MSFAX vs. SPY

Last updated Aug 4, 2026

MSFAX (Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio) and SPY (State Street SPDR S&P 500 ETF) are both funds - MSFAX is a Global Equities fund managed by T. Rowe Price, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MSFAX returned 6.79%/yr vs 15.09%/yr for SPY. Their 0.73 correlation means they have sometimes moved together and sometimes differently. MSFAX charges 0.92%/yr vs 0.09%/yr for SPY.

Performance

MSFAX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFAX achieves a -5.83% return, which is significantly lower than SPY's 11.70% return. Over the past 10 years, MSFAX has underperformed SPY with an annualized return of 6.79%, while SPY has yielded a comparatively higher 15.09% 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%

SPY

• 1D: 1.42%
• 1M: 1.73%
• 6M: 9.53%
• YTD: 11.70%
• 1Y: 23.22%
• 3Y*: 20.74%
• 5Y*: 13.05%
• 10Y*: 15.09%
• ALL TIME*: 10.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSFAX Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$38.19B	$36.17B	$39.59B

MSFAX vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	11.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MSFAX and SPY is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Nov 30, 2001	0.73

Over the past year, the correlation between MSFAX and SPY has dropped to 0.51 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

MSFAX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 1

SPY

SPY Risk / Return Rank: 78
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 77
SPY Calmar Ratio Rank: 74
SPY Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSFAX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	1.82	-3.02
Sortino ratio: Return per unit of downside risk	-1.44	2.50	-3.94
Omega ratio: Gain probability vs. loss probability	0.77	1.32	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.73	2.62	-3.36
Martin ratio: Return relative to average drawdown	-1.15	11.20	-12.35

MSFAX vs. SPY - Sharpe Ratio Comparison

The current MSFAX Sharpe Ratio is -1.21, which is lower than the SPY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of MSFAX and SPY, 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. SPY - Drawdown Comparison

The maximum MSFAX drawdown since its inception was -43.81%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MSFAX and SPY.

Drawdown Indicators

	MSFAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-55.19%	+11.38%
Max Drawdown (1Y) Largest decline over 1 year	-29.20%	-8.88%	-20.32%
Max Drawdown (3Y) Largest decline over 3 years	-33.89%	-18.76%	-15.13%
Max Drawdown (5Y) Largest decline over 5 years	-33.89%	-24.50%	-9.39%
Max Drawdown (10Y) Largest decline over 10 years	-33.89%	-33.72%	-0.17%
Current Drawdown Current decline from peak	-27.22%	0.00%	-27.22%
Average Drawdown Average peak-to-trough decline	-6.02%	-9.01%	+2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.50%	2.08%	+16.42%

Volatility

MSFAX vs. SPY - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) has a higher volatility of 4.89% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. This indicates that MSFAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	3.84%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	10.23%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	12.87%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	17.19%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	17.96%	-1.06%

MSFAX vs. SPY - Expense Ratio Comparison

MSFAX has a 0.92% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MSFAX vs. SPY - Dividend Comparison

MSFAX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.99%.

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%
SPY State Street SPDR S&P 500 ETF	0.99%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MSFAX and SPY in my portfolio?

MSFAX and SPY have a correlation of 0.51, 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 SPY?

MSFAX has higher volatility (4.89%) compared to SPY (3.84%). In terms of maximum drawdown, MSFAX dropped -43.81% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.82 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.