MSFAX vs. PRNHX
MSFAX (Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio) and PRNHX (T. Rowe Price New Horizons Fund) are both mutual funds - MSFAX is a Global Equities fund managed by T. Rowe Price, while PRNHX is a Mid Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, MSFAX returned 6.79%/yr vs 13.68%/yr for PRNHX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. MSFAX charges 0.92%/yr vs 0.79%/yr for PRNHX.
Performance
MSFAX vs. PRNHX - Performance Comparison
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Returns By Period
In the year-to-date period, MSFAX achieves a -5.83% return, which is significantly lower than PRNHX's 10.06% return. Over the past 10 years, MSFAX has underperformed PRNHX with an annualized return of 6.79%, while PRNHX has yielded a comparatively higher 13.68% annualized return.
MSFAX
- 1D
- 0.72%
- 1M
- 2.72%
- 6M
- -3.42%
- YTD
- -5.83%
- 1Y
- -20.48%
- 3Y*
- -2.17%
- 5Y*
- -1.19%
- 10Y*
- 6.79%
- ALL TIME*
- 10.11%
PRNHX
- 1D
- -0.58%
- 1M
- -5.01%
- 6M
- 3.96%
- YTD
- 10.06%
- 1Y
- 19.38%
- 3Y*
- 7.53%
- 5Y*
- -1.51%
- 10Y*
- 13.68%
- ALL TIME*
- 9.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MSFAX vs. PRNHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSFAX Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio | -5.83% | -11.65% | 8.94% | 16.41% | -17.26% | 21.89% | 13.24% | 34.63% | -1.66% | 24.68% |
PRNHX T. Rowe Price New Horizons Fund | 10.06% | 3.27% | 8.80% | 21.35% | -36.96% | 9.96% | 58.05% | 56.50% | 3.79% | 31.59% |
Correlation
The correlation between MSFAX and PRNHX is 0.28, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.28 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2001 | 0.64 |
Over the past year, the correlation between MSFAX and PRNHX has dropped to 0.28 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
MSFAX vs. PRNHX — Risk / Return Rank
MSFAX
PRNHX
MSFAX vs. PRNHX - 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 T. Rowe Price New Horizons Fund (PRNHX). 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 | PRNHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.15 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 1.33 | -2.07 |
| Martin ratioReturn relative to average drawdown | -1.15 | 4.65 | -5.80 |
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Drawdowns
MSFAX vs. PRNHX - Drawdown Comparison
The maximum MSFAX drawdown since its inception was -43.81%, smaller than the maximum PRNHX drawdown of -70.96%. Use the drawdown chart below to compare losses from any high point for MSFAX and PRNHX.
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Drawdown Indicators
| MSFAX | PRNHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.81% | -70.96% | +27.15% |
Max Drawdown (1Y)Largest decline over 1 year | -29.20% | -13.12% | -16.08% |
Max Drawdown (3Y)Largest decline over 3 years | -33.89% | -26.65% | -7.24% |
Max Drawdown (5Y)Largest decline over 5 years | -33.89% | -48.37% | +14.48% |
Max Drawdown (10Y)Largest decline over 10 years | -33.89% | -48.37% | +14.48% |
Current DrawdownCurrent decline from peak | -27.22% | -15.22% | -12.00% |
Average DrawdownAverage peak-to-trough decline | -6.02% | -18.36% | +12.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.50% | 3.76% | +14.74% |
Volatility
MSFAX vs. PRNHX - Volatility Comparison
The current volatility for Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) is 4.89%, while T. Rowe Price New Horizons Fund (PRNHX) has a volatility of 5.57%. This indicates that MSFAX experiences smaller price fluctuations and is considered to be less risky than PRNHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFAX | PRNHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 5.57% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 10.64% | 17.83% | -7.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 21.51% | -3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 24.92% | -7.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 22.96% | -6.06% |
MSFAX vs. PRNHX - Expense Ratio Comparison
MSFAX has a 0.92% expense ratio, which is higher than PRNHX's 0.79% expense ratio.
Dividends
MSFAX vs. PRNHX - Dividend Comparison
MSFAX has not paid dividends to shareholders, while PRNHX's dividend yield for the trailing twelve months is around 10.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PRNHX T. Rowe Price New Horizons Fund | 10.77% | 11.85% | 9.82% | 0.00% | 4.72% | 17.09% | 13.67% | 23.46% | 13.94% | 8.27% | 5.77% | 7.72% |
Frequently Asked Questions
MSFAX and PRNHX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRNHX has higher volatility (5.57%) compared to MSFAX (4.89%). In terms of maximum drawdown, MSFAX dropped -43.81% vs PRNHX's -70.96%.
PRNHX currently has the higher Sharpe Ratio (0.81 vs -1.21), 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.
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