MGEMX vs. GTDDX

Last updated Jun 5, 2026

MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) and GTDDX (Invesco EQV Emerging Markets All Cap Fd) are both Emerging Markets Diversified funds. Over the past 10 years, MGEMX returned 4.16%/yr vs 10.32%/yr for GTDDX. Their correlation of 0.86 suggests significant overlap in exposure. MGEMX charges 1.05%/yr vs 1.39%/yr for GTDDX.

Performance

MGEMX vs. GTDDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) and Invesco EQV Emerging Markets All Cap Fd (GTDDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGEMX achieves a 35.97% return, which is significantly lower than GTDDX's 48.07% return. Over the past 10 years, MGEMX has underperformed GTDDX with an annualized return of 4.16%, while GTDDX has yielded a comparatively higher 10.32% annualized return.

MGEMX

• 1D: -0.78%
• 1M: 10.86%
• YTD: 35.97%
• 6M: -30.76%
• 1Y: -18.87%
• 3Y*: 1.34%
• 5Y*: -5.10%
• 10Y*: 4.16%

GTDDX

• 1D: -1.26%
• 1M: 17.95%
• YTD: 48.07%
• 6M: 52.83%
• 1Y: 75.00%
• 3Y*: 24.35%
• 5Y*: 8.55%
• 10Y*: 10.32%

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

MGEMX vs. GTDDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	35.97%	-34.08%	8.07%	12.16%	-25.07%	3.53%	14.59%	37.21%	-17.34%	34.98%
GTDDX Invesco EQV Emerging Markets All Cap Fd	48.07%	29.88%	-0.66%	8.82%	-17.70%	-7.00%	17.19%	29.99%	-18.77%	30.34%

Correlation

The correlation between MGEMX and GTDDX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 12, 1994	0.86

The correlation between MGEMX and GTDDX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

MGEMX vs. GTDDX — Risk / Return Rank

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

MGEMX

MGEMX Risk / Return Rank: 2
MGEMX Sharpe Ratio Rank: 2
MGEMX Sortino Ratio Rank: 3
MGEMX Omega Ratio Rank: 3
MGEMX Calmar Ratio Rank: 1
MGEMX Martin Ratio Rank: 2

GTDDX

GTDDX Risk / Return Rank: 95
GTDDX Sharpe Ratio Rank: 98
GTDDX Sortino Ratio Rank: 94
GTDDX Omega Ratio Rank: 93
GTDDX Calmar Ratio Rank: 94
GTDDX Martin Ratio Rank: 95

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.

MGEMX vs. GTDDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) and Invesco EQV Emerging Markets All Cap Fd (GTDDX). 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.

	MGEMX	GTDDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	4.01	-4.34
Sortino ratio: Return per unit of downside risk	0.05	4.86	-4.81
Omega ratio: Gain probability vs. loss probability	1.02	1.72	-0.70
Calmar ratio: Return relative to maximum drawdown	-0.34	5.35	-5.69
Martin ratio: Return relative to average drawdown	-0.60	21.28	-21.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGEMX vs. GTDDX - Sharpe Ratio Comparison

The current MGEMX Sharpe Ratio is -0.33, which is lower than the GTDDX Sharpe Ratio of 4.01. The chart below compares the historical Sharpe Ratios of MGEMX and GTDDX, 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

	MGEMX	GTDDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.33	4.01	-4.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.52	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.61	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.35	-0.04

Drawdowns

MGEMX vs. GTDDX - Drawdown Comparison

The maximum MGEMX drawdown since its inception was -64.93%, roughly equal to the maximum GTDDX drawdown of -62.89%. Use the drawdown chart below to compare losses from any high point for MGEMX and GTDDX.

Drawdown Indicators

	MGEMX	GTDDX	Difference
Max Drawdown Largest peak-to-trough decline	-64.93%	-62.89%	-2.04%
Max Drawdown (1Y) Largest decline over 1 year	-52.50%	-14.49%	-38.01%
Max Drawdown (3Y) Largest decline over 3 years	-52.50%	-16.08%	-36.42%
Max Drawdown (5Y) Largest decline over 5 years	-52.50%	-37.56%	-14.94%
Max Drawdown (10Y) Largest decline over 10 years	-52.50%	-39.58%	-12.92%
Current Drawdown Current decline from peak	-32.33%	-1.26%	-31.07%
Average Drawdown Average peak-to-trough decline	-19.82%	-18.75%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.89%	3.63%	+26.26%

Volatility

MGEMX vs. GTDDX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) has a higher volatility of 8.84% compared to Invesco EQV Emerging Markets All Cap Fd (GTDDX) at 8.20%. This indicates that MGEMX's price experiences larger fluctuations and is considered to be riskier than GTDDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGEMX	GTDDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.84%	8.20%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	73.57%	16.79%	+56.78%
Volatility (1Y) Calculated over the trailing 1-year period	54.95%	19.34%	+35.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.98%	16.39%	+12.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.71%	16.91%	+7.80%

MGEMX vs. GTDDX - Expense Ratio Comparison

MGEMX has a 1.05% expense ratio, which is lower than GTDDX's 1.39% expense ratio.

Dividends

MGEMX vs. GTDDX - Dividend Comparison

MGEMX has not paid dividends to shareholders, while GTDDX's dividend yield for the trailing twelve months is around 14.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTDDX Invesco EQV Emerging Markets All Cap Fd	14.27%	21.13%	1.16%	1.51%	1.17%	4.46%	5.05%	1.49%	1.53%	0.71%	0.86%	0.99%
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	0.00%	0.00%	1.27%	2.48%	4.48%	9.05%	1.07%	26.00%	2.46%	0.60%	0.82%	0.87%

Frequently Asked Questions

Can I hold both MGEMX and GTDDX in my portfolio?

With a correlation of 0.92, MGEMX and GTDDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MGEMX or GTDDX?

MGEMX has higher volatility (8.84%) compared to GTDDX (8.20%). In terms of maximum drawdown, MGEMX dropped -64.93% vs GTDDX's -62.89%.

Which has better risk-adjusted returns?

GTDDX currently has the higher Sharpe Ratio (4.01 vs -0.33), 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.