MGEMX vs. PRWAX
MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) and PRWAX (T. Rowe Price All-Cap Opportunities Fund) are both mutual funds - MGEMX is a Emerging Markets Diversified fund managed by T. Rowe Price, while PRWAX is a Large Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, MGEMX returned 4.24%/yr vs 17.43%/yr for PRWAX. A 0.58 correlation means they provide meaningful diversification when combined. MGEMX charges 1.05%/yr vs 0.76%/yr for PRWAX.
Performance
MGEMX vs. PRWAX - Performance Comparison
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Returns By Period
In the year-to-date period, MGEMX achieves a 37.04% return, which is significantly higher than PRWAX's 1.11% return. Over the past 10 years, MGEMX has underperformed PRWAX with an annualized return of 4.24%, while PRWAX has yielded a comparatively higher 17.43% annualized return.
MGEMX
- 1D
- 1.37%
- 1M
- 13.44%
- YTD
- 37.04%
- 6M
- -30.29%
- 1Y
- -17.28%
- 3Y*
- 1.60%
- 5Y*
- -4.78%
- 10Y*
- 4.24%
PRWAX
- 1D
- 0.18%
- 1M
- 3.86%
- YTD
- 1.11%
- 6M
- 0.69%
- 1Y
- 14.72%
- 3Y*
- 18.74%
- 5Y*
- 10.46%
- 10Y*
- 17.43%
MGEMX vs. PRWAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio | 37.04% | -34.08% | 8.07% | 12.16% | -25.07% | 3.53% | 14.59% | 37.21% | -17.34% | 34.98% |
PRWAX T. Rowe Price All-Cap Opportunities Fund | 1.11% | 16.37% | 25.24% | 29.02% | -21.37% | 20.63% | 44.73% | 35.08% | 1.26% | 34.51% |
Correlation
The correlation between MGEMX and PRWAX is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 1992 | 0.58 |
The correlation between MGEMX and PRWAX has been stable across timeframes, ranging from 0.58 to 0.68 - a consistent structural relationship.
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Return for Risk
MGEMX vs. PRWAX — Risk / Return Rank
MGEMX
PRWAX
MGEMX vs. PRWAX - 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 T. Rowe Price All-Cap Opportunities Fund (PRWAX). 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 | PRWAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.21 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 1.10 | -1.43 |
| Martin ratioReturn relative to average drawdown | -0.59 | 3.85 | -4.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MGEMX | PRWAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.32 | 1.17 | -1.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | 0.60 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.93 | -0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.60 | -0.29 |
Drawdowns
MGEMX vs. PRWAX - Drawdown Comparison
The maximum MGEMX drawdown since its inception was -64.93%, which is greater than PRWAX's maximum drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for MGEMX and PRWAX.
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Drawdown Indicators
| MGEMX | PRWAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.93% | -55.06% | -9.87% |
Max Drawdown (1Y)Largest decline over 1 year | -52.50% | -14.09% | -38.41% |
Max Drawdown (3Y)Largest decline over 3 years | -52.50% | -19.06% | -33.44% |
Max Drawdown (5Y)Largest decline over 5 years | -52.50% | -29.38% | -23.12% |
Max Drawdown (10Y)Largest decline over 10 years | -52.50% | -30.50% | -22.00% |
Current DrawdownCurrent decline from peak | -31.80% | -0.87% | -30.93% |
Average DrawdownAverage peak-to-trough decline | -19.82% | -9.90% | -9.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.82% | 4.00% | +25.82% |
Volatility
MGEMX vs. PRWAX - Volatility Comparison
Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) has a higher volatility of 8.74% compared to T. Rowe Price All-Cap Opportunities Fund (PRWAX) at 3.52%. This indicates that MGEMX's price experiences larger fluctuations and is considered to be riskier than PRWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MGEMX | PRWAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 3.52% | +5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 73.57% | 10.56% | +63.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.95% | 13.27% | +41.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.98% | 17.61% | +11.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.72% | 18.72% | +6.00% |
MGEMX vs. PRWAX - Expense Ratio Comparison
MGEMX has a 1.05% expense ratio, which is higher than PRWAX's 0.76% expense ratio.
Dividends
MGEMX vs. PRWAX - Dividend Comparison
MGEMX has not paid dividends to shareholders, while PRWAX's dividend yield for the trailing twelve months is around 8.26%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PRWAX T. Rowe Price All-Cap Opportunities Fund | 8.26% | 8.35% | 9.22% | 5.10% | 3.11% | 20.51% | 15.44% | 7.01% | 12.58% | 12.30% | 6.19% | 8.84% |
Frequently Asked Questions
MGEMX and PRWAX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MGEMX has higher volatility (8.74%) compared to PRWAX (3.52%). In terms of maximum drawdown, MGEMX dropped -64.93% vs PRWAX's -55.06%.
PRWAX currently has the higher Sharpe Ratio (1.17 vs -0.32), 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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