MEMQX vs. MSCGX

Last updated Jun 24, 2026

MEMQX (Mercer Emerging Markets Equity Fund) and MSCGX (Mercer US Small/Mid Cap Equity Fund) are both mutual funds - MEMQX is a Emerging Markets Diversified fund managed by Mercer Funds, while MSCGX is a Small Cap Blend Equities fund managed by Mercer Funds. Over the past 5 years, MEMQX returned 5.27%/yr vs 7.50%/yr for MSCGX. A 0.54 correlation means they provide meaningful diversification when combined. MEMQX charges 0.49%/yr vs 0.48%/yr for MSCGX.

Performance

MEMQX vs. MSCGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mercer Emerging Markets Equity Fund (MEMQX) and Mercer US Small/Mid Cap Equity Fund (MSCGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMQX achieves a 28.57% return, which is significantly higher than MSCGX's 15.68% return.

MEMQX

• 1D: 0.33%
• 1M: 6.38%
• YTD: 28.57%
• 6M: 30.06%
• 1Y: 51.07%
• 3Y*: 20.44%
• 5Y*: 5.27%
• 10Y*: —

MSCGX

• 1D: 0.63%
• 1M: 4.05%
• YTD: 15.68%
• 6M: 13.63%
• 1Y: 26.03%
• 3Y*: 16.04%
• 5Y*: 7.50%
• 10Y*: —

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

MEMQX vs. MSCGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MEMQX Mercer Emerging Markets Equity Fund	28.57%	31.07%	2.00%	7.16%	-24.30%	0.23%	13.55%	4.31%
MSCGX Mercer US Small/Mid Cap Equity Fund	15.68%	6.52%	13.39%	15.35%	-16.91%	24.32%	12.40%	5.34%

Correlation

The correlation between MEMQX and MSCGX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.54

The correlation between MEMQX and MSCGX has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.

Return for Risk

MEMQX vs. MSCGX — Risk / Return Rank

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

MEMQX

MEMQX Risk / Return Rank: 90
MEMQX Sharpe Ratio Rank: 95
MEMQX Sortino Ratio Rank: 88
MEMQX Omega Ratio Rank: 87
MEMQX Calmar Ratio Rank: 91
MEMQX Martin Ratio Rank: 89

MSCGX

MSCGX Risk / Return Rank: 59
MSCGX Sharpe Ratio Rank: 51
MSCGX Sortino Ratio Rank: 55
MSCGX Omega Ratio Rank: 43
MSCGX Calmar Ratio Rank: 79
MSCGX Martin Ratio Rank: 67

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.

MEMQX vs. MSCGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mercer Emerging Markets Equity Fund (MEMQX) and Mercer US Small/Mid Cap Equity Fund (MSCGX). 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.

	MEMQX	MSCGX	Difference
Sharpe ratio: Return per unit of total volatility	3.13	1.94	+1.19
Sortino ratio: Return per unit of downside risk	3.95	2.87	+1.08
Omega ratio: Gain probability vs. loss probability	1.57	1.33	+0.24
Calmar ratio: Return relative to maximum drawdown	4.61	3.41	+1.20
Martin ratio: Return relative to average drawdown	16.26	12.29	+3.97

MEMQX vs. MSCGX - Sharpe Ratio Comparison

The current MEMQX Sharpe Ratio is 3.13, which is higher than the MSCGX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of MEMQX and MSCGX, 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

MEMQX vs. MSCGX - Drawdown Comparison

The maximum MEMQX drawdown since its inception was -40.09%, roughly equal to the maximum MSCGX drawdown of -41.30%. Use the drawdown chart below to compare losses from any high point for MEMQX and MSCGX.

Drawdown Indicators

	MEMQX	MSCGX	Difference
Max Drawdown Largest peak-to-trough decline	-40.09%	-41.30%	+1.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.37%	-9.22%	-3.15%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-24.28%	+7.39%
Max Drawdown (5Y) Largest decline over 5 years	-39.37%	-35.66%	-3.71%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.01%	-12.65%	-4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	2.47%	+0.85%

Volatility

MEMQX vs. MSCGX - Volatility Comparison

Mercer Emerging Markets Equity Fund (MEMQX) has a higher volatility of 8.45% compared to Mercer US Small/Mid Cap Equity Fund (MSCGX) at 4.56%. This indicates that MEMQX's price experiences larger fluctuations and is considered to be riskier than MSCGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMQX	MSCGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.45%	4.56%	+3.89%
Volatility (6M) Calculated over the trailing 6-month period	15.60%	11.83%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.26%	16.23%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	23.85%	-5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	25.44%	-5.67%

MEMQX vs. MSCGX - Expense Ratio Comparison

MEMQX has a 0.49% expense ratio, which is higher than MSCGX's 0.48% expense ratio.

Dividends

MEMQX vs. MSCGX - Dividend Comparison

MEMQX's dividend yield for the trailing twelve months is around 2.24%, less than MSCGX's 6.66% yield.

Position	TTM	2025	2024	2023	2022	2021
MEMQX Mercer Emerging Markets Equity Fund	2.24%	2.88%	1.64%	2.35%	2.57%	13.11%
MSCGX Mercer US Small/Mid Cap Equity Fund	6.66%	7.71%	10.73%	3.77%	8.42%	20.40%

Frequently Asked Questions

Can I hold both MEMQX and MSCGX in my portfolio?

MEMQX and MSCGX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMQX or MSCGX?

MEMQX has higher volatility (8.45%) compared to MSCGX (4.56%). In terms of maximum drawdown, MEMQX dropped -40.09% vs MSCGX's -41.30%.

Which has better risk-adjusted returns?

MEMQX currently has the higher Sharpe Ratio (3.13 vs 1.94), 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.