MACGX vs. SPY

Last updated Jul 11, 2026

MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) and SPY (State Street SPDR S&P 500 ETF) are both funds - MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MACGX returned 14.19%/yr vs 15.22%/yr for SPY. A 0.76 correlation means they provide meaningful diversification when combined. MACGX charges 1.00%/yr vs 0.09%/yr for SPY.

Performance

MACGX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MACGX achieves a 4.46% return, which is significantly lower than SPY's 11.30% return. Over the past 10 years, MACGX has underperformed SPY with an annualized return of 14.19%, while SPY has yielded a comparatively higher 15.22% annualized return.

MACGX

• 1D: 1.46%
• 1M: 6.38%
• 6M: -0.29%
• YTD: 4.46%
• 1Y: -1.20%
• 3Y*: 23.73%
• 5Y*: -5.84%
• 10Y*: 14.19%

SPY

• 1D: 0.43%
• 1M: 2.04%
• 6M: 9.35%
• YTD: 11.30%
• 1Y: 22.40%
• 3Y*: 20.99%
• 5Y*: 13.15%
• 10Y*: 15.22%

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

MACGX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A	4.46%	13.71%	42.06%	46.30%	-63.51%	-12.84%	142.01%	39.41%	11.85%	38.99%
SPY State Street SPDR S&P 500 ETF	11.30%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MACGX and SPY is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 31, 1997	0.76

The correlation between MACGX and SPY has been stable across timeframes, ranging from 0.66 to 0.76 - a consistent structural relationship.

Return for Risk

MACGX vs. SPY — Risk / Return Rank

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

MACGX

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

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 68
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 67
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 73

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	1.76	-1.88
Sortino ratio: Return per unit of downside risk	0.03	2.42	-2.39
Omega ratio: Gain probability vs. loss probability	1.00	1.32	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.12	2.48	-2.61
Martin ratio: Return relative to average drawdown	-0.25	10.83	-11.08

MACGX vs. SPY - Sharpe Ratio Comparison

The current MACGX Sharpe Ratio is -0.12, which is lower than the SPY Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of MACGX and SPY, 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. SPY - Drawdown Comparison

The maximum MACGX drawdown since its inception was -77.61%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MACGX and SPY.

Drawdown Indicators

	MACGX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-77.61%	-55.19%	-22.42%
Max Drawdown (1Y) Largest decline over 1 year	-27.55%	-8.88%	-18.67%
Max Drawdown (3Y) Largest decline over 3 years	-28.55%	-18.76%	-9.79%
Max Drawdown (5Y) Largest decline over 5 years	-77.61%	-24.50%	-53.11%
Max Drawdown (10Y) Largest decline over 10 years	-77.61%	-33.72%	-43.89%
Current Drawdown Current decline from peak	-41.92%	-0.35%	-41.57%
Average Drawdown Average peak-to-trough decline	-25.70%	-9.03%	-16.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.49%	2.03%	+11.46%

Volatility

MACGX vs. SPY - Volatility Comparison

Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a higher volatility of 7.41% compared to State Street SPDR S&P 500 ETF (SPY) at 4.52%. This indicates that MACGX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MACGX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.41%	4.52%	+2.89%
Volatility (6M) Calculated over the trailing 6-month period	21.82%	9.98%	+11.84%
Volatility (1Y) Calculated over the trailing 1-year period	28.74%	12.55%	+16.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.41%	17.16%	+31.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.43%	17.92%	+21.51%

MACGX vs. SPY - Expense Ratio Comparison

MACGX has a 1.00% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MACGX vs. SPY - Dividend Comparison

MACGX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.

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%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MACGX and SPY in my portfolio?

MACGX and SPY have a correlation of 0.67, 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 SPY?

MACGX has higher volatility (7.41%) compared to SPY (4.52%). In terms of maximum drawdown, MACGX dropped -77.61% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.76 vs -0.12), 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.