MSAQX vs. MATFX

Last updated Jun 4, 2026

MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) and MATFX (Matthews Asia Innovators Fund) are both Asia Pacific Equities funds. Over the past 10 years, MSAQX returned 10.88%/yr vs 16.28%/yr for MATFX. Their correlation of 0.87 suggests significant overlap in exposure. MSAQX charges 1.10%/yr vs 1.18%/yr for MATFX.

Performance

MSAQX vs. MATFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) and Matthews Asia Innovators Fund (MATFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSAQX achieves a 20.18% return, which is significantly lower than MATFX's 64.51% return. Over the past 10 years, MSAQX has underperformed MATFX with an annualized return of 10.88%, while MATFX has yielded a comparatively higher 16.28% annualized return.

MSAQX

• 1D: 1.28%
• 1M: 13.16%
• YTD: 20.18%
• 6M: 16.23%
• 1Y: 17.11%
• 3Y*: 12.55%
• 5Y*: -3.56%
• 10Y*: 10.88%

MATFX

• 1D: -0.29%
• 1M: 16.96%
• YTD: 64.51%
• 6M: 66.89%
• 1Y: 101.02%
• 3Y*: 35.59%
• 5Y*: 11.22%
• 10Y*: 16.28%

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

MSAQX vs. MATFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	20.18%	2.06%	19.71%	-6.83%	-22.01%	-20.52%	52.55%	44.74%	-13.64%	76.83%
MATFX Matthews Asia Innovators Fund	64.51%	30.22%	16.47%	-1.77%	-24.66%	-5.90%	86.75%	29.60%	-18.59%	52.78%

Correlation

The correlation between MSAQX and MATFX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.87

The correlation between MSAQX and MATFX shifts across timeframes, from 0.77 (1 year) to 0.87 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

MSAQX vs. MATFX — Risk / Return Rank

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

MSAQX

MSAQX Risk / Return Rank: 9
MSAQX Sharpe Ratio Rank: 10
MSAQX Sortino Ratio Rank: 10
MSAQX Omega Ratio Rank: 11
MSAQX Calmar Ratio Rank: 7
MSAQX Martin Ratio Rank: 7

MATFX

MATFX Risk / Return Rank: 97
MATFX Sharpe Ratio Rank: 99
MATFX Sortino Ratio Rank: 96
MATFX Omega Ratio Rank: 95
MATFX Calmar Ratio Rank: 98
MATFX Martin Ratio Rank: 97

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.

MSAQX vs. MATFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) and Matthews Asia Innovators Fund (MATFX). 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.

	MSAQX	MATFX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	4.68	-3.89
Sortino ratio: Return per unit of downside risk	1.20	5.50	-4.30
Omega ratio: Gain probability vs. loss probability	1.16	1.80	-0.64
Calmar ratio: Return relative to maximum drawdown	0.72	9.33	-8.61
Martin ratio: Return relative to average drawdown	1.84	26.06	-24.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSAQX vs. MATFX - Sharpe Ratio Comparison

The current MSAQX Sharpe Ratio is 0.78, which is lower than the MATFX Sharpe Ratio of 4.68. The chart below compares the historical Sharpe Ratios of MSAQX and MATFX, 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

	MSAQX	MATFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	4.68	-3.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	0.46	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.72	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.33	+0.17

Drawdowns

MSAQX vs. MATFX - Drawdown Comparison

The maximum MSAQX drawdown since its inception was -61.11%, smaller than the maximum MATFX drawdown of -76.88%. Use the drawdown chart below to compare losses from any high point for MSAQX and MATFX.

Drawdown Indicators

	MSAQX	MATFX	Difference
Max Drawdown Largest peak-to-trough decline	-61.11%	-76.88%	+15.77%
Max Drawdown (1Y) Largest decline over 1 year	-23.57%	-11.33%	-12.24%
Max Drawdown (3Y) Largest decline over 3 years	-23.57%	-18.19%	-5.38%
Max Drawdown (5Y) Largest decline over 5 years	-53.29%	-45.33%	-7.96%
Max Drawdown (10Y) Largest decline over 10 years	-61.11%	-52.42%	-8.69%
Current Drawdown Current decline from peak	-30.78%	-0.43%	-30.35%
Average Drawdown Average peak-to-trough decline	-24.42%	-28.17%	+3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.13%	3.99%	+5.14%

Volatility

MSAQX vs. MATFX - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) is 9.27%, while Matthews Asia Innovators Fund (MATFX) has a volatility of 10.46%. This indicates that MSAQX experiences smaller price fluctuations and is considered to be less risky than MATFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSAQX	MATFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	10.46%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	18.83%	19.23%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	21.61%	22.62%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.54%	24.50%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	22.64%	-0.26%

MSAQX vs. MATFX - Expense Ratio Comparison

MSAQX has a 1.10% expense ratio, which is lower than MATFX's 1.18% expense ratio.

Dividends

MSAQX vs. MATFX - Dividend Comparison

Neither MSAQX nor MATFX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MATFX Matthews Asia Innovators Fund	0.00%	0.00%	0.00%	0.00%	26.54%	31.07%	1.67%	0.29%	2.63%	8.44%	0.00%	15.24%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	0.00%	0.00%	1.82%	0.26%	0.00%	0.88%	1.06%	0.05%	0.69%	1.12%	2.24%	0.00%

Frequently Asked Questions

Can I hold both MSAQX and MATFX in my portfolio?

MSAQX and MATFX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSAQX or MATFX?

MATFX has higher volatility (10.46%) compared to MSAQX (9.27%). In terms of maximum drawdown, MSAQX dropped -61.11% vs MATFX's -76.88%.

Which has better risk-adjusted returns?

MATFX currently has the higher Sharpe Ratio (4.68 vs 0.78), 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.