TRBUX vs. MUIIX

Last updated Jun 4, 2026

TRBUX (T. Rowe Price Ultra Short-Term Bond Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. Over the past 5 years, TRBUX returned 4.32%/yr vs 3.25%/yr for MUIIX. At a 0.25 correlation, their price movements are largely independent. TRBUX charges 0.31%/yr vs 0.35%/yr for MUIIX.

Performance

TRBUX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) 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

The year-to-date returns for both stocks are quite close, with TRBUX having a 1.59% return and MUIIX slightly lower at 1.57%.

TRBUX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.59%
• 6M: 2.58%
• 1Y: 6.43%
• 3Y*: 6.82%
• 5Y*: 4.32%
• 10Y*: 3.31%

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.57%
• 6M: 1.91%
• 1Y: 4.22%
• 3Y*: 4.41%
• 5Y*: 3.25%
• 10Y*: —

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

TRBUX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TRBUX T. Rowe Price Ultra Short-Term Bond Fund	1.59%	6.88%	7.88%	6.99%	-1.28%	0.22%	4.64%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	1.57%	4.47%	4.94%	4.17%	1.10%	0.10%	0.49%

Correlation

The correlation between TRBUX and MUIIX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020	0.25

Return for Risk

TRBUX vs. MUIIX — Risk / Return Rank

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

TRBUX

TRBUX Risk / Return Rank: 99
TRBUX Sharpe Ratio Rank: 98
TRBUX Sortino Ratio Rank: 99
TRBUX Omega Ratio Rank: 99
TRBUX Calmar Ratio Rank: 99
TRBUX Martin Ratio Rank: 99

MUIIX

MUIIX Risk / Return Rank: 99
MUIIX Sharpe Ratio Rank: 97
MUIIX Sortino Ratio Rank: 100
MUIIX Omega Ratio Rank: 100
MUIIX Calmar Ratio Rank: 100
MUIIX Martin Ratio Rank: 100

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.

TRBUX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) 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.

	TRBUX	MUIIX	Difference
Sharpe ratio: Return per unit of total volatility	3.90	3.61	+0.29
Sortino ratio: Return per unit of downside risk	10.21	23.95	-13.74
Omega ratio: Gain probability vs. loss probability	4.18	14.80	-10.62
Calmar ratio: Return relative to maximum drawdown	16.93	42.37	-25.44
Martin ratio: Return relative to average drawdown	65.96	126.87	-60.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRBUX vs. MUIIX - Sharpe Ratio Comparison

The current TRBUX Sharpe Ratio is 3.90, which is comparable to the MUIIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of TRBUX 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.

Sharpe Ratios by Period

	TRBUX	MUIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.90	3.61	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.60	2.05	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.96	1.90	+0.06

Drawdowns

TRBUX vs. MUIIX - Drawdown Comparison

The maximum TRBUX drawdown since its inception was -4.15%, which is greater than MUIIX's maximum drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for TRBUX and MUIIX.

Drawdown Indicators

	TRBUX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.15%	-1.20%	-2.95%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.10%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-0.78%	-1.20%	+0.42%
Max Drawdown (5Y) Largest decline over 5 years	-2.68%	-1.20%	-1.48%
Max Drawdown (10Y) Largest decline over 10 years	-4.15%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.06%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.03%	+0.07%

Volatility

TRBUX vs. MUIIX - Volatility Comparison

T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) has a higher volatility of 0.68% compared to Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) at 0.35%. This indicates that TRBUX'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

	TRBUX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.35%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.18%	0.78%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	1.71%	1.17%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.68%	1.59%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.50%	1.44%	+0.06%

TRBUX vs. MUIIX - Expense Ratio Comparison

TRBUX has a 0.31% expense ratio, which is lower than MUIIX's 0.35% expense ratio.

Dividends

TRBUX vs. MUIIX - Dividend Comparison

TRBUX's dividend yield for the trailing twelve months is around 6.03%, more than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%
TRBUX T. Rowe Price Ultra Short-Term Bond Fund	6.03%	6.23%	6.36%	4.48%	1.53%	1.21%	1.86%	2.73%	2.47%	1.62%	1.18%	0.81%

Frequently Asked Questions

Can I hold both TRBUX and MUIIX in my portfolio?

TRBUX and MUIIX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRBUX or MUIIX?

TRBUX has higher volatility (0.68%) compared to MUIIX (0.35%). In terms of maximum drawdown, TRBUX dropped -4.15% vs MUIIX's -1.20%.

Which has better risk-adjusted returns?

TRBUX currently has the higher Sharpe Ratio (3.90 vs 3.61), 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.