TLDIX vs. MUIIX

Last updated Aug 1, 2026

TLDIX (Thornburg Ultra Short Income Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, TLDIX returned 3.48%/yr vs 3.29%/yr for MUIIX. Their 0.24 correlation means their historical movements had little consistent relationship. TLDIX charges 0.76%/yr vs 0.35%/yr for MUIIX.

Performance

TLDIX vs. MUIIX - Performance Comparison

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

Returns By Period

In the year-to-date period, TLDIX achieves a 1.91% return, which is significantly higher than MUIIX's 1.78% return.

TLDIX

• 1D: 0.00%
• 1M: 0.16%
• 6M: 1.61%
• YTD: 1.91%
• 1Y: 3.76%
• 3Y*: 4.91%
• 5Y*: 3.48%
• 10Y*: 2.81%
• ALL TIME*: 2.53%

MUIIX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.45%
• YTD: 1.78%
• 1Y: 3.58%
• 3Y*: 4.24%
• 5Y*: 3.29%
• 10Y*: —
• ALL TIME*: 2.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	$0.00	$0.00	$0.00
TLDIX Thornburg Ultra Short Income Fund	$0.00	$0.00	$0.00

TLDIX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TLDIX Thornburg Ultra Short Income Fund	1.91%	4.84%	5.81%	4.92%	0.00%	0.32%	5.39%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.78%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%

Correlation

The correlation between TLDIX and MUIIX is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (All Time) Calculated using the full available price history since Apr 7, 2020	0.24

Return for Risk

TLDIX vs. MUIIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TLDIX

TLDIX Risk / Return Rank: 100
TLDIX Sharpe Ratio Rank: 99
TLDIX Sortino Ratio Rank: 100
TLDIX Omega Ratio Rank: 100
TLDIX Calmar Ratio Rank: 100
TLDIX Martin Ratio Rank: 100

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TLDIX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Ultra Short Income Fund (TLDIX) 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.

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.

	TLDIX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	3.76	3.48	+0.29
Sortino ratio: Return per unit of downside risk	14.63	17.88	-3.24
Omega ratio: Gain probability vs. loss probability	5.05	8.98	-3.92
Calmar ratio: Return relative to maximum drawdown	17.41	40.79	-23.38
Martin ratio: Return relative to average drawdown	84.28	144.51	-60.22

TLDIX vs. MUIIX - Sharpe Ratio Comparison

The current TLDIX Sharpe Ratio is 3.76, which is comparable to the MUIIX Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of TLDIX and MUIIX, 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

TLDIX vs. MUIIX - Drawdown Comparison

The maximum TLDIX drawdown since its inception was -3.43%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for TLDIX and MUIIX.

Drawdown Indicators

	TLDIX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-3.43%	-1.20%	-2.23%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.10%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-0.25%	-1.20%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-1.39%	-1.20%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	-3.43%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.06%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.03%	+0.02%

Volatility

TLDIX vs. MUIIX - Volatility Comparison

Thornburg Ultra Short Income Fund (TLDIX) has a higher volatility of 0.14% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.00%. This indicates that TLDIX's price experiences larger fluctuations and is considered to be riskier than MUIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLDIX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.00%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	0.81%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	1.14%	1.17%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	1.60%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.26%	1.43%	-0.17%

TLDIX vs. MUIIX - Expense Ratio Comparison

TLDIX has a 0.76% expense ratio, which is higher than MUIIX's 0.35% expense ratio.

Dividends

TLDIX vs. MUIIX - Dividend Comparison

TLDIX's dividend yield for the trailing twelve months is around 4.02%, more than MUIIX's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	3.61%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%
TLDIX Thornburg Ultra Short Income Fund	4.02%	4.89%	5.64%	4.12%	2.12%	1.53%	2.32%	2.82%	2.37%	1.62%	1.24%	0.89%

Frequently Asked Questions

Can I hold both TLDIX and MUIIX in my portfolio?

TLDIX and MUIIX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLDIX or MUIIX?

TLDIX has higher volatility (0.14%) compared to MUIIX (0.00%). In terms of maximum drawdown, TLDIX dropped -3.43% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

TLDIX currently has the higher Sharpe Ratio (3.76 vs 3.48), 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.