CAF vs. DINDX

Last updated Jun 24, 2026

CAF (Morgan Stanley China A Share Fund) and DINDX (Morgan Stanley Global Fixed Income Opportunities Fund) are both mutual funds - CAF is a China Equities fund actively managed by Morgan Stanley, while DINDX is a Multisector Bonds fund actively managed by Morgan Stanley. Both are actively managed. At a 0.14 correlation, their price movements are largely independent. CAF charges 1.67%/yr vs 0.56%/yr for DINDX.

Performance

CAF vs. DINDX - Performance Comparison

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

Returns By Period

CAF

• 1D: -1.18%
• 1M: 1.72%
• YTD: 15.73%
• 6M: 15.66%
• 1Y: 50.70%
• 3Y*: 18.96%
• 5Y*: 0.02%
• 10Y*: 6.32%

DINDX

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

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

CAF vs. DINDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAF Morgan Stanley China A Share Fund	15.73%	41.51%	0.34%	-9.39%	-30.41%	-1.77%	12.74%	23.50%	-14.26%	44.94%
DINDX Morgan Stanley Global Fixed Income Opportunities Fund	0.00%	8.28%	6.76%	8.49%	-7.06%	0.01%	5.10%	9.59%	-1.28%	7.54%

Correlation

The correlation between CAF and DINDX is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 28, 2006	0.14

The correlation between CAF and DINDX shifts across timeframes, from 0.03 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CAF vs. DINDX — Risk / Return Rank

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

CAF

CAF Risk / Return Rank: 85
CAF Sharpe Ratio Rank: 88
CAF Sortino Ratio Rank: 83
CAF Omega Ratio Rank: 79
CAF Calmar Ratio Rank: 92
CAF Martin Ratio Rank: 81

DINDX

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

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. DINDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley China A Share Fund (CAF) and Morgan Stanley Global Fixed Income Opportunities Fund (DINDX). 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.

	CAF	DINDX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	—	—
Sortino ratio: Return per unit of downside risk	3.63	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	4.64	—	—
Martin ratio: Return relative to average drawdown	14.10	—	—

Drawdowns

Drawdown Indicators

	CAF	DINDX	Difference
Max Drawdown Largest peak-to-trough decline	-65.88%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-10.98%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-26.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-46.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.01%	—	—
Current Drawdown Current decline from peak	-5.20%	—	—
Average Drawdown Average peak-to-trough decline	-25.86%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	—	—

Volatility

Volatility by Period

	CAF	DINDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.89%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	—	—

CAF vs. DINDX - Expense Ratio Comparison

CAF has a 1.67% expense ratio, which is higher than DINDX's 0.56% expense ratio.

Dividends

CAF vs. DINDX - Dividend Comparison

CAF's dividend yield for the trailing twelve months is around 1.31%, while DINDX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAF Morgan Stanley China A Share Fund	1.31%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%
DINDX Morgan Stanley Global Fixed Income Opportunities Fund	2.27%	4.69%	5.36%	4.69%	5.82%	3.52%	2.98%	3.43%	3.68%	3.13%	6.24%	4.80%

Frequently Asked Questions

Can I hold both CAF and DINDX in my portfolio?

CAF and DINDX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.