UUSTX vs. TSDUX
UUSTX (USAA Ultra Short-Term Bond Fund) and TSDUX (Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund) are both Ultrashort Bond funds. Over the past 10 years, UUSTX returned 2.95%/yr vs 2.68%/yr for TSDUX. At a correlation of -0.01, they often move in opposite directions. Both charge a 0.62% expense ratio.
Performance
UUSTX vs. TSDUX - Performance Comparison
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Returns By Period
In the year-to-date period, UUSTX achieves a 1.39% return, which is significantly lower than TSDUX's 1.77% return. Over the past 10 years, UUSTX has outperformed TSDUX with an annualized return of 2.95%, while TSDUX has yielded a comparatively lower 2.68% annualized return.
UUSTX
- 1D
- 0.00%
- 1M
- 0.37%
- YTD
- 1.39%
- 6M
- 1.78%
- 1Y
- 4.43%
- 3Y*
- 5.49%
- 5Y*
- 3.53%
- 10Y*
- 2.95%
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%
UUSTX vs. TSDUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUSTX USAA Ultra Short-Term Bond Fund | 1.39% | 5.25% | 6.20% | 5.57% | -0.69% | 0.78% | 3.00% | 4.37% | 1.58% | 1.51% |
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 UUSTX and TSDUX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2016 | -0.01 |
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Return for Risk
UUSTX vs. TSDUX — Risk / Return Rank
UUSTX
TSDUX
UUSTX vs. TSDUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA Ultra Short-Term Bond Fund (UUSTX) 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.
| UUSTX | TSDUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | +4.25 | ||
| Omega ratioGain probability vs. loss probability | 2.95 | 3.14 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 7.67 | 8.71 | -1.04 |
| Martin ratioReturn relative to average drawdown | 37.37 | 28.57 | +8.80 |
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Drawdowns
UUSTX vs. TSDUX - Drawdown Comparison
The maximum UUSTX drawdown since its inception was -7.34%, which is greater than TSDUX's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for UUSTX and TSDUX.
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Drawdown Indicators
| UUSTX | TSDUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.34% | -3.94% | -3.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.59% | -0.41% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -0.59% | -0.73% | +0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -2.53% | -1.72% | -0.81% |
Max Drawdown (10Y)Largest decline over 10 years | -7.34% | -3.94% | -3.40% |
Current DrawdownCurrent decline from peak | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.19% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.12% | 0.13% | -0.01% |
Volatility
UUSTX vs. TSDUX - Volatility Comparison
USAA Ultra Short-Term Bond Fund (UUSTX) has a higher volatility of 0.43% compared to Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed Income Fund (TSDUX) at 0.17%. This indicates that UUSTX's price experiences larger fluctuations and is considered to be riskier than TSDUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUSTX | TSDUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 0.17% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 0.52% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.47% | 0.97% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.51% | 1.11% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.51% | 1.09% | +0.42% |
UUSTX vs. TSDUX - Expense Ratio Comparison
Both UUSTX and TSDUX have an expense ratio of 0.62%.
Dividends
UUSTX vs. TSDUX - Dividend Comparison
UUSTX's dividend yield for the trailing twelve months is around 4.53%, 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% |
UUSTX USAA Ultra Short-Term Bond Fund | 4.53% | 4.81% | 5.30% | 3.87% | 2.01% | 0.87% | 2.10% | 2.66% | 2.38% | 1.60% | 1.31% | 1.33% |
Frequently Asked Questions
UUSTX and TSDUX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUSTX has higher volatility (0.43%) compared to TSDUX (0.17%). In terms of maximum drawdown, UUSTX dropped -7.34% vs TSDUX's -3.94%.
TSDUX currently has the higher Sharpe Ratio (3.68 vs 3.09), 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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