MGEMX vs. LVAZX

Last updated Jun 25, 2026

MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) and LVAZX (LSV Emerging Markets Equity Fund) are both Emerging Markets Diversified funds. Over the past 5 years, MGEMX returned -5.91%/yr vs 15.15%/yr for LVAZX. Their correlation of 0.84 suggests significant overlap in exposure. MGEMX charges 1.05%/yr vs 1.45%/yr for LVAZX.

Performance

MGEMX vs. LVAZX - 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 LSV Emerging Markets Equity Fund (LVAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MGEMX having a 29.77% return and LVAZX slightly higher at 29.87%.

MGEMX

• 1D: -5.84%
• 1M: 2.24%
• YTD: 29.77%
• 6M: 31.55%
• 1Y: -24.65%
• 3Y*: -0.62%
• 5Y*: -5.91%
• 10Y*: 3.96%

LVAZX

• 1D: -4.78%
• 1M: 3.23%
• YTD: 29.87%
• 6M: 31.71%
• 1Y: 53.63%
• 3Y*: 29.58%
• 5Y*: 15.15%
• 10Y*: —

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

MGEMX vs. LVAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	29.77%	-34.08%	8.07%	12.16%	-25.07%	3.53%	14.59%	30.77%
LVAZX LSV Emerging Markets Equity Fund	29.87%	39.90%	7.26%	21.26%	-13.03%	13.77%	5.03%	5.91%

Correlation

The correlation between MGEMX and LVAZX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 25, 2019	0.84

The correlation between MGEMX and LVAZX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

MGEMX vs. LVAZX — 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: 1
MGEMX Sortino Ratio Rank: 2
MGEMX Omega Ratio Rank: 2
MGEMX Calmar Ratio Rank: 1
MGEMX Martin Ratio Rank: 1

LVAZX

LVAZX Risk / Return Rank: 93
LVAZX Sharpe Ratio Rank: 96
LVAZX Sortino Ratio Rank: 88
LVAZX Omega Ratio Rank: 91
LVAZX Calmar Ratio Rank: 95
LVAZX Martin Ratio Rank: 94

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. LVAZX - 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 LSV Emerging Markets Equity Fund (LVAZX). 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.

	MGEMX	LVAZX	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	3.15	-3.56
Sortino ratio: Return per unit of downside risk	-0.05	3.78	-3.83
Omega ratio: Gain probability vs. loss probability	0.98	1.61	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.44	5.04	-5.48
Martin ratio: Return relative to average drawdown	-0.74	18.58	-19.31

MGEMX vs. LVAZX - Sharpe Ratio Comparison

The current MGEMX Sharpe Ratio is -0.41, which is lower than the LVAZX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of MGEMX and LVAZX, 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

MGEMX vs. LVAZX - Drawdown Comparison

The maximum MGEMX drawdown since its inception was -64.93%, which is greater than LVAZX's maximum drawdown of -37.87%. Use the drawdown chart below to compare losses from any high point for MGEMX and LVAZX.

Drawdown Indicators

	MGEMX	LVAZX	Difference
Max Drawdown Largest peak-to-trough decline	-64.93%	-37.87%	-27.06%
Max Drawdown (1Y) Largest decline over 1 year	-52.50%	-11.44%	-41.06%
Max Drawdown (3Y) Largest decline over 3 years	-52.50%	-15.02%	-37.48%
Max Drawdown (5Y) Largest decline over 5 years	-52.50%	-27.07%	-25.43%
Max Drawdown (10Y) Largest decline over 10 years	-52.50%	—	—
Current Drawdown Current decline from peak	-35.41%	-4.87%	-30.54%
Average Drawdown Average peak-to-trough decline	-19.84%	-6.75%	-13.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.92%	3.10%	+27.82%

Volatility

MGEMX vs. LVAZX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) has a higher volatility of 13.39% compared to LSV Emerging Markets Equity Fund (LVAZX) at 10.75%. This indicates that MGEMX's price experiences larger fluctuations and is considered to be riskier than LVAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGEMX	LVAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.39%	10.75%	+2.64%
Volatility (6M) Calculated over the trailing 6-month period	21.14%	16.56%	+4.58%
Volatility (1Y) Calculated over the trailing 1-year period	56.22%	18.32%	+37.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.47%	14.96%	+14.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.94%	16.23%	+8.71%

MGEMX vs. LVAZX - Expense Ratio Comparison

MGEMX has a 1.05% expense ratio, which is lower than LVAZX's 1.45% expense ratio.

Dividends

MGEMX vs. LVAZX - Dividend Comparison

MGEMX has not paid dividends to shareholders, while LVAZX's dividend yield for the trailing twelve months is around 3.94%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVAZX LSV Emerging Markets Equity Fund	3.94%	5.12%	1.39%	4.58%	3.14%	8.50%	2.54%	2.99%	0.00%	0.00%	0.00%	0.00%
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 LVAZX in my portfolio?

With a correlation of 0.90, MGEMX and LVAZX 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 LVAZX?

MGEMX has higher volatility (13.39%) compared to LVAZX (10.75%). In terms of maximum drawdown, MGEMX dropped -64.93% vs LVAZX's -37.87%.

Which has better risk-adjusted returns?

LVAZX currently has the higher Sharpe Ratio (3.15 vs -0.41), 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.