MEMEX vs. MACGX
MEMEX (Morgan Stanley Emerging Markets Equity Portfolio) and MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) are both mutual funds - MEMEX is a Emerging Markets Equities fund managed by Morgan Stanley, while MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley. Over the past 5 years, MEMEX returned 7.82%/yr vs -6.21%/yr for MACGX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. MEMEX charges 1.25%/yr vs 1.00%/yr for MACGX.
Performance
MEMEX vs. MACGX - Performance Comparison
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Returns By Period
In the year-to-date period, MEMEX achieves a 21.85% return, which is significantly higher than MACGX's -2.11% return.
MEMEX
- 1D
- 2.35%
- 1M
- -2.33%
- 6M
- 11.97%
- YTD
- 21.85%
- 1Y
- 43.88%
- 3Y*
- 21.04%
- 5Y*
- 7.82%
- 10Y*
- —
- ALL TIME*
- 8.41%
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%
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 |
MEMEX vs. MACGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MEMEX Morgan Stanley Emerging Markets Equity Portfolio | 21.85% | 32.98% | 7.82% | 11.90% | -25.14% | 2.99% | 14.40% | 19.61% | -17.46% | 26.45% |
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% | 28.89% |
Correlation
The correlation between MEMEX and MACGX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.51 |
The correlation between MEMEX and MACGX has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.
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Return for Risk
MEMEX vs. MACGX — Risk / Return Rank
MEMEX
MACGX
MEMEX vs. MACGX - 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 Institutional Fund Trust Discovery Portfolio Class A (MACGX). 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.
| MEMEX | MACGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | +2.55 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.96 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | -0.40 | +3.00 |
| Martin ratioReturn relative to average drawdown | 8.87 | -0.79 | +9.65 |
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Drawdowns
MEMEX vs. MACGX - Drawdown Comparison
The maximum MEMEX drawdown since its inception was -39.90%, smaller than the maximum MACGX drawdown of -77.61%. Use the drawdown chart below to compare losses from any high point for MEMEX and MACGX.
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Drawdown Indicators
| MEMEX | MACGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.90% | -77.61% | +37.71% |
Max Drawdown (1Y)Largest decline over 1 year | -16.31% | -27.55% | +11.24% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -28.55% | +11.34% |
Max Drawdown (5Y)Largest decline over 5 years | -37.30% | -77.61% | +40.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.61% | — |
Current DrawdownCurrent decline from peak | -10.31% | -45.58% | +35.27% |
Average DrawdownAverage peak-to-trough decline | -14.91% | -25.74% | +10.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.78% | 13.97% | -9.19% |
Volatility
MEMEX vs. MACGX - Volatility Comparison
Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) has a higher volatility of 11.14% compared to Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) at 7.00%. This indicates that MEMEX's price experiences larger fluctuations and is considered to be riskier than MACGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MEMEX | MACGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.14% | 7.00% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 23.37% | 22.19% | +1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.10% | 29.25% | -4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.07% | 48.40% | -29.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.90% | 39.47% | -20.57% |
MEMEX vs. MACGX - Expense Ratio Comparison
MEMEX has a 1.25% expense ratio, which is higher than MACGX's 1.00% expense ratio.
Dividends
MEMEX vs. MACGX - Dividend Comparison
MEMEX's dividend yield for the trailing twelve months is around 4.71%, while MACGX has not paid dividends to shareholders.
| 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% |
MEMEX Morgan Stanley Emerging Markets Equity Portfolio | 4.71% | 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
MEMEX and MACGX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MEMEX has higher volatility (11.14%) compared to MACGX (7.00%). In terms of maximum drawdown, MEMEX dropped -39.90% vs MACGX's -77.61%.
MEMEX currently has the higher Sharpe Ratio (1.69 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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