MSCOX vs. NESIX

Last updated Jun 6, 2026

MSCOX (Morgan Stanley Institutional Fund Inception Portfolio Class C) and NESIX (Needham Small Cap Growth Fund Institutional) are both Small Cap Growth Equities funds. Over the past 5 years, MSCOX returned -8.70%/yr vs 10.47%/yr for NESIX. A 0.74 correlation means they provide meaningful diversification when combined. MSCOX charges 2.10%/yr vs 1.18%/yr for NESIX.

Performance

MSCOX vs. NESIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund Inception Portfolio Class C (MSCOX) and Needham Small Cap Growth Fund Institutional (NESIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSCOX achieves a 6.15% return, which is significantly lower than NESIX's 81.20% return.

MSCOX

• 1D: 1.29%
• 1M: 3.56%
• YTD: 6.15%
• 6M: -0.88%
• 1Y: 7.15%
• 3Y*: 16.16%
• 5Y*: -8.70%
• 10Y*: —

NESIX

• 1D: 0.23%
• 1M: 16.29%
• YTD: 81.20%
• 6M: 75.35%
• 1Y: 124.55%
• 3Y*: 34.27%
• 5Y*: 10.47%
• 10Y*: —

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

MSCOX vs. NESIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSCOX Morgan Stanley Institutional Fund Inception Portfolio Class C	6.15%	0.00%	28.07%	52.94%	-59.90%	-5.01%	147.58%	35.22%	-0.81%	3.20%
NESIX Needham Small Cap Growth Fund Institutional	81.20%	11.16%	13.47%	5.85%	-29.71%	11.36%	73.06%	55.28%	-4.87%	5.89%

Correlation

The correlation between MSCOX and NESIX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 6, 2017	0.74

The correlation between MSCOX and NESIX shifts across timeframes, from 0.65 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MSCOX vs. NESIX — Risk / Return Rank

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

MSCOX

MSCOX Risk / Return Rank: 4
MSCOX Sharpe Ratio Rank: 4
MSCOX Sortino Ratio Rank: 5
MSCOX Omega Ratio Rank: 5
MSCOX Calmar Ratio Rank: 4
MSCOX Martin Ratio Rank: 4

NESIX

NESIX Risk / Return Rank: 94
NESIX Sharpe Ratio Rank: 99
NESIX Sortino Ratio Rank: 91
NESIX Omega Ratio Rank: 86
NESIX Calmar Ratio Rank: 97
NESIX Martin Ratio Rank: 98

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.

MSCOX vs. NESIX - 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 Needham Small Cap Growth Fund Institutional (NESIX). 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.

	MSCOX	NESIX	Difference
Sharpe ratio: Return per unit of total volatility	0.21	4.10	-3.89
Sortino ratio: Return per unit of downside risk	0.51	4.49	-3.99
Omega ratio: Gain probability vs. loss probability	1.06	1.58	-0.52
Calmar ratio: Return relative to maximum drawdown	0.19	7.23	-7.04
Martin ratio: Return relative to average drawdown	0.40	29.97	-29.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSCOX vs. NESIX - Sharpe Ratio Comparison

The current MSCOX Sharpe Ratio is 0.21, which is lower than the NESIX Sharpe Ratio of 4.10. The chart below compares the historical Sharpe Ratios of MSCOX and NESIX, 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

	MSCOX	NESIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.21	4.10	-3.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	0.36	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.75	-0.41

Drawdowns

MSCOX vs. NESIX - Drawdown Comparison

The maximum MSCOX drawdown since its inception was -76.57%, which is greater than NESIX's maximum drawdown of -49.61%. Use the drawdown chart below to compare losses from any high point for MSCOX and NESIX.

Drawdown Indicators

	MSCOX	NESIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.57%	-49.61%	-26.96%
Max Drawdown (1Y) Largest decline over 1 year	-33.16%	-17.12%	-16.04%
Max Drawdown (3Y) Largest decline over 3 years	-33.16%	-35.21%	+2.05%
Max Drawdown (5Y) Largest decline over 5 years	-73.60%	-49.61%	-23.99%
Current Drawdown Current decline from peak	-49.02%	-0.58%	-48.44%
Average Drawdown Average peak-to-trough decline	-34.44%	-14.98%	-19.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.60%	4.12%	+11.48%

Volatility

MSCOX vs. NESIX - Volatility Comparison

Morgan Stanley Institutional Fund Inception Portfolio Class C (MSCOX) has a higher volatility of 9.50% compared to Needham Small Cap Growth Fund Institutional (NESIX) at 8.80%. This indicates that MSCOX's price experiences larger fluctuations and is considered to be riskier than NESIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSCOX	NESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.50%	8.80%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	22.59%	21.10%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	29.96%	30.15%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.96%	29.28%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.52%	26.43%	+8.09%

MSCOX vs. NESIX - Expense Ratio Comparison

MSCOX has a 2.10% expense ratio, which is higher than NESIX's 1.18% expense ratio.

Dividends

MSCOX vs. NESIX - Dividend Comparison

Neither MSCOX nor NESIX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
NESIX Needham Small Cap Growth Fund Institutional	0.00%	0.00%	0.00%	0.00%	3.93%	23.92%	13.26%	8.25%	21.96%	8.89%

Frequently Asked Questions

Can I hold both MSCOX and NESIX in my portfolio?

MSCOX and NESIX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSCOX or NESIX?

MSCOX has higher volatility (9.50%) compared to NESIX (8.80%). In terms of maximum drawdown, MSCOX dropped -76.57% vs NESIX's -49.61%.

Which has better risk-adjusted returns?

NESIX currently has the higher Sharpe Ratio (4.10 vs 0.21), 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.