MACGX vs. SMH

Last updated Jun 4, 2026

MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) and SMH (VanEck Semiconductor ETF) are both funds - MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, MACGX returned 14.70%/yr vs 37.68%/yr for SMH. A 0.67 correlation means they provide meaningful diversification when combined. MACGX charges 1.00%/yr vs 0.35%/yr for SMH.

Performance

MACGX vs. SMH - 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 VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MACGX achieves a 6.63% return, which is significantly lower than SMH's 77.13% return. Over the past 10 years, MACGX has underperformed SMH with an annualized return of 14.70%, while SMH has yielded a comparatively higher 37.68% annualized return.

MACGX

• 1D: -1.67%
• 1M: 5.93%
• YTD: 6.63%
• 6M: 3.09%
• 1Y: 5.74%
• 3Y*: 26.93%
• 5Y*: -3.23%
• 10Y*: 14.70%

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

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

MACGX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A	6.63%	13.71%	42.06%	46.30%	-63.51%	-12.84%	142.01%	39.41%	11.85%	38.99%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between MACGX and SMH is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jun 6, 2000	0.67

The correlation between MACGX and SMH shifts across timeframes, from 0.49 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MACGX vs. SMH — Risk / Return Rank

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

MACGX

MACGX Risk / Return Rank: 4
MACGX Sharpe Ratio Rank: 4
MACGX Sortino Ratio Rank: 4
MACGX Omega Ratio Rank: 4
MACGX Calmar Ratio Rank: 4
MACGX Martin Ratio Rank: 3

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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. SMH - 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 VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio Return per unit of total volatility	0.25	5.19	-4.93
Sortino ratio Return per unit of downside risk	0.55	5.22	-4.67
Omega ratio Gain probability vs. loss probability	1.06	1.72	-0.66
Calmar ratio Return relative to maximum drawdown	0.26	10.59	-10.34
Martin ratio Return relative to average drawdown	0.55	40.63	-40.07
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. SMH - Sharpe Ratio Comparison

The current MACGX Sharpe Ratio is 0.25, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of MACGX and SMH, 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	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	5.19	-4.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	1.13	-1.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	1.16	-0.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.34	-0.01

Drawdowns

MACGX vs. SMH - Drawdown Comparison

The maximum MACGX drawdown since its inception was -77.61%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for MACGX and SMH.

Drawdown Indicators

	MACGX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-77.61%	-84.96%	+7.35%
Max Drawdown (1Y) Largest decline over 1 year	-27.55%	-14.93%	-12.62%
Max Drawdown (3Y) Largest decline over 3 years	-28.55%	-35.74%	+7.19%
Max Drawdown (5Y) Largest decline over 5 years	-77.61%	-45.30%	-32.31%
Max Drawdown (10Y) Largest decline over 10 years	-77.61%	-45.30%	-32.31%
Current Drawdown Current decline from peak	-40.72%	0.00%	-40.72%
Average Drawdown Average peak-to-trough decline	-25.65%	-41.09%	+15.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.75%	3.89%	+8.86%

Volatility

MACGX vs. SMH - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) is 8.96%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that MACGX experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MACGX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	11.47%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	21.23%	24.29%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	27.81%	30.56%	-2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.30%	35.01%	+13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.37%	32.57%	+6.80%

MACGX vs. SMH - Expense Ratio Comparison

MACGX has a 1.00% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

MACGX vs. SMH - Dividend Comparison

MACGX has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.

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%
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both MACGX and SMH in my portfolio?

MACGX and SMH have a correlation of 0.49, 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 SMH?

SMH has higher volatility (11.47%) compared to MACGX (8.96%). In terms of maximum drawdown, MACGX dropped -77.61% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 0.25), 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.