MSEGX vs. CAF

Last updated Jun 4, 2026

MSEGX (Morgan Stanley Institutional Growth Portfolio) and CAF (Morgan Stanley China A Share Fund) are both mutual funds - MSEGX is a Large Cap Growth Equities fund actively managed by Morgan Stanley, while CAF is a China Equities fund actively managed by Morgan Stanley. Both are actively managed. Over the past 10 years, MSEGX returned 17.13%/yr vs 5.97%/yr for CAF. At a 0.41 correlation, their price movements are largely independent. MSEGX charges 0.87%/yr vs 1.67%/yr for CAF.

Performance

MSEGX vs. CAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Growth Portfolio (MSEGX) and Morgan Stanley China A Share Fund (CAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSEGX achieves a -1.30% return, which is significantly lower than CAF's 15.09% return. Over the past 10 years, MSEGX has outperformed CAF with an annualized return of 17.13%, while CAF has yielded a comparatively lower 5.97% annualized return.

MSEGX

• 1D: -1.57%
• 1M: 4.07%
• YTD: -1.30%
• 6M: -3.05%
• 1Y: 8.80%
• 3Y*: 28.84%
• 5Y*: 1.56%
• 10Y*: 17.13%

CAF

• 1D: -0.75%
• 1M: 4.77%
• YTD: 15.09%
• 6M: 27.15%
• 1Y: 52.69%
• 3Y*: 17.00%
• 5Y*: -1.17%
• 10Y*: 5.97%

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

MSEGX vs. CAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSEGX Morgan Stanley Institutional Growth Portfolio	-1.30%	24.43%	46.29%	49.87%	-60.27%	-0.31%	115.11%	38.93%	5.01%	43.53%
CAF Morgan Stanley China A Share Fund	15.09%	41.51%	0.34%	-9.39%	-30.41%	-1.77%	12.74%	23.50%	-14.26%	44.94%

Correlation

The correlation between MSEGX and CAF is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 29, 2006	0.41

Over the past year, the correlation between MSEGX and CAF has dropped to 0.21 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

MSEGX vs. CAF — Risk / Return Rank

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

MSEGX

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

CAF

CAF Risk / Return Rank: 83
CAF Sharpe Ratio Rank: 87
CAF Sortino Ratio Rank: 81
CAF Omega Ratio Rank: 77
CAF Calmar Ratio Rank: 91
CAF Martin Ratio Rank: 80

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.

MSEGX vs. CAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Growth Portfolio (MSEGX) and Morgan Stanley China A Share Fund (CAF). 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.

	MSEGX	CAF	Difference
Sharpe ratio: Return per unit of total volatility	0.34	2.86	-2.52
Sortino ratio: Return per unit of downside risk	0.66	3.86	-3.20
Omega ratio: Gain probability vs. loss probability	1.08	1.51	-0.43
Calmar ratio: Return relative to maximum drawdown	0.34	4.82	-4.48
Martin ratio: Return relative to average drawdown	0.73	15.07	-14.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSEGX vs. CAF - Sharpe Ratio Comparison

The current MSEGX Sharpe Ratio is 0.34, which is lower than the CAF Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of MSEGX and CAF, 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

	MSEGX	CAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	2.86	-2.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	-0.05	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.27	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.28	+0.14

Drawdowns

MSEGX vs. CAF - Drawdown Comparison

The maximum MSEGX drawdown since its inception was -69.57%, which is greater than CAF's maximum drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for MSEGX and CAF.

Drawdown Indicators

	MSEGX	CAF	Difference
Max Drawdown Largest peak-to-trough decline	-69.57%	-65.88%	-3.69%
Max Drawdown (1Y) Largest decline over 1 year	-27.83%	-10.98%	-16.85%
Max Drawdown (3Y) Largest decline over 3 years	-32.54%	-26.27%	-6.27%
Max Drawdown (5Y) Largest decline over 5 years	-69.57%	-49.01%	-20.56%
Max Drawdown (10Y) Largest decline over 10 years	-69.57%	-49.01%	-20.56%
Current Drawdown Current decline from peak	-14.69%	-5.72%	-8.97%
Average Drawdown Average peak-to-trough decline	-19.50%	-25.92%	+6.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.89%	3.51%	+9.38%

Volatility

MSEGX vs. CAF - Volatility Comparison

Morgan Stanley Institutional Growth Portfolio (MSEGX) has a higher volatility of 8.13% compared to Morgan Stanley China A Share Fund (CAF) at 6.11%. This indicates that MSEGX's price experiences larger fluctuations and is considered to be riskier than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSEGX	CAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	6.11%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	21.31%	13.72%	+7.59%
Volatility (1Y) Calculated over the trailing 1-year period	27.99%	18.54%	+9.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.72%	21.46%	+18.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.79%	21.88%	+11.91%

MSEGX vs. CAF - Expense Ratio Comparison

MSEGX has a 0.87% expense ratio, which is lower than CAF's 1.67% expense ratio.

Dividends

MSEGX vs. CAF - Dividend Comparison

MSEGX has not paid dividends to shareholders, while CAF's dividend yield for the trailing twelve months is around 1.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAF Morgan Stanley China A Share Fund	1.32%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%
MSEGX Morgan Stanley Institutional Growth Portfolio	0.00%	0.00%	0.42%	0.00%	18.70%	26.52%	10.03%	22.75%	5.67%	22.18%	13.17%	7.76%

Frequently Asked Questions

Can I hold both MSEGX and CAF in my portfolio?

MSEGX and CAF have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSEGX or CAF?

MSEGX has higher volatility (8.13%) compared to CAF (6.11%). In terms of maximum drawdown, MSEGX dropped -69.57% vs CAF's -65.88%.

Which has better risk-adjusted returns?

CAF currently has the higher Sharpe Ratio (2.86 vs 0.34), 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.