MSAQX vs. WAINX

Last updated Jun 26, 2026

MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) and WAINX (Wasatch Emerging India Fund) are both Asia Pacific Equities funds. Over the past 10 years, MSAQX returned 10.53%/yr vs 10.39%/yr for WAINX. At a 0.41 correlation, their price movements are largely independent. MSAQX charges 1.10%/yr vs 1.51%/yr for WAINX.

Performance

MSAQX vs. WAINX - 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 Wasatch Emerging India Fund (WAINX). 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 WAINX's -0.96% return. Both investments have delivered pretty close results over the past 10 years, with MSAQX having a 10.53% annualized return and WAINX not far behind at 10.39%.

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%

WAINX

• 1D: 1.48%
• 1M: 9.87%
• YTD: -0.96%
• 6M: -1.67%
• 1Y: -10.34%
• 3Y*: 5.02%
• 5Y*: 3.40%
• 10Y*: 10.39%

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

MSAQX vs. WAINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	13.89%	2.06%	19.71%	-6.83%	-22.01%	-20.52%	52.55%	44.74%	-13.64%	76.83%
WAINX Wasatch Emerging India Fund	-0.96%	-5.33%	9.23%	20.90%	-21.77%	37.56%	17.63%	13.78%	-5.45%	53.39%

Correlation

The correlation between MSAQX and WAINX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.41

Return for Risk

MSAQX vs. WAINX — 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

WAINX

WAINX Risk / Return Rank: 1
WAINX Sharpe Ratio Rank: 1
WAINX Sortino Ratio Rank: 1
WAINX Omega Ratio Rank: 1
WAINX Calmar Ratio Rank: 2
WAINX Martin Ratio Rank: 2

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. WAINX - 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 Wasatch Emerging India Fund (WAINX). 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	WAINX	Difference
Sharpe ratio: Return per unit of total volatility	0.26	-0.58	+0.84
Sortino ratio: Return per unit of downside risk	0.51	-0.77	+1.28
Omega ratio: Gain probability vs. loss probability	1.07	0.92	+0.15
Calmar ratio: Return relative to maximum drawdown	0.26	-0.34	+0.60
Martin ratio: Return relative to average drawdown	0.66	-0.68	+1.34

MSAQX vs. WAINX - Sharpe Ratio Comparison

The current MSAQX Sharpe Ratio is 0.26, which is higher than the WAINX Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of MSAQX and WAINX, 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. WAINX - Drawdown Comparison

The maximum MSAQX drawdown since its inception was -61.11%, which is greater than WAINX's maximum drawdown of -41.34%. Use the drawdown chart below to compare losses from any high point for MSAQX and WAINX.

Drawdown Indicators

	MSAQX	WAINX	Difference
Max Drawdown Largest peak-to-trough decline	-61.11%	-41.34%	-19.77%
Max Drawdown (1Y) Largest decline over 1 year	-23.57%	-28.83%	+5.26%
Max Drawdown (3Y) Largest decline over 3 years	-23.57%	-31.01%	+7.44%
Max Drawdown (5Y) Largest decline over 5 years	-53.01%	-31.01%	-22.00%
Max Drawdown (10Y) Largest decline over 10 years	-61.11%	-41.34%	-19.77%
Current Drawdown Current decline from peak	-34.41%	-14.38%	-20.03%
Average Drawdown Average peak-to-trough decline	-24.47%	-9.34%	-15.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.22%	14.24%	-5.02%

Volatility

MSAQX vs. WAINX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) has a higher volatility of 11.79% compared to Wasatch Emerging India Fund (WAINX) at 4.66%. This indicates that MSAQX's price experiences larger fluctuations and is considered to be riskier than WAINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSAQX	WAINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.79%	4.66%	+7.13%
Volatility (6M) Calculated over the trailing 6-month period	20.93%	14.15%	+6.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.75%	16.93%	+6.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.94%	17.32%	+7.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.58%	19.05%	+3.53%

MSAQX vs. WAINX - Expense Ratio Comparison

MSAQX has a 1.10% expense ratio, which is lower than WAINX's 1.51% expense ratio.

Dividends

MSAQX vs. WAINX - Dividend Comparison

MSAQX has not paid dividends to shareholders, while WAINX's dividend yield for the trailing twelve months is around 29.46%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
WAINX Wasatch Emerging India Fund	29.46%	29.17%	20.19%	4.23%	1.15%	4.29%	0.00%	0.32%	6.95%	2.91%	1.06%	1.40%

Frequently Asked Questions

Can I hold both MSAQX and WAINX in my portfolio?

MSAQX and WAINX have a correlation of 0.37, 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 WAINX?

MSAQX has higher volatility (11.79%) compared to WAINX (4.66%). In terms of maximum drawdown, MSAQX dropped -61.11% vs WAINX's -41.34%.

Which has better risk-adjusted returns?

MSAQX currently has the higher Sharpe Ratio (0.26 vs -0.58), 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.