MGGPX vs. SPY

Last updated Jun 25, 2026

MGGPX (Morgan Stanley Global Opportunity Portfolio Class A) and SPY (State Street SPDR S&P 500 ETF) are both funds - MGGPX is a Global Equities fund tracking the MSCI All Country World Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MGGPX returned 13.32%/yr vs 15.53%/yr for SPY. A 0.80 correlation means they provide meaningful diversification when combined. MGGPX charges 1.25%/yr vs 0.09%/yr for SPY.

Performance

MGGPX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Global Opportunity Portfolio Class A (MGGPX) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 8.10% return. Over the past 10 years, MGGPX has underperformed SPY with an annualized return of 13.32%, while SPY has yielded a comparatively higher 15.53% annualized return.

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%

SPY

• 1D: -0.05%
• 1M: -1.41%
• YTD: 8.10%
• 6M: 6.77%
• 1Y: 22.18%
• 3Y*: 20.66%
• 5Y*: 12.96%
• 10Y*: 15.53%

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

MGGPX vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	8.10%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

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

Return for Risk

MGGPX vs. SPY — 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

SPY

SPY Risk / Return Rank: 60
SPY Sharpe Ratio Rank: 59
SPY Sortino Ratio Rank: 57
SPY Omega Ratio Rank: 59
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Global Opportunity Portfolio Class A (MGGPX) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	1.79	-2.15
Sortino ratio: Return per unit of downside risk	-0.32	2.45	-2.76
Omega ratio: Gain probability vs. loss probability	0.95	1.33	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.30	2.51	-2.81
Martin ratio: Return relative to average drawdown	-0.64	11.15	-11.79

MGGPX vs. SPY - Sharpe Ratio Comparison

The current MGGPX Sharpe Ratio is -0.35, which is lower than the SPY Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of MGGPX and SPY, 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. SPY - Drawdown Comparison

The maximum MGGPX drawdown since its inception was -51.83%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MGGPX and SPY.

Drawdown Indicators

	MGGPX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-51.83%	-55.19%	+3.36%
Max Drawdown (1Y) Largest decline over 1 year	-28.32%	-8.88%	-19.44%
Max Drawdown (3Y) Largest decline over 3 years	-28.32%	-18.76%	-9.56%
Max Drawdown (5Y) Largest decline over 5 years	-51.14%	-24.50%	-26.64%
Max Drawdown (10Y) Largest decline over 10 years	-51.83%	-33.72%	-18.11%
Current Drawdown Current decline from peak	-13.94%	-3.22%	-10.72%
Average Drawdown Average peak-to-trough decline	-9.46%	-9.03%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.25%	1.99%	+11.26%

Volatility

MGGPX vs. SPY - Volatility Comparison

Morgan Stanley Global Opportunity Portfolio Class A (MGGPX) has a higher volatility of 10.66% compared to State Street SPDR S&P 500 ETF (SPY) at 4.85%. This indicates that MGGPX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGGPX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.66%	4.85%	+5.81%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	9.81%	+8.26%
Volatility (1Y) Calculated over the trailing 1-year period	23.95%	12.47%	+11.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.44%	17.15%	+9.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	17.95%	+5.28%

MGGPX vs. SPY - Expense Ratio Comparison

MGGPX has a 1.25% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MGGPX vs. SPY - Dividend Comparison

MGGPX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGGPX Morgan Stanley Global Opportunity Portfolio Class A	0.00%	0.00%	9.95%	2.27%	24.31%	5.14%	1.20%	0.00%	0.82%	0.40%	7.23%	1.29%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MGGPX and SPY in my portfolio?

MGGPX and SPY 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 SPY?

MGGPX has higher volatility (10.66%) compared to SPY (4.85%). In terms of maximum drawdown, MGGPX dropped -51.83% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.79 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.