USGDX vs. KCCIX

Last updated Jun 4, 2026

USGDX (Morgan Stanley U.S. Government Securities Trust) and KCCIX (Knights of Columbus Core Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, USGDX returned 0.72%/yr vs 1.70%/yr for KCCIX. Their correlation of 0.89 suggests significant overlap in exposure. USGDX charges 0.52%/yr vs 0.71%/yr for KCCIX.

Performance

USGDX vs. KCCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley U.S. Government Securities Trust (USGDX) and Knights of Columbus Core Bond Fund (KCCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USGDX achieves a -1.50% return, which is significantly lower than KCCIX's 0.43% return. Over the past 10 years, USGDX has underperformed KCCIX with an annualized return of 0.72%, while KCCIX has yielded a comparatively higher 1.70% annualized return.

USGDX

• 1D: 0.15%
• 1M: 0.48%
• YTD: -1.50%
• 6M: -1.95%
• 1Y: 8.87%
• 3Y*: 2.39%
• 5Y*: -1.19%
• 10Y*: 0.72%

KCCIX

• 1D: -0.11%
• 1M: 0.23%
• YTD: 0.43%
• 6M: 0.43%
• 1Y: 4.69%
• 3Y*: 3.90%
• 5Y*: -0.24%
• 10Y*: 1.70%

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

USGDX vs. KCCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USGDX Morgan Stanley U.S. Government Securities Trust	-1.50%	13.54%	-6.80%	4.64%	-13.25%	-2.18%	5.79%	7.23%	0.08%	2.91%
KCCIX Knights of Columbus Core Bond Fund	0.43%	6.94%	1.50%	4.99%	-14.30%	-0.58%	7.21%	9.78%	-0.72%	4.55%

Correlation

The correlation between USGDX and KCCIX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.89

The correlation between USGDX and KCCIX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

USGDX vs. KCCIX — Risk / Return Rank

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

USGDX

USGDX Risk / Return Rank: 13
USGDX Sharpe Ratio Rank: 13
USGDX Sortino Ratio Rank: 14
USGDX Omega Ratio Rank: 13
USGDX Calmar Ratio Rank: 12
USGDX Martin Ratio Rank: 12

KCCIX

KCCIX Risk / Return Rank: 28
KCCIX Sharpe Ratio Rank: 26
KCCIX Sortino Ratio Rank: 27
KCCIX Omega Ratio Rank: 26
KCCIX Calmar Ratio Rank: 32
KCCIX Martin Ratio Rank: 26

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.

USGDX vs. KCCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley U.S. Government Securities Trust (USGDX) and Knights of Columbus Core Bond Fund (KCCIX). 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.

	USGDX	KCCIX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.44	-0.43
Sortino ratio: Return per unit of downside risk	1.53	2.14	-0.62
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.11	2.06	-0.95
Martin ratio: Return relative to average drawdown	3.52	6.13	-2.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USGDX vs. KCCIX - Sharpe Ratio Comparison

The current USGDX Sharpe Ratio is 1.01, which is comparable to the KCCIX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of USGDX and KCCIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USGDX	KCCIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	1.44	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	-0.04	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.36	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.43	+0.06

Drawdowns

USGDX vs. KCCIX - Drawdown Comparison

The maximum USGDX drawdown since its inception was -30.33%, which is greater than KCCIX's maximum drawdown of -18.52%. Use the drawdown chart below to compare losses from any high point for USGDX and KCCIX.

Drawdown Indicators

	USGDX	KCCIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.33%	-18.52%	-11.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-2.59%	-5.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	-5.84%	-12.86%
Max Drawdown (5Y) Largest decline over 5 years	-29.81%	-18.52%	-11.29%
Max Drawdown (10Y) Largest decline over 10 years	-30.33%	-18.52%	-11.81%
Current Drawdown Current decline from peak	-8.00%	-3.12%	-4.88%
Average Drawdown Average peak-to-trough decline	-3.20%	-4.80%	+1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	0.87%	+1.61%

Volatility

USGDX vs. KCCIX - Volatility Comparison

Morgan Stanley U.S. Government Securities Trust (USGDX) has a higher volatility of 3.45% compared to Knights of Columbus Core Bond Fund (KCCIX) at 1.18%. This indicates that USGDX's price experiences larger fluctuations and is considered to be riskier than KCCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USGDX	KCCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	1.18%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	5.88%	2.66%	+3.22%
Volatility (1Y) Calculated over the trailing 1-year period	8.67%	3.69%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.15%	5.55%	+6.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.89%	4.69%	+4.20%

USGDX vs. KCCIX - Expense Ratio Comparison

USGDX has a 0.52% expense ratio, which is lower than KCCIX's 0.71% expense ratio.

Dividends

USGDX vs. KCCIX - Dividend Comparison

USGDX's dividend yield for the trailing twelve months is around 5.01%, more than KCCIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCCIX Knights of Columbus Core Bond Fund	4.03%	3.95%	3.73%	3.23%	2.80%	2.19%	3.19%	2.97%	2.96%	2.63%	2.41%	0.00%
USGDX Morgan Stanley U.S. Government Securities Trust	5.01%	4.73%	5.20%	3.09%	2.51%	2.18%	2.79%	3.67%	3.13%	3.11%	3.13%	2.63%

Frequently Asked Questions

Can I hold both USGDX and KCCIX in my portfolio?

USGDX and KCCIX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USGDX or KCCIX?

USGDX has higher volatility (3.45%) compared to KCCIX (1.18%). In terms of maximum drawdown, USGDX dropped -30.33% vs KCCIX's -18.52%.

Which has better risk-adjusted returns?

KCCIX currently has the higher Sharpe Ratio (1.44 vs 1.01), 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.