MPEGX vs. INDEX

Last updated Jun 17, 2026

MPEGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio) and INDEX (Index Funds S&P 500 Equal Weight) are both mutual funds - MPEGX is a Mid Cap Growth Equities fund managed by Morgan Stanley, while INDEX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, MPEGX returned 14.35%/yr vs 13.20%/yr for INDEX. A 0.61 correlation means they provide meaningful diversification when combined. MPEGX charges 0.72%/yr vs 0.25%/yr for INDEX.

Performance

MPEGX vs. INDEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX) and Index Funds S&P 500 Equal Weight (INDEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MPEGX achieves a 0.81% return, which is significantly lower than INDEX's 10.83% return. Over the past 10 years, MPEGX has outperformed INDEX with an annualized return of 14.35%, while INDEX has yielded a comparatively lower 13.20% annualized return.

MPEGX

• 1D: 2.56%
• 1M: 1.27%
• YTD: 0.81%
• 6M: -2.71%
• 1Y: -0.24%
• 3Y*: 22.93%
• 5Y*: -5.01%
• 10Y*: 14.35%

INDEX

• 1D: 1.71%
• 1M: 2.10%
• YTD: 10.83%
• 6M: 11.63%
• 1Y: 26.61%
• 3Y*: 19.35%
• 5Y*: 11.60%
• 10Y*: 13.20%

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

MPEGX vs. INDEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MPEGX Morgan Stanley Institutional Fund Trust Discovery Portfolio	0.81%	14.05%	42.38%	46.66%	-63.39%	-12.37%	142.68%	39.73%	12.19%	39.39%
INDEX Index Funds S&P 500 Equal Weight	10.83%	17.77%	24.73%	10.58%	-11.84%	29.10%	12.75%	28.98%	-7.83%	18.70%

Correlation

The correlation between MPEGX and INDEX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 11, 2015	0.61

The correlation between MPEGX and INDEX has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.

Return for Risk

MPEGX vs. INDEX — Risk / Return Rank

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

MPEGX

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

INDEX

INDEX Risk / Return Rank: 77
INDEX Sharpe Ratio Rank: 78
INDEX Sortino Ratio Rank: 73
INDEX Omega Ratio Rank: 73
INDEX Calmar Ratio Rank: 77
INDEX Martin Ratio Rank: 86

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.

MPEGX vs. INDEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX) and Index Funds S&P 500 Equal Weight (INDEX). 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	INDEX	Difference
Sharpe ratio: Return per unit of total volatility	0.04	2.26	-2.22
Sortino ratio: Return per unit of downside risk	0.25	3.05	-2.79
Omega ratio: Gain probability vs. loss probability	1.03	1.41	-0.38
Calmar ratio: Return relative to maximum drawdown	0.04	3.13	-3.09
Martin ratio: Return relative to average drawdown	0.08	14.25	-14.16

MPEGX vs. INDEX - Sharpe Ratio Comparison

The current MPEGX Sharpe Ratio is 0.04, which is lower than the INDEX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of MPEGX and INDEX, 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

MPEGX vs. INDEX - Drawdown Comparison

The maximum MPEGX drawdown since its inception was -75.29%, which is greater than INDEX's maximum drawdown of -38.82%. Use the drawdown chart below to compare losses from any high point for MPEGX and INDEX.

Drawdown Indicators

	MPEGX	INDEX	Difference
Max Drawdown Largest peak-to-trough decline	-75.29%	-38.82%	-36.47%
Max Drawdown (1Y) Largest decline over 1 year	-27.46%	-8.93%	-18.53%
Max Drawdown (3Y) Largest decline over 3 years	-28.53%	-18.75%	-9.78%
Max Drawdown (5Y) Largest decline over 5 years	-72.99%	-21.52%	-51.47%
Max Drawdown (10Y) Largest decline over 10 years	-75.29%	-38.82%	-36.47%
Current Drawdown Current decline from peak	-37.67%	-0.64%	-37.03%
Average Drawdown Average peak-to-trough decline	-21.23%	-4.62%	-16.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.96%	1.96%	+11.00%

Volatility

MPEGX vs. INDEX - Volatility Comparison

Morgan Stanley Institutional Fund Trust Discovery Portfolio (MPEGX) has a higher volatility of 10.31% compared to Index Funds S&P 500 Equal Weight (INDEX) at 4.70%. This indicates that MPEGX's price experiences larger fluctuations and is considered to be riskier than INDEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MPEGX	INDEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.31%	4.70%	+5.61%
Volatility (6M) Calculated over the trailing 6-month period	22.22%	9.83%	+12.39%
Volatility (1Y) Calculated over the trailing 1-year period	28.71%	12.40%	+16.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.31%	16.85%	+23.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.61%	18.69%	+15.92%

MPEGX vs. INDEX - Expense Ratio Comparison

MPEGX has a 0.72% expense ratio, which is higher than INDEX's 0.25% expense ratio.

Dividends

MPEGX vs. INDEX - Dividend Comparison

MPEGX has not paid dividends to shareholders, while INDEX's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDEX Index Funds S&P 500 Equal Weight	0.94%	1.04%	1.97%	1.56%	3.25%	1.81%	1.53%	1.61%	3.09%	1.15%	0.00%	0.00%
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

Can I hold both MPEGX and INDEX in my portfolio?

MPEGX and INDEX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MPEGX or INDEX?

MPEGX has higher volatility (10.31%) compared to INDEX (4.70%). In terms of maximum drawdown, MPEGX dropped -75.29% vs INDEX's -38.82%.

Which has better risk-adjusted returns?

INDEX currently has the higher Sharpe Ratio (2.26 vs 0.04), 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.