MMGPX vs. VLEQX

Last updated Jul 18, 2026

MMGPX (Morgan Stanley Discovery Portfolio) and VLEQX (Villere Equity Fund) are both Mid Cap Growth Equities funds. A 0.65 correlation means they provide meaningful diversification when combined. MMGPX charges 0.04%/yr vs 1.22%/yr for VLEQX.

Performance

MMGPX vs. VLEQX - Performance Comparison

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

Returns By Period

MMGPX

• 1D: -1.08%
• 1M: 3.67%
• 6M: -3.54%
• YTD: 0.68%
• 1Y: -9.15%
• 3Y*: 18.81%
• 5Y*: -5.31%
• 10Y*: —

VLEQX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMGPX vs. VLEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMGPX Morgan Stanley Discovery Portfolio	0.68%	12.58%	41.83%	44.34%	-63.37%	-11.55%	152.67%	40.20%	10.89%	28.18%
VLEQX Villere Equity Fund	3.58%	0.26%	1.50%	11.37%	-24.50%	5.80%	14.77%	24.50%	-6.98%	4.08%

Correlation

The correlation between MMGPX and VLEQX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.65

The correlation between MMGPX and VLEQX shifts across timeframes, from 0.51 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MMGPX vs. VLEQX — 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: 1
MMGPX Martin Ratio Rank: 2

VLEQX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VLEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Discovery Portfolio (MMGPX) and Villere Equity Fund (VLEQX). 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	VLEQX	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	—	—
Sortino ratio: Return per unit of downside risk	-0.23	—	—
Omega ratio: Gain probability vs. loss probability	0.97	—	—
Calmar ratio: Return relative to maximum drawdown	-0.30	—	—
Martin ratio: Return relative to average drawdown	-0.59	—	—

Drawdowns

Drawdown Indicators

	MMGPX	VLEQX	Difference
Max Drawdown Largest peak-to-trough decline	-75.38%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-27.79%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-29.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-72.70%	—	—
Current Drawdown Current decline from peak	-39.84%	—	—
Average Drawdown Average peak-to-trough decline	-30.36%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	14.10%	—	—

Volatility

Volatility by Period

	MMGPX	VLEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.52%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.14%	—	—

MMGPX vs. VLEQX - Expense Ratio Comparison

MMGPX has a 0.04% expense ratio, which is lower than VLEQX's 1.22% expense ratio.

Dividends

MMGPX vs. VLEQX - Dividend Comparison

MMGPX has not paid dividends to shareholders, while VLEQX's dividend yield for the trailing twelve months is around 13.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMGPX Morgan Stanley Discovery Portfolio	0.00%	0.43%	0.00%	0.00%	125.40%	64.53%	7.93%	15.63%	28.02%	0.00%	0.00%	0.00%
VLEQX Villere Equity Fund	13.57%	0.54%	0.40%	4.64%	2.88%	8.24%	0.73%	0.17%	0.34%	0.00%	0.11%	1.76%

Frequently Asked Questions

Can I hold both MMGPX and VLEQX in my portfolio?

MMGPX and VLEQX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.