MPEGX vs. FXAIX
MPEGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - MPEGX is a Mid Cap Growth Equities fund managed by Morgan Stanley, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MPEGX returned 13.55%/yr vs 15.00%/yr for FXAIX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. MPEGX charges 0.72%/yr vs 0.02%/yr for FXAIX.
Performance
MPEGX vs. FXAIX - Performance Comparison
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Returns By Period
In the year-to-date period, MPEGX achieves a -0.08% return, which is significantly lower than FXAIX's 9.35% return. Over the past 10 years, MPEGX has underperformed FXAIX with an annualized return of 13.55%, while FXAIX has yielded a comparatively higher 15.00% annualized return.
MPEGX
- 1D
- 2.29%
- 1M
- -3.76%
- 6M
- 5.72%
- YTD
- -0.08%
- 1Y
- -8.83%
- 3Y*
- 18.99%
- 5Y*
- -5.55%
- 10Y*
- 13.55%
- ALL TIME*
- 12.76%
FXAIX
- 1D
- 1.66%
- 1M
- -0.56%
- 6M
- 7.79%
- YTD
- 9.35%
- 1Y
- 20.63%
- 3Y*
- 19.03%
- 5Y*
- 12.68%
- 10Y*
- 15.00%
- ALL TIME*
- 13.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MPEGX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MPEGX Morgan Stanley Institutional Fund Trust Discovery Portfolio | -0.08% | 14.05% | 42.38% | 46.66% | -63.39% | -12.37% | 142.68% | 39.73% | 12.19% | 39.39% |
FXAIX Fidelity 500 Index Fund | 9.35% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Correlation
The correlation between MPEGX and FXAIX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.70 |
The correlation between MPEGX and FXAIX has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.
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Return for Risk
MPEGX vs. FXAIX — Risk / Return Rank
MPEGX
FXAIX
MPEGX vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX) and Fidelity 500 Index Fund (FXAIX). 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.
| MPEGX | FXAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.18 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.26 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 2.06 | -2.35 |
| Martin ratioReturn relative to average drawdown | -0.56 | 8.86 | -9.43 |
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Drawdowns
MPEGX vs. FXAIX - Drawdown Comparison
The maximum MPEGX drawdown since its inception was -75.29%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for MPEGX and FXAIX.
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Drawdown Indicators
| MPEGX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.29% | -33.79% | -41.50% |
Max Drawdown (1Y)Largest decline over 1 year | -27.46% | -8.89% | -18.57% |
Max Drawdown (3Y)Largest decline over 3 years | -28.53% | -18.76% | -9.77% |
Max Drawdown (5Y)Largest decline over 5 years | -72.99% | -24.50% | -48.49% |
Max Drawdown (10Y)Largest decline over 10 years | -75.29% | -33.79% | -41.50% |
Current DrawdownCurrent decline from peak | -38.22% | -2.11% | -36.11% |
Average DrawdownAverage peak-to-trough decline | -21.29% | -3.77% | -17.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.82% | 2.07% | +11.75% |
Volatility
MPEGX vs. FXAIX - Volatility Comparison
Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX) has a higher volatility of 6.97% compared to Fidelity 500 Index Fund (FXAIX) at 3.44%. This indicates that MPEGX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MPEGX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.97% | 3.44% | +3.53% |
Volatility (6M)Calculated over the trailing 6-month period | 22.22% | 10.09% | +12.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.17% | 12.86% | +16.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.33% | 17.03% | +23.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.65% | 18.07% | +16.58% |
MPEGX vs. FXAIX - Expense Ratio Comparison
MPEGX has a 0.72% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Dividends
MPEGX vs. FXAIX - Dividend Comparison
MPEGX has not paid dividends to shareholders, while FXAIX's dividend yield for the trailing twelve months is around 1.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXAIX Fidelity 500 Index Fund | 1.07% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
MPEGX Morgan Stanley Institutional Fund Trust Discovery Portfolio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 35.82% | 7.63% | 12.05% | 23.88% | 41.11% | 67.79% | 13.20% |
Frequently Asked Questions
MPEGX and FXAIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MPEGX has higher volatility (6.97%) compared to FXAIX (3.44%). In terms of maximum drawdown, MPEGX dropped -75.29% vs FXAIX's -33.79%.
FXAIX currently has the higher Sharpe Ratio (1.43 vs -0.27), 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.
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