MMGPX vs. MSEGX

Last updated Jun 24, 2026

MMGPX (Morgan Stanley Discovery Portfolio) and MSEGX (Morgan Stanley Institutional Growth Portfolio) are both mutual funds - MMGPX is a Mid Cap Growth Equities fund managed by Morgan Stanley, while MSEGX is a Large Cap Growth Equities fund actively managed by Morgan Stanley. Over the past 5 years, MMGPX returned -7.25%/yr vs -2.21%/yr for MSEGX. With a 0.96 correlation, they move nearly in lockstep. MMGPX charges 0.04%/yr vs 0.87%/yr for MSEGX.

Performance

MMGPX vs. MSEGX - Performance Comparison

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

Returns By Period

In the year-to-date period, MMGPX achieves a -2.33% return, which is significantly higher than MSEGX's -8.03% return.

MMGPX

• 1D: -1.11%
• 1M: -4.55%
• YTD: -2.33%
• 6M: -5.94%
• 1Y: -6.55%
• 3Y*: 22.02%
• 5Y*: -7.25%
• 10Y*: —

MSEGX

• 1D: -1.81%
• 1M: -1.96%
• YTD: -8.03%
• 6M: -11.82%
• 1Y: -0.59%
• 3Y*: 24.87%
• 5Y*: -2.21%
• 10Y*: 16.63%

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

MMGPX vs. MSEGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMGPX Morgan Stanley Discovery Portfolio	-2.33%	12.58%	41.83%	44.34%	-63.37%	-11.55%	152.67%	40.20%	10.89%	28.18%
MSEGX Morgan Stanley Institutional Growth Portfolio	-8.03%	24.43%	46.29%	49.87%	-60.27%	-0.31%	115.11%	38.93%	5.01%	30.34%

Correlation

The correlation between MMGPX and MSEGX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.96

The correlation between MMGPX and MSEGX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

MMGPX vs. MSEGX — Risk / Return Rank

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

MMGPX

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

MSEGX

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

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. MSEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Discovery Portfolio (MMGPX) and Morgan Stanley Institutional Growth Portfolio (MSEGX). 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.

	MMGPX	MSEGX	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	0.05	-0.24
Sortino ratio: Return per unit of downside risk	-0.07	0.28	-0.35
Omega ratio: Gain probability vs. loss probability	0.99	1.03	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.20	0.05	-0.25
Martin ratio: Return relative to average drawdown	-0.40	0.11	-0.51

MMGPX vs. MSEGX - Sharpe Ratio Comparison

The current MMGPX Sharpe Ratio is -0.19, which is lower than the MSEGX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of MMGPX and MSEGX, 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

MMGPX vs. MSEGX - Drawdown Comparison

The maximum MMGPX drawdown since its inception was -75.38%, which is greater than MSEGX's maximum drawdown of -69.57%. Use the drawdown chart below to compare losses from any high point for MMGPX and MSEGX.

Drawdown Indicators

	MMGPX	MSEGX	Difference
Max Drawdown Largest peak-to-trough decline	-75.38%	-69.57%	-5.81%
Max Drawdown (1Y) Largest decline over 1 year	-27.79%	-27.83%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-29.27%	-32.54%	+3.27%
Max Drawdown (5Y) Largest decline over 5 years	-72.70%	-69.57%	-3.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-69.57%	—
Current Drawdown Current decline from peak	-41.64%	-20.51%	-21.13%
Average Drawdown Average peak-to-trough decline	-30.29%	-19.50%	-10.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.62%	13.46%	+0.16%

Volatility

MMGPX vs. MSEGX - Volatility Comparison

The current volatility for Morgan Stanley Discovery Portfolio (MMGPX) is 9.77%, while Morgan Stanley Institutional Growth Portfolio (MSEGX) has a volatility of 10.32%. This indicates that MMGPX experiences smaller price fluctuations and is considered to be less risky than MSEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMGPX	MSEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.77%	10.32%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	21.75%	22.47%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	28.61%	29.30%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.83%	39.87%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.22%	33.91%	+1.31%

MMGPX vs. MSEGX - Expense Ratio Comparison

MMGPX has a 0.04% expense ratio, which is lower than MSEGX's 0.87% expense ratio.

Dividends

MMGPX vs. MSEGX - Dividend Comparison

MMGPX's dividend yield for the trailing twelve months is around 0.44%, while MSEGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMGPX Morgan Stanley Discovery Portfolio	0.44%	0.43%	0.00%	0.00%	125.40%	64.53%	7.93%	15.63%	28.02%	0.00%	0.00%	0.00%
MSEGX Morgan Stanley Institutional Growth Portfolio	0.00%	0.00%	0.42%	0.00%	18.70%	26.52%	10.03%	22.75%	5.67%	22.18%	13.17%	7.76%

Frequently Asked Questions

Can I hold both MMGPX and MSEGX in my portfolio?

With a correlation of 0.95, MMGPX and MSEGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MMGPX or MSEGX?

MSEGX has higher volatility (10.32%) compared to MMGPX (9.77%). In terms of maximum drawdown, MMGPX dropped -75.38% vs MSEGX's -69.57%.

Which has better risk-adjusted returns?

MSEGX currently has the higher Sharpe Ratio (0.05 vs -0.19), 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.