TSDUX vs. FISAX
TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) and FISAX (Franklin Adjustable U.S. Government Securities Fund) are both Ultrashort Bond funds. Over the past 10 years, TSDUX returned 2.68%/yr vs 1.53%/yr for FISAX. At a correlation of -0.02, they often move in opposite directions. TSDUX charges 0.62%/yr vs 0.85%/yr for FISAX.
Performance
TSDUX vs. FISAX - Performance Comparison
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Returns By Period
In the year-to-date period, TSDUX achieves a 1.77% return, which is significantly higher than FISAX's 0.78% return. Over the past 10 years, TSDUX has outperformed FISAX with an annualized return of 2.68%, while FISAX has yielded a comparatively lower 1.53% annualized return.
TSDUX
- 1D
- 0.00%
- 1M
- 0.37%
- YTD
- 1.77%
- 6M
- 1.88%
- 1Y
- 3.17%
- 3Y*
- 4.82%
- 5Y*
- 3.41%
- 10Y*
- 2.68%
FISAX
- 1D
- 0.00%
- 1M
- 0.21%
- YTD
- 0.78%
- 6M
- 1.16%
- 1Y
- 3.61%
- 3Y*
- 4.77%
- 5Y*
- 2.15%
- 10Y*
- 1.53%
TSDUX vs. FISAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund | 1.77% | 3.24% | 6.04% | 5.94% | 0.41% | -0.11% | 2.06% | 2.65% | 1.64% | 1.73% |
FISAX Franklin Adjustable U.S. Government Securities Fund | 0.78% | 5.02% | 5.22% | 3.61% | -3.11% | -0.23% | 1.14% | 2.01% | 0.78% | 0.00% |
Correlation
The correlation between TSDUX and FISAX is -0.00, 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 | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
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 |
The correlation between TSDUX and FISAX shifts across timeframes, from -0.05 (5 years) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TSDUX vs. FISAX — Risk / Return Rank
TSDUX
FISAX
TSDUX vs. FISAX - 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 Franklin Adjustable U.S. Government Securities Fund (FISAX). 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 | FISAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 3.14 | 2.03 | +1.11 |
| Calmar ratioReturn relative to maximum drawdown | 8.71 | 5.69 | +3.01 |
| Martin ratioReturn relative to average drawdown | 28.57 | 24.12 | +4.45 |
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Drawdowns
TSDUX vs. FISAX - Drawdown Comparison
The maximum TSDUX drawdown since its inception was -3.94%, smaller than the maximum FISAX drawdown of -4.77%. Use the drawdown chart below to compare losses from any high point for TSDUX and FISAX.
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Drawdown Indicators
| TSDUX | FISAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -4.77% | +0.83% |
Max Drawdown (1Y)Largest decline over 1 year | -0.41% | -0.66% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -0.73% | -0.92% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -1.72% | -4.72% | +3.00% |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | -4.77% | +0.83% |
Current DrawdownCurrent decline from peak | 0.00% | -0.27% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -0.54% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.16% | -0.03% |
Volatility
TSDUX vs. FISAX - Volatility Comparison
The current volatility for Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) is 0.17%, while Franklin Adjustable U.S. Government Securities Fund (FISAX) has a volatility of 0.42%. This indicates that TSDUX experiences smaller price fluctuations and is considered to be less risky than FISAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSDUX | FISAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.42% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.52% | 1.07% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.96% | 1.59% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.11% | 1.65% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.09% | 1.57% | -0.48% |
TSDUX vs. FISAX - Expense Ratio Comparison
TSDUX has a 0.62% expense ratio, which is lower than FISAX's 0.85% expense ratio.
Dividends
TSDUX vs. FISAX - Dividend Comparison
TSDUX's dividend yield for the trailing twelve months is around 2.91%, less than FISAX's 4.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FISAX Franklin Adjustable U.S. Government Securities Fund | 4.37% | 4.62% | 4.81% | 3.25% | 1.41% | 0.91% | 1.89% | 2.99% | 2.51% | 1.95% | 1.52% | 1.19% |
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund | 2.91% | 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 FISAX have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FISAX has higher volatility (0.42%) compared to TSDUX (0.17%). In terms of maximum drawdown, TSDUX dropped -3.94% vs FISAX's -4.77%.
TSDUX currently has the higher Sharpe Ratio (3.68 vs 2.36), 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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