MSCOX vs. HSPGX
MSCOX (Morgan Stanley Institutional Fund Inception Portfolio Class C) and HSPGX (Emerald Growth Fund) are both Small Cap Growth Equities funds. Over the past 5 years, MSCOX returned -10.32%/yr vs 13.50%/yr for HSPGX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. MSCOX charges 2.10%/yr vs 1.03%/yr for HSPGX.
Performance
MSCOX vs. HSPGX - Performance Comparison
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Returns By Period
MSCOX
- 1D
- -4.29%
- 1M
- -4.38%
- 6M
- -1.94%
- YTD
- 0.00%
- 1Y
- -8.13%
- 3Y*
- 9.57%
- 5Y*
- -10.32%
- 10Y*
- —
- ALL TIME*
- 10.83%
HSPGX
- 1D
- -1.58%
- 1M
- -6.66%
- 6M
- 16.69%
- YTD
- 25.02%
- 1Y
- 51.89%
- 3Y*
- 29.17%
- 5Y*
- 13.50%
- 10Y*
- 15.56%
- ALL TIME*
- 10.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
HSPGX Emerald Growth Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
MSCOX vs. HSPGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSCOX Morgan Stanley Institutional Fund Inception Portfolio Class C | -0.00% | 0.00% | 28.07% | 52.94% | -59.90% | -5.01% | 147.58% | 35.22% | -0.81% | 3.20% |
HSPGX Emerald Growth Fund | 25.02% | 31.62% | 28.04% | 18.66% | -24.65% | 3.59% | 38.49% | 28.33% | -12.16% | 15.00% |
Correlation
The correlation between MSCOX and HSPGX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2017 | 0.78 |
The correlation between MSCOX and HSPGX has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.
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Return for Risk
MSCOX vs. HSPGX — Risk / Return Rank
MSCOX
HSPGX
MSCOX vs. HSPGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Inception Portfolio Class C (MSCOX) and Emerald Growth Fund (HSPGX). 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.
| MSCOX | HSPGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.31 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 3.67 | -3.92 |
| Martin ratioReturn relative to average drawdown | -0.49 | 13.75 | -14.24 |
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Drawdowns
MSCOX vs. HSPGX - Drawdown Comparison
The maximum MSCOX drawdown since its inception was -76.57%, which is greater than HSPGX's maximum drawdown of -60.28%. Use the drawdown chart below to compare losses from any high point for MSCOX and HSPGX.
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Drawdown Indicators
| MSCOX | HSPGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.57% | -60.28% | -16.29% |
Max Drawdown (1Y)Largest decline over 1 year | -33.16% | -14.41% | -18.75% |
Max Drawdown (3Y)Largest decline over 3 years | -33.16% | -28.63% | -4.53% |
Max Drawdown (5Y)Largest decline over 5 years | -71.56% | -38.65% | -32.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.48% | — |
Current DrawdownCurrent decline from peak | -51.97% | -9.43% | -42.54% |
Average DrawdownAverage peak-to-trough decline | -34.65% | -18.95% | -15.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.54% | 3.83% | +12.71% |
Volatility
MSCOX vs. HSPGX - Volatility Comparison
Morgan Stanley Institutional Fund Inception Portfolio Class C (MSCOX) has a higher volatility of 8.05% compared to Emerald Growth Fund (HSPGX) at 7.57%. This indicates that MSCOX's price experiences larger fluctuations and is considered to be riskier than HSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSCOX | HSPGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.05% | 7.57% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 23.78% | 21.20% | +2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.05% | 27.22% | +3.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.14% | 25.82% | +12.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.46% | 25.26% | +9.20% |
MSCOX vs. HSPGX - Expense Ratio Comparison
MSCOX has a 2.10% expense ratio, which is higher than HSPGX's 1.03% expense ratio.
Dividends
MSCOX vs. HSPGX - Dividend Comparison
MSCOX has not paid dividends to shareholders, while HSPGX's dividend yield for the trailing twelve months is around 10.19%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HSPGX Emerald Growth Fund | 10.19% | 12.74% | 21.85% | 6.43% | 8.77% | 19.11% | 8.48% | 1.45% | 11.86% | 0.00% |
MSCOX Morgan Stanley Institutional Fund Inception Portfolio Class C | 0.00% | 0.00% | 0.61% | 0.00% | 0.15% | 38.66% | 13.71% | 23.55% | 18.35% | 57.78% |
Frequently Asked Questions
MSCOX and HSPGX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSCOX has higher volatility (8.05%) compared to HSPGX (7.57%). In terms of maximum drawdown, MSCOX dropped -76.57% vs HSPGX's -60.28%.
HSPGX currently has the higher Sharpe Ratio (1.94 vs -0.26), 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.
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