CPODX vs. CAF

Last updated Jun 24, 2026

CPODX (Morgan Stanley Insight Fund) and CAF (Morgan Stanley China A Share Fund) are both mutual funds - CPODX is a Large Cap Growth Equities fund managed by Morgan Stanley, while CAF is a China Equities fund actively managed by Morgan Stanley. Over the past 10 years, CPODX returned 16.81%/yr vs 6.32%/yr for CAF. At a 0.40 correlation, their price movements are largely independent. CPODX charges 0.83%/yr vs 1.67%/yr for CAF.

Performance

CPODX vs. CAF - Performance Comparison

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

Returns By Period

In the year-to-date period, CPODX achieves a -3.24% return, which is significantly lower than CAF's 15.73% return. Over the past 10 years, CPODX has outperformed CAF with an annualized return of 16.81%, while CAF has yielded a comparatively lower 6.32% annualized return.

CPODX

• 1D: -1.76%
• 1M: -1.76%
• YTD: -3.24%
• 6M: -7.29%
• 1Y: 2.24%
• 3Y*: 25.64%
• 5Y*: -3.01%
• 10Y*: 16.81%

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%

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

CPODX vs. CAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPODX Morgan Stanley Insight Fund	-3.24%	19.23%	46.73%	53.03%	-60.99%	-6.54%	116.44%	33.45%	12.29%	48.76%
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%

Correlation

The correlation between CPODX and CAF is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 28, 2006	0.40

The correlation between CPODX and CAF shifts across timeframes, from 0.23 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CPODX vs. CAF — Risk / Return Rank

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

CPODX

CPODX Risk / Return Rank: 4
CPODX Sharpe Ratio Rank: 4
CPODX Sortino Ratio Rank: 4
CPODX Omega Ratio Rank: 4
CPODX Calmar Ratio Rank: 4
CPODX Martin Ratio Rank: 4

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

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.

CPODX vs. CAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Insight Fund (CPODX) and Morgan Stanley China A Share Fund (CAF). 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.

	CPODX	CAF	Difference
Sharpe ratio: Return per unit of total volatility	0.15	2.69	-2.54
Sortino ratio: Return per unit of downside risk	0.42	3.63	-3.21
Omega ratio: Gain probability vs. loss probability	1.05	1.47	-0.42
Calmar ratio: Return relative to maximum drawdown	0.16	4.64	-4.48
Martin ratio: Return relative to average drawdown	0.34	14.10	-13.76

CPODX vs. CAF - Sharpe Ratio Comparison

The current CPODX Sharpe Ratio is 0.15, which is lower than the CAF Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of CPODX and CAF, 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

CPODX vs. CAF - Drawdown Comparison

The maximum CPODX drawdown since its inception was -84.51%, which is greater than CAF's maximum drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for CPODX and CAF.

Drawdown Indicators

	CPODX	CAF	Difference
Max Drawdown Largest peak-to-trough decline	-84.51%	-65.88%	-18.63%
Max Drawdown (1Y) Largest decline over 1 year	-28.28%	-10.98%	-17.30%
Max Drawdown (3Y) Largest decline over 3 years	-31.37%	-26.27%	-5.10%
Max Drawdown (5Y) Largest decline over 5 years	-70.71%	-46.98%	-23.73%
Max Drawdown (10Y) Largest decline over 10 years	-71.26%	-49.01%	-22.25%
Current Drawdown Current decline from peak	-22.47%	-5.20%	-17.27%
Average Drawdown Average peak-to-trough decline	-38.42%	-25.86%	-12.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.49%	3.61%	+9.88%

Volatility

CPODX vs. CAF - Volatility Comparison

Morgan Stanley Insight Fund (CPODX) has a higher volatility of 10.71% compared to Morgan Stanley China A Share Fund (CAF) at 5.89%. This indicates that CPODX's price experiences larger fluctuations and is considered to be riskier than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPODX	CAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.71%	5.89%	+4.82%
Volatility (6M) Calculated over the trailing 6-month period	22.89%	13.78%	+9.11%
Volatility (1Y) Calculated over the trailing 1-year period	30.03%	19.03%	+11.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.92%	21.57%	+18.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.21%	21.88%	+12.33%

CPODX vs. CAF - Expense Ratio Comparison

CPODX has a 0.83% expense ratio, which is lower than CAF's 1.67% expense ratio.

Dividends

CPODX vs. CAF - Dividend Comparison

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

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%
CPODX Morgan Stanley Insight Fund	0.00%	0.00%	0.64%	0.00%	41.78%	12.90%	7.97%	6.49%	8.40%	26.14%	9.16%	8.38%

Frequently Asked Questions

Can I hold both CPODX and CAF in my portfolio?

CPODX and CAF have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPODX or CAF?

CPODX has higher volatility (10.71%) compared to CAF (5.89%). In terms of maximum drawdown, CPODX dropped -84.51% vs CAF's -65.88%.

Which has better risk-adjusted returns?

CAF currently has the higher Sharpe Ratio (2.69 vs 0.15), 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.