MSFAX vs. GAOAX

Last updated Jun 24, 2026

MSFAX (Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio) and GAOAX (JPMorgan Global Allocation Fund A) are both Global Equities funds. Over the past 10 years, MSFAX returned 6.53%/yr vs 6.63%/yr for GAOAX. A 0.78 correlation means they provide meaningful diversification when combined. MSFAX charges 0.92%/yr vs 1.04%/yr for GAOAX.

Performance

MSFAX vs. GAOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) and JPMorgan Global Allocation Fund A (GAOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFAX achieves a -12.72% return, which is significantly lower than GAOAX's 4.27% return. Both investments have delivered pretty close results over the past 10 years, with MSFAX having a 6.53% annualized return and GAOAX not far ahead at 6.63%.

MSFAX

• 1D: -1.71%
• 1M: -4.92%
• YTD: -12.72%
• 6M: -13.21%
• 1Y: -26.69%
• 3Y*: -3.75%
• 5Y*: -1.96%
• 10Y*: 6.53%

GAOAX

• 1D: -0.28%
• 1M: 0.65%
• YTD: 4.27%
• 6M: 3.88%
• 1Y: 13.20%
• 3Y*: 11.26%
• 5Y*: 2.98%
• 10Y*: 6.63%

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

MSFAX vs. GAOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSFAX Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio	-12.72%	-11.65%	8.94%	16.41%	-17.26%	21.89%	13.24%	34.63%	-1.66%	24.68%
GAOAX JPMorgan Global Allocation Fund A	4.27%	14.68%	7.91%	12.69%	-18.74%	3.60%	15.29%	15.95%	-6.07%	16.82%

Correlation

The correlation between MSFAX and GAOAX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jul 1, 2013	0.78

The correlation between MSFAX and GAOAX shifts across timeframes, from 0.61 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MSFAX vs. GAOAX — Risk / Return Rank

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

MSFAX

MSFAX Risk / Return Rank: 0
MSFAX Sharpe Ratio Rank: 0
MSFAX Sortino Ratio Rank: 0
MSFAX Omega Ratio Rank: 0
MSFAX Calmar Ratio Rank: 0
MSFAX Martin Ratio Rank: 0

GAOAX

GAOAX Risk / Return Rank: 25
GAOAX Sharpe Ratio Rank: 26
GAOAX Sortino Ratio Rank: 25
GAOAX Omega Ratio Rank: 27
GAOAX Calmar Ratio Rank: 21
GAOAX Martin Ratio Rank: 28

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.

MSFAX vs. GAOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) and JPMorgan Global Allocation Fund A (GAOAX). 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.

	MSFAX	GAOAX	Difference
Sharpe ratio: Return per unit of total volatility	-1.52	1.36	-2.88
Sortino ratio: Return per unit of downside risk	-1.85	1.92	-3.77
Omega ratio: Gain probability vs. loss probability	0.69	1.25	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.87	1.57	-2.43
Martin ratio: Return relative to average drawdown	-1.50	6.14	-7.64

MSFAX vs. GAOAX - Sharpe Ratio Comparison

The current MSFAX Sharpe Ratio is -1.52, which is lower than the GAOAX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of MSFAX and GAOAX, 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

MSFAX vs. GAOAX - Drawdown Comparison

The maximum MSFAX drawdown since its inception was -43.81%, which is greater than GAOAX's maximum drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for MSFAX and GAOAX.

Drawdown Indicators

	MSFAX	GAOAX	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-29.02%	-14.79%
Max Drawdown (1Y) Largest decline over 1 year	-30.00%	-8.95%	-21.05%
Max Drawdown (3Y) Largest decline over 3 years	-33.89%	-10.87%	-23.02%
Max Drawdown (5Y) Largest decline over 5 years	-33.89%	-29.02%	-4.87%
Max Drawdown (10Y) Largest decline over 10 years	-33.89%	-29.02%	-4.87%
Current Drawdown Current decline from peak	-32.53%	-1.14%	-31.39%
Average Drawdown Average peak-to-trough decline	-5.91%	-5.94%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.23%	2.28%	+14.95%

Volatility

MSFAX vs. GAOAX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) and JPMorgan Global Allocation Fund A (GAOAX) have volatilities of 4.09% and 3.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFAX	GAOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	3.95%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	8.69%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.14%	10.29%	+6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	11.20%	+5.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	10.92%	+6.01%

MSFAX vs. GAOAX - Expense Ratio Comparison

MSFAX has a 0.92% expense ratio, which is lower than GAOAX's 1.04% expense ratio.

Dividends

MSFAX vs. GAOAX - Dividend Comparison

MSFAX has not paid dividends to shareholders, while GAOAX's dividend yield for the trailing twelve months is around 9.25%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAOAX JPMorgan Global Allocation Fund A	9.25%	10.15%	2.34%	0.00%	4.62%	4.61%	1.54%	2.43%	2.52%	2.95%	2.59%	0.96%
MSFAX Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio	0.00%	0.00%	11.85%	1.96%	1.69%	2.75%	3.48%	8.23%	5.76%	3.72%	3.11%	4.75%

Frequently Asked Questions

Can I hold both MSFAX and GAOAX in my portfolio?

MSFAX and GAOAX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFAX or GAOAX?

MSFAX has higher volatility (4.09%) compared to GAOAX (3.95%). In terms of maximum drawdown, MSFAX dropped -43.81% vs GAOAX's -29.02%.

Which has better risk-adjusted returns?

GAOAX currently has the higher Sharpe Ratio (1.36 vs -1.52), 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.