MGGPX vs. ^GSPC

Last updated Jun 25, 2026

MGGPX (Morgan Stanley Global Opportunity Portfolio Class A) is Global Equities fund tracking the MSCI All Country World Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, MGGPX returned 13.32%/yr vs 13.70%/yr for ^GSPC. A 0.80 correlation means they provide meaningful diversification when combined.

Performance

MGGPX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Global Opportunity Portfolio Class A (MGGPX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGGPX achieves a 1.92% return, which is significantly lower than ^GSPC's 7.49% return. Both investments have delivered pretty close results over the past 10 years, with MGGPX having a 13.32% annualized return and ^GSPC not far ahead at 13.70%.

MGGPX

• 1D: -3.72%
• 1M: 2.24%
• YTD: 1.92%
• 6M: 1.46%
• 1Y: -10.48%
• 3Y*: 13.96%
• 5Y*: 1.19%
• 10Y*: 13.32%

^GSPC

• 1D: -0.10%
• 1M: -1.54%
• YTD: 7.49%
• 6M: 6.15%
• 1Y: 20.78%
• 3Y*: 19.17%
• 5Y*: 11.44%
• 10Y*: 13.70%

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

MGGPX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGGPX Morgan Stanley Global Opportunity Portfolio Class A	1.92%	0.77%	27.16%	49.29%	-41.77%	-0.05%	55.05%	35.03%	-5.96%	49.03%
^GSPC S&P 500 Index	7.49%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between MGGPX and ^GSPC is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 24, 2010	0.80

The correlation between MGGPX and ^GSPC has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

MGGPX vs. ^GSPC — Risk / Return Rank

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

MGGPX

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

^GSPC

^GSPC Risk / Return Rank: 60
^GSPC Sharpe Ratio Rank: 57
^GSPC Sortino Ratio Rank: 56
^GSPC Omega Ratio Rank: 59
^GSPC Calmar Ratio Rank: 55
^GSPC Martin Ratio Rank: 72

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.

MGGPX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Global Opportunity Portfolio Class A (MGGPX) and S&P 500 Index (^GSPC). 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.

	MGGPX	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	1.67	-2.02
Sortino ratio: Return per unit of downside risk	-0.32	2.29	-2.61
Omega ratio: Gain probability vs. loss probability	0.95	1.30	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.30	2.29	-2.59
Martin ratio: Return relative to average drawdown	-0.64	10.15	-10.78

MGGPX vs. ^GSPC - Sharpe Ratio Comparison

The current MGGPX Sharpe Ratio is -0.35, which is lower than the ^GSPC Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of MGGPX and ^GSPC, 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

MGGPX vs. ^GSPC - Drawdown Comparison

The maximum MGGPX drawdown since its inception was -51.83%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for MGGPX and ^GSPC.

Drawdown Indicators

	MGGPX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-51.83%	-56.78%	+4.95%
Max Drawdown (1Y) Largest decline over 1 year	-28.32%	-9.10%	-19.22%
Max Drawdown (3Y) Largest decline over 3 years	-28.32%	-18.90%	-9.42%
Max Drawdown (5Y) Largest decline over 5 years	-51.14%	-25.43%	-25.71%
Max Drawdown (10Y) Largest decline over 10 years	-51.83%	-33.92%	-17.91%
Current Drawdown Current decline from peak	-13.94%	-3.31%	-10.63%
Average Drawdown Average peak-to-trough decline	-9.46%	-10.71%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.25%	2.05%	+11.20%

Volatility

MGGPX vs. ^GSPC - Volatility Comparison

Morgan Stanley Global Opportunity Portfolio Class A (MGGPX) has a higher volatility of 10.66% compared to S&P 500 Index (^GSPC) at 4.87%. This indicates that MGGPX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGGPX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.66%	4.87%	+5.79%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	9.90%	+8.17%
Volatility (1Y) Calculated over the trailing 1-year period	23.95%	12.54%	+11.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.44%	17.00%	+9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	18.08%	+5.15%

Frequently Asked Questions

Can I hold both MGGPX and ^GSPC in my portfolio?

MGGPX and ^GSPC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGGPX or ^GSPC?

MGGPX has higher volatility (10.66%) compared to ^GSPC (4.87%). In terms of maximum drawdown, MGGPX dropped -51.83% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (1.67 vs -0.35), 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.