USIAX vs. MUIIX

Last updated Jun 4, 2026

USIAX (UBS Ultra Short Income Fund) and MUIIX (Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio) are both Ultrashort Bond funds. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.35% expense ratio.

Performance

USIAX vs. MUIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS Ultra Short Income Fund (USIAX) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USIAX

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUIIX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.57%
• 6M: 1.91%
• 1Y: 4.22%
• 3Y*: 4.41%
• 5Y*: 3.25%
• 10Y*: —

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

USIAX vs. MUIIX - Yearly Performance Comparison

	2026 (YTD)
USIAX UBS Ultra Short Income Fund	0.32%
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	0.32%

Correlation

The correlation between USIAX and MUIIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	1.00

Return for Risk

USIAX vs. MUIIX — Risk / Return Rank

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

MUIIX

MUIIX Risk / Return Rank: 99
MUIIX Sharpe Ratio Rank: 97
MUIIX Sortino Ratio Rank: 100
MUIIX Omega Ratio Rank: 100
MUIIX Calmar Ratio Rank: 100
MUIIX Martin Ratio Rank: 100

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.

USIAX vs. MUIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS Ultra Short Income Fund (USIAX) and Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX). 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.

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

Sharpe Ratios by Period

	USIAX	MUIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.61	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	12.88	1.90	+10.98

Drawdowns

USIAX vs. MUIIX - Drawdown Comparison

The maximum USIAX drawdown since its inception was 0.00%, smaller than the maximum MUIIX drawdown of -1.20%. Use the drawdown chart below to compare losses from any high point for USIAX and MUIIX.

Drawdown Indicators

	USIAX	MUIIX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-1.20%	+1.20%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.20%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.06%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.03%	—

Volatility

Volatility by Period

	USIAX	MUIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	1.17%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.98%	1.59%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.98%	1.44%	+1.54%

USIAX vs. MUIIX - Expense Ratio Comparison

Both USIAX and MUIIX have an expense ratio of 0.35%.

Dividends

USIAX vs. MUIIX - Dividend Comparison

USIAX's dividend yield for the trailing twelve months is around 0.32%, less than MUIIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MUIIX Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio	4.03%	4.36%	4.81%	3.88%	1.20%	0.10%	0.39%
USIAX UBS Ultra Short Income Fund	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USIAX and MUIIX in my portfolio?

With a correlation of 1.00, USIAX and MUIIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.