FNSTX vs. MSEFX

Last updated Aug 1, 2026

FNSTX (Fidelity Infrastructure Fund) and MSEFX (iMGP Equity Fund) are both mutual funds - FNSTX is a Infrastructure Equities fund managed by Fidelity, while MSEFX is a Large Cap Blend Equities fund managed by iMGP. Over the past 5 years, FNSTX returned 9.84%/yr vs -0.46%/yr for MSEFX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. FNSTX charges 1.00%/yr vs 0.98%/yr for MSEFX.

Performance

FNSTX vs. MSEFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Infrastructure Fund (FNSTX) and iMGP Equity Fund (MSEFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNSTX achieves a 5.53% return, which is significantly higher than MSEFX's 1.53% return.

FNSTX

• 1D: 2.14%
• 1M: -3.30%
• 6M: 2.35%
• YTD: 5.53%
• 1Y: 12.66%
• 3Y*: 15.95%
• 5Y*: 9.84%
• 10Y*: —
• ALL TIME*: 10.63%

MSEFX

• 1D: 0.59%
• 1M: 0.08%
• 6M: 2.05%
• YTD: 1.53%
• 1Y: 5.93%
• 3Y*: 3.87%
• 5Y*: -0.46%
• 10Y*: 7.28%
• ALL TIME*: 7.15%

*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)
FNSTX Fidelity Infrastructure Fund	$0.00	$0.00	$0.00
MSEFX iMGP Equity Fund	$0.00	$0.00	$0.00

FNSTX vs. MSEFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNSTX Fidelity Infrastructure Fund	5.53%	27.42%	14.43%	8.44%	-7.59%	7.58%	12.80%	5.49%
MSEFX iMGP Equity Fund	1.53%	5.15%	3.29%	17.30%	-25.22%	18.27%	19.49%	5.38%

Correlation

The correlation between FNSTX and MSEFX 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.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (All Time) Calculated using the full available price history since Nov 5, 2019	0.67

Over the past year, the correlation between FNSTX and MSEFX has dropped to 0.38 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

FNSTX vs. MSEFX — Risk / Return Rank

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

FNSTX

FNSTX Risk / Return Rank: 24
FNSTX Sharpe Ratio Rank: 21
FNSTX Sortino Ratio Rank: 20
FNSTX Omega Ratio Rank: 21
FNSTX Calmar Ratio Rank: 33
FNSTX Martin Ratio Rank: 28

MSEFX

MSEFX Risk / Return Rank: 8
MSEFX Sharpe Ratio Rank: 8
MSEFX Sortino Ratio Rank: 8
MSEFX Omega Ratio Rank: 8
MSEFX Calmar Ratio Rank: 8
MSEFX Martin Ratio Rank: 9

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.

FNSTX vs. MSEFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Infrastructure Fund (FNSTX) and iMGP Equity Fund (MSEFX). 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.

	FNSTX	MSEFX	Difference
Sharpe ratio: Return per unit of total volatility	0.73	0.30	+0.42
Sortino ratio: Return per unit of downside risk	1.07	0.50	+0.57
Omega ratio: Gain probability vs. loss probability	1.14	1.06	+0.08
Calmar ratio: Return relative to maximum drawdown	1.39	0.34	+1.05
Martin ratio: Return relative to average drawdown	4.03	1.10	+2.93

FNSTX vs. MSEFX - Sharpe Ratio Comparison

The current FNSTX Sharpe Ratio is 0.73, which is higher than the MSEFX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of FNSTX and MSEFX, 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

FNSTX vs. MSEFX - Drawdown Comparison

The maximum FNSTX drawdown since its inception was -35.82%, smaller than the maximum MSEFX drawdown of -61.12%. Use the drawdown chart below to compare losses from any high point for FNSTX and MSEFX.

Drawdown Indicators

	FNSTX	MSEFX	Difference
Max Drawdown Largest peak-to-trough decline	-35.82%	-61.12%	+25.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-10.52%	+1.71%
Max Drawdown (3Y) Largest decline over 3 years	-10.94%	-14.30%	+3.36%
Max Drawdown (5Y) Largest decline over 5 years	-21.97%	-36.93%	+14.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.93%	—
Current Drawdown Current decline from peak	-6.86%	-6.91%	+0.05%
Average Drawdown Average peak-to-trough decline	-5.14%	-10.61%	+5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.23%	-0.20%

Volatility

FNSTX vs. MSEFX - Volatility Comparison

Fidelity Infrastructure Fund (FNSTX) has a higher volatility of 5.37% compared to iMGP Equity Fund (MSEFX) at 2.97%. This indicates that FNSTX's price experiences larger fluctuations and is considered to be riskier than MSEFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNSTX	MSEFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	2.97%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	9.29%	+4.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	11.68%	+5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.35%	15.97%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	17.75%	+1.01%

FNSTX vs. MSEFX - Expense Ratio Comparison

FNSTX has a 1.00% expense ratio, which is higher than MSEFX's 0.98% expense ratio.

Dividends

FNSTX vs. MSEFX - Dividend Comparison

FNSTX's dividend yield for the trailing twelve months is around 3.79%, more than MSEFX's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNSTX Fidelity Infrastructure Fund	3.79%	4.16%	1.59%	1.85%	1.35%	0.63%	0.80%	0.36%	0.00%	0.00%	0.00%	0.00%
MSEFX iMGP Equity Fund	3.35%	3.40%	7.44%	4.08%	31.07%	16.28%	12.45%	9.07%	14.47%	7.93%	5.87%	9.89%

Frequently Asked Questions

Can I hold both FNSTX and MSEFX in my portfolio?

FNSTX and MSEFX 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, FNSTX or MSEFX?

FNSTX has higher volatility (5.37%) compared to MSEFX (2.97%). In terms of maximum drawdown, FNSTX dropped -35.82% vs MSEFX's -61.12%.

Which has better risk-adjusted returns?

FNSTX currently has the higher Sharpe Ratio (0.73 vs 0.30), 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.