MGEMX vs. TEQLX

Last updated Jun 24, 2026

MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, MGEMX returned 4.59%/yr vs 10.82%/yr for TEQLX. With a 0.95 correlation, they move nearly in lockstep. MGEMX charges 1.05%/yr vs 0.19%/yr for TEQLX.

Performance

MGEMX vs. TEQLX - 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 TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGEMX achieves a 37.82% return, which is significantly higher than TEQLX's 30.56% return. Over the past 10 years, MGEMX has underperformed TEQLX with an annualized return of 4.59%, while TEQLX has yielded a comparatively higher 10.82% annualized return.

MGEMX

• 1D: 0.52%
• 1M: 8.59%
• YTD: 37.82%
• 6M: 39.81%
• 1Y: -17.94%
• 3Y*: 1.39%
• 5Y*: -4.60%
• 10Y*: 4.59%

TEQLX

• 1D: 0.38%
• 1M: 8.01%
• YTD: 30.56%
• 6M: 31.78%
• 1Y: 55.96%
• 3Y*: 25.00%
• 5Y*: 8.25%
• 10Y*: 10.82%

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

MGEMX vs. TEQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	37.82%	-34.08%	8.07%	12.16%	-25.07%	3.53%	14.59%	37.21%	-17.34%	34.98%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	30.56%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between MGEMX and TEQLX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 31, 2010	0.95

The correlation between MGEMX and TEQLX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

MGEMX vs. TEQLX — 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

TEQLX

TEQLX Risk / Return Rank: 87
TEQLX Sharpe Ratio Rank: 91
TEQLX Sortino Ratio Rank: 80
TEQLX Omega Ratio Rank: 85
TEQLX Calmar Ratio Rank: 90
TEQLX Martin Ratio Rank: 89

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. TEQLX - 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 TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	2.82	-3.14
Sortino ratio: Return per unit of downside risk	0.06	3.47	-3.41
Omega ratio: Gain probability vs. loss probability	1.02	1.53	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.34	4.27	-4.61
Martin ratio: Return relative to average drawdown	-0.58	16.04	-16.62

MGEMX vs. TEQLX - Sharpe Ratio Comparison

The current MGEMX Sharpe Ratio is -0.32, which is lower than the TEQLX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of MGEMX and TEQLX, 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. TEQLX - Drawdown Comparison

The maximum MGEMX drawdown since its inception was -64.93%, which is greater than TEQLX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for MGEMX and TEQLX.

Drawdown Indicators

	MGEMX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-64.93%	-39.33%	-25.60%
Max Drawdown (1Y) Largest decline over 1 year	-52.50%	-13.32%	-39.18%
Max Drawdown (3Y) Largest decline over 3 years	-52.50%	-15.97%	-36.53%
Max Drawdown (5Y) Largest decline over 5 years	-52.50%	-36.96%	-15.54%
Max Drawdown (10Y) Largest decline over 10 years	-52.50%	-39.33%	-13.17%
Current Drawdown Current decline from peak	-31.41%	0.00%	-31.41%
Average Drawdown Average peak-to-trough decline	-19.84%	-14.57%	-5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.84%	3.53%	+27.31%

Volatility

MGEMX vs. TEQLX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) has a higher volatility of 11.87% compared to TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) at 10.64%. This indicates that MGEMX's price experiences larger fluctuations and is considered to be riskier than TEQLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGEMX	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.87%	10.64%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	20.21%	18.08%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	56.02%	20.24%	+35.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.36%	17.49%	+11.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.92%	17.90%	+7.02%

MGEMX vs. TEQLX - Expense Ratio Comparison

MGEMX has a 1.05% expense ratio, which is higher than TEQLX's 0.19% expense ratio.

Dividends

MGEMX vs. TEQLX - Dividend Comparison

MGEMX has not paid dividends to shareholders, while TEQLX's dividend yield for the trailing twelve months is around 2.17%.

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%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.17%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%

Frequently Asked Questions

Can I hold both MGEMX and TEQLX in my portfolio?

With a correlation of 0.97, MGEMX and TEQLX 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 TEQLX?

MGEMX has higher volatility (11.87%) compared to TEQLX (10.64%). In terms of maximum drawdown, MGEMX dropped -64.93% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

TEQLX currently has the higher Sharpe Ratio (2.82 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.