TMUUX vs. FXIEX
TMUUX (Morgan Stanley Pathway Funds Municipal Bond Fund) and FXIEX (PIMCO Fixed Income SHares: Series TE) are both Municipal Bonds funds. Over the past 10 years, TMUUX returned 1.38%/yr vs 2.71%/yr for FXIEX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. TMUUX charges 0.71%/yr vs 0.07%/yr for FXIEX.
Performance
TMUUX vs. FXIEX - Performance Comparison
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Returns By Period
In the year-to-date period, TMUUX achieves a 0.24% return, which is significantly lower than FXIEX's 0.97% return. Over the past 10 years, TMUUX has underperformed FXIEX with an annualized return of 1.38%, while FXIEX has yielded a comparatively higher 2.71% annualized return.
TMUUX
- 1D
- -0.24%
- 1M
- -1.75%
- 6M
- -0.45%
- YTD
- 0.24%
- 1Y
- 4.56%
- 3Y*
- 2.46%
- 5Y*
- 0.06%
- 10Y*
- 1.38%
- ALL TIME*
- 3.58%
FXIEX
- 1D
- -0.21%
- 1M
- -1.62%
- 6M
- 0.66%
- YTD
- 0.97%
- 1Y
- 5.57%
- 3Y*
- 4.44%
- 5Y*
- 1.26%
- 10Y*
- 2.71%
- ALL TIME*
- 2.11%
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 |
TMUUX vs. FXIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | 0.24% | 2.42% | 1.73% | 6.04% | -9.03% | 1.21% | 3.57% | 7.44% | 0.54% | 4.84% |
FXIEX PIMCO Fixed Income SHares: Series TE | 0.97% | 3.37% | 5.16% | 8.92% | -10.89% | 2.19% | 7.22% | 8.45% | 1.00% | 7.71% |
Correlation
The correlation between TMUUX and FXIEX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2012 | 0.68 |
The correlation between TMUUX and FXIEX shifts across timeframes, from 0.68 (all time) to 0.83 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMUUX vs. FXIEX — Risk / Return Rank
TMUUX
FXIEX
TMUUX vs. FXIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds Municipal Bond Fund (TMUUX) and PIMCO Fixed Income SHares: Series TE (FXIEX). 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.
| TMUUX | FXIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.54 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 3.16 | -1.11 |
| Martin ratioReturn relative to average drawdown | 6.36 | 10.57 | -4.21 |
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Drawdowns
TMUUX vs. FXIEX - Drawdown Comparison
The maximum TMUUX drawdown since its inception was -16.76%, which is greater than FXIEX's maximum drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for TMUUX and FXIEX.
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Drawdown Indicators
| TMUUX | FXIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.76% | -15.25% | -1.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -2.42% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -5.49% | -5.56% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -14.41% | -15.25% | +0.84% |
Max Drawdown (10Y)Largest decline over 10 years | -14.47% | -15.25% | +0.78% |
Current DrawdownCurrent decline from peak | -1.75% | -1.62% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -2.87% | +0.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.74% | +0.07% |
Volatility
TMUUX vs. FXIEX - Volatility Comparison
Morgan Stanley Pathway Funds Municipal Bond Fund (TMUUX) and PIMCO Fixed Income SHares: Series TE (FXIEX) have volatilities of 0.87% and 0.83%, 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.
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Volatility by Period
| TMUUX | FXIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.83% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 2.36% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.91% | 3.43% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.42% | 4.39% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.96% | 4.10% | -0.14% |
TMUUX vs. FXIEX - Expense Ratio Comparison
TMUUX has a 0.71% expense ratio, which is higher than FXIEX's 0.07% expense ratio.
Dividends
TMUUX vs. FXIEX - Dividend Comparison
TMUUX's dividend yield for the trailing twelve months is around 2.09%, less than FXIEX's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXIEX PIMCO Fixed Income SHares: Series TE | 2.40% | 2.75% | 4.53% | 3.98% | 3.25% | 2.63% | 3.37% | 3.63% | 3.79% | 2.67% | 0.00% | 0.00% |
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | 2.09% | 2.13% | 3.37% | 3.11% | 2.41% | 1.95% | 2.54% | 3.30% | 2.92% | 2.77% | 5.74% | 3.07% |
Frequently Asked Questions
TMUUX and FXIEX 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.
TMUUX has higher volatility (0.87%) compared to FXIEX (0.83%). In terms of maximum drawdown, TMUUX dropped -16.76% vs FXIEX's -15.25%.
FXIEX currently has the higher Sharpe Ratio (2.23 vs 1.78), 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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