CAF vs. VPADX

Last updated Aug 4, 2026

CAF (Morgan Stanley China A Share Fund) and VPADX (Vanguard Pacific Stock Index Fund Admiral Shares) are both mutual funds - CAF is a China Equities fund actively managed by Morgan Stanley, while VPADX is a Asia Pacific Equities fund managed by Vanguard. Over the past 10 years, CAF returned 4.77%/yr vs 9.53%/yr for VPADX. Their 0.49 correlation means their historical movements had little consistent relationship. CAF charges 1.67%/yr vs 0.10%/yr for VPADX.

Performance

CAF vs. VPADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley China A Share Fund (CAF) and Vanguard Pacific Stock Index Fund Admiral Shares (VPADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAF achieves a 8.47% return, which is significantly lower than VPADX's 21.28% return. Over the past 10 years, CAF has underperformed VPADX with an annualized return of 4.77%, while VPADX has yielded a comparatively higher 9.53% 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%

VPADX

• 1D: 0.07%
• 1M: -1.18%
• 6M: 11.58%
• YTD: 21.28%
• 1Y: 38.89%
• 3Y*: 19.10%
• 5Y*: 9.54%
• 10Y*: 9.53%
• ALL TIME*: 6.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAF Morgan Stanley China A Share Fund	$536.29K	$436.86K	$582.49K
VPADX Vanguard Pacific Stock Index Fund Admiral Shares	$0.00	$0.00	$0.00

CAF vs. VPADX - 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%
VPADX Vanguard Pacific Stock Index Fund Admiral Shares	21.28%	33.15%	1.24%	15.55%	-15.24%	1.46%	16.56%	17.57%	-13.92%	28.62%

Correlation

The correlation between CAF and VPADX is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Sep 28, 2006	0.49

The correlation between CAF and VPADX shifts across timeframes, from 0.35 (3 years) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CAF vs. VPADX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CAF

CAF Risk / Return Rank: 73
CAF Sharpe Ratio Rank: 73
CAF Sortino Ratio Rank: 69
CAF Omega Ratio Rank: 68
CAF Calmar Ratio Rank: 86
CAF Martin Ratio Rank: 69

VPADX

VPADX Risk / Return Rank: 70
VPADX Sharpe Ratio Rank: 69
VPADX Sortino Ratio Rank: 58
VPADX Omega Ratio Rank: 70
VPADX Calmar Ratio Rank: 84
VPADX Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CAF vs. VPADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley China A Share Fund (CAF) and Vanguard Pacific Stock Index Fund Admiral Shares (VPADX). 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	VPADX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.69	+0.10
Sortino ratio: Return per unit of downside risk	2.47	2.23	+0.24
Omega ratio: Gain probability vs. loss probability	1.32	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	3.18	2.93	+0.25
Martin ratio: Return relative to average drawdown	9.22	8.94	+0.28

CAF vs. VPADX - Sharpe Ratio Comparison

The current CAF Sharpe Ratio is 1.79, which is comparable to the VPADX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of CAF and VPADX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CAF vs. VPADX - Drawdown Comparison

The maximum CAF drawdown since its inception was -65.88%, which is greater than VPADX's maximum drawdown of -55.28%. Use the drawdown chart below to compare losses from any high point for CAF and VPADX.

Drawdown Indicators

	CAF	VPADX	Difference
Max Drawdown Largest peak-to-trough decline	-65.88%	-55.28%	-10.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.72%	-13.41%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	-26.27%	-16.37%	-9.90%
Max Drawdown (5Y) Largest decline over 5 years	-45.26%	-31.17%	-14.09%
Max Drawdown (10Y) Largest decline over 10 years	-49.01%	-33.67%	-15.34%
Current Drawdown Current decline from peak	-11.72%	-8.61%	-3.11%
Average Drawdown Average peak-to-trough decline	-25.75%	-11.71%	-14.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	4.39%	-0.36%

Volatility

CAF vs. VPADX - Volatility Comparison

The current volatility for Morgan Stanley China A Share Fund (CAF) is 8.03%, while Vanguard Pacific Stock Index Fund Admiral Shares (VPADX) has a volatility of 10.04%. This indicates that CAF experiences smaller price fluctuations and is considered to be less risky than VPADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAF	VPADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	10.04%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	21.07%	-5.72%
Volatility (1Y) Calculated over the trailing 1-year period	20.86%	23.23%	-2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	17.66%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.98%	16.78%	+5.20%

CAF vs. VPADX - Expense Ratio Comparison

CAF has a 1.67% expense ratio, which is higher than VPADX's 0.10% expense ratio.

Dividends

CAF vs. VPADX - Dividend Comparison

CAF's dividend yield for the trailing twelve months is around 1.40%, less than VPADX's 2.75% 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%
VPADX Vanguard Pacific Stock Index Fund Admiral Shares	2.75%	3.99%	3.13%	3.09%	2.73%	3.15%	1.79%	2.83%	3.03%	2.57%	2.65%	2.43%

Frequently Asked Questions

Can I hold both CAF and VPADX in my portfolio?

CAF and VPADX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAF or VPADX?

VPADX has higher volatility (10.04%) compared to CAF (8.03%). In terms of maximum drawdown, CAF dropped -65.88% vs VPADX's -55.28%.

Which has better risk-adjusted returns?

CAF currently has the higher Sharpe Ratio (1.79 vs 1.69), 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.