MACGX vs. FSMAX
Compare and contrast key facts about Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) and Fidelity Extended Market Index Fund (FSMAX).
MACGX is managed by Morgan Stanley. It was launched on Mar 30, 1990. FSMAX is managed by Fidelity.
Performance
MACGX vs. FSMAX - Performance Comparison
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MACGX vs. FSMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | -15.37% | 13.71% | 42.06% | 46.30% | -63.51% | -12.84% | 142.01% | 39.41% | 11.85% | 38.99% |
FSMAX Fidelity Extended Market Index Fund | -4.54% | 11.40% | 16.99% | 25.36% | -26.44% | 12.41% | 32.28% | 28.01% | -9.44% | 18.04% |
Returns By Period
In the year-to-date period, MACGX achieves a -15.37% return, which is significantly lower than FSMAX's -4.54% return. Over the past 10 years, MACGX has outperformed FSMAX with an annualized return of 12.24%, while FSMAX has yielded a comparatively lower 10.54% annualized return.
MACGX
- 1D
- -1.27%
- 1M
- -9.54%
- YTD
- -15.37%
- 6M
- -23.28%
- 1Y
- 3.77%
- 3Y*
- 19.63%
- 5Y*
- -8.24%
- 10Y*
- 12.24%
FSMAX
- 1D
- -1.03%
- 1M
- -7.76%
- YTD
- -4.54%
- 6M
- -4.39%
- 1Y
- 16.77%
- 3Y*
- 13.78%
- 5Y*
- 3.66%
- 10Y*
- 10.54%
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MACGX vs. FSMAX - Expense Ratio Comparison
MACGX has a 1.00% expense ratio, which is higher than FSMAX's 0.04% expense ratio.
Return for Risk
MACGX vs. FSMAX — Risk / Return Rank
MACGX
FSMAX
MACGX vs. FSMAX - 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 Fidelity Extended Market Index Fund (FSMAX). 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 | FSMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.10 | 0.72 | -0.62 |
Sortino ratioReturn per unit of downside risk | 0.37 | 1.16 | -0.78 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.16 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.95 | -0.97 |
Martin ratioReturn relative to average drawdown | -0.06 | 3.91 | -3.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MACGX | FSMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.10 | 0.72 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | 0.16 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.35 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.41 | -0.11 |
Correlation
The correlation between MACGX and FSMAX is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
MACGX vs. FSMAX - Dividend Comparison
MACGX has not paid dividends to shareholders, while FSMAX's dividend yield for the trailing twelve months is around 0.60%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FSMAX Fidelity Extended Market Index Fund | 0.60% | 0.57% | 0.48% | 1.17% | 1.90% | 7.49% | 2.14% | 4.30% | 6.09% | 5.44% | 4.85% | 6.34% |
Drawdowns
MACGX vs. FSMAX - Drawdown Comparison
The maximum MACGX drawdown since its inception was -77.61%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for MACGX and FSMAX.
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Drawdown Indicators
| MACGX | FSMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.61% | -50.55% | -27.06% |
Max Drawdown (1Y)Largest decline over 1 year | -27.55% | -14.64% | -12.91% |
Max Drawdown (5Y)Largest decline over 5 years | -77.61% | -36.31% | -41.30% |
Max Drawdown (10Y)Largest decline over 10 years | -77.61% | -50.55% | -27.06% |
Current DrawdownCurrent decline from peak | -52.95% | -10.26% | -42.69% |
Average DrawdownAverage peak-to-trough decline | -25.53% | -12.29% | -13.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.82% | 3.54% | +7.28% |
Volatility
MACGX vs. FSMAX - Volatility Comparison
Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a higher volatility of 8.06% compared to Fidelity Extended Market Index Fund (FSMAX) at 6.01%. This indicates that MACGX's price experiences larger fluctuations and is considered to be riskier than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MACGX | FSMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.06% | 6.01% | +2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 21.82% | 13.07% | +8.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.94% | 22.79% | +9.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.40% | 22.32% | +26.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.18% | 30.19% | +8.99% |