INDEX vs. MPEGX

Last updated Aug 4, 2026

INDEX (CYBER HORNET S&P 500) and MPEGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio) are both mutual funds - INDEX is a S&P 500 fund tracking the S&P 500 Index, while MPEGX is a Mid Cap Growth Equities fund managed by Morgan Stanley. Over the past 10 years, INDEX returned 12.71%/yr vs 13.50%/yr for MPEGX. Their 0.61 correlation means they have sometimes moved together and sometimes differently. INDEX charges 0.25%/yr vs 0.72%/yr for MPEGX.

Performance

INDEX vs. MPEGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CYBER HORNET S&P 500 (INDEX) and Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDEX achieves a 9.96% return, which is significantly higher than MPEGX's -1.99% return. Over the past 10 years, INDEX has underperformed MPEGX with an annualized return of 12.71%, while MPEGX has yielded a comparatively higher 13.50% annualized return.

INDEX

• 1D: 0.70%
• 1M: 0.13%
• 6M: 7.88%
• YTD: 9.96%
• 1Y: 21.43%
• 3Y*: 17.53%
• 5Y*: 11.06%
• 10Y*: 12.71%
• ALL TIME*: 11.26%

MPEGX

• 1D: -1.91%
• 1M: -5.60%
• 6M: 3.88%
• YTD: -1.99%
• 1Y: -10.57%
• 3Y*: 18.58%
• 5Y*: -5.92%
• 10Y*: 13.50%
• ALL TIME*: 12.70%

*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)
INDEX CYBER HORNET S&P 500	$0.00	$0.00	$0.00
MPEGX Morgan Stanley Institutional Fund Trust Discovery Portfolio	$0.00	$0.00	$0.00

INDEX vs. MPEGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDEX CYBER HORNET S&P 500	9.96%	17.77%	24.73%	10.58%	-11.84%	29.10%	12.75%	28.98%	-7.83%	18.70%
MPEGX Morgan Stanley Institutional Fund Trust Discovery Portfolio	-1.99%	14.05%	42.38%	46.66%	-63.39%	-12.37%	142.68%	39.73%	12.19%	39.39%

Correlation

The correlation between INDEX and MPEGX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.60
Correlation (All Time) Calculated using the full available price history since May 11, 2015	0.61

The correlation between INDEX and MPEGX has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.

Return for Risk

INDEX vs. MPEGX — Risk / Return Rank

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

INDEX

INDEX Risk / Return Rank: 59
INDEX Sharpe Ratio Rank: 56
INDEX Sortino Ratio Rank: 52
INDEX Omega Ratio Rank: 52
INDEX Calmar Ratio Rank: 60
INDEX Martin Ratio Rank: 73

MPEGX

MPEGX Risk / Return Rank: 2
MPEGX Sharpe Ratio Rank: 2
MPEGX Sortino Ratio Rank: 2
MPEGX Omega Ratio Rank: 2
MPEGX Calmar Ratio Rank: 1
MPEGX Martin Ratio Rank: 1

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.

INDEX vs. MPEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CYBER HORNET S&P 500 (INDEX) and Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX). 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.

	INDEX	MPEGX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	-0.37	+1.89
Sortino ratio: Return per unit of downside risk	2.12	-0.34	+2.46
Omega ratio: Gain probability vs. loss probability	1.27	0.96	+0.31
Calmar ratio: Return relative to maximum drawdown	2.19	-0.39	+2.58
Martin ratio: Return relative to average drawdown	9.45	-0.78	+10.22

INDEX vs. MPEGX - Sharpe Ratio Comparison

The current INDEX Sharpe Ratio is 1.53, which is higher than the MPEGX Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of INDEX and MPEGX, 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

INDEX vs. MPEGX - Drawdown Comparison

The maximum INDEX drawdown since its inception was -38.82%, smaller than the maximum MPEGX drawdown of -75.29%. Use the drawdown chart below to compare losses from any high point for INDEX and MPEGX.

Drawdown Indicators

	INDEX	MPEGX	Difference
Max Drawdown Largest peak-to-trough decline	-38.82%	-75.29%	+36.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-27.46%	+18.53%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-28.53%	+9.78%
Max Drawdown (5Y) Largest decline over 5 years	-21.52%	-72.99%	+51.47%
Max Drawdown (10Y) Largest decline over 10 years	-38.82%	-75.29%	+36.47%
Current Drawdown Current decline from peak	-1.42%	-39.40%	+37.98%
Average Drawdown Average peak-to-trough decline	-4.59%	-21.29%	+16.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	13.86%	-11.79%

Volatility

INDEX vs. MPEGX - Volatility Comparison

The current volatility for CYBER HORNET S&P 500 (INDEX) is 3.51%, while Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX) has a volatility of 6.99%. This indicates that INDEX experiences smaller price fluctuations and is considered to be less risky than MPEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDEX	MPEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	6.99%	-3.48%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	22.19%	-12.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.84%	29.23%	-16.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	40.32%	-23.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	34.65%	-16.04%

INDEX vs. MPEGX - Expense Ratio Comparison

INDEX has a 0.25% expense ratio, which is lower than MPEGX's 0.72% expense ratio.

Dividends

INDEX vs. MPEGX - Dividend Comparison

INDEX's dividend yield for the trailing twelve months is around 0.95%, while MPEGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDEX CYBER HORNET S&P 500	0.95%	1.04%	1.97%	1.56%	3.25%	1.81%	1.53%	1.61%	3.09%	1.15%	0.00%	0.00%
MPEGX Morgan Stanley Institutional Fund Trust Discovery Portfolio	0.00%	0.00%	0.00%	0.00%	0.00%	35.82%	7.63%	12.05%	23.88%	41.11%	67.79%	13.20%

Frequently Asked Questions

Can I hold both INDEX and MPEGX in my portfolio?

INDEX and MPEGX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDEX or MPEGX?

MPEGX has higher volatility (6.99%) compared to INDEX (3.51%). In terms of maximum drawdown, INDEX dropped -38.82% vs MPEGX's -75.29%.

Which has better risk-adjusted returns?

INDEX currently has the higher Sharpe Ratio (1.52 vs -0.37), 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.