MSFAX vs. SPY
Compare and contrast key facts about Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) and State Street SPDR S&P 500 ETF (SPY).
MSFAX is managed by T. Rowe Price. It was launched on Nov 27, 2001. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
MSFAX vs. SPY - Performance Comparison
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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 | -13.49% | -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 | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, MSFAX achieves a -13.49% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, MSFAX has underperformed SPY with an annualized return of 6.27%, while SPY has yielded a comparatively higher 13.98% annualized return.
MSFAX
- 1D
- 1.14%
- 1M
- -9.24%
- YTD
- -13.49%
- 6M
- -26.38%
- 1Y
- -25.95%
- 3Y*
- -3.04%
- 5Y*
- -0.71%
- 10Y*
- 6.27%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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MSFAX vs. SPY - Expense Ratio Comparison
MSFAX has a 0.92% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
MSFAX vs. SPY — Risk / Return Rank
MSFAX
SPY
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.
| MSFAX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.33 | 0.93 | -2.26 |
Sortino ratioReturn per unit of downside risk | -1.68 | 1.45 | -3.14 |
Omega ratioGain probability vs. loss probability | 0.72 | 1.22 | -0.50 |
Calmar ratioReturn relative to maximum drawdown | -0.86 | 1.53 | -2.39 |
Martin ratioReturn relative to average drawdown | -2.10 | 7.30 | -9.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSFAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.33 | 0.93 | -2.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.69 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.78 | -0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.56 | +0.04 |
Correlation
The correlation between MSFAX and SPY is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
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 1.14%.
| 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 | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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.
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Drawdown Indicators
| MSFAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.81% | -55.19% | +11.38% |
Max Drawdown (1Y)Largest decline over 1 year | -30.00% | -12.05% | -17.95% |
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 DrawdownCurrent decline from peak | -33.13% | -6.24% | -26.89% |
Average DrawdownAverage peak-to-trough decline | -5.69% | -9.09% | +3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.30% | 2.52% | +9.78% |
Volatility
MSFAX vs. SPY - Volatility Comparison
The current volatility for Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) is 4.10%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that MSFAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 5.31% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 15.72% | 9.47% | +6.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 19.05% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.91% | 17.06% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 17.92% | -1.02% |