MMGPX vs. IIMOX

Last updated Jun 4, 2026

MMGPX (Morgan Stanley Discovery Portfolio) and IIMOX (Voya MidCap Opportunities Portfolio) are both Mid Cap Growth Equities funds. Over the past 5 years, MMGPX returned -3.53%/yr vs 6.46%/yr for IIMOX. A 0.79 correlation means they provide meaningful diversification when combined. MMGPX charges 0.04%/yr vs 0.66%/yr for IIMOX.

Performance

MMGPX vs. IIMOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Discovery Portfolio (MMGPX) and Voya MidCap Opportunities Portfolio (IIMOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMGPX achieves a 6.58% return, which is significantly lower than IIMOX's 7.90% return.

MMGPX

• 1D: -1.64%
• 1M: 5.85%
• YTD: 6.58%
• 6M: 2.50%
• 1Y: 4.84%
• 3Y*: 26.16%
• 5Y*: -3.53%
• 10Y*: —

IIMOX

• 1D: 0.33%
• 1M: 8.09%
• YTD: 7.90%
• 6M: 6.00%
• 1Y: 8.37%
• 3Y*: 13.18%
• 5Y*: 6.46%
• 10Y*: 11.70%

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

MMGPX vs. IIMOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMGPX Morgan Stanley Discovery Portfolio	6.58%	12.58%	41.83%	44.34%	-63.37%	-11.55%	152.67%	40.20%	10.89%	28.18%
IIMOX Voya MidCap Opportunities Portfolio	7.90%	3.84%	15.91%	23.54%	-22.65%	12.05%	41.21%	29.45%	-7.44%	20.40%

Correlation

The correlation between MMGPX and IIMOX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.79

The correlation between MMGPX and IIMOX has been stable across timeframes, ranging from 0.70 to 0.80 - a consistent structural relationship.

Return for Risk

MMGPX vs. IIMOX — Risk / Return Rank

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

MMGPX

MMGPX Risk / Return Rank: 4
MMGPX Sharpe Ratio Rank: 4
MMGPX Sortino Ratio Rank: 4
MMGPX Omega Ratio Rank: 4
MMGPX Calmar Ratio Rank: 4
MMGPX Martin Ratio Rank: 3

IIMOX

IIMOX Risk / Return Rank: 7
IIMOX Sharpe Ratio Rank: 7
IIMOX Sortino Ratio Rank: 7
IIMOX Omega Ratio Rank: 7
IIMOX Calmar Ratio Rank: 6
IIMOX Martin Ratio Rank: 7

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.

MMGPX vs. IIMOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Discovery Portfolio (MMGPX) and Voya MidCap Opportunities Portfolio (IIMOX). 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.

	MMGPX	IIMOX	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.55	-0.33
Sortino ratio: Return per unit of downside risk	0.50	0.91	-0.41
Omega ratio: Gain probability vs. loss probability	1.06	1.10	-0.05
Calmar ratio: Return relative to maximum drawdown	0.22	0.59	-0.36
Martin ratio: Return relative to average drawdown	0.47	1.76	-1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMGPX vs. IIMOX - Sharpe Ratio Comparison

The current MMGPX Sharpe Ratio is 0.22, which is lower than the IIMOX Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of MMGPX and IIMOX, 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

	MMGPX	IIMOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.55	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	0.28	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.41	+0.05

Drawdowns

MMGPX vs. IIMOX - Drawdown Comparison

The maximum MMGPX drawdown since its inception was -75.38%, which is greater than IIMOX's maximum drawdown of -49.62%. Use the drawdown chart below to compare losses from any high point for MMGPX and IIMOX.

Drawdown Indicators

	MMGPX	IIMOX	Difference
Max Drawdown Largest peak-to-trough decline	-75.38%	-49.62%	-25.76%
Max Drawdown (1Y) Largest decline over 1 year	-27.79%	-17.25%	-10.54%
Max Drawdown (3Y) Largest decline over 3 years	-29.27%	-26.24%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-72.70%	-38.63%	-34.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.63%	—
Current Drawdown Current decline from peak	-36.32%	0.00%	-36.32%
Average Drawdown Average peak-to-trough decline	-30.24%	-10.29%	-19.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.11%	5.53%	+7.58%

Volatility

MMGPX vs. IIMOX - Volatility Comparison

Morgan Stanley Discovery Portfolio (MMGPX) has a higher volatility of 8.88% compared to Voya MidCap Opportunities Portfolio (IIMOX) at 4.11%. This indicates that MMGPX's price experiences larger fluctuations and is considered to be riskier than IIMOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMGPX	IIMOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	4.11%	+4.77%
Volatility (6M) Calculated over the trailing 6-month period	20.96%	14.21%	+6.75%
Volatility (1Y) Calculated over the trailing 1-year period	27.57%	18.29%	+9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.71%	23.23%	+16.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.22%	22.07%	+13.15%

MMGPX vs. IIMOX - Expense Ratio Comparison

MMGPX has a 0.04% expense ratio, which is lower than IIMOX's 0.66% expense ratio.

Dividends

MMGPX vs. IIMOX - Dividend Comparison

MMGPX's dividend yield for the trailing twelve months is around 0.40%, less than IIMOX's 9.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIMOX Voya MidCap Opportunities Portfolio	9.73%	10.50%	0.00%	0.00%	216.56%	14.45%	4.43%	12.33%	12.00%	5.41%	11.65%	17.54%
MMGPX Morgan Stanley Discovery Portfolio	0.40%	0.43%	0.00%	0.00%	125.40%	64.53%	7.93%	15.63%	28.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMGPX and IIMOX in my portfolio?

MMGPX and IIMOX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMGPX or IIMOX?

MMGPX has higher volatility (8.88%) compared to IIMOX (4.11%). In terms of maximum drawdown, MMGPX dropped -75.38% vs IIMOX's -49.62%.

Which has better risk-adjusted returns?

IIMOX currently has the higher Sharpe Ratio (0.55 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.