MAPTX vs. MSAQX

Last updated Jun 26, 2026

MAPTX (Matthews Pacific Tiger Fund) and MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) are both Asia Pacific Equities funds. Over the past 10 years, MAPTX returned 6.77%/yr vs 10.53%/yr for MSAQX. Their correlation of 0.84 suggests significant overlap in exposure. MAPTX charges 1.09%/yr vs 1.10%/yr for MSAQX.

Performance

MAPTX vs. MSAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Pacific Tiger Fund (MAPTX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAPTX achieves a 31.18% return, which is significantly higher than MSAQX's 13.89% return. Over the past 10 years, MAPTX has underperformed MSAQX with an annualized return of 6.77%, while MSAQX has yielded a comparatively higher 10.53% annualized return.

MAPTX

• 1D: 0.86%
• 1M: -0.88%
• YTD: 31.18%
• 6M: 32.90%
• 1Y: 54.30%
• 3Y*: 19.62%
• 5Y*: 0.55%
• 10Y*: 6.77%

MSAQX

• 1D: 0.90%
• 1M: 1.06%
• YTD: 13.89%
• 6M: 13.47%
• 1Y: 6.40%
• 3Y*: 10.95%
• 5Y*: -4.53%
• 10Y*: 10.53%

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

MAPTX vs. MSAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MAPTX Matthews Pacific Tiger Fund	31.18%	30.07%	3.25%	-4.82%	-20.69%	-17.92%	28.88%	10.75%	-11.05%	39.94%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	13.89%	2.06%	19.71%	-6.83%	-22.01%	-20.52%	52.55%	44.74%	-13.64%	76.83%

Correlation

The correlation between MAPTX and MSAQX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.84

The correlation between MAPTX and MSAQX has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

MAPTX vs. MSAQX — Risk / Return Rank

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

MAPTX

MAPTX Risk / Return Rank: 85
MAPTX Sharpe Ratio Rank: 88
MAPTX Sortino Ratio Rank: 74
MAPTX Omega Ratio Rank: 85
MAPTX Calmar Ratio Rank: 90
MAPTX Martin Ratio Rank: 89

MSAQX

MSAQX Risk / Return Rank: 6
MSAQX Sharpe Ratio Rank: 5
MSAQX Sortino Ratio Rank: 6
MSAQX Omega Ratio Rank: 6
MSAQX Calmar Ratio Rank: 5
MSAQX Martin Ratio Rank: 5

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.

MAPTX vs. MSAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Pacific Tiger Fund (MAPTX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). 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.

	MAPTX	MSAQX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	0.26	+2.22
Sortino ratio: Return per unit of downside risk	2.96	0.51	+2.46
Omega ratio: Gain probability vs. loss probability	1.49	1.07	+0.43
Calmar ratio: Return relative to maximum drawdown	4.06	0.26	+3.81
Martin ratio: Return relative to average drawdown	14.63	0.66	+13.97

MAPTX vs. MSAQX - Sharpe Ratio Comparison

The current MAPTX Sharpe Ratio is 2.48, which is higher than the MSAQX Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of MAPTX and MSAQX, 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

MAPTX vs. MSAQX - Drawdown Comparison

The maximum MAPTX drawdown since its inception was -69.79%, which is greater than MSAQX's maximum drawdown of -61.11%. Use the drawdown chart below to compare losses from any high point for MAPTX and MSAQX.

Drawdown Indicators

	MAPTX	MSAQX	Difference
Max Drawdown Largest peak-to-trough decline	-69.79%	-61.11%	-8.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.03%	-23.57%	+9.54%
Max Drawdown (3Y) Largest decline over 3 years	-22.23%	-23.57%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	-48.55%	-53.01%	+4.46%
Max Drawdown (10Y) Largest decline over 10 years	-52.31%	-61.11%	+8.80%
Current Drawdown Current decline from peak	-5.31%	-34.41%	+29.10%
Average Drawdown Average peak-to-trough decline	-17.42%	-24.47%	+7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	9.22%	-5.38%

Volatility

MAPTX vs. MSAQX - Volatility Comparison

Matthews Pacific Tiger Fund (MAPTX) has a higher volatility of 14.32% compared to Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) at 11.79%. This indicates that MAPTX's price experiences larger fluctuations and is considered to be riskier than MSAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAPTX	MSAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	11.79%	+2.53%
Volatility (6M) Calculated over the trailing 6-month period	21.19%	20.93%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	23.19%	23.75%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.77%	24.94%	-4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	22.58%	-3.97%

MAPTX vs. MSAQX - Expense Ratio Comparison

MAPTX has a 1.09% expense ratio, which is lower than MSAQX's 1.10% expense ratio.

Dividends

MAPTX vs. MSAQX - Dividend Comparison

MAPTX's dividend yield for the trailing twelve months is around 1.77%, while MSAQX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAPTX Matthews Pacific Tiger Fund	1.77%	2.33%	8.93%	2.93%	8.52%	4.85%	5.74%	3.44%	4.78%	1.25%	2.61%	11.18%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	0.00%	0.00%	1.82%	0.26%	0.00%	0.88%	1.06%	0.05%	0.69%	1.12%	2.24%	0.00%

Frequently Asked Questions

Can I hold both MAPTX and MSAQX in my portfolio?

MAPTX and MSAQX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAPTX or MSAQX?

MAPTX has higher volatility (14.32%) compared to MSAQX (11.79%). In terms of maximum drawdown, MAPTX dropped -69.79% vs MSAQX's -61.11%.

Which has better risk-adjusted returns?

MAPTX currently has the higher Sharpe Ratio (2.48 vs 0.26), 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.