TSDUX vs. MACGX
TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) and MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) are both mutual funds - TSDUX is a Ultrashort Bond fund managed by Morgan Stanley, while MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley. Over the past 10 years, TSDUX returned 2.67%/yr vs 13.16%/yr for MACGX. Their -0.01 correlation means they have often moved in opposite directions in the past. TSDUX charges 0.62%/yr vs 1.00%/yr for MACGX.
Performance
TSDUX vs. MACGX - Performance Comparison
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Returns By Period
In the year-to-date period, TSDUX achieves a 1.91% return, which is significantly higher than MACGX's -2.11% return. Over the past 10 years, TSDUX has underperformed MACGX with an annualized return of 2.67%, while MACGX has yielded a comparatively higher 13.16% annualized return.
TSDUX
- 1D
- -0.41%
- 1M
- 0.00%
- 6M
- 1.45%
- YTD
- 1.91%
- 1Y
- 2.71%
- 3Y*
- 4.61%
- 5Y*
- 3.44%
- 10Y*
- 2.67%
- ALL TIME*
- 2.65%
MACGX
- 1D
- -1.87%
- 1M
- -5.58%
- 6M
- 3.77%
- YTD
- -2.11%
- 1Y
- -10.82%
- 3Y*
- 18.26%
- 5Y*
- -6.21%
- 10Y*
- 13.16%
- ALL TIME*
- 9.66%
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 |
TSDUX vs. MACGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund | 1.91% | 3.24% | 6.04% | 5.94% | 0.41% | -0.11% | 2.06% | 2.65% | 1.64% | 1.73% |
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | -2.11% | 13.71% | 42.06% | 46.30% | -63.51% | -12.84% | 142.01% | 39.41% | 11.85% | 38.99% |
Correlation
The correlation between TSDUX and MACGX is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2016 | -0.01 |
The correlation between TSDUX and MACGX shifts across timeframes, from -0.06 (5 years) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TSDUX vs. MACGX — Risk / Return Rank
TSDUX
MACGX
TSDUX vs. MACGX - 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 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.
| TSDUX | MACGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.23 | ||
| Sortino ratioReturn per unit of downside risk | +4.04 | ||
| Omega ratioGain probability vs. loss probability | 2.46 | 0.96 | +1.50 |
| Calmar ratioReturn relative to maximum drawdown | 7.33 | -0.40 | +7.73 |
| Martin ratioReturn relative to average drawdown | 23.71 | -0.79 | +24.50 |
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Drawdowns
TSDUX vs. MACGX - Drawdown Comparison
The maximum TSDUX drawdown since its inception was -3.94%, smaller than the maximum MACGX drawdown of -77.61%. Use the drawdown chart below to compare losses from any high point for TSDUX and MACGX.
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Drawdown Indicators
| TSDUX | MACGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.94% | -77.61% | +73.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.41% | -27.55% | +27.14% |
Max Drawdown (3Y)Largest decline over 3 years | -0.73% | -28.55% | +27.82% |
Max Drawdown (5Y)Largest decline over 5 years | -1.72% | -77.61% | +75.89% |
Max Drawdown (10Y)Largest decline over 10 years | -3.94% | -77.61% | +73.67% |
Current DrawdownCurrent decline from peak | -0.41% | -45.58% | +45.17% |
Average DrawdownAverage peak-to-trough decline | -0.18% | -25.74% | +25.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.12% | 13.97% | -13.85% |
Volatility
TSDUX vs. MACGX - Volatility Comparison
The current volatility for Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) is 0.47%, while Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a volatility of 7.00%. This indicates that TSDUX 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
| TSDUX | MACGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 7.00% | -6.53% |
Volatility (6M)Calculated over the trailing 6-month period | 0.66% | 22.19% | -21.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.05% | 29.25% | -28.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.12% | 48.40% | -47.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.09% | 39.47% | -38.38% |
TSDUX vs. MACGX - Expense Ratio Comparison
TSDUX has a 0.62% expense ratio, which is lower than MACGX's 1.00% expense ratio.
Dividends
TSDUX vs. MACGX - Dividend Comparison
TSDUX's dividend yield for the trailing twelve months is around 2.47%, 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% |
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund | 2.47% | 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 MACGX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MACGX has higher volatility (7.00%) compared to TSDUX (0.47%). In terms of maximum drawdown, TSDUX dropped -3.94% vs MACGX's -77.61%.
TSDUX currently has the higher Sharpe Ratio (2.85 vs -0.38), 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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