MELIX vs. FERGX

Last updated Jun 4, 2026

MELIX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio) and FERGX (Fidelity SAI Emerging Markets Index Fund) are both Emerging Markets Diversified funds. Over the past 5 years, MELIX returned -1.47%/yr vs 7.84%/yr for FERGX. Their correlation of 0.81 suggests significant overlap in exposure. MELIX charges 1.15%/yr vs 0.07%/yr for FERGX.

Performance

MELIX vs. FERGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) and Fidelity SAI Emerging Markets Index Fund (FERGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MELIX achieves a 12.95% return, which is significantly lower than FERGX's 29.74% return.

MELIX

• 1D: 0.37%
• 1M: 5.78%
• YTD: 12.95%
• 6M: 11.55%
• 1Y: 19.24%
• 3Y*: 10.93%
• 5Y*: -1.47%
• 10Y*: 7.96%

FERGX

• 1D: 1.24%
• 1M: 10.65%
• YTD: 29.74%
• 6M: 32.65%
• 1Y: 58.65%
• 3Y*: 24.80%
• 5Y*: 7.84%
• 10Y*: —

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

MELIX vs. FERGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MELIX Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio	12.95%	10.61%	2.24%	12.17%	-33.49%	1.84%	59.43%	31.26%	-14.12%	20.21%
FERGX Fidelity SAI Emerging Markets Index Fund	29.74%	33.86%	6.59%	9.41%	-20.19%	-3.05%	17.46%	18.22%	-14.52%	33.62%

Correlation

The correlation between MELIX and FERGX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.81

The correlation between MELIX and FERGX has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

MELIX vs. FERGX — Risk / Return Rank

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

MELIX

MELIX Risk / Return Rank: 15
MELIX Sharpe Ratio Rank: 15
MELIX Sortino Ratio Rank: 14
MELIX Omega Ratio Rank: 16
MELIX Calmar Ratio Rank: 14
MELIX Martin Ratio Rank: 16

FERGX

FERGX Risk / Return Rank: 90
FERGX Sharpe Ratio Rank: 95
FERGX Sortino Ratio Rank: 88
FERGX Omega Ratio Rank: 89
FERGX Calmar Ratio Rank: 89
FERGX Martin Ratio Rank: 89

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.

MELIX vs. FERGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) and Fidelity SAI Emerging Markets Index Fund (FERGX). 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.

	MELIX	FERGX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	3.32	-2.24
Sortino ratio: Return per unit of downside risk	1.56	4.20	-2.63
Omega ratio: Gain probability vs. loss probability	1.20	1.62	-0.42
Calmar ratio: Return relative to maximum drawdown	1.25	4.46	-3.21
Martin ratio: Return relative to average drawdown	4.52	17.57	-13.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MELIX vs. FERGX - Sharpe Ratio Comparison

The current MELIX Sharpe Ratio is 1.08, which is lower than the FERGX Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of MELIX and FERGX, 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

	MELIX	FERGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	3.32	-2.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.46	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.57	-0.21

Drawdowns

MELIX vs. FERGX - Drawdown Comparison

The maximum MELIX drawdown since its inception was -46.84%, which is greater than FERGX's maximum drawdown of -39.27%. Use the drawdown chart below to compare losses from any high point for MELIX and FERGX.

Drawdown Indicators

	MELIX	FERGX	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-39.27%	-7.57%
Max Drawdown (1Y) Largest decline over 1 year	-15.14%	-13.32%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-21.85%	-16.20%	-5.65%
Max Drawdown (5Y) Largest decline over 5 years	-44.63%	-37.11%	-7.52%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	—	—
Current Drawdown Current decline from peak	-18.30%	0.00%	-18.30%
Average Drawdown Average peak-to-trough decline	-17.86%	-14.33%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.36%	+0.80%

Volatility

MELIX vs. FERGX - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) is 6.40%, while Fidelity SAI Emerging Markets Index Fund (FERGX) has a volatility of 7.58%. This indicates that MELIX experiences smaller price fluctuations and is considered to be less risky than FERGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MELIX	FERGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	7.58%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	15.44%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	17.88%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	17.25%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.64%	17.99%	+1.65%

MELIX vs. FERGX - Expense Ratio Comparison

MELIX has a 1.15% expense ratio, which is higher than FERGX's 0.08% expense ratio.

Dividends

MELIX vs. FERGX - Dividend Comparison

MELIX has not paid dividends to shareholders, while FERGX's dividend yield for the trailing twelve months is around 2.06%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FERGX Fidelity SAI Emerging Markets Index Fund	2.06%	2.67%	2.40%	2.67%	2.51%	2.90%	1.49%	2.49%	2.58%	0.58%	0.00%	0.00%
MELIX Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	4.04%	6.90%	0.47%	0.97%	0.12%	1.30%

Frequently Asked Questions

Can I hold both MELIX and FERGX in my portfolio?

MELIX and FERGX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MELIX or FERGX?

FERGX has higher volatility (7.58%) compared to MELIX (6.40%). In terms of maximum drawdown, MELIX dropped -46.84% vs FERGX's -39.27%.

Which has better risk-adjusted returns?

FERGX currently has the higher Sharpe Ratio (3.32 vs 1.08), 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.