MSEGX vs. MRFOX

Last updated Jun 25, 2026

MSEGX (Morgan Stanley Institutional Growth Portfolio) and MRFOX (Marshfield Concentrated Opportunity Fund) are both Large Cap Growth Equities funds. Over the past 10 years, MSEGX returned 16.58%/yr vs 16.22%/yr for MRFOX. At a 0.47 correlation, their price movements are largely independent. MSEGX charges 0.87%/yr vs 1.05%/yr for MRFOX.

Performance

MSEGX vs. MRFOX - Performance Comparison

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

Returns By Period

In the year-to-date period, MSEGX achieves a -8.48% return, which is significantly lower than MRFOX's 1.49% return. Both investments have delivered pretty close results over the past 10 years, with MSEGX having a 16.58% annualized return and MRFOX not far behind at 16.22%.

MSEGX

• 1D: -0.49%
• 1M: -2.44%
• YTD: -8.48%
• 6M: -12.18%
• 1Y: -2.83%
• 3Y*: 24.66%
• 5Y*: -2.53%
• 10Y*: 16.58%

MRFOX

• 1D: 0.52%
• 1M: -0.23%
• YTD: 1.49%
• 6M: 0.58%
• 1Y: 9.54%
• 3Y*: 14.01%
• 5Y*: 11.28%
• 10Y*: 16.22%

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

MSEGX vs. MRFOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSEGX Morgan Stanley Institutional Growth Portfolio	-8.48%	24.43%	46.29%	49.87%	-60.27%	-0.31%	115.11%	38.93%	5.01%	43.53%
MRFOX Marshfield Concentrated Opportunity Fund	1.49%	10.05%	17.10%	17.68%	5.06%	17.71%	15.19%	36.26%	1.89%	25.92%

Correlation

The correlation between MSEGX and MRFOX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.47

Over the past year, the correlation between MSEGX and MRFOX has dropped to 0.16 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

MSEGX vs. MRFOX — Risk / Return Rank

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

MSEGX

MSEGX Risk / Return Rank: 3
MSEGX Sharpe Ratio Rank: 3
MSEGX Sortino Ratio Rank: 3
MSEGX Omega Ratio Rank: 3
MSEGX Calmar Ratio Rank: 3
MSEGX Martin Ratio Rank: 3

MRFOX

MRFOX Risk / Return Rank: 16
MRFOX Sharpe Ratio Rank: 15
MRFOX Sortino Ratio Rank: 16
MRFOX Omega Ratio Rank: 14
MRFOX Calmar Ratio Rank: 17
MRFOX Martin Ratio Rank: 17

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. MRFOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Growth Portfolio (MSEGX) and Marshfield Concentrated Opportunity Fund (MRFOX). 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.

	MSEGX	MRFOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	0.98	-1.02
Sortino ratio: Return per unit of downside risk	0.15	1.51	-1.35
Omega ratio: Gain probability vs. loss probability	1.02	1.17	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.04	1.37	-1.41
Martin ratio: Return relative to average drawdown	-0.08	4.05	-4.13

MSEGX vs. MRFOX - Sharpe Ratio Comparison

The current MSEGX Sharpe Ratio is -0.04, which is lower than the MRFOX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of MSEGX and MRFOX, 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

MSEGX vs. MRFOX - Drawdown Comparison

The maximum MSEGX drawdown since its inception was -69.57%, which is greater than MRFOX's maximum drawdown of -29.10%. Use the drawdown chart below to compare losses from any high point for MSEGX and MRFOX.

Drawdown Indicators

	MSEGX	MRFOX	Difference
Max Drawdown Largest peak-to-trough decline	-69.57%	-29.10%	-40.47%
Max Drawdown (1Y) Largest decline over 1 year	-27.83%	-7.03%	-20.80%
Max Drawdown (3Y) Largest decline over 3 years	-32.54%	-7.91%	-24.63%
Max Drawdown (5Y) Largest decline over 5 years	-69.57%	-12.98%	-56.59%
Max Drawdown (10Y) Largest decline over 10 years	-69.57%	-29.10%	-40.47%
Current Drawdown Current decline from peak	-20.90%	-0.97%	-19.93%
Average Drawdown Average peak-to-trough decline	-19.50%	-2.36%	-17.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.51%	2.37%	+11.14%

Volatility

MSEGX vs. MRFOX - Volatility Comparison

Morgan Stanley Institutional Growth Portfolio (MSEGX) has a higher volatility of 10.30% compared to Marshfield Concentrated Opportunity Fund (MRFOX) at 2.92%. This indicates that MSEGX's price experiences larger fluctuations and is considered to be riskier than MRFOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSEGX	MRFOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	2.92%	+7.38%
Volatility (6M) Calculated over the trailing 6-month period	22.32%	6.91%	+15.41%
Volatility (1Y) Calculated over the trailing 1-year period	29.24%	9.83%	+19.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.87%	12.08%	+27.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.89%	14.19%	+19.70%

MSEGX vs. MRFOX - Expense Ratio Comparison

MSEGX has a 0.87% expense ratio, which is lower than MRFOX's 1.05% expense ratio.

Dividends

MSEGX vs. MRFOX - Dividend Comparison

MSEGX has not paid dividends to shareholders, while MRFOX's dividend yield for the trailing twelve months is around 1.60%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MRFOX Marshfield Concentrated Opportunity Fund	1.60%	1.62%	4.59%	0.46%	0.35%	6.78%	2.68%	1.39%	1.94%	2.06%	0.60%	0.00%
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 MRFOX in my portfolio?

MSEGX and MRFOX have a correlation of 0.16, 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 MRFOX?

MSEGX has higher volatility (10.30%) compared to MRFOX (2.92%). In terms of maximum drawdown, MSEGX dropped -69.57% vs MRFOX's -29.10%.

Which has better risk-adjusted returns?

MRFOX currently has the higher Sharpe Ratio (0.98 vs -0.04), 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.