MGEMX vs. PRWAX

Last updated Jun 25, 2026

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 actively managed by T. Rowe Price. Over the past 10 years, MGEMX returned 3.96%/yr vs 17.62%/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

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

Returns By Period

In the year-to-date period, MGEMX achieves a 29.77% return, which is significantly higher than PRWAX's -1.59% return. Over the past 10 years, MGEMX has underperformed PRWAX with an annualized return of 3.96%, while PRWAX has yielded a comparatively higher 17.62% annualized return.

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%

PRWAX

• 1D: -1.74%
• 1M: -0.46%
• YTD: -1.59%
• 6M: -3.18%
• 1Y: 8.92%
• 3Y*: 17.09%
• 5Y*: 8.81%
• 10Y*: 17.62%

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

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	29.77%	-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	-1.59%	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 0.66, 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	0.66
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	0.68
Correlation (All Time) Calculated using the full available price history since Sep 25, 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.

Return for Risk

MGEMX vs. PRWAX — 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

PRWAX

PRWAX Risk / Return Rank: 9
PRWAX Sharpe Ratio Rank: 10
PRWAX Sortino Ratio Rank: 10
PRWAX Omega Ratio Rank: 10
PRWAX Calmar Ratio Rank: 8
PRWAX Martin Ratio Rank: 10

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. 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.

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	PRWAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	0.74	-1.15
Sortino ratio: Return per unit of downside risk	-0.05	1.11	-1.16
Omega ratio: Gain probability vs. loss probability	0.98	1.14	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.44	0.74	-1.18
Martin ratio: Return relative to average drawdown	-0.74	2.57	-3.31

MGEMX vs. PRWAX - Sharpe Ratio Comparison

The current MGEMX Sharpe Ratio is -0.41, which is lower than the PRWAX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of MGEMX and PRWAX, 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. 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.

Drawdown Indicators

	MGEMX	PRWAX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-35.41%	-3.53%	-31.88%
Average Drawdown Average peak-to-trough decline	-19.84%	-9.89%	-9.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.92%	4.06%	+26.86%

Volatility

MGEMX vs. PRWAX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) has a higher volatility of 13.39% compared to T. Rowe Price All-Cap Opportunities Fund (PRWAX) at 5.67%. 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.

Volatility by Period

	MGEMX	PRWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.39%	5.67%	+7.72%
Volatility (6M) Calculated over the trailing 6-month period	21.14%	11.66%	+9.48%
Volatility (1Y) Calculated over the trailing 1-year period	56.22%	14.18%	+42.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.47%	17.74%	+11.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.94%	18.74%	+6.20%

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 8.48%.

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	8.48%	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

Can I hold both MGEMX and PRWAX in my portfolio?

MGEMX and PRWAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGEMX or PRWAX?

MGEMX has higher volatility (13.39%) compared to PRWAX (5.67%). In terms of maximum drawdown, MGEMX dropped -64.93% vs PRWAX's -55.06%.

Which has better risk-adjusted returns?

PRWAX currently has the higher Sharpe Ratio (0.74 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.