HSPGX vs. MSSGX

Last updated Jun 20, 2026

HSPGX (Emerald Growth Fund) and MSSGX (Morgan Stanley Institutional Fund, Inc. Inception Portfolio) are both Small Cap Growth Equities funds. Over the past 10 years, HSPGX returned 16.90%/yr vs 15.50%/yr for MSSGX. Their correlation of 0.83 suggests significant overlap in exposure. HSPGX charges 1.03%/yr vs 1.04%/yr for MSSGX.

Performance

HSPGX vs. MSSGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Emerald Growth Fund (HSPGX) and Morgan Stanley Institutional Fund, Inc. Inception Portfolio (MSSGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSPGX achieves a 33.16% return, which is significantly higher than MSSGX's 4.24% return. Over the past 10 years, HSPGX has outperformed MSSGX with an annualized return of 16.90%, while MSSGX has yielded a comparatively lower 15.50% annualized return.

HSPGX

• 1D: 3.41%
• 1M: 10.39%
• YTD: 33.16%
• 6M: 30.63%
• 1Y: 74.22%
• 3Y*: 33.80%
• 5Y*: 15.03%
• 10Y*: 16.90%

MSSGX

• 1D: 2.52%
• 1M: 1.15%
• YTD: 4.24%
• 6M: 0.66%
• 1Y: 6.44%
• 3Y*: 14.26%
• 5Y*: -8.91%
• 10Y*: 15.50%

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

HSPGX vs. MSSGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSPGX Emerald Growth Fund	33.16%	31.62%	28.04%	18.66%	-24.65%	3.59%	38.49%	28.33%	-12.16%	27.72%
MSSGX Morgan Stanley Institutional Fund, Inc. Inception Portfolio	4.24%	1.07%	29.65%	54.44%	-59.42%	-3.74%	150.29%	66.18%	0.26%	22.58%

Correlation

The correlation between HSPGX and MSSGX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 30, 1992	0.83

The correlation between HSPGX and MSSGX has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

Return for Risk

HSPGX vs. MSSGX — Risk / Return Rank

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

HSPGX

HSPGX Risk / Return Rank: 88
HSPGX Sharpe Ratio Rank: 93
HSPGX Sortino Ratio Rank: 81
HSPGX Omega Ratio Rank: 77
HSPGX Calmar Ratio Rank: 95
HSPGX Martin Ratio Rank: 96

MSSGX

MSSGX Risk / Return Rank: 4
MSSGX Sharpe Ratio Rank: 4
MSSGX Sortino Ratio Rank: 5
MSSGX Omega Ratio Rank: 5
MSSGX Calmar Ratio Rank: 4
MSSGX 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.

HSPGX vs. MSSGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Emerald Growth Fund (HSPGX) and Morgan Stanley Institutional Fund, Inc. Inception Portfolio (MSSGX). 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.

	HSPGX	MSSGX	Difference
Sharpe ratio: Return per unit of total volatility	2.86	0.21	+2.66
Sortino ratio: Return per unit of downside risk	3.51	0.51	+3.01
Omega ratio: Gain probability vs. loss probability	1.45	1.06	+0.39
Calmar ratio: Return relative to maximum drawdown	5.26	0.19	+5.06
Martin ratio: Return relative to average drawdown	21.94	0.41	+21.53

HSPGX vs. MSSGX - Sharpe Ratio Comparison

The current HSPGX Sharpe Ratio is 2.86, which is higher than the MSSGX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of HSPGX and MSSGX, 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

HSPGX vs. MSSGX - Drawdown Comparison

The maximum HSPGX drawdown since its inception was -60.28%, smaller than the maximum MSSGX drawdown of -76.01%. Use the drawdown chart below to compare losses from any high point for HSPGX and MSSGX.

Drawdown Indicators

	HSPGX	MSSGX	Difference
Max Drawdown Largest peak-to-trough decline	-60.28%	-76.01%	+15.73%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-32.84%	+18.43%
Max Drawdown (3Y) Largest decline over 3 years	-28.63%	-32.84%	+4.21%
Max Drawdown (5Y) Largest decline over 5 years	-38.65%	-73.07%	+34.42%
Max Drawdown (10Y) Largest decline over 10 years	-41.48%	-76.01%	+34.53%
Current Drawdown Current decline from peak	0.00%	-47.01%	+47.01%
Average Drawdown Average peak-to-trough decline	-18.99%	-22.21%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	15.71%	-12.28%

Volatility

HSPGX vs. MSSGX - Volatility Comparison

The current volatility for Emerald Growth Fund (HSPGX) is 9.72%, while Morgan Stanley Institutional Fund, Inc. Inception Portfolio (MSSGX) has a volatility of 10.82%. This indicates that HSPGX experiences smaller price fluctuations and is considered to be less risky than MSSGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSPGX	MSSGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	10.82%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	20.46%	23.24%	-2.78%
Volatility (1Y) Calculated over the trailing 1-year period	26.46%	30.68%	-4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.71%	37.99%	-12.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.25%	33.80%	-8.55%

HSPGX vs. MSSGX - Expense Ratio Comparison

HSPGX has a 1.03% expense ratio, which is lower than MSSGX's 1.04% expense ratio.

Dividends

HSPGX vs. MSSGX - Dividend Comparison

HSPGX's dividend yield for the trailing twelve months is around 9.57%, while MSSGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSPGX Emerald Growth Fund	9.57%	12.74%	21.85%	6.43%	8.77%	19.11%	8.48%	1.45%	11.86%	0.00%	0.00%	0.00%
MSSGX Morgan Stanley Institutional Fund, Inc. Inception Portfolio	0.00%	0.00%	0.99%	0.00%	0.39%	24.63%	9.61%	34.65%	14.40%	47.33%	3.32%	8.67%

Frequently Asked Questions

Can I hold both HSPGX and MSSGX in my portfolio?

HSPGX and MSSGX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSPGX or MSSGX?

MSSGX has higher volatility (10.82%) compared to HSPGX (9.72%). In terms of maximum drawdown, HSPGX dropped -60.28% vs MSSGX's -76.01%.

Which has better risk-adjusted returns?

HSPGX currently has the higher Sharpe Ratio (2.86 vs 0.21), 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.