TMUUX vs. MACGX
TMUUX (Morgan Stanley Pathway Funds Municipal Bond Fund) and MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) are both mutual funds - TMUUX is a Municipal Bonds fund managed by Morgan Stanley, while MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley. Over the past 10 years, TMUUX returned 1.50%/yr vs 13.89%/yr for MACGX. At a correlation of -0.06, they often move in opposite directions. TMUUX charges 0.71%/yr vs 1.00%/yr for MACGX.
Performance
TMUUX vs. MACGX - Performance Comparison
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Returns By Period
In the year-to-date period, TMUUX achieves a 1.62% return, which is significantly higher than MACGX's -1.69% return. Over the past 10 years, TMUUX has underperformed MACGX with an annualized return of 1.50%, while MACGX has yielded a comparatively higher 13.89% annualized return.
TMUUX
- 1D
- 0.00%
- 1M
- 1.44%
- YTD
- 1.62%
- 6M
- 1.76%
- 1Y
- 5.44%
- 3Y*
- 2.92%
- 5Y*
- 0.45%
- 10Y*
- 1.50%
MACGX
- 1D
- -1.09%
- 1M
- -3.83%
- YTD
- -1.69%
- 6M
- -5.39%
- 1Y
- -5.17%
- 3Y*
- 23.02%
- 5Y*
- -6.84%
- 10Y*
- 13.89%
TMUUX vs. MACGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | 1.62% | 2.42% | 1.73% | 6.04% | -9.03% | 1.21% | 3.57% | 7.44% | 0.54% | 4.84% |
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | -1.69% | 13.71% | 42.06% | 46.30% | -63.51% | -12.84% | 142.01% | 39.41% | 11.85% | 38.99% |
Correlation
The correlation between TMUUX and MACGX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 1997 | -0.06 |
The correlation between TMUUX and MACGX shifts across timeframes, from -0.06 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMUUX vs. MACGX — Risk / Return Rank
TMUUX
MACGX
TMUUX vs. MACGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds Municipal Bond Fund (TMUUX) and Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX). 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 | MACGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.36 | ||
| Sortino ratioReturn per unit of downside risk | +3.45 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.00 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | -0.15 | +2.60 |
| Martin ratioReturn relative to average drawdown | 7.85 | -0.30 | +8.15 |
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Drawdowns
TMUUX vs. MACGX - Drawdown Comparison
The maximum TMUUX drawdown since its inception was -16.76%, smaller than the maximum MACGX drawdown of -77.61%. Use the drawdown chart below to compare losses from any high point for TMUUX and MACGX.
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Drawdown Indicators
| TMUUX | MACGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.76% | -77.61% | +60.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -27.55% | +25.01% |
Max Drawdown (3Y)Largest decline over 3 years | -5.96% | -28.55% | +22.59% |
Max Drawdown (5Y)Largest decline over 5 years | -14.47% | -77.61% | +63.14% |
Max Drawdown (10Y)Largest decline over 10 years | -14.47% | -77.61% | +63.14% |
Current DrawdownCurrent decline from peak | -0.25% | -45.34% | +45.09% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -25.68% | +23.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 13.19% | -12.40% |
Volatility
TMUUX vs. MACGX - Volatility Comparison
The current volatility for Morgan Stanley Pathway Funds Municipal Bond Fund (TMUUX) is 0.63%, while Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a volatility of 9.70%. This indicates that TMUUX experiences smaller price fluctuations and is considered to be less risky than MACGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMUUX | MACGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 9.70% | -9.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.84% | 21.87% | -20.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 28.80% | -25.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.40% | 48.40% | -44.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.96% | 39.45% | -35.49% |
TMUUX vs. MACGX - Expense Ratio Comparison
TMUUX has a 0.71% expense ratio, which is lower than MACGX's 1.00% expense ratio.
Dividends
TMUUX vs. MACGX - Dividend Comparison
TMUUX's dividend yield for the trailing twelve months is around 2.31%, while MACGX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 52.53% | 9.95% | 15.34% | 29.46% | 48.48% | 75.72% | 14.05% |
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | 2.31% | 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 MACGX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MACGX has higher volatility (9.70%) compared to TMUUX (0.63%). In terms of maximum drawdown, TMUUX dropped -16.76% vs MACGX's -77.61%.
TMUUX currently has the higher Sharpe Ratio (2.22 vs -0.14), 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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