DFJSX vs. MSAQX

Last updated Jul 14, 2026

DFJSX (DFA Japanese Small Company Portfolio) and MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) are both mutual funds - DFJSX is a Japan Equities fund managed by Dimensional, while MSAQX is a Asia Pacific Equities fund managed by Morgan Stanley. Over the past 10 years, DFJSX returned 8.79%/yr vs 9.87%/yr for MSAQX. At a 0.42 correlation, their price movements are largely independent. DFJSX charges 0.42%/yr vs 1.10%/yr for MSAQX.

Performance

DFJSX vs. MSAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Japanese Small Company Portfolio (DFJSX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFJSX achieves a 15.12% return, which is significantly higher than MSAQX's 14.16% return. Over the past 10 years, DFJSX has underperformed MSAQX with an annualized return of 8.79%, while MSAQX has yielded a comparatively higher 9.87% annualized return.

DFJSX

• 1D: 0.31%
• 1M: 2.16%
• 6M: 10.77%
• YTD: 15.12%
• 1Y: 30.87%
• 3Y*: 19.71%
• 5Y*: 9.91%
• 10Y*: 8.79%

MSAQX

• 1D: 0.04%
• 1M: 0.53%
• 6M: 8.43%
• YTD: 14.16%
• 1Y: 7.54%
• 3Y*: 10.41%
• 5Y*: -3.06%
• 10Y*: 9.87%

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

DFJSX vs. MSAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFJSX DFA Japanese Small Company Portfolio	15.12%	31.65%	4.35%	17.08%	-11.36%	-0.39%	3.78%	18.23%	-19.56%	35.69%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	14.16%	2.06%	19.71%	-6.83%	-22.01%	-20.52%	52.55%	44.74%	-13.64%	76.83%

Correlation

The correlation between DFJSX and MSAQX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.42

Return for Risk

DFJSX vs. MSAQX — Risk / Return Rank

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

DFJSX

DFJSX Risk / Return Rank: 62
DFJSX Sharpe Ratio Rank: 69
DFJSX Sortino Ratio Rank: 67
DFJSX Omega Ratio Rank: 65
DFJSX Calmar Ratio Rank: 64
DFJSX Martin Ratio Rank: 45

MSAQX

MSAQX Risk / Return Rank: 6
MSAQX Sharpe Ratio Rank: 6
MSAQX Sortino Ratio Rank: 7
MSAQX Omega Ratio Rank: 7
MSAQX Calmar Ratio Rank: 6
MSAQX Martin Ratio Rank: 6

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.

DFJSX vs. MSAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Japanese Small Company Portfolio (DFJSX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). 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.

	DFJSX	MSAQX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	0.29	+1.54
Sortino ratio: Return per unit of downside risk	2.57	0.56	+2.01
Omega ratio: Gain probability vs. loss probability	1.33	1.07	+0.26
Calmar ratio: Return relative to maximum drawdown	2.46	0.30	+2.16
Martin ratio: Return relative to average drawdown	7.54	0.76	+6.78

DFJSX vs. MSAQX - Sharpe Ratio Comparison

The current DFJSX Sharpe Ratio is 1.83, which is higher than the MSAQX Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of DFJSX and MSAQX, 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

DFJSX vs. MSAQX - Drawdown Comparison

The maximum DFJSX drawdown since its inception was -76.17%, which is greater than MSAQX's maximum drawdown of -61.11%. Use the drawdown chart below to compare losses from any high point for DFJSX and MSAQX.

Drawdown Indicators

	DFJSX	MSAQX	Difference
Max Drawdown Largest peak-to-trough decline	-76.17%	-61.11%	-15.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.53%	-23.57%	+11.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-23.57%	+10.26%
Max Drawdown (5Y) Largest decline over 5 years	-31.39%	-50.58%	+19.19%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	-61.11%	+20.79%
Current Drawdown Current decline from peak	-2.07%	-34.25%	+32.18%
Average Drawdown Average peak-to-trough decline	-30.02%	-24.51%	-5.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	9.28%	-5.22%

Volatility

DFJSX vs. MSAQX - Volatility Comparison

The current volatility for DFA Japanese Small Company Portfolio (DFJSX) is 5.92%, while Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) has a volatility of 9.48%. This indicates that DFJSX experiences smaller price fluctuations and is considered to be less risky than MSAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFJSX	MSAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	9.48%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	13.30%	21.26%	-7.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.82%	24.08%	-7.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	24.93%	-8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	22.62%	-6.04%

DFJSX vs. MSAQX - Expense Ratio Comparison

DFJSX has a 0.42% expense ratio, which is lower than MSAQX's 1.10% expense ratio.

Dividends

DFJSX vs. MSAQX - Dividend Comparison

DFJSX's dividend yield for the trailing twelve months is around 3.03%, while MSAQX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJSX DFA Japanese Small Company Portfolio	3.03%	3.49%	3.16%	6.45%	5.44%	5.26%	2.14%	3.98%	7.50%	2.41%	1.97%	1.38%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	0.00%	0.00%	1.82%	0.26%	0.00%	0.88%	1.06%	0.05%	0.69%	1.12%	2.24%	0.00%

Frequently Asked Questions

Can I hold both DFJSX and MSAQX in my portfolio?

DFJSX and MSAQX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFJSX or MSAQX?

MSAQX has higher volatility (9.48%) compared to DFJSX (5.92%). In terms of maximum drawdown, DFJSX dropped -76.17% vs MSAQX's -61.11%.

Which has better risk-adjusted returns?

DFJSX currently has the higher Sharpe Ratio (1.83 vs 0.29), 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.