MACGX vs. USGDX
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 13.16%/yr vs 0.27%/yr for USGDX. Their -0.09 correlation means they have often moved in opposite directions in the past. MACGX charges 1.00%/yr vs 0.52%/yr for USGDX.
Performance
MACGX vs. USGDX - Performance Comparison
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Returns By Period
In the year-to-date period, MACGX achieves a -2.11% return, which is significantly higher than USGDX's -4.71% return. Over the past 10 years, MACGX has outperformed USGDX with an annualized return of 13.16%, while USGDX has yielded a comparatively lower 0.27% 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%
USGDX
- 1D
- -1.20%
- 1M
- -3.54%
- 6M
- -4.30%
- YTD
- -4.71%
- 1Y
- -0.16%
- 3Y*
- 2.50%
- 5Y*
- -2.11%
- 10Y*
- 0.27%
- ALL TIME*
- 2.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
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 | -2.11% | 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 | -4.71% | 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 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 28, 1997 | -0.09 |
The correlation between MACGX and USGDX shifts across timeframes, from -0.09 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MACGX vs. USGDX — Risk / Return Rank
MACGX
USGDX
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 ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.05 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 0.26 | -0.66 |
| Martin ratioReturn relative to average drawdown | -0.79 | 0.64 | -1.42 |
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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.
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Drawdown Indicators
| MACGX | USGDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.61% | -30.33% | -47.28% |
Max Drawdown (1Y)Largest decline over 1 year | -27.55% | -8.00% | -19.55% |
Max Drawdown (3Y)Largest decline over 3 years | -28.55% | -17.33% | -11.22% |
Max Drawdown (5Y)Largest decline over 5 years | -77.61% | -29.65% | -47.96% |
Max Drawdown (10Y)Largest decline over 10 years | -77.61% | -30.33% | -47.28% |
Current DrawdownCurrent decline from peak | -45.58% | -11.00% | -34.58% |
Average DrawdownAverage peak-to-trough decline | -25.74% | -3.23% | -22.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.97% | 3.25% | +10.72% |
Volatility
MACGX vs. USGDX - Volatility Comparison
Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a higher volatility of 7.00% compared to Morgan Stanley U.S. Government Securities Trust (USGDX) at 2.97%. 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.
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Volatility by Period
| MACGX | USGDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.00% | 2.97% | +4.03% |
Volatility (6M)Calculated over the trailing 6-month period | 22.19% | 6.99% | +15.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.25% | 8.65% | +20.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.40% | 12.30% | +36.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.47% | 8.98% | +30.49% |
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 4.88%.
| 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 | 4.88% | 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
MACGX and USGDX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MACGX has higher volatility (7.00%) compared to USGDX (2.97%). In terms of maximum drawdown, MACGX dropped -77.61% vs USGDX's -30.33%.
USGDX currently has the higher Sharpe Ratio (0.24 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.
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