MSFAX vs. SSGLX
MSFAX (Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio) and SSGLX (State Street Global All Cap Equity ex-U.S. Index Fund Class K) are both Global Equities funds. Over the past 10 years, MSFAX returned 6.50%/yr vs 9.82%/yr for SSGLX. A 0.68 correlation means they provide meaningful diversification when combined. MSFAX charges 0.92%/yr vs 0.07%/yr for SSGLX.
Performance
MSFAX vs. SSGLX - Performance Comparison
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Returns By Period
In the year-to-date period, MSFAX achieves a -9.27% return, which is significantly lower than SSGLX's 14.98% return. Over the past 10 years, MSFAX has underperformed SSGLX with an annualized return of 6.50%, while SSGLX has yielded a comparatively higher 9.82% annualized return.
MSFAX
- 1D
- -1.14%
- 1M
- -1.97%
- YTD
- -9.27%
- 6M
- -19.53%
- 1Y
- -25.03%
- 3Y*
- -2.08%
- 5Y*
- -0.70%
- 10Y*
- 6.50%
SSGLX
- 1D
- 0.67%
- 1M
- 4.89%
- YTD
- 14.98%
- 6M
- 18.09%
- 1Y
- 32.74%
- 3Y*
- 19.68%
- 5Y*
- 8.65%
- 10Y*
- 9.82%
MSFAX vs. SSGLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSFAX Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio | -9.27% | -11.65% | 8.94% | 16.41% | -17.26% | 21.89% | 13.24% | 34.63% | -1.66% | 24.68% |
SSGLX State Street Global All Cap Equity ex-U.S. Index Fund Class K | 14.98% | 32.64% | 4.98% | 15.67% | -16.44% | 8.36% | 11.11% | 21.52% | -14.05% | 27.12% |
Correlation
The correlation between MSFAX and SSGLX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2014 | 0.68 |
Over the past year, the correlation between MSFAX and SSGLX has dropped to 0.45 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.
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Return for Risk
MSFAX vs. SSGLX — Risk / Return Rank
MSFAX
SSGLX
MSFAX vs. SSGLX - 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 Global All Cap Equity ex-U.S. Index Fund Class K (SSGLX). 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 | SSGLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.91 | ||
| Sortino ratioReturn per unit of downside risk | -5.18 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.46 | -0.76 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 2.89 | -3.74 |
| Martin ratioReturn relative to average drawdown | -1.57 | 11.22 | -12.80 |
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 | SSGLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.51 | 2.40 | -3.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.59 | -0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.61 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.45 | +0.16 |
Drawdowns
MSFAX vs. SSGLX - Drawdown Comparison
The maximum MSFAX drawdown since its inception was -43.81%, which is greater than SSGLX's maximum drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for MSFAX and SSGLX.
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Drawdown Indicators
| MSFAX | SSGLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.81% | -35.88% | -7.93% |
Max Drawdown (1Y)Largest decline over 1 year | -30.00% | -11.22% | -18.78% |
Max Drawdown (3Y)Largest decline over 3 years | -33.89% | -13.56% | -20.33% |
Max Drawdown (5Y)Largest decline over 5 years | -33.89% | -30.08% | -3.81% |
Max Drawdown (10Y)Largest decline over 10 years | -33.89% | -35.88% | +1.99% |
Current DrawdownCurrent decline from peak | -29.87% | 0.00% | -29.87% |
Average DrawdownAverage peak-to-trough decline | -5.86% | -8.23% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.13% | 2.88% | +13.25% |
Volatility
MSFAX vs. SSGLX - Volatility Comparison
The current volatility for Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) is 2.87%, while State Street Global All Cap Equity ex-U.S. Index Fund Class K (SSGLX) has a volatility of 4.55%. This indicates that MSFAX experiences smaller price fluctuations and is considered to be less risky than SSGLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFAX | SSGLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 4.55% | -1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 16.01% | 11.38% | +4.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.85% | 13.56% | +3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.94% | 14.74% | +2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.92% | 16.24% | +0.68% |
MSFAX vs. SSGLX - Expense Ratio Comparison
MSFAX has a 0.92% expense ratio, which is higher than SSGLX's 0.07% expense ratio.
Dividends
MSFAX vs. SSGLX - Dividend Comparison
MSFAX has not paid dividends to shareholders, while SSGLX's dividend yield for the trailing twelve months is around 3.84%.
| 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% |
SSGLX State Street Global All Cap Equity ex-U.S. Index Fund Class K | 3.84% | 4.41% | 4.46% | 2.98% | 2.85% | 4.20% | 1.72% | 4.80% | 8.32% | 3.98% | 1.52% | 2.09% |
Frequently Asked Questions
MSFAX and SSGLX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSGLX has higher volatility (4.55%) compared to MSFAX (2.87%). In terms of maximum drawdown, MSFAX dropped -43.81% vs SSGLX's -35.88%.
SSGLX currently has the higher Sharpe Ratio (2.40 vs -1.51), 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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