CAF vs. BGCBX

Last updated Apr 1, 2026

Compare and contrast key facts about Morgan Stanley China A Share Fund (CAF) and Baillie Gifford China Equities Fund (BGCBX).

CAF is an actively managed fund by Morgan Stanley. It was launched on Jul 6, 2006. BGCBX is managed by Baillie Gifford Funds. It was launched on Jul 6, 2021.

Performance

CAF vs. BGCBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley China A Share Fund (CAF) and Baillie Gifford China Equities Fund (BGCBX). The values are adjusted to include any dividend payments, if applicable.

CAF vs. BGCBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CAF Morgan Stanley China A Share Fund	0.81%	41.51%	0.34%	-9.39%	-30.41%	-3.81%
BGCBX Baillie Gifford China Equities Fund	-7.39%	36.51%	9.74%	-18.00%	-28.56%	-17.30%

Returns By Period

In the year-to-date period, CAF achieves a 0.81% return, which is significantly higher than BGCBX's -7.39% return.

CAF

• 1D: 3.67%
• 1M: -4.11%
• YTD: 0.81%
• 6M: 6.75%
• 1Y: 35.89%
• 3Y*: 8.65%
• 5Y*: -3.03%
• 10Y*: 4.78%

BGCBX

• 1D: -0.16%
• 1M: -8.19%
• YTD: -7.39%
• 6M: -12.16%
• 1Y: 9.09%
• 3Y*: 3.63%
• 5Y*: —
• 10Y*: —

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

CAF vs. BGCBX - Expense Ratio Comparison

CAF has a 1.67% expense ratio, which is higher than BGCBX's 0.96% expense ratio.

CAF

Morgan Stanley China A Share Fund

BGCBX

Baillie Gifford China Equities Fund

Return for Risk

CAF vs. BGCBX — Risk / Return Rank

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

CAF

CAF Risk / Return Rank: 89
CAF Sharpe Ratio Rank: 89
CAF Sortino Ratio Rank: 89
CAF Omega Ratio Rank: 84
CAF Calmar Ratio Rank: 94
CAF Martin Ratio Rank: 90

BGCBX

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

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.

CAF vs. BGCBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley China A Share Fund (CAF) and Baillie Gifford China Equities Fund (BGCBX). 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.

	CAF	BGCBX	Difference
Sharpe ratio Return per unit of total volatility	1.83	0.40	+1.43
Sortino ratio Return per unit of downside risk	2.50	0.67	+1.83
Omega ratio Gain probability vs. loss probability	1.35	1.09	+0.25
Calmar ratio Return relative to maximum drawdown	3.02	0.40	+2.62
Martin ratio Return relative to average drawdown	10.31	1.29	+9.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAF vs. BGCBX - Sharpe Ratio Comparison

The current CAF Sharpe Ratio is 1.83, which is higher than the BGCBX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of CAF and BGCBX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CAF	BGCBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	0.40	+1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	-0.30	+0.56

Correlation

The correlation between CAF and BGCBX is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CAF vs. BGCBX - Dividend Comparison

CAF's dividend yield for the trailing twelve months is around 1.50%, more than BGCBX's 0.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAF Morgan Stanley China A Share Fund	1.50%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%
BGCBX Baillie Gifford China Equities Fund	0.99%	0.91%	2.03%	1.50%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CAF vs. BGCBX - Drawdown Comparison

The maximum CAF drawdown since its inception was -65.88%, which is greater than BGCBX's maximum drawdown of -59.07%. Use the drawdown chart below to compare losses from any high point for CAF and BGCBX.

Drawdown Indicators

	CAF	BGCBX	Difference
Max Drawdown Largest peak-to-trough decline	-65.88%	-59.07%	-6.81%
Max Drawdown (1Y) Largest decline over 1 year	-11.45%	-16.02%	+4.57%
Max Drawdown (5Y) Largest decline over 5 years	-49.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.01%	—	—
Current Drawdown Current decline from peak	-17.42%	-33.71%	+16.29%
Average Drawdown Average peak-to-trough decline	-26.05%	-38.61%	+12.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	4.94%	-1.45%

Volatility

CAF vs. BGCBX - Volatility Comparison

Morgan Stanley China A Share Fund (CAF) has a higher volatility of 6.54% compared to Baillie Gifford China Equities Fund (BGCBX) at 6.03%. This indicates that CAF's price experiences larger fluctuations and is considered to be riskier than BGCBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAF	BGCBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	6.03%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	13.91%	13.23%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	19.73%	21.42%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.20%	27.29%	-6.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	27.29%	-5.39%