APSGX vs. MMGPX
APSGX (Fiera Capital Small/Mid-Cap Growth Fund) and MMGPX (Morgan Stanley Discovery Portfolio) are both Mid Cap Growth Equities funds. Over the past 5 years, APSGX returned 3.35%/yr vs -6.26%/yr for MMGPX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. APSGX charges 1.05%/yr vs 0.04%/yr for MMGPX.
Performance
APSGX vs. MMGPX - Performance Comparison
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Returns By Period
In the year-to-date period, APSGX achieves a 3.92% return, which is significantly higher than MMGPX's -0.96% return.
APSGX
- 1D
- 1.50%
- 1M
- -1.40%
- 6M
- 4.57%
- YTD
- 3.92%
- 1Y
- 11.65%
- 3Y*
- 8.15%
- 5Y*
- 3.35%
- 10Y*
- 10.91%
- ALL TIME*
- 11.36%
MMGPX
- 1D
- 1.83%
- 1M
- -3.86%
- 6M
- 6.79%
- YTD
- -0.96%
- 1Y
- -12.68%
- 3Y*
- 20.01%
- 5Y*
- -6.26%
- 10Y*
- —
- ALL TIME*
- 14.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
APSGX vs. MMGPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
APSGX Fiera Capital Small/Mid-Cap Growth Fund | 3.92% | 5.74% | 4.69% | 26.12% | -23.71% | 17.09% | 44.67% | 31.20% | -10.38% | 23.00% |
MMGPX Morgan Stanley Discovery Portfolio | -0.96% | 12.58% | 41.83% | 44.34% | -63.37% | -11.55% | 152.67% | 40.20% | 10.89% | 28.18% |
Correlation
The correlation between APSGX and MMGPX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.78 |
The correlation between APSGX and MMGPX has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
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Return for Risk
APSGX vs. MMGPX — Risk / Return Rank
APSGX
MMGPX
APSGX vs. MMGPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fiera Capital Small/Mid-Cap Growth Fund (APSGX) and Morgan Stanley Discovery Portfolio (MMGPX). 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.
| APSGX | MMGPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.96 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | -0.38 | +1.39 |
| Martin ratioReturn relative to average drawdown | 3.18 | -0.72 | +3.91 |
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Drawdowns
APSGX vs. MMGPX - Drawdown Comparison
The maximum APSGX drawdown since its inception was -35.77%, smaller than the maximum MMGPX drawdown of -75.38%. Use the drawdown chart below to compare losses from any high point for APSGX and MMGPX.
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Drawdown Indicators
| APSGX | MMGPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.77% | -75.38% | +39.61% |
Max Drawdown (1Y)Largest decline over 1 year | -13.30% | -27.79% | +14.49% |
Max Drawdown (3Y)Largest decline over 3 years | -28.15% | -29.27% | +1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -33.52% | -72.70% | +39.18% |
Max Drawdown (10Y)Largest decline over 10 years | -35.77% | — | — |
Current DrawdownCurrent decline from peak | -2.87% | -40.82% | +37.95% |
Average DrawdownAverage peak-to-trough decline | -7.50% | -30.41% | +22.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 14.54% | -10.35% |
Volatility
APSGX vs. MMGPX - Volatility Comparison
The current volatility for Fiera Capital Small/Mid-Cap Growth Fund (APSGX) is 4.21%, while Morgan Stanley Discovery Portfolio (MMGPX) has a volatility of 7.14%. This indicates that APSGX experiences smaller price fluctuations and is considered to be less risky than MMGPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APSGX | MMGPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 7.14% | -2.93% |
Volatility (6M)Calculated over the trailing 6-month period | 13.03% | 21.86% | -8.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.47% | 29.03% | -11.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.32% | 39.84% | -17.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.49% | 35.11% | -12.62% |
APSGX vs. MMGPX - Expense Ratio Comparison
APSGX has a 1.05% expense ratio, which is higher than MMGPX's 0.04% expense ratio.
Dividends
APSGX vs. MMGPX - Dividend Comparison
APSGX's dividend yield for the trailing twelve months is around 2.34%, while MMGPX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
APSGX Fiera Capital Small/Mid-Cap Growth Fund | 2.34% | 2.43% | 2.91% | 2.48% | 16.83% | 11.57% | 21.15% | 11.48% | 28.25% | 0.00% | 0.28% | 1.03% |
MMGPX Morgan Stanley Discovery Portfolio | 0.00% | 0.43% | 0.00% | 0.00% | 125.40% | 64.53% | 7.93% | 15.63% | 28.02% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
APSGX and MMGPX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMGPX has higher volatility (7.14%) compared to APSGX (4.21%). In terms of maximum drawdown, APSGX dropped -35.77% vs MMGPX's -75.38%.
APSGX currently has the higher Sharpe Ratio (0.77 vs -0.36), 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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