TSDUX vs. PTSHX

Last updated Aug 4, 2026

TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) and PTSHX (PIMCO Short Term Fund) are both Ultrashort Bond funds. Over the past 10 years, TSDUX returned 2.67%/yr vs 2.99%/yr for PTSHX. Their 0.31 correlation means their historical movements had little consistent relationship. TSDUX charges 0.62%/yr vs 0.45%/yr for PTSHX.

Performance

TSDUX vs. PTSHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) and PIMCO Short Term Fund (PTSHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSDUX achieves a 1.91% return, which is significantly lower than PTSHX's 2.39% return. Over the past 10 years, TSDUX has underperformed PTSHX with an annualized return of 2.67%, while PTSHX has yielded a comparatively higher 2.99% 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%

PTSHX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.95%
• YTD: 2.39%
• 1Y: 4.52%
• 3Y*: 5.46%
• 5Y*: 3.78%
• 10Y*: 2.99%
• ALL TIME*: 3.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PTSHX PIMCO Short Term Fund	$0.00	$0.00	$0.00
TSDUX Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund	$0.00	$0.00	$0.00

TSDUX vs. PTSHX - 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%
PTSHX PIMCO Short Term Fund	2.39%	4.88%	6.43%	6.09%	-0.55%	0.02%	2.75%	2.74%	1.51%	2.43%

Correlation

The correlation between TSDUX and PTSHX is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	0.27
Correlation (10Y) Provides a long-term view across more market conditions.	0.32
Correlation (All Time) Calculated using the full available price history since Mar 17, 2016	0.31

Over the past year, the correlation between TSDUX and PTSHX has dropped to 0.11 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.

Return for Risk

TSDUX vs. PTSHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSDUX

TSDUX Risk / Return Rank: 97
TSDUX Sharpe Ratio Rank: 97
TSDUX Sortino Ratio Rank: 93
TSDUX Omega Ratio Rank: 99
TSDUX Calmar Ratio Rank: 98
TSDUX Martin Ratio Rank: 98

PTSHX

PTSHX Risk / Return Rank: 99
PTSHX Sharpe Ratio Rank: 98
PTSHX Sortino Ratio Rank: 100
PTSHX Omega Ratio Rank: 99
PTSHX Calmar Ratio Rank: 100
PTSHX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSDUX vs. PTSHX - 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 PIMCO Short Term Fund (PTSHX). 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	PTSHX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	3.31	-0.46
Sortino ratio: Return per unit of downside risk	3.69	10.51	-6.82
Omega ratio: Gain probability vs. loss probability	2.46	3.62	-1.16
Calmar ratio: Return relative to maximum drawdown	7.33	21.54	-14.21
Martin ratio: Return relative to average drawdown	23.71	76.14	-52.44

TSDUX vs. PTSHX - Sharpe Ratio Comparison

The current TSDUX Sharpe Ratio is 2.85, which is comparable to the PTSHX Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of TSDUX and PTSHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSDUX vs. PTSHX - Drawdown Comparison

The maximum TSDUX drawdown since its inception was -3.94%, smaller than the maximum PTSHX drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for TSDUX and PTSHX.

Drawdown Indicators

	TSDUX	PTSHX	Difference
Max Drawdown Largest peak-to-trough decline	-3.94%	-5.12%	+1.18%
Max Drawdown (1Y) Largest decline over 1 year	-0.41%	-0.21%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-0.73%	-0.41%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	-1.72%	-2.33%	+0.61%
Max Drawdown (10Y) Largest decline over 10 years	-3.94%	-4.79%	+0.85%
Current Drawdown Current decline from peak	-0.41%	0.00%	-0.41%
Average Drawdown Average peak-to-trough decline	-0.18%	-0.19%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.06%	+0.06%

Volatility

TSDUX vs. PTSHX - Volatility Comparison

Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) has a higher volatility of 0.47% compared to PIMCO Short Term Fund (PTSHX) at 0.15%. This indicates that TSDUX's price experiences larger fluctuations and is considered to be riskier than PTSHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSDUX	PTSHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.15%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	0.66%	0.97%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	1.05%	1.43%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.12%	1.41%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.09%	1.35%	-0.26%

TSDUX vs. PTSHX - Expense Ratio Comparison

TSDUX has a 0.62% expense ratio, which is higher than PTSHX's 0.45% expense ratio.

Dividends

TSDUX vs. PTSHX - Dividend Comparison

TSDUX's dividend yield for the trailing twelve months is around 2.47%, less than PTSHX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTSHX PIMCO Short Term Fund	3.99%	4.75%	5.16%	4.51%	2.80%	0.63%	1.78%	2.92%	2.65%	1.69%	1.67%	1.57%
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

Can I hold both TSDUX and PTSHX in my portfolio?

TSDUX and PTSHX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSDUX or PTSHX?

TSDUX has higher volatility (0.47%) compared to PTSHX (0.15%). In terms of maximum drawdown, TSDUX dropped -3.94% vs PTSHX's -5.12%.

Which has better risk-adjusted returns?

PTSHX currently has the higher Sharpe Ratio (3.31 vs 2.85), 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.