MGGIX vs. CDNS

Last updated Jun 4, 2026

MGGIX (Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio) is Global Equities fund managed by T. Rowe Price, while CDNS (Cadence Design Systems, Inc.) is a stock. Over the past 10 years, MGGIX returned 13.54%/yr vs 32.37%/yr for CDNS. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

MGGIX vs. CDNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio (MGGIX) and Cadence Design Systems, Inc. (CDNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGGIX achieves a 4.95% return, which is significantly lower than CDNS's 30.53% return. Over the past 10 years, MGGIX has underperformed CDNS with an annualized return of 13.54%, while CDNS has yielded a comparatively higher 32.37% annualized return.

MGGIX

• 1D: -0.61%
• 1M: 8.65%
• YTD: 4.95%
• 6M: -4.55%
• 1Y: -4.53%
• 3Y*: 16.45%
• 5Y*: 3.29%
• 10Y*: 13.54%

CDNS

• 1D: -2.01%
• 1M: 16.73%
• YTD: 30.53%
• 6M: 21.39%
• 1Y: 39.09%
• 3Y*: 21.11%
• 5Y*: 26.34%
• 10Y*: 32.37%

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

MGGIX vs. CDNS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGGIX Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio	4.95%	1.86%	27.50%	49.70%	-41.57%	0.22%	55.49%	35.44%	-5.65%	49.45%
CDNS Cadence Design Systems, Inc.	30.53%	4.03%	10.31%	69.55%	-13.80%	36.59%	96.70%	59.52%	3.97%	65.82%

Correlation

The correlation between MGGIX and CDNS is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 2, 2008	0.63

The correlation between MGGIX and CDNS shifts across timeframes, from 0.54 (1 year) to 0.67 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

MGGIX vs. CDNS — Risk / Return Rank

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

MGGIX

MGGIX Risk / Return Rank: 2
MGGIX Sharpe Ratio Rank: 2
MGGIX Sortino Ratio Rank: 2
MGGIX Omega Ratio Rank: 2
MGGIX Calmar Ratio Rank: 2
MGGIX Martin Ratio Rank: 2

CDNS

CDNS Risk / Return Rank: 68
CDNS Sharpe Ratio Rank: 72
CDNS Sortino Ratio Rank: 69
CDNS Omega Ratio Rank: 67
CDNS Calmar Ratio Rank: 66
CDNS Martin Ratio Rank: 65

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.

MGGIX vs. CDNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio (MGGIX) and Cadence Design Systems, Inc. (CDNS). 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.

	MGGIX	CDNS	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	1.04	-1.26
Sortino ratio: Return per unit of downside risk	-0.15	1.69	-1.84
Omega ratio: Gain probability vs. loss probability	0.98	1.21	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.17	1.36	-1.53
Martin ratio: Return relative to average drawdown	-0.38	2.89	-3.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGGIX vs. CDNS - Sharpe Ratio Comparison

The current MGGIX Sharpe Ratio is -0.22, which is lower than the CDNS Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of MGGIX and CDNS, 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

	MGGIX	CDNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	1.04	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.74	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.96	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.24	+0.28

Drawdowns

MGGIX vs. CDNS - Drawdown Comparison

The maximum MGGIX drawdown since its inception was -59.08%, smaller than the maximum CDNS drawdown of -93.13%. Use the drawdown chart below to compare losses from any high point for MGGIX and CDNS.

Drawdown Indicators

	MGGIX	CDNS	Difference
Max Drawdown Largest peak-to-trough decline	-59.08%	-93.13%	+34.05%
Max Drawdown (1Y) Largest decline over 1 year	-27.65%	-28.85%	+1.20%
Max Drawdown (3Y) Largest decline over 3 years	-27.65%	-29.05%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-51.02%	-29.59%	-21.43%
Max Drawdown (10Y) Largest decline over 10 years	-51.60%	-32.12%	-19.48%
Current Drawdown Current decline from peak	-10.61%	-2.01%	-8.60%
Average Drawdown Average peak-to-trough decline	-11.23%	-39.65%	+28.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.36%	13.58%	-1.22%

Volatility

MGGIX vs. CDNS - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio (MGGIX) is 5.98%, while Cadence Design Systems, Inc. (CDNS) has a volatility of 12.68%. This indicates that MGGIX experiences smaller price fluctuations and is considered to be less risky than CDNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGGIX	CDNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	12.68%	-6.70%
Volatility (6M) Calculated over the trailing 6-month period	19.04%	30.56%	-11.52%
Volatility (1Y) Calculated over the trailing 1-year period	21.55%	37.65%	-16.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.01%	35.94%	-9.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.05%	33.97%	-10.92%

Dividends

MGGIX vs. CDNS - Dividend Comparison

Neither MGGIX nor CDNS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDNS Cadence Design Systems, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MGGIX Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio	0.00%	0.00%	9.27%	2.13%	22.94%	4.92%	1.16%	0.00%	0.79%	0.39%	7.04%	1.26%

Frequently Asked Questions

Can I hold both MGGIX and CDNS in my portfolio?

MGGIX and CDNS have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGGIX or CDNS?

CDNS has higher volatility (12.68%) compared to MGGIX (5.98%). In terms of maximum drawdown, MGGIX dropped -59.08% vs CDNS's -93.13%.

Which has better risk-adjusted returns?

CDNS currently has the higher Sharpe Ratio (1.04 vs -0.22), 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.