FMIJX vs. MFAIX

Last updated Jun 4, 2026

FMIJX (FMI International Fund) and MFAIX (Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio) are both Foreign Large Cap Equities funds. Over the past 10 years, FMIJX returned 5.39%/yr vs 10.23%/yr for MFAIX. A 0.76 correlation means they provide meaningful diversification when combined. FMIJX charges 0.94%/yr vs 1.01%/yr for MFAIX.

Performance

FMIJX vs. MFAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FMI International Fund (FMIJX) and Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio (MFAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMIJX achieves a 0.23% return, which is significantly lower than MFAIX's 1.58% return. Over the past 10 years, FMIJX has underperformed MFAIX with an annualized return of 5.39%, while MFAIX has yielded a comparatively higher 10.23% annualized return.

FMIJX

• 1D: -0.17%
• 1M: 0.98%
• YTD: 0.23%
• 6M: 0.28%
• 1Y: 4.33%
• 3Y*: 7.47%
• 5Y*: 3.20%
• 10Y*: 5.39%

MFAIX

• 1D: -0.11%
• 1M: 5.89%
• YTD: 1.58%
• 6M: 1.77%
• 1Y: 3.22%
• 3Y*: 8.00%
• 5Y*: 0.24%
• 10Y*: 10.23%

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

FMIJX vs. MFAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMIJX FMI International Fund	0.23%	8.57%	6.99%	21.81%	-18.67%	13.82%	0.06%	17.11%	-9.54%	13.90%
MFAIX Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio	1.58%	15.74%	6.95%	18.38%	-34.47%	13.14%	32.33%	30.27%	-5.21%	44.78%

Correlation

The correlation between FMIJX and MFAIX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.76

The correlation between FMIJX and MFAIX has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

Return for Risk

FMIJX vs. MFAIX — Risk / Return Rank

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

FMIJX

FMIJX Risk / Return Rank: 5
FMIJX Sharpe Ratio Rank: 5
FMIJX Sortino Ratio Rank: 5
FMIJX Omega Ratio Rank: 5
FMIJX Calmar Ratio Rank: 4
FMIJX Martin Ratio Rank: 5

MFAIX

MFAIX Risk / Return Rank: 3
MFAIX Sharpe Ratio Rank: 3
MFAIX Sortino Ratio Rank: 3
MFAIX Omega Ratio Rank: 3
MFAIX Calmar Ratio Rank: 3
MFAIX Martin Ratio Rank: 4

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.

FMIJX vs. MFAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FMI International Fund (FMIJX) and Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio (MFAIX). 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.

	FMIJX	MFAIX	Difference
Sharpe ratio: Return per unit of total volatility	0.36	0.15	+0.21
Sortino ratio: Return per unit of downside risk	0.64	0.34	+0.30
Omega ratio: Gain probability vs. loss probability	1.07	1.04	+0.03
Calmar ratio: Return relative to maximum drawdown	0.38	0.17	+0.20
Martin ratio: Return relative to average drawdown	1.26	0.57	+0.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMIJX vs. MFAIX - Sharpe Ratio Comparison

The current FMIJX Sharpe Ratio is 0.36, which is higher than the MFAIX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of FMIJX and MFAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMIJX	MFAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.36	0.15	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.01	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.53	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.53	-0.05

Drawdowns

FMIJX vs. MFAIX - Drawdown Comparison

The maximum FMIJX drawdown since its inception was -37.45%, smaller than the maximum MFAIX drawdown of -47.98%. Use the drawdown chart below to compare losses from any high point for FMIJX and MFAIX.

Drawdown Indicators

	FMIJX	MFAIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.45%	-47.98%	+10.53%
Max Drawdown (1Y) Largest decline over 1 year	-13.46%	-15.56%	+2.10%
Max Drawdown (3Y) Largest decline over 3 years	-15.88%	-23.07%	+7.19%
Max Drawdown (5Y) Largest decline over 5 years	-21.77%	-47.98%	+26.21%
Max Drawdown (10Y) Largest decline over 10 years	-37.45%	-47.98%	+10.53%
Current Drawdown Current decline from peak	-6.00%	-8.21%	+2.21%
Average Drawdown Average peak-to-trough decline	-4.67%	-9.17%	+4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	4.74%	-0.71%

Volatility

FMIJX vs. MFAIX - Volatility Comparison

The current volatility for FMI International Fund (FMIJX) is 3.96%, while Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio (MFAIX) has a volatility of 6.01%. This indicates that FMIJX experiences smaller price fluctuations and is considered to be less risky than MFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMIJX	MFAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	6.01%	-2.05%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	14.63%	-3.63%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	18.06%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.37%	21.76%	-7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.18%	19.34%	-4.16%

FMIJX vs. MFAIX - Expense Ratio Comparison

FMIJX has a 0.94% expense ratio, which is lower than MFAIX's 1.01% expense ratio.

Dividends

FMIJX vs. MFAIX - Dividend Comparison

FMIJX's dividend yield for the trailing twelve months is around 13.06%, while MFAIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMIJX FMI International Fund	13.06%	13.09%	0.00%	0.00%	4.43%	3.46%	0.00%	3.55%	7.43%	0.28%	3.76%	1.84%
MFAIX Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio	0.00%	0.00%	0.14%	0.05%	4.55%	0.99%	0.04%	0.26%	1.75%	2.03%	1.67%	15.04%

Frequently Asked Questions

Can I hold both FMIJX and MFAIX in my portfolio?

FMIJX and MFAIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMIJX or MFAIX?

MFAIX has higher volatility (6.01%) compared to FMIJX (3.96%). In terms of maximum drawdown, FMIJX dropped -37.45% vs MFAIX's -47.98%.

Which has better risk-adjusted returns?

FMIJX currently has the higher Sharpe Ratio (0.36 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.