MMGPX vs. WWNPX

Last updated Apr 1, 2026

Compare and contrast key facts about Morgan Stanley Discovery Portfolio (MMGPX) and Kinetics Paradigm Fund (WWNPX).

MMGPX is managed by Morgan Stanley. It was launched on Apr 30, 2017. WWNPX is managed by Kinetics. It was launched on Dec 31, 1999.

Performance

MMGPX vs. WWNPX - Performance Comparison

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

MMGPX vs. WWNPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMGPX Morgan Stanley Discovery Portfolio	-14.93%	12.58%	41.83%	44.34%	-81.34%	-11.55%	152.67%	40.20%	10.89%	28.18%
WWNPX Kinetics Paradigm Fund	36.66%	-14.61%	88.34%	-16.97%	29.18%	38.14%	3.38%	30.47%	-5.24%	24.70%

Returns By Period

In the year-to-date period, MMGPX achieves a -14.93% return, which is significantly lower than WWNPX's 36.66% return.

MMGPX

• 1D: -1.27%
• 1M: -9.08%
• YTD: -14.93%
• 6M: -23.43%
• 1Y: 3.91%
• 3Y*: 19.10%
• 5Y*: -19.96%
• 10Y*: —

WWNPX

• 1D: -6.34%
• 1M: -9.27%
• YTD: 36.66%
• 6M: 24.06%
• 1Y: 3.73%
• 3Y*: 30.25%
• 5Y*: 16.10%
• 10Y*: 20.54%

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

MMGPX vs. WWNPX - Expense Ratio Comparison

MMGPX has a 0.04% expense ratio, which is lower than WWNPX's 1.64% expense ratio.

WWNPX

Kinetics Paradigm Fund

MMGPX

Morgan Stanley Discovery Portfolio

Return for Risk

MMGPX vs. WWNPX — Risk / Return Rank

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

MMGPX

MMGPX Risk / Return Rank: 7
MMGPX Sharpe Ratio Rank: 7
MMGPX Sortino Ratio Rank: 8
MMGPX Omega Ratio Rank: 8
MMGPX Calmar Ratio Rank: 6
MMGPX Martin Ratio Rank: 6

WWNPX

WWNPX Risk / Return Rank: 9
WWNPX Sharpe Ratio Rank: 8
WWNPX Sortino Ratio Rank: 11
WWNPX Omega Ratio Rank: 10
WWNPX Calmar Ratio Rank: 8
WWNPX 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. WWNPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Discovery Portfolio (MMGPX) and Kinetics Paradigm Fund (WWNPX). 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	WWNPX	Difference
Sharpe ratio Return per unit of total volatility	0.10	0.13	-0.03
Sortino ratio Return per unit of downside risk	0.38	0.45	-0.07
Omega ratio Gain probability vs. loss probability	1.05	1.06	-0.01
Calmar ratio Return relative to maximum drawdown	-0.02	0.07	-0.09
Martin ratio Return relative to average drawdown	-0.05	0.12	-0.17
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. WWNPX - Sharpe Ratio Comparison

The current MMGPX Sharpe Ratio is 0.10, which is comparable to the WWNPX Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of MMGPX and WWNPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MMGPX	WWNPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	0.13	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	0.50	-0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.55	-0.41

Correlation

The correlation between MMGPX and WWNPX is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MMGPX vs. WWNPX - Dividend Comparison

MMGPX's dividend yield for the trailing twelve months is around 0.50%, less than WWNPX's 6.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MMGPX Morgan Stanley Discovery Portfolio	0.50%	0.43%	0.00%	0.00%	0.00%	64.53%	7.93%	15.63%	28.02%
WWNPX Kinetics Paradigm Fund	6.01%	8.21%	2.95%	5.65%	2.00%	1.67%	2.15%	1.00%	10.44%

Drawdowns

MMGPX vs. WWNPX - Drawdown Comparison

The maximum MMGPX drawdown since its inception was -87.45%, which is greater than WWNPX's maximum drawdown of -67.87%. Use the drawdown chart below to compare losses from any high point for MMGPX and WWNPX.

Drawdown Indicators

	MMGPX	WWNPX	Difference
Max Drawdown Largest peak-to-trough decline	-87.45%	-67.87%	-19.58%
Max Drawdown (1Y) Largest decline over 1 year	-27.79%	-32.61%	+4.82%
Max Drawdown (5Y) Largest decline over 5 years	-86.09%	-41.13%	-44.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.51%	—
Current Drawdown Current decline from peak	-74.10%	-17.17%	-56.93%
Average Drawdown Average peak-to-trough decline	-38.69%	-13.85%	-24.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.11%	20.15%	-9.04%

Volatility

MMGPX vs. WWNPX - Volatility Comparison

The current volatility for Morgan Stanley Discovery Portfolio (MMGPX) is 7.90%, while Kinetics Paradigm Fund (WWNPX) has a volatility of 9.21%. This indicates that MMGPX experiences smaller price fluctuations and is considered to be less risky than WWNPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMGPX	WWNPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.90%	9.21%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	21.47%	24.60%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	31.90%	36.52%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.71%	32.56%	+13.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.03%	28.17%	+10.86%