MSEQX vs. MACGX

Last updated Jun 25, 2026

MSEQX (Morgan Stanley Growth Portfolio Class I) and MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) are both mutual funds - MSEQX is a Large Cap Growth Equities fund managed by Morgan Stanley, while MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley. Over the past 10 years, MSEQX returned 16.81%/yr vs 13.87%/yr for MACGX. Their correlation of 0.92 suggests significant overlap in exposure. MSEQX charges 0.56%/yr vs 1.00%/yr for MACGX.

Performance

MSEQX vs. MACGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Growth Portfolio Class I (MSEQX) and Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSEQX achieves a -8.36% return, which is significantly lower than MACGX's -1.87% return. Over the past 10 years, MSEQX has outperformed MACGX with an annualized return of 16.81%, while MACGX has yielded a comparatively lower 13.87% annualized return.

MSEQX

• 1D: -0.47%
• 1M: -2.41%
• YTD: -8.36%
• 6M: -12.06%
• 1Y: -2.55%
• 3Y*: 24.99%
• 5Y*: -2.26%
• 10Y*: 16.81%

MACGX

• 1D: -0.18%
• 1M: -4.01%
• YTD: -1.87%
• 6M: -5.57%
• 1Y: -6.92%
• 3Y*: 22.95%
• 5Y*: -7.15%
• 10Y*: 13.87%

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

MSEQX vs. MACGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSEQX Morgan Stanley Growth Portfolio Class I	-8.36%	24.78%	46.65%	50.36%	-60.18%	-0.00%	115.60%	38.25%	5.38%	43.91%
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A	-1.87%	13.71%	42.06%	46.30%	-63.51%	-12.84%	142.01%	39.41%	11.85%	38.99%

Correlation

The correlation between MSEQX and MACGX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 31, 1997	0.92

The correlation between MSEQX and MACGX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

MSEQX vs. MACGX — Risk / Return Rank

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

MSEQX

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

MACGX

MACGX Risk / Return Rank: 2
MACGX Sharpe Ratio Rank: 2
MACGX Sortino Ratio Rank: 2
MACGX Omega Ratio Rank: 2
MACGX Calmar Ratio Rank: 2
MACGX 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.

MSEQX vs. MACGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Growth Portfolio Class I (MSEQX) and Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX). 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.

	MSEQX	MACGX	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	-0.19	+0.16
Sortino ratio: Return per unit of downside risk	0.17	-0.07	+0.23
Omega ratio: Gain probability vs. loss probability	1.02	0.99	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.03	-0.19	+0.17
Martin ratio: Return relative to average drawdown	-0.06	-0.41	+0.35

MSEQX vs. MACGX - Sharpe Ratio Comparison

The current MSEQX Sharpe Ratio is -0.03, which is higher than the MACGX Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of MSEQX and MACGX, 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

MSEQX vs. MACGX - Drawdown Comparison

The maximum MSEQX drawdown since its inception was -69.48%, smaller than the maximum MACGX drawdown of -77.61%. Use the drawdown chart below to compare losses from any high point for MSEQX and MACGX.

Drawdown Indicators

	MSEQX	MACGX	Difference
Max Drawdown Largest peak-to-trough decline	-69.48%	-77.61%	+8.13%
Max Drawdown (1Y) Largest decline over 1 year	-27.73%	-27.55%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-32.52%	-28.55%	-3.97%
Max Drawdown (5Y) Largest decline over 5 years	-69.48%	-77.61%	+8.13%
Max Drawdown (10Y) Largest decline over 10 years	-69.48%	-77.61%	+8.13%
Current Drawdown Current decline from peak	-19.90%	-45.44%	+25.54%
Average Drawdown Average peak-to-trough decline	-16.90%	-25.68%	+8.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.43%	13.23%	+0.20%

Volatility

MSEQX vs. MACGX - Volatility Comparison

Morgan Stanley Growth Portfolio Class I (MSEQX) has a higher volatility of 10.31% compared to Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) at 9.66%. This indicates that MSEQX's price experiences larger fluctuations and is considered to be riskier than MACGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSEQX	MACGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.31%	9.66%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	22.33%	21.85%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	29.25%	28.74%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.86%	48.40%	-8.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.86%	39.44%	-5.58%

MSEQX vs. MACGX - Expense Ratio Comparison

MSEQX has a 0.56% expense ratio, which is lower than MACGX's 1.00% expense ratio.

Dividends

MSEQX vs. MACGX - Dividend Comparison

Neither MSEQX nor MACGX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A	0.00%	0.00%	0.00%	0.00%	0.00%	52.53%	9.95%	15.34%	29.46%	48.48%	75.72%	14.05%
MSEQX Morgan Stanley Growth Portfolio Class I	0.00%	0.00%	0.55%	0.05%	16.79%	24.24%	9.36%	21.39%	5.38%	21.18%	12.71%	7.55%

Frequently Asked Questions

Can I hold both MSEQX and MACGX in my portfolio?

With a correlation of 0.95, MSEQX and MACGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSEQX or MACGX?

MSEQX has higher volatility (10.31%) compared to MACGX (9.66%). In terms of maximum drawdown, MSEQX dropped -69.48% vs MACGX's -77.61%.

Which has better risk-adjusted returns?

MSEQX currently has the higher Sharpe Ratio (-0.03 vs -0.19), 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.