EWC vs. MSEGX
EWC (iShares MSCI Canada ETF) and MSEGX (Morgan Stanley Institutional Growth Portfolio) are both funds - EWC is a Canada Equities fund tracking the MSCI Canada Index, while MSEGX is a Large Cap Growth Equities fund actively managed by Morgan Stanley. EWC is passively managed, while MSEGX is actively managed. Over the past 10 years, EWC returned 11.51%/yr vs 16.26%/yr for MSEGX. A 0.55 correlation means they provide meaningful diversification when combined. EWC charges 0.49%/yr vs 0.87%/yr for MSEGX.
Performance
EWC vs. MSEGX - Performance Comparison
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Returns By Period
In the year-to-date period, EWC achieves a 9.79% return, which is significantly higher than MSEGX's -8.75% return. Over the past 10 years, EWC has underperformed MSEGX with an annualized return of 11.51%, while MSEGX has yielded a comparatively higher 16.26% annualized return.
EWC
- 1D
- 0.76%
- 1M
- 3.08%
- YTD
- 9.79%
- 6M
- 11.03%
- 1Y
- 31.07%
- 3Y*
- 21.53%
- 5Y*
- 11.54%
- 10Y*
- 11.51%
MSEGX
- 1D
- 0.28%
- 1M
- -0.94%
- YTD
- -8.75%
- 6M
- -8.31%
- 1Y
- 1.53%
- 3Y*
- 23.36%
- 5Y*
- -1.14%
- 10Y*
- 16.26%
EWC vs. MSEGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWC iShares MSCI Canada ETF | 9.79% | 35.92% | 12.38% | 14.73% | -12.95% | 26.98% | 5.52% | 27.58% | -17.16% | 15.73% |
MSEGX Morgan Stanley Institutional Growth Portfolio | -8.75% | 24.43% | 46.29% | 49.87% | -60.27% | -0.31% | 115.11% | 38.93% | 5.01% | 43.53% |
Correlation
The correlation between EWC and MSEGX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996 | 0.55 |
The correlation between EWC and MSEGX has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.
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Return for Risk
EWC vs. MSEGX — Risk / Return Rank
EWC
MSEGX
EWC vs. MSEGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Canada ETF (EWC) and Morgan Stanley Institutional Growth Portfolio (MSEGX). 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.
| EWC | MSEGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.15 | ||
| Sortino ratioReturn per unit of downside risk | +2.61 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.03 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 3.67 | 0.03 | +3.64 |
| Martin ratioReturn relative to average drawdown | 14.91 | 0.06 | +14.85 |
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Drawdowns
EWC vs. MSEGX - Drawdown Comparison
The maximum EWC drawdown since its inception was -60.75%, smaller than the maximum MSEGX drawdown of -69.57%. Use the drawdown chart below to compare losses from any high point for EWC and MSEGX.
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Drawdown Indicators
| EWC | MSEGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.75% | -69.57% | +8.82% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -27.83% | +19.32% |
Max Drawdown (3Y)Largest decline over 3 years | -12.97% | -32.54% | +19.57% |
Max Drawdown (5Y)Largest decline over 5 years | -24.81% | -69.57% | +44.76% |
Max Drawdown (10Y)Largest decline over 10 years | -42.66% | -69.57% | +26.91% |
Current DrawdownCurrent decline from peak | -0.42% | -21.13% | +20.71% |
Average DrawdownAverage peak-to-trough decline | -13.13% | -19.50% | +6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 13.26% | -11.17% |
Volatility
EWC vs. MSEGX - Volatility Comparison
The current volatility for iShares MSCI Canada ETF (EWC) is 4.42%, while Morgan Stanley Institutional Growth Portfolio (MSEGX) has a volatility of 9.48%. This indicates that EWC experiences smaller price fluctuations and is considered to be less risky than MSEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWC | MSEGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 9.48% | -5.06% |
Volatility (6M)Calculated over the trailing 6-month period | 11.32% | 22.14% | -10.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 28.75% | -14.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 39.79% | -22.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.74% | 33.85% | -15.11% |
EWC vs. MSEGX - Expense Ratio Comparison
EWC has a 0.49% expense ratio, which is lower than MSEGX's 0.87% expense ratio.
Dividends
EWC vs. MSEGX - Dividend Comparison
EWC's dividend yield for the trailing twelve months is around 1.79%, while MSEGX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWC iShares MSCI Canada ETF | 1.79% | 1.45% | 2.23% | 2.27% | 2.34% | 1.85% | 2.09% | 2.16% | 2.65% | 1.97% | 1.75% | 2.34% |
MSEGX Morgan Stanley Institutional Growth Portfolio | 0.00% | 0.00% | 0.42% | 0.00% | 18.70% | 26.52% | 10.03% | 22.75% | 5.67% | 22.18% | 13.17% | 7.76% |
Frequently Asked Questions
EWC and MSEGX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSEGX has higher volatility (9.48%) compared to EWC (4.42%). In terms of maximum drawdown, EWC dropped -60.75% vs MSEGX's -69.57%.
EWC currently has the higher Sharpe Ratio (2.17 vs 0.03), 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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