MLNIX vs. VTWAX

Last updated Jun 6, 2026

MLNIX (Morgan Stanley Institutional Fund, Inc. Global Concentrated Portfolio) and VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) are both Global Equities funds. Over the past 5 years, MLNIX returned 9.75%/yr vs 11.05%/yr for VTWAX. Their correlation of 0.92 suggests significant overlap in exposure. MLNIX charges 1.00%/yr vs 0.09%/yr for VTWAX.

Performance

MLNIX vs. VTWAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Global Concentrated Portfolio (MLNIX) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLNIX achieves a 4.92% return, which is significantly lower than VTWAX's 12.65% return.

MLNIX

• 1D: 2.01%
• 1M: 1.03%
• YTD: 4.92%
• 6M: 6.16%
• 1Y: 14.16%
• 3Y*: 22.34%
• 5Y*: 9.75%
• 10Y*: —

VTWAX

• 1D: 0.32%
• 1M: 2.31%
• YTD: 12.65%
• 6M: 13.20%
• 1Y: 29.74%
• 3Y*: 21.19%
• 5Y*: 11.05%
• 10Y*: —

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

MLNIX vs. VTWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MLNIX Morgan Stanley Institutional Fund, Inc. Global Concentrated Portfolio	4.92%	17.59%	32.90%	18.42%	-22.28%	17.75%	23.52%	22.52%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	12.65%	22.43%	16.43%	21.85%	-18.02%	18.17%	16.67%	17.53%

Correlation

The correlation between MLNIX and VTWAX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	0.92

The correlation between MLNIX and VTWAX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

MLNIX vs. VTWAX — Risk / Return Rank

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

MLNIX

MLNIX Risk / Return Rank: 12
MLNIX Sharpe Ratio Rank: 12
MLNIX Sortino Ratio Rank: 13
MLNIX Omega Ratio Rank: 12
MLNIX Calmar Ratio Rank: 10
MLNIX Martin Ratio Rank: 12

VTWAX

VTWAX Risk / Return Rank: 69
VTWAX Sharpe Ratio Rank: 71
VTWAX Sortino Ratio Rank: 65
VTWAX Omega Ratio Rank: 65
VTWAX Calmar Ratio Rank: 68
VTWAX Martin Ratio Rank: 76

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.

MLNIX vs. VTWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Global Concentrated Portfolio (MLNIX) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). 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.

	MLNIX	VTWAX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	2.39	-1.50
Sortino ratio: Return per unit of downside risk	1.38	3.28	-1.90
Omega ratio: Gain probability vs. loss probability	1.17	1.43	-0.26
Calmar ratio: Return relative to maximum drawdown	0.87	3.06	-2.19
Martin ratio: Return relative to average drawdown	3.13	13.70	-10.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLNIX vs. VTWAX - Sharpe Ratio Comparison

The current MLNIX Sharpe Ratio is 0.89, which is lower than the VTWAX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of MLNIX and VTWAX, 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

	MLNIX	VTWAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	2.39	-1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.71	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.77	-0.15

Drawdowns

MLNIX vs. VTWAX - Drawdown Comparison

The maximum MLNIX drawdown since its inception was -34.79%, roughly equal to the maximum VTWAX drawdown of -34.20%. Use the drawdown chart below to compare losses from any high point for MLNIX and VTWAX.

Drawdown Indicators

	MLNIX	VTWAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.79%	-34.20%	-0.59%
Max Drawdown (1Y) Largest decline over 1 year	-16.10%	-9.64%	-6.46%
Max Drawdown (3Y) Largest decline over 3 years	-19.47%	-16.43%	-3.04%
Max Drawdown (5Y) Largest decline over 5 years	-31.85%	-26.40%	-5.45%
Current Drawdown Current decline from peak	0.00%	-0.44%	+0.44%
Average Drawdown Average peak-to-trough decline	-8.02%	-5.30%	-2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	2.15%	+2.34%

Volatility

MLNIX vs. VTWAX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Global Concentrated Portfolio (MLNIX) has a higher volatility of 4.95% compared to Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) at 3.56%. This indicates that MLNIX's price experiences larger fluctuations and is considered to be riskier than VTWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLNIX	VTWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	3.56%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	9.84%	+3.65%
Volatility (1Y) Calculated over the trailing 1-year period	15.85%	12.39%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	15.71%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	18.19%	+2.04%

MLNIX vs. VTWAX - Expense Ratio Comparison

MLNIX has a 1.00% expense ratio, which is higher than VTWAX's 0.09% expense ratio.

Dividends

MLNIX vs. VTWAX - Dividend Comparison

MLNIX's dividend yield for the trailing twelve months is around 1.79%, more than VTWAX's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLNIX Morgan Stanley Institutional Fund, Inc. Global Concentrated Portfolio	1.79%	1.88%	0.20%	0.79%	0.30%	3.80%	0.00%	1.11%	0.72%	0.30%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	1.56%	1.80%	1.92%	2.06%	2.17%	1.79%	1.64%	2.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLNIX and VTWAX in my portfolio?

MLNIX and VTWAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLNIX or VTWAX?

MLNIX has higher volatility (4.95%) compared to VTWAX (3.56%). In terms of maximum drawdown, MLNIX dropped -34.79% vs VTWAX's -34.20%.

Which has better risk-adjusted returns?

VTWAX currently has the higher Sharpe Ratio (2.39 vs 0.89), 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.