MACGX vs. CPOAX

Last updated Jun 3, 2026

MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) and CPOAX (Morgan Stanley Insight A) are both mutual funds - MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley, while CPOAX is a Large Cap Growth Equities fund tracking the Russell 3000 Growth Index. Over the past 10 years, MACGX returned 14.90%/yr vs 17.29%/yr for CPOAX. Their correlation of 0.94 suggests significant overlap in exposure. MACGX charges 1.00%/yr vs 1.15%/yr for CPOAX.

Performance

MACGX vs. CPOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) and Morgan Stanley Insight A (CPOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MACGX achieves a 8.44% return, which is significantly higher than CPOAX's 5.94% return. Over the past 10 years, MACGX has underperformed CPOAX with an annualized return of 14.90%, while CPOAX has yielded a comparatively higher 17.29% annualized return.

MACGX

• 1D: 1.24%
• 1M: 9.49%
• YTD: 8.44%
• 6M: 7.66%
• 1Y: 8.83%
• 3Y*: 27.65%
• 5Y*: -3.38%
• 10Y*: 14.90%

CPOAX

• 1D: 1.00%
• 1M: 9.71%
• YTD: 5.94%
• 6M: 5.08%
• 1Y: 15.55%
• 3Y*: 30.17%
• 5Y*: 0.04%
• 10Y*: 17.29%

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

MACGX vs. CPOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A	8.44%	13.71%	42.06%	46.30%	-63.51%	-12.84%	142.01%	39.41%	11.85%	38.99%
CPOAX Morgan Stanley Insight A	5.94%	18.91%	46.35%	52.72%	-61.02%	-6.83%	115.86%	33.08%	11.94%	48.40%

Correlation

The correlation between MACGX and CPOAX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 29, 1997	0.94

The correlation between MACGX and CPOAX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

MACGX vs. CPOAX — Risk / Return Rank

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

MACGX

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

CPOAX

CPOAX Risk / Return Rank: 6
CPOAX Sharpe Ratio Rank: 7
CPOAX Sortino Ratio Rank: 7
CPOAX Omega Ratio Rank: 7
CPOAX Calmar Ratio Rank: 6
CPOAX Martin Ratio Rank: 5

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.

MACGX vs. CPOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) and Morgan Stanley Insight A (CPOAX). 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.

	MACGX	CPOAX	Difference
Sharpe ratio Return per unit of total volatility	0.35	0.58	-0.23
Sortino ratio Return per unit of downside risk	0.67	0.97	-0.30
Omega ratio Gain probability vs. loss probability	1.08	1.12	-0.04
Calmar ratio Return relative to maximum drawdown	0.36	0.59	-0.23
Martin ratio Return relative to average drawdown	0.78	1.27	-0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MACGX vs. CPOAX - Sharpe Ratio Comparison

The current MACGX Sharpe Ratio is 0.35, which is lower than the CPOAX Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of MACGX and CPOAX, 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

	MACGX	CPOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	0.58	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.00	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.51	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.35	-0.02

Drawdowns

MACGX vs. CPOAX - Drawdown Comparison

The maximum MACGX drawdown since its inception was -77.61%, smaller than the maximum CPOAX drawdown of -84.57%. Use the drawdown chart below to compare losses from any high point for MACGX and CPOAX.

Drawdown Indicators

	MACGX	CPOAX	Difference
Max Drawdown Largest peak-to-trough decline	-77.61%	-84.57%	+6.96%
Max Drawdown (1Y) Largest decline over 1 year	-27.55%	-28.37%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-28.55%	-31.38%	+2.83%
Max Drawdown (5Y) Largest decline over 5 years	-77.61%	-70.73%	-6.88%
Max Drawdown (10Y) Largest decline over 10 years	-77.61%	-71.33%	-6.28%
Current Drawdown Current decline from peak	-39.71%	-16.02%	-23.69%
Average Drawdown Average peak-to-trough decline	-25.64%	-39.23%	+13.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.74%	13.12%	-0.38%

Volatility

MACGX vs. CPOAX - Volatility Comparison

Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) and Morgan Stanley Insight A (CPOAX) have volatilities of 8.74% and 8.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MACGX	CPOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	8.38%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	21.20%	21.72%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	27.81%	28.69%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.30%	39.75%	+8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.36%	34.08%	+5.28%

MACGX vs. CPOAX - Expense Ratio Comparison

MACGX has a 1.00% expense ratio, which is lower than CPOAX's 1.15% expense ratio.

Dividends

MACGX vs. CPOAX - Dividend Comparison

Neither MACGX nor CPOAX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPOAX Morgan Stanley Insight A	0.00%	0.00%	0.61%	0.00%	51.84%	14.94%	9.06%	7.29%	9.33%	28.73%	9.83%	8.92%
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A	0.00%	0.00%	0.00%	0.00%	0.00%	52.53%	9.95%	15.34%	29.46%	48.48%	75.72%	14.05%

Frequently Asked Questions

Can I hold both MACGX and CPOAX in my portfolio?

With a correlation of 0.96, MACGX and CPOAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MACGX or CPOAX?

MACGX has higher volatility (8.74%) compared to CPOAX (8.38%). In terms of maximum drawdown, MACGX dropped -77.61% vs CPOAX's -84.57%.

Which has better risk-adjusted returns?

CPOAX currently has the higher Sharpe Ratio (0.58 vs 0.35), 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.