MACGX vs. USGDX

Last updated Jun 25, 2026

MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) and USGDX (Morgan Stanley U.S. Government Securities Trust) are both mutual funds - MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley, while USGDX is a Intermediate Core Bond fund managed by Morgan Stanley. Over the past 10 years, MACGX returned 13.87%/yr vs 0.63%/yr for USGDX. At a correlation of -0.10, they often move in opposite directions. MACGX charges 1.00%/yr vs 0.52%/yr for USGDX.

Performance

MACGX vs. USGDX - 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 U.S. Government Securities Trust (USGDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MACGX achieves a -1.87% return, which is significantly higher than USGDX's -2.22% return. Over the past 10 years, MACGX has outperformed USGDX with an annualized return of 13.87%, while USGDX has yielded a comparatively lower 0.63% annualized return.

MACGX

• 1D: -0.18%
• 1M: -4.01%
• YTD: -1.87%
• 6M: -5.57%
• 1Y: -6.92%
• 3Y*: 22.95%
• 5Y*: -7.15%
• 10Y*: 13.87%

USGDX

• 1D: 0.30%
• 1M: 1.83%
• YTD: -2.22%
• 6M: -1.99%
• 1Y: 4.73%
• 3Y*: 2.29%
• 5Y*: -1.36%
• 10Y*: 0.63%

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

MACGX vs. USGDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A	-1.87%	13.71%	42.06%	46.30%	-63.51%	-12.84%	142.01%	39.41%	11.85%	38.99%
USGDX Morgan Stanley U.S. Government Securities Trust	-2.22%	13.54%	-6.80%	4.64%	-13.25%	-2.18%	5.79%	7.23%	0.08%	2.91%

Correlation

The correlation between MACGX and USGDX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jul 28, 1997	-0.10

The correlation between MACGX and USGDX shifts across timeframes, from -0.10 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MACGX vs. USGDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 2
MACGX Martin Ratio Rank: 2

USGDX

USGDX Risk / Return Rank: 9
USGDX Sharpe Ratio Rank: 10
USGDX Sortino Ratio Rank: 9
USGDX Omega Ratio Rank: 9
USGDX Calmar Ratio Rank: 9
USGDX Martin Ratio Rank: 9

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. USGDX - 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 U.S. Government Securities Trust (USGDX). 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	USGDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	0.65	-0.83
Sortino ratio: Return per unit of downside risk	-0.07	0.99	-1.06
Omega ratio: Gain probability vs. loss probability	0.99	1.12	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.19	0.70	-0.90
Martin ratio: Return relative to average drawdown	-0.41	2.01	-2.41

MACGX vs. USGDX - Sharpe Ratio Comparison

The current MACGX Sharpe Ratio is -0.19, which is lower than the USGDX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of MACGX and USGDX, 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. USGDX - Drawdown Comparison

The maximum MACGX drawdown since its inception was -77.61%, which is greater than USGDX's maximum drawdown of -30.33%. Use the drawdown chart below to compare losses from any high point for MACGX and USGDX.

Drawdown Indicators

	MACGX	USGDX	Difference
Max Drawdown Largest peak-to-trough decline	-77.61%	-30.33%	-47.28%
Max Drawdown (1Y) Largest decline over 1 year	-27.55%	-7.88%	-19.67%
Max Drawdown (3Y) Largest decline over 3 years	-28.55%	-18.60%	-9.95%
Max Drawdown (5Y) Largest decline over 5 years	-77.61%	-29.81%	-47.80%
Max Drawdown (10Y) Largest decline over 10 years	-77.61%	-30.33%	-47.28%
Current Drawdown Current decline from peak	-45.44%	-8.67%	-36.77%
Average Drawdown Average peak-to-trough decline	-25.68%	-3.21%	-22.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.23%	2.75%	+10.48%

Volatility

MACGX vs. USGDX - Volatility Comparison

Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a higher volatility of 9.66% compared to Morgan Stanley U.S. Government Securities Trust (USGDX) at 3.07%. This indicates that MACGX's price experiences larger fluctuations and is considered to be riskier than USGDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MACGX	USGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	3.07%	+6.59%
Volatility (6M) Calculated over the trailing 6-month period	21.85%	6.22%	+15.63%
Volatility (1Y) Calculated over the trailing 1-year period	28.74%	8.60%	+20.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.40%	12.21%	+36.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.44%	8.92%	+30.52%

MACGX vs. USGDX - Expense Ratio Comparison

MACGX has a 1.00% expense ratio, which is higher than USGDX's 0.52% expense ratio.

Dividends

MACGX vs. USGDX - Dividend Comparison

MACGX has not paid dividends to shareholders, while USGDX's dividend yield for the trailing twelve months is around 5.04%.

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%
USGDX Morgan Stanley U.S. Government Securities Trust	5.04%	4.73%	5.20%	3.09%	2.51%	2.18%	2.79%	3.67%	3.13%	3.11%	3.13%	2.63%

Frequently Asked Questions

Can I hold both MACGX and USGDX in my portfolio?

MACGX and USGDX have a correlation of 0.22, 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 USGDX?

MACGX has higher volatility (9.66%) compared to USGDX (3.07%). In terms of maximum drawdown, MACGX dropped -77.61% vs USGDX's -30.33%.

Which has better risk-adjusted returns?

USGDX currently has the higher Sharpe Ratio (0.65 vs -0.19), 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.