MEMEX vs. CPOAX

Last updated Jun 4, 2026

MEMEX (Morgan Stanley Emerging Markets Equity Portfolio) and CPOAX (Morgan Stanley Insight A) are both mutual funds - MEMEX is a Emerging Markets Diversified fund managed by Morgan Stanley, while CPOAX is a Large Cap Growth Equities fund tracking the Russell 3000 Growth Index. Over the past 5 years, MEMEX returned 9.21%/yr vs 0.26%/yr for CPOAX. A 0.54 correlation means they provide meaningful diversification when combined. MEMEX charges 1.25%/yr vs 1.15%/yr for CPOAX.

Performance

MEMEX vs. CPOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) and Morgan Stanley Insight A (CPOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMEX achieves a 35.86% return, which is significantly higher than CPOAX's 4.60% return.

MEMEX

• 1D: 1.23%
• 1M: 13.56%
• YTD: 35.86%
• 6M: 39.67%
• 1Y: 66.25%
• 3Y*: 27.83%
• 5Y*: 9.21%
• 10Y*: —

CPOAX

• 1D: -1.26%
• 1M: 6.92%
• YTD: 4.60%
• 6M: 1.21%
• 1Y: 13.31%
• 3Y*: 29.62%
• 5Y*: 0.26%
• 10Y*: 17.14%

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

MEMEX vs. CPOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEMEX Morgan Stanley Emerging Markets Equity Portfolio	35.86%	32.98%	7.82%	11.90%	-25.14%	2.99%	14.40%	19.61%	-17.46%	26.45%
CPOAX Morgan Stanley Insight A	4.60%	18.91%	46.35%	52.72%	-61.02%	-6.83%	115.86%	33.08%	11.94%	34.21%

Correlation

The correlation between MEMEX and CPOAX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.54

The correlation between MEMEX and CPOAX has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.

Return for Risk

MEMEX vs. CPOAX — Risk / Return Rank

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

MEMEX

MEMEX Risk / Return Rank: 90
MEMEX Sharpe Ratio Rank: 95
MEMEX Sortino Ratio Rank: 88
MEMEX Omega Ratio Rank: 89
MEMEX Calmar Ratio Rank: 88
MEMEX Martin Ratio Rank: 91

CPOAX

CPOAX Risk / Return Rank: 6
CPOAX Sharpe Ratio Rank: 6
CPOAX Sortino Ratio Rank: 7
CPOAX Omega Ratio Rank: 7
CPOAX Calmar Ratio Rank: 5
CPOAX 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.

MEMEX vs. CPOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) and Morgan Stanley Insight A (CPOAX). 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.

	MEMEX	CPOAX	Difference
Sharpe ratio Return per unit of total volatility	3.42	0.49	+2.92
Sortino ratio Return per unit of downside risk	4.24	0.86	+3.38
Omega ratio Gain probability vs. loss probability	1.64	1.10	+0.54
Calmar ratio Return relative to maximum drawdown	4.43	0.50	+3.93
Martin ratio Return relative to average drawdown	18.92	1.08	+17.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEMEX vs. CPOAX - Sharpe Ratio Comparison

The current MEMEX Sharpe Ratio is 3.42, which is higher than the CPOAX Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of MEMEX and CPOAX, 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

	MEMEX	CPOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.42	0.49	+2.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.01	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.35	+0.19

Drawdowns

MEMEX vs. CPOAX - Drawdown Comparison

The maximum MEMEX drawdown since its inception was -39.90%, smaller than the maximum CPOAX drawdown of -84.57%. Use the drawdown chart below to compare losses from any high point for MEMEX and CPOAX.

Drawdown Indicators

	MEMEX	CPOAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-84.57%	+44.67%
Max Drawdown (1Y) Largest decline over 1 year	-14.99%	-28.37%	+13.38%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-31.38%	+14.17%
Max Drawdown (5Y) Largest decline over 5 years	-37.30%	-70.73%	+33.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-71.33%	—
Current Drawdown Current decline from peak	0.00%	-17.08%	+17.08%
Average Drawdown Average peak-to-trough decline	-15.05%	-39.22%	+24.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	13.13%	-9.62%

Volatility

MEMEX vs. CPOAX - Volatility Comparison

Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) and Morgan Stanley Insight A (CPOAX) have volatilities of 8.64% and 8.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMEX	CPOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	8.49%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	17.13%	21.71%	-4.58%
Volatility (1Y) Calculated over the trailing 1-year period	19.46%	28.66%	-9.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	39.75%	-21.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	34.08%	-15.78%

MEMEX vs. CPOAX - Expense Ratio Comparison

MEMEX has a 1.25% expense ratio, which is higher than CPOAX's 1.15% expense ratio.

Dividends

MEMEX vs. CPOAX - Dividend Comparison

MEMEX's dividend yield for the trailing twelve months is around 2.47%, while CPOAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPOAX Morgan Stanley Insight A	0.00%	0.00%	0.61%	0.00%	51.84%	14.94%	9.06%	7.29%	9.33%	28.73%	9.83%	8.92%
MEMEX Morgan Stanley Emerging Markets Equity Portfolio	2.47%	3.35%	1.38%	3.26%	13.18%	0.86%	2.57%	7.81%	0.52%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEMEX and CPOAX in my portfolio?

MEMEX and CPOAX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMEX or CPOAX?

MEMEX has higher volatility (8.64%) compared to CPOAX (8.49%). In terms of maximum drawdown, MEMEX dropped -39.90% vs CPOAX's -84.57%.

Which has better risk-adjusted returns?

MEMEX currently has the higher Sharpe Ratio (3.42 vs 0.49), 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.