CAF vs. MGSEX
CAF (Morgan Stanley China A Share Fund) and MGSEX (AMG Veritas Asia Pacific Fund) are both mutual funds - CAF is a China Equities fund actively managed by Morgan Stanley, while MGSEX is a Asia Pacific Equities fund managed by AMG. Over the past 10 years, CAF returned 4.77%/yr vs 15.16%/yr for MGSEX. Their 0.49 correlation means their historical movements had little consistent relationship. CAF charges 1.67%/yr vs 1.18%/yr for MGSEX.
Performance
CAF vs. MGSEX - Performance Comparison
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Returns By Period
In the year-to-date period, CAF achieves a 8.47% return, which is significantly lower than MGSEX's 24.78% return. Over the past 10 years, CAF has underperformed MGSEX with an annualized return of 4.77%, while MGSEX has yielded a comparatively higher 15.16% annualized return.
CAF
- 1D
- -1.67%
- 1M
- -8.59%
- 6M
- 3.80%
- YTD
- 8.47%
- 1Y
- 37.10%
- 3Y*
- 14.27%
- 5Y*
- -0.15%
- 10Y*
- 4.77%
- ALL TIME*
- 8.91%
MGSEX
- 1D
- 2.49%
- 1M
- -9.54%
- 6M
- 13.39%
- YTD
- 24.78%
- 1Y
- 48.70%
- 3Y*
- 21.18%
- 5Y*
- 4.64%
- 10Y*
- 15.16%
- ALL TIME*
- 10.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $536.29K | $436.86K | $582.49K | |
| $0.00 | $0.00 | $0.00 |
CAF vs. MGSEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CAF Morgan Stanley China A Share Fund | 8.47% | 41.51% | 0.34% | -9.39% | -30.41% | -1.77% | 12.74% | 23.50% | -14.26% | 44.94% |
MGSEX AMG Veritas Asia Pacific Fund | 24.78% | 41.56% | 7.23% | -4.82% | -27.91% | 0.83% | 38.74% | 80.58% | -3.77% | 20.26% |
Correlation
The correlation between CAF and MGSEX is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2006 | 0.49 |
The correlation between CAF and MGSEX has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.
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Return for Risk
CAF vs. MGSEX — Risk / Return Rank
CAF
MGSEX
CAF vs. MGSEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley China A Share Fund (CAF) and AMG Veritas Asia Pacific Fund (MGSEX). 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 | MGSEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.27 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 1.82 | +1.36 |
| Martin ratioReturn relative to average drawdown | 9.22 | 6.71 | +2.51 |
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Drawdowns
CAF vs. MGSEX - Drawdown Comparison
The maximum CAF drawdown since its inception was -65.88%, which is greater than MGSEX's maximum drawdown of -62.06%. Use the drawdown chart below to compare losses from any high point for CAF and MGSEX.
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Drawdown Indicators
| CAF | MGSEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.88% | -62.06% | -3.82% |
Max Drawdown (1Y)Largest decline over 1 year | -11.72% | -25.18% | +13.46% |
Max Drawdown (3Y)Largest decline over 3 years | -26.27% | -25.18% | -1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -45.26% | -42.34% | -2.92% |
Max Drawdown (10Y)Largest decline over 10 years | -49.01% | -45.32% | -3.69% |
Current DrawdownCurrent decline from peak | -11.72% | -19.66% | +7.94% |
Average DrawdownAverage peak-to-trough decline | -25.75% | -13.87% | -11.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.03% | 6.82% | -2.79% |
Volatility
CAF vs. MGSEX - Volatility Comparison
The current volatility for Morgan Stanley China A Share Fund (CAF) is 8.03%, while AMG Veritas Asia Pacific Fund (MGSEX) has a volatility of 12.88%. This indicates that CAF experiences smaller price fluctuations and is considered to be less risky than MGSEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAF | MGSEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 12.88% | -4.85% |
Volatility (6M)Calculated over the trailing 6-month period | 15.35% | 29.09% | -13.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.86% | 32.00% | -11.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.70% | 21.83% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.98% | 26.72% | -4.74% |
CAF vs. MGSEX - Expense Ratio Comparison
CAF has a 1.67% expense ratio, which is higher than MGSEX's 1.18% expense ratio.
Dividends
CAF vs. MGSEX - Dividend Comparison
CAF's dividend yield for the trailing twelve months is around 1.40%, more than MGSEX's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAF Morgan Stanley China A Share Fund | 1.40% | 1.51% | 2.63% | 0.96% | 0.02% | 6.57% | 10.40% | 3.78% | 9.48% | 5.20% | 4.69% | 67.03% |
MGSEX AMG Veritas Asia Pacific Fund | 0.11% | 0.14% | 0.47% | 0.11% | 0.00% | 83.77% | 4.35% | 59.30% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CAF and MGSEX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MGSEX has higher volatility (12.88%) compared to CAF (8.03%). In terms of maximum drawdown, CAF dropped -65.88% vs MGSEX's -62.06%.
CAF currently has the higher Sharpe Ratio (1.79 vs 1.43), 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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