr vs 0.41%/yr for TRBFX.

Performance

TILUX vs. TRBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund (TILUX) and T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TILUX achieves a 0.66% return, which is significantly lower than TRBFX's 0.91% return. Over the past 10 years, TILUX has underperformed TRBFX with an annualized return of 2.53%, while TRBFX has yielded a comparatively higher 2.80% annualized return.

TILUX

• 1D: -0.36%
• 1M: 0.21%
• YTD: 0.66%
• 6M: 0.93%
• 1Y: 2.74%
• 3Y*: 3.53%
• 5Y*: 0.63%
• 10Y*: 2.53%

TRBFX

• 1D: -0.21%
• 1M: -0.32%
• YTD: 0.91%
• 6M: 1.13%
• 1Y: 3.36%
• 3Y*: 4.74%
• 5Y*: 2.38%
• 10Y*: 2.80%

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

TILUX vs. TRBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TILUX Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund	0.66%	6.41%	1.86%	3.34%	-12.14%	5.42%	12.70%	8.11%	-2.05%	3.15%
TRBFX T. Rowe Price Limited Duration Inflation Focused Bond Fund	0.91%	6.34%	4.60%	3.01%	-5.19%	5.77%	5.65%	6.53%	0.28%	0.80%

Correlation

The correlation between TILUX and TRBFX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 15, 2016	0.63

Over the past year, the correlation between TILUX and TRBFX has dropped to 0.41 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

TILUX vs. TRBFX — Risk / Return Rank

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

TILUX

TILUX Risk / Return Rank: 13
TILUX Sharpe Ratio Rank: 12
TILUX Sortino Ratio Rank: 11
TILUX Omega Ratio Rank: 11
TILUX Calmar Ratio Rank: 16
TILUX Martin Ratio Rank: 14

TRBFX

TRBFX Risk / Return Rank: 13
TRBFX Sharpe Ratio Rank: 9
TRBFX Sortino Ratio Rank: 8
TRBFX Omega Ratio Rank: 31
TRBFX Calmar Ratio Rank: 11
TRBFX 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.

TILUX vs. TRBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund (TILUX) and T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX). 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.

	TILUX	TRBFX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.68	+0.18
Sortino ratio: Return per unit of downside risk	1.26	1.01	+0.25
Omega ratio: Gain probability vs. loss probability	1.16	1.27	-0.11
Calmar ratio: Return relative to maximum drawdown	1.33	1.00	+0.33
Martin ratio: Return relative to average drawdown	3.57	1.96	+1.61

TILUX vs. TRBFX - Sharpe Ratio Comparison

The current TILUX Sharpe Ratio is 0.86, which is comparable to the TRBFX Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of TILUX and TRBFX, 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

TILUX vs. TRBFX - Drawdown Comparison

The maximum TILUX drawdown since its inception was -14.72%, which is greater than TRBFX's maximum drawdown of -7.33%. Use the drawdown chart below to compare losses from any high point for TILUX and TRBFX.

Drawdown Indicators

	TILUX	TRBFX	Difference
Max Drawdown Largest peak-to-trough decline	-14.72%	-7.33%	-7.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-3.48%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-4.41%	-3.51%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-14.72%	-7.33%	-7.39%
Max Drawdown (10Y) Largest decline over 10 years	-14.72%	-7.33%	-7.39%
Current Drawdown Current decline from peak	-1.25%	-2.19%	+0.94%
Average Drawdown Average peak-to-trough decline	-3.59%	-1.42%	-2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.75%	-0.77%

Volatility

TILUX vs. TRBFX - Volatility Comparison

Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund (TILUX) and T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX) have volatilities of 1.03% and 1.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TILUX	TRBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.01%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	1.76%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	5.12%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	5.15%	+0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.42%	4.02%	+1.40%

TILUX vs. TRBFX - Expense Ratio Comparison

TILUX has a 0.86% expense ratio, which is higher than TRBFX's 0.41% expense ratio.

Dividends

TILUX vs. TRBFX - Dividend Comparison

TILUX's dividend yield for the trailing twelve months is around 3.10%, less than TRBFX's 4.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TILUX Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund	3.10%	2.92%	3.72%	1.77%	16.54%	9.24%	2.28%	2.27%	3.45%	3.01%	2.97%
TRBFX T. Rowe Price Limited Duration Inflation Focused Bond Fund	4.83%	4.95%	4.48%	3.64%	6.11%	4.99%	1.38%	3.27%	2.34%	1.61%	1.10%

Frequently Asked Questions

Can I hold both TILUX and TRBFX in my portfolio?

TILUX and TRBFX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TILUX or TRBFX?

TILUX has higher volatility (1.03%) compared to TRBFX (1.01%). In terms of maximum drawdown, TILUX dropped -14.72% vs TRBFX's -7.33%.

Which has better risk-adjusted returns?

TILUX currently has the higher Sharpe Ratio (0.86 vs 0.68), 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.