UMNIX vs. TSDUX

Last updated Jun 24, 2026

UMNIX (Lazard US Short Duration Fixed Income Portfolio) and TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) are both Ultrashort Bond funds. At a correlation of -0.04, they often move in opposite directions. UMNIX charges 0.40%/yr vs 0.62%/yr for TSDUX.

Performance

UMNIX vs. TSDUX - Performance Comparison

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

Returns By Period

UMNIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

UMNIX vs. TSDUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMNIX Lazard US Short Duration Fixed Income Portfolio	0.22%	5.02%	3.88%	3.53%	-2.72%	-0.44%	2.47%	3.26%	1.09%	0.82%
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%

Correlation

The correlation between UMNIX and TSDUX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 17, 2016	-0.04

The correlation between UMNIX and TSDUX shifts across timeframes, from -0.04 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UMNIX vs. TSDUX — Risk / Return Rank

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

UMNIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TSDUX

TSDUX Risk / Return Rank: 98
TSDUX Sharpe Ratio Rank: 98
TSDUX Sortino Ratio Rank: 96
TSDUX Omega Ratio Rank: 99
TSDUX Calmar Ratio Rank: 98
TSDUX Martin Ratio Rank: 98

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.

UMNIX vs. TSDUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard US Short Duration Fixed Income Portfolio (UMNIX) and Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX). 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.

	UMNIX	TSDUX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.68	—
Sortino ratio: Return per unit of downside risk	—	5.11	—
Omega ratio: Gain probability vs. loss probability	—	3.14	—
Calmar ratio: Return relative to maximum drawdown	—	8.71	—
Martin ratio: Return relative to average drawdown	—	28.57	—

Drawdowns

Drawdown Indicators

	UMNIX	TSDUX	Difference
Max Drawdown Largest peak-to-trough decline	—	-3.94%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.41%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-3.94%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.19%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	UMNIX	TSDUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.97%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.11%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.09%	—

UMNIX vs. TSDUX - Expense Ratio Comparison

UMNIX has a 0.40% expense ratio, which is lower than TSDUX's 0.62% expense ratio.

Dividends

UMNIX vs. TSDUX - Dividend Comparison

UMNIX's dividend yield for the trailing twelve months is around 2.96%, more than TSDUX's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UMNIX Lazard US Short Duration Fixed Income Portfolio	2.96%	3.94%	3.48%	2.70%	1.30%	0.16%	1.22%	2.48%	2.00%	1.53%	1.30%	1.06%

Frequently Asked Questions

Can I hold both UMNIX and TSDUX in my portfolio?

UMNIX and TSDUX 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.