MRJAX vs. UCEQX

Last updated Jun 6, 2026

MRJAX (Morgan Stanley Multi-Asset Real Return Portfolio A) and UCEQX (USAA Cornerstone Equity Fund) are both Global Equities funds. A 0.57 correlation means they provide meaningful diversification when combined. MRJAX charges 1.10%/yr vs 0.09%/yr for UCEQX.

Performance

MRJAX vs. UCEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Multi-Asset Real Return Portfolio A (MRJAX) and USAA Cornerstone Equity Fund (UCEQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MRJAX

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

UCEQX

• 1D: 0.34%
• 1M: 2.85%
• YTD: 14.11%
• 6M: 14.53%
• 1Y: 31.17%
• 3Y*: 21.64%
• 5Y*: 11.05%
• 10Y*: 11.58%

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

MRJAX vs. UCEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MRJAX Morgan Stanley Multi-Asset Real Return Portfolio A	0.00%	11.79%	-0.55%	5.09%	2.74%	21.57%	0.07%	17.93%	-8.38%
UCEQX USAA Cornerstone Equity Fund	14.11%	23.71%	14.50%	19.36%	-16.25%	19.68%	10.76%	22.49%	-12.50%

Correlation

The correlation between MRJAX and UCEQX is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018	0.57

The correlation between MRJAX and UCEQX shifts across timeframes, from -0.06 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MRJAX vs. UCEQX — Risk / Return Rank

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

UCEQX

UCEQX Risk / Return Rank: 78
UCEQX Sharpe Ratio Rank: 79
UCEQX Sortino Ratio Rank: 74
UCEQX Omega Ratio Rank: 73
UCEQX Calmar Ratio Rank: 80
UCEQX 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.

MRJAX vs. UCEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Multi-Asset Real Return Portfolio A (MRJAX) and USAA Cornerstone Equity Fund (UCEQX). 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.

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

Sharpe Ratios by Period

	MRJAX	UCEQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.54	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.69	—

Drawdowns

Drawdown Indicators

	MRJAX	UCEQX	Difference
Max Drawdown Largest peak-to-trough decline	—	-35.33%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.96%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.33%	—
Current Drawdown Current decline from peak	—	-0.34%	—
Average Drawdown Average peak-to-trough decline	—	-4.87%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.99%	—

Volatility

Volatility by Period

	MRJAX	UCEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.27%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	15.27%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.50%	—

MRJAX vs. UCEQX - Expense Ratio Comparison

MRJAX has a 1.10% expense ratio, which is higher than UCEQX's 0.09% expense ratio.

Dividends

MRJAX vs. UCEQX - Dividend Comparison

MRJAX has not paid dividends to shareholders, while UCEQX's dividend yield for the trailing twelve months is around 4.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MRJAX Morgan Stanley Multi-Asset Real Return Portfolio A	0.00%	0.00%	11.24%	4.40%	4.04%	15.24%	1.09%	1.40%	1.22%	0.00%	0.00%	0.00%
UCEQX USAA Cornerstone Equity Fund	4.45%	5.08%	2.56%	5.10%	6.80%	4.61%	8.25%	4.79%	6.73%	1.91%	3.16%	3.63%

Frequently Asked Questions

Can I hold both MRJAX and UCEQX in my portfolio?

MRJAX and UCEQX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.