MACGX vs. SCHG

Last updated Aug 4, 2026

MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) and SCHG (Schwab U.S. Large-Cap Growth ETF) are both funds - MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley, while SCHG is a Large Cap Growth Equities fund tracking the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. Over the past 10 years, MACGX returned 13.16%/yr vs 18.33%/yr for SCHG. Their 0.78 correlation means they have sometimes moved together and sometimes differently. MACGX charges 1.00%/yr vs 0.04%/yr for SCHG.

Performance

MACGX vs. SCHG - 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 Schwab U.S. Large-Cap Growth ETF (SCHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MACGX achieves a -2.11% return, which is significantly lower than SCHG's 7.11% return. Over the past 10 years, MACGX has underperformed SCHG with an annualized return of 13.16%, while SCHG has yielded a comparatively higher 18.33% annualized return.

MACGX

• 1D: -1.87%
• 1M: -5.58%
• 6M: 3.77%
• YTD: -2.11%
• 1Y: -10.82%
• 3Y*: 18.26%
• 5Y*: -6.21%
• 10Y*: 13.16%
• ALL TIME*: 9.66%

SCHG

• 1D: 2.02%
• 1M: 2.17%
• 6M: 8.95%
• YTD: 7.11%
• 1Y: 18.50%
• 3Y*: 23.37%
• 5Y*: 13.47%
• 10Y*: 18.33%
• ALL TIME*: 16.47%

*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)
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A	$0.00	$0.00	$0.00
SCHG Schwab U.S. Large-Cap Growth ETF	$249.58M	$250.01M	$339.80M

MACGX vs. SCHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A	-2.11%	13.71%	42.06%	46.30%	-63.51%	-12.84%	142.01%	39.41%	11.85%	38.99%
SCHG Schwab U.S. Large-Cap Growth ETF	7.11%	17.50%	34.95%	50.10%	-31.80%	28.11%	39.14%	36.02%	-1.36%	28.05%

Correlation

The correlation between MACGX and SCHG is 0.71, 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.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (10Y) Provides a long-term view across more market conditions.	0.74
Correlation (All Time) Calculated using the full available price history since Dec 11, 2009	0.78

The correlation between MACGX and SCHG has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

Return for Risk

MACGX vs. SCHG — Risk / Return Rank

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

MACGX

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

SCHG

SCHG Risk / Return Rank: 39
SCHG Sharpe Ratio Rank: 44
SCHG Sortino Ratio Rank: 43
SCHG Omega Ratio Rank: 41
SCHG Calmar Ratio Rank: 34
SCHG Martin Ratio Rank: 36

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.

MACGX vs. SCHG - 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 Schwab U.S. Large-Cap Growth ETF (SCHG). 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.

	MACGX	SCHG	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	1.12	-1.49
Sortino ratio: Return per unit of downside risk	-0.35	1.59	-1.94
Omega ratio: Gain probability vs. loss probability	0.96	1.20	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.40	1.13	-1.53
Martin ratio: Return relative to average drawdown	-0.79	3.58	-4.36

MACGX vs. SCHG - Sharpe Ratio Comparison

The current MACGX Sharpe Ratio is -0.38, which is lower than the SCHG Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of MACGX and SCHG, 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

MACGX vs. SCHG - Drawdown Comparison

The maximum MACGX drawdown since its inception was -77.61%, which is greater than SCHG's maximum drawdown of -34.59%. Use the drawdown chart below to compare losses from any high point for MACGX and SCHG.

Drawdown Indicators

	MACGX	SCHG	Difference
Max Drawdown Largest peak-to-trough decline	-77.61%	-34.59%	-43.02%
Max Drawdown (1Y) Largest decline over 1 year	-27.55%	-16.41%	-11.14%
Max Drawdown (3Y) Largest decline over 3 years	-28.55%	-23.39%	-5.16%
Max Drawdown (5Y) Largest decline over 5 years	-77.61%	-34.59%	-43.02%
Max Drawdown (10Y) Largest decline over 10 years	-77.61%	-34.59%	-43.02%
Current Drawdown Current decline from peak	-45.58%	-1.15%	-44.43%
Average Drawdown Average peak-to-trough decline	-25.74%	-5.19%	-20.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.97%	5.19%	+8.78%

Volatility

MACGX vs. SCHG - Volatility Comparison

Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a higher volatility of 7.00% compared to Schwab U.S. Large-Cap Growth ETF (SCHG) at 4.76%. This indicates that MACGX's price experiences larger fluctuations and is considered to be riskier than SCHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MACGX	SCHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.00%	4.76%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	22.19%	13.02%	+9.17%
Volatility (1Y) Calculated over the trailing 1-year period	29.25%	16.66%	+12.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.40%	22.45%	+25.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.47%	21.60%	+17.87%

MACGX vs. SCHG - Expense Ratio Comparison

MACGX has a 1.00% expense ratio, which is higher than SCHG's 0.04% expense ratio.

Dividends

MACGX vs. SCHG - Dividend Comparison

MACGX has not paid dividends to shareholders, while SCHG's dividend yield for the trailing twelve months is around 0.38%.

Position	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%
SCHG Schwab U.S. Large-Cap Growth ETF	0.38%	0.36%	0.39%	0.46%	0.55%	0.42%	0.52%	0.82%	1.27%	1.01%	1.04%	1.22%

Frequently Asked Questions

Can I hold both MACGX and SCHG in my portfolio?

MACGX and SCHG have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MACGX or SCHG?

MACGX has higher volatility (7.00%) compared to SCHG (4.76%). In terms of maximum drawdown, MACGX dropped -77.61% vs SCHG's -34.59%.

Which has better risk-adjusted returns?

SCHG currently has the higher Sharpe Ratio (1.12 vs -0.38), 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.