MPAIX vs. VTMGX

Last updated Jun 4, 2026

MPAIX (Morgan Stanley Institutional Fund, Inc. Advantage Portfolio) and VTMGX (Vanguard Developed Markets Index Fund Admiral Shares) are both Large Cap Growth Equities funds. Over the past 10 years, MPAIX returned 12.22%/yr vs 10.24%/yr for VTMGX. A 0.68 correlation means they provide meaningful diversification when combined. MPAIX charges 0.85%/yr vs 0.07%/yr for VTMGX.

Performance

MPAIX vs. VTMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Advantage Portfolio (MPAIX) and Vanguard Developed Markets Index Fund Admiral Shares (VTMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MPAIX achieves a -2.26% return, which is significantly lower than VTMGX's 15.89% return. Over the past 10 years, MPAIX has outperformed VTMGX with an annualized return of 12.22%, while VTMGX has yielded a comparatively lower 10.24% annualized return.

MPAIX

• 1D: -2.33%
• 1M: 3.99%
• YTD: -2.26%
• 6M: -4.73%
• 1Y: 0.98%
• 3Y*: 21.21%
• 5Y*: 0.66%
• 10Y*: 12.22%

VTMGX

• 1D: 0.26%
• 1M: 6.03%
• YTD: 15.89%
• 6M: 19.15%
• 1Y: 33.58%
• 3Y*: 20.20%
• 5Y*: 9.96%
• 10Y*: 10.24%

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

MPAIX vs. VTMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MPAIX Morgan Stanley Institutional Fund, Inc. Advantage Portfolio	-2.26%	18.96%	36.20%	46.28%	-54.25%	-4.91%	74.81%	29.09%	2.07%	32.08%
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	15.89%	35.17%	3.03%	17.65%	-15.33%	11.39%	10.25%	22.04%	-14.48%	26.39%

Correlation

The correlation between MPAIX and VTMGX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jul 2, 2008	0.68

Over the past year, the correlation between MPAIX and VTMGX has dropped to 0.44 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

MPAIX vs. VTMGX — Risk / Return Rank

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

MPAIX

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

VTMGX

VTMGX Risk / Return Rank: 52
VTMGX Sharpe Ratio Rank: 54
VTMGX Sortino Ratio Rank: 49
VTMGX Omega Ratio Rank: 50
VTMGX Calmar Ratio Rank: 54
VTMGX Martin Ratio Rank: 54

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.

MPAIX vs. VTMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Advantage Portfolio (MPAIX) and Vanguard Developed Markets Index Fund Admiral Shares (VTMGX). 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.

	MPAIX	VTMGX	Difference
Sharpe ratio: Return per unit of total volatility	0.07	2.17	-2.10
Sortino ratio: Return per unit of downside risk	0.26	2.95	-2.69
Omega ratio: Gain probability vs. loss probability	1.03	1.39	-0.36
Calmar ratio: Return relative to maximum drawdown	0.07	2.81	-2.74
Martin ratio: Return relative to average drawdown	0.14	10.88	-10.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MPAIX vs. VTMGX - Sharpe Ratio Comparison

The current MPAIX Sharpe Ratio is 0.07, which is lower than the VTMGX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of MPAIX and VTMGX, 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

	MPAIX	VTMGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	2.17	-2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.63	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.62	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.31	+0.13

Drawdowns

MPAIX vs. VTMGX - Drawdown Comparison

The maximum MPAIX drawdown since its inception was -64.09%, which is greater than VTMGX's maximum drawdown of -60.58%. Use the drawdown chart below to compare losses from any high point for MPAIX and VTMGX.

Drawdown Indicators

	MPAIX	VTMGX	Difference
Max Drawdown Largest peak-to-trough decline	-64.09%	-60.58%	-3.51%
Max Drawdown (1Y) Largest decline over 1 year	-24.41%	-11.67%	-12.74%
Max Drawdown (3Y) Largest decline over 3 years	-27.15%	-13.18%	-13.97%
Max Drawdown (5Y) Largest decline over 5 years	-64.09%	-29.71%	-34.38%
Max Drawdown (10Y) Largest decline over 10 years	-64.09%	-35.68%	-28.41%
Current Drawdown Current decline from peak	-12.31%	0.00%	-12.31%
Average Drawdown Average peak-to-trough decline	-13.53%	-14.66%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.64%	3.01%	+8.63%

Volatility

MPAIX vs. VTMGX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Advantage Portfolio (MPAIX) has a higher volatility of 7.65% compared to Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) at 4.97%. This indicates that MPAIX's price experiences larger fluctuations and is considered to be riskier than VTMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MPAIX	VTMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.65%	4.97%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	19.32%	12.53%	+6.79%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	15.11%	+9.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.55%	15.87%	+19.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.54%	16.54%	+13.00%

MPAIX vs. VTMGX - Expense Ratio Comparison

MPAIX has a 0.85% expense ratio, which is higher than VTMGX's 0.07% expense ratio.

Dividends

MPAIX vs. VTMGX - Dividend Comparison

MPAIX's dividend yield for the trailing twelve months is around 0.03%, less than VTMGX's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MPAIX Morgan Stanley Institutional Fund, Inc. Advantage Portfolio	0.03%	0.03%	1.50%	0.00%	28.33%	23.18%	5.16%	3.77%	4.54%	7.43%	2.17%	8.89%
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	2.58%	3.20%	3.34%	3.14%	2.88%	3.14%	2.02%	3.03%	3.33%	2.77%	3.06%	2.91%

Frequently Asked Questions

Can I hold both MPAIX and VTMGX in my portfolio?

MPAIX and VTMGX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MPAIX or VTMGX?

MPAIX has higher volatility (7.65%) compared to VTMGX (4.97%). In terms of maximum drawdown, MPAIX dropped -64.09% vs VTMGX's -60.58%.

Which has better risk-adjusted returns?

VTMGX currently has the higher Sharpe Ratio (2.17 vs 0.07), 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.