MELIX vs. MVCAX

Last updated Jun 23, 2026

MELIX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio) and MVCAX (MFS Mid Cap Value Fund) are both mutual funds - MELIX is a Emerging Markets Diversified fund managed by T. Rowe Price, while MVCAX is a Mid Cap Value Equities fund managed by MFS. Over the past 10 years, MELIX returned 8.15%/yr vs 10.01%/yr for MVCAX. A 0.56 correlation means they provide meaningful diversification when combined. MELIX charges 1.15%/yr vs 1.02%/yr for MVCAX.

Performance

MELIX vs. MVCAX - 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 MFS Mid Cap Value Fund (MVCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MELIX achieves a 15.05% return, which is significantly higher than MVCAX's 10.21% return. Over the past 10 years, MELIX has underperformed MVCAX with an annualized return of 8.15%, while MVCAX has yielded a comparatively higher 10.01% annualized return.

MELIX

• 1D: 2.73%
• 1M: 6.14%
• YTD: 15.05%
• 6M: 16.51%
• 1Y: 21.84%
• 3Y*: 10.53%
• 5Y*: -1.30%
• 10Y*: 8.15%

MVCAX

• 1D: 0.67%
• 1M: 2.47%
• YTD: 10.21%
• 6M: 8.69%
• 1Y: 18.98%
• 3Y*: 12.70%
• 5Y*: 8.94%
• 10Y*: 10.01%

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

MELIX vs. MVCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MELIX Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio	15.05%	10.61%	2.24%	12.17%	-33.49%	1.84%	59.43%	31.26%	-14.12%	26.01%
MVCAX MFS Mid Cap Value Fund	10.21%	6.09%	13.57%	12.51%	-8.96%	30.43%	4.03%	30.57%	-11.69%	13.37%

Correlation

The correlation between MELIX and MVCAX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 8, 2015	0.56

The correlation between MELIX and MVCAX has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

Return for Risk

MELIX vs. MVCAX — Risk / Return Rank

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

MELIX

MELIX Risk / Return Rank: 18
MELIX Sharpe Ratio Rank: 17
MELIX Sortino Ratio Rank: 17
MELIX Omega Ratio Rank: 19
MELIX Calmar Ratio Rank: 17
MELIX Martin Ratio Rank: 21

MVCAX

MVCAX Risk / Return Rank: 30
MVCAX Sharpe Ratio Rank: 28
MVCAX Sortino Ratio Rank: 30
MVCAX Omega Ratio Rank: 27
MVCAX Calmar Ratio Rank: 33
MVCAX Martin Ratio Rank: 33

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. MVCAX - 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 MFS Mid Cap Value Fund (MVCAX). 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.

	MELIX	MVCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.42	-0.33
Sortino ratio: Return per unit of downside risk	1.58	2.12	-0.54
Omega ratio: Gain probability vs. loss probability	1.21	1.25	-0.04
Calmar ratio: Return relative to maximum drawdown	1.38	2.05	-0.67
Martin ratio: Return relative to average drawdown	4.93	6.99	-2.06

MELIX vs. MVCAX - Sharpe Ratio Comparison

The current MELIX Sharpe Ratio is 1.09, which is comparable to the MVCAX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of MELIX and MVCAX, 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

MELIX vs. MVCAX - Drawdown Comparison

The maximum MELIX drawdown since its inception was -46.84%, smaller than the maximum MVCAX drawdown of -60.41%. Use the drawdown chart below to compare losses from any high point for MELIX and MVCAX.

Drawdown Indicators

	MELIX	MVCAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-60.41%	+13.57%
Max Drawdown (1Y) Largest decline over 1 year	-15.14%	-9.39%	-5.75%
Max Drawdown (3Y) Largest decline over 3 years	-21.85%	-21.05%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	-44.63%	-21.05%	-23.58%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	-42.79%	-4.05%
Current Drawdown Current decline from peak	-16.78%	-1.07%	-15.71%
Average Drawdown Average peak-to-trough decline	-17.87%	-8.12%	-9.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	2.75%	+1.49%

Volatility

MELIX vs. MVCAX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) has a higher volatility of 8.88% compared to MFS Mid Cap Value Fund (MVCAX) at 3.89%. This indicates that MELIX's price experiences larger fluctuations and is considered to be riskier than MVCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MELIX	MVCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	3.89%	+4.99%
Volatility (6M) Calculated over the trailing 6-month period	17.19%	9.88%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	13.56%	+5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.82%	17.24%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	19.27%	+0.50%

MELIX vs. MVCAX - Expense Ratio Comparison

MELIX has a 1.15% expense ratio, which is higher than MVCAX's 1.02% expense ratio.

Dividends

MELIX vs. MVCAX - Dividend Comparison

MELIX has not paid dividends to shareholders, while MVCAX's dividend yield for the trailing twelve months is around 7.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MVCAX MFS Mid Cap Value Fund	7.45%	8.21%	10.99%	2.73%	5.22%	5.70%	0.80%	2.03%	6.36%	3.36%	0.07%	4.59%

Frequently Asked Questions

Can I hold both MELIX and MVCAX in my portfolio?

MELIX and MVCAX have a correlation of 0.50, 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 MVCAX?

MELIX has higher volatility (8.88%) compared to MVCAX (3.89%). In terms of maximum drawdown, MELIX dropped -46.84% vs MVCAX's -60.41%.

Which has better risk-adjusted returns?

MVCAX currently has the higher Sharpe Ratio (1.42 vs 1.09), 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.