MSAQX vs. MGKQX

Last updated Jun 26, 2026

MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) and MGKQX (Morgan Stanley Global Permanence Portfolio) are both mutual funds - MSAQX is a Asia Pacific Equities fund managed by Morgan Stanley, while MGKQX is a Global Equities fund managed by Morgan Stanley. Over the past 5 years, MSAQX returned -4.53%/yr vs 2.99%/yr for MGKQX. A 0.57 correlation means they provide meaningful diversification when combined. MSAQX charges 1.10%/yr vs 0.95%/yr for MGKQX.

Performance

MSAQX vs. MGKQX - 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 Morgan Stanley Global Permanence Portfolio (MGKQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSAQX achieves a 13.89% return, which is significantly higher than MGKQX's -2.90% return.

MSAQX

• 1D: 0.90%
• 1M: 1.06%
• YTD: 13.89%
• 6M: 13.47%
• 1Y: 6.40%
• 3Y*: 10.95%
• 5Y*: -4.53%
• 10Y*: 10.53%

MGKQX

• 1D: 0.09%
• 1M: -3.07%
• YTD: -2.90%
• 6M: -5.26%
• 1Y: -18.30%
• 3Y*: 5.35%
• 5Y*: 2.99%
• 10Y*: —

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

MSAQX vs. MGKQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	13.89%	2.06%	19.71%	-6.83%	-22.01%	-20.52%	52.55%	13.80%
MGKQX Morgan Stanley Global Permanence Portfolio	-2.90%	5.52%	10.81%	20.89%	-19.81%	19.55%	27.09%	6.40%

Correlation

The correlation between MSAQX and MGKQX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Apr 30, 2019	0.57

The correlation between MSAQX and MGKQX has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.

Return for Risk

MSAQX vs. MGKQX — Risk / Return Rank

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

MSAQX

MSAQX Risk / Return Rank: 6
MSAQX Sharpe Ratio Rank: 5
MSAQX Sortino Ratio Rank: 6
MSAQX Omega Ratio Rank: 6
MSAQX Calmar Ratio Rank: 5
MSAQX Martin Ratio Rank: 5

MGKQX

MGKQX Risk / Return Rank: 1
MGKQX Sharpe Ratio Rank: 1
MGKQX Sortino Ratio Rank: 1
MGKQX Omega Ratio Rank: 1
MGKQX Calmar Ratio Rank: 1
MGKQX Martin Ratio Rank: 1

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. MGKQX - 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 Morgan Stanley Global Permanence Portfolio (MGKQX). 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.

	MSAQX	MGKQX	Difference
Sharpe ratio: Return per unit of total volatility	0.26	-0.72	+0.98
Sortino ratio: Return per unit of downside risk	0.51	-0.75	+1.26
Omega ratio: Gain probability vs. loss probability	1.07	0.87	+0.20
Calmar ratio: Return relative to maximum drawdown	0.26	-0.72	+0.98
Martin ratio: Return relative to average drawdown	0.66	-1.27	+1.92

MSAQX vs. MGKQX - Sharpe Ratio Comparison

The current MSAQX Sharpe Ratio is 0.26, which is higher than the MGKQX Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of MSAQX and MGKQX, 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

MSAQX vs. MGKQX - Drawdown Comparison

The maximum MSAQX drawdown since its inception was -61.11%, which is greater than MGKQX's maximum drawdown of -33.07%. Use the drawdown chart below to compare losses from any high point for MSAQX and MGKQX.

Drawdown Indicators

	MSAQX	MGKQX	Difference
Max Drawdown Largest peak-to-trough decline	-61.11%	-33.07%	-28.04%
Max Drawdown (1Y) Largest decline over 1 year	-23.57%	-25.97%	+2.40%
Max Drawdown (3Y) Largest decline over 3 years	-23.57%	-25.97%	+2.40%
Max Drawdown (5Y) Largest decline over 5 years	-53.01%	-30.96%	-22.05%
Max Drawdown (10Y) Largest decline over 10 years	-61.11%	—	—
Current Drawdown Current decline from peak	-34.41%	-22.87%	-11.54%
Average Drawdown Average peak-to-trough decline	-24.47%	-8.65%	-15.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.22%	14.69%	-5.47%

Volatility

MSAQX vs. MGKQX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) has a higher volatility of 11.79% compared to Morgan Stanley Global Permanence Portfolio (MGKQX) at 6.60%. This indicates that MSAQX's price experiences larger fluctuations and is considered to be riskier than MGKQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSAQX	MGKQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.79%	6.60%	+5.19%
Volatility (6M) Calculated over the trailing 6-month period	20.93%	15.26%	+5.67%
Volatility (1Y) Calculated over the trailing 1-year period	23.75%	25.91%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.94%	23.91%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.58%	23.76%	-1.18%

MSAQX vs. MGKQX - Expense Ratio Comparison

MSAQX has a 1.10% expense ratio, which is higher than MGKQX's 0.95% expense ratio.

Dividends

MSAQX vs. MGKQX - Dividend Comparison

Neither MSAQX nor MGKQX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MGKQX Morgan Stanley Global Permanence Portfolio	0.00%	0.00%	21.29%	5.29%	1.80%	16.33%	0.74%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both MSAQX and MGKQX in my portfolio?

MSAQX and MGKQX have a correlation of 0.55, 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 MGKQX?

MSAQX has higher volatility (11.79%) compared to MGKQX (6.60%). In terms of maximum drawdown, MSAQX dropped -61.11% vs MGKQX's -33.07%.

Which has better risk-adjusted returns?

MSAQX currently has the higher Sharpe Ratio (0.26 vs -0.72), 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.