TSDUX vs. CAF
TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) and CAF (Morgan Stanley China A Share Fund) are both mutual funds - TSDUX is a Ultrashort Bond fund managed by Morgan Stanley, while CAF is a China Equities fund actively managed by Morgan Stanley. Over the past 10 years, TSDUX returned 2.69%/yr vs 5.65%/yr for CAF. At a 0.02 correlation, their price movements are largely independent. TSDUX charges 0.62%/yr vs 1.67%/yr for CAF.
Performance
TSDUX vs. CAF - Performance Comparison
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Returns By Period
In the year-to-date period, TSDUX achieves a 2.12% return, which is significantly lower than CAF's 16.82% return. Over the past 10 years, TSDUX has underperformed CAF with an annualized return of 2.69%, while CAF has yielded a comparatively higher 5.65% annualized return.
TSDUX
- 1D
- 0.10%
- 1M
- 0.44%
- 6M
- 1.91%
- YTD
- 2.12%
- 1Y
- 3.10%
- 3Y*
- 4.79%
- 5Y*
- 3.48%
- 10Y*
- 2.69%
CAF
- 1D
- -2.83%
- 1M
- 3.95%
- 6M
- 12.04%
- YTD
- 16.82%
- 1Y
- 46.60%
- 3Y*
- 18.67%
- 5Y*
- 0.45%
- 10Y*
- 5.65%
TSDUX vs. CAF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund | 2.12% | 3.24% | 6.04% | 5.94% | 0.41% | -0.11% | 2.06% | 2.65% | 1.64% | 1.73% |
CAF Morgan Stanley China A Share Fund | 16.82% | 41.51% | 0.34% | -9.39% | -30.41% | -1.77% | 12.74% | 23.50% | -14.26% | 44.94% |
Correlation
The correlation between TSDUX and CAF is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2016 | 0.02 |
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Return for Risk
TSDUX vs. CAF — Risk / Return Rank
TSDUX
CAF
TSDUX vs. CAF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) and Morgan Stanley China A Share Fund (CAF). 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.
| TSDUX | CAF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.86 | ||
| Omega ratioGain probability vs. loss probability | 3.10 | 1.40 | +1.69 |
| Calmar ratioReturn relative to maximum drawdown | 8.46 | 4.27 | +4.19 |
| Martin ratioReturn relative to average drawdown | 27.87 | 12.77 | +15.10 |
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Drawdowns
TSDUX vs. CAF - Drawdown Comparison
The maximum TSDUX drawdown since its inception was -3.94%, smaller than the maximum CAF drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for TSDUX and CAF.
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Drawdown Indicators
| TSDUX | CAF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -65.88% | +61.94% |
Max Drawdown (1Y)Largest decline over 1 year | -0.41% | -10.98% | +10.57% |
Max Drawdown (3Y)Largest decline over 3 years | -0.73% | -26.27% | +25.54% |
Max Drawdown (5Y)Largest decline over 5 years | -1.72% | -45.58% | +43.86% |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | -49.01% | +45.07% |
Current DrawdownCurrent decline from peak | 0.00% | -4.92% | +4.92% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -25.79% | +25.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.12% | 3.66% | -3.54% |
Volatility
TSDUX vs. CAF - Volatility Comparison
The current volatility for Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) is 0.19%, while Morgan Stanley China A Share Fund (CAF) has a volatility of 8.42%. This indicates that TSDUX experiences smaller price fluctuations and is considered to be less risky than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSDUX | CAF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 8.42% | -8.23% |
Volatility (6M)Calculated over the trailing 6-month period | 0.52% | 14.48% | -13.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.96% | 20.23% | -19.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.11% | 21.76% | -20.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.09% | 21.91% | -20.82% |
TSDUX vs. CAF - Expense Ratio Comparison
TSDUX has a 0.62% expense ratio, which is lower than CAF's 1.67% expense ratio.
Dividends
TSDUX vs. CAF - Dividend Comparison
TSDUX's dividend yield for the trailing twelve months is around 2.85%, more than CAF's 1.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAF Morgan Stanley China A Share Fund | 1.30% | 1.51% | 2.63% | 0.96% | 0.02% | 6.57% | 10.40% | 3.78% | 9.48% | 5.20% | 4.69% | 67.03% |
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund | 2.85% | 3.09% | 5.03% | 1.55% | 6.36% | 0.60% | 1.65% | 2.84% | 2.66% | 2.22% | 1.87% | 0.00% |
Frequently Asked Questions
TSDUX and CAF have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CAF has higher volatility (8.42%) compared to TSDUX (0.19%). In terms of maximum drawdown, TSDUX dropped -3.94% vs CAF's -65.88%.
TSDUX currently has the higher Sharpe Ratio (3.61 vs 2.32), 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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