MSFAX vs. VTWAX

Last updated Jun 4, 2026

MSFAX (Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio) and VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) are both Global Equities funds. Over the past 5 years, MSFAX returned -0.70%/yr vs 11.34%/yr for VTWAX. Their correlation of 0.81 suggests significant overlap in exposure. MSFAX charges 0.92%/yr vs 0.09%/yr for VTWAX.

Performance

MSFAX vs. VTWAX - 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 Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFAX achieves a -9.27% return, which is significantly lower than VTWAX's 13.15% 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%

VTWAX

• 1D: 0.37%
• 1M: 5.68%
• YTD: 13.15%
• 6M: 14.09%
• 1Y: 30.29%
• 3Y*: 21.27%
• 5Y*: 11.34%
• 10Y*: —

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

MSFAX vs. VTWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MSFAX Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio	-9.27%	-11.65%	8.94%	16.41%	-17.26%	21.89%	13.24%	28.07%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	13.15%	22.43%	16.43%	21.85%	-18.02%	18.17%	16.67%	17.53%

Correlation

The correlation between MSFAX and VTWAX 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	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	0.81

Over the past year, the correlation between MSFAX and VTWAX has dropped to 0.61 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

MSFAX vs. VTWAX — 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

VTWAX

VTWAX Risk / Return Rank: 70
VTWAX Sharpe Ratio Rank: 73
VTWAX Sortino Ratio Rank: 67
VTWAX Omega Ratio Rank: 65
VTWAX Calmar Ratio Rank: 68
VTWAX Martin Ratio Rank: 75

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. VTWAX - 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 Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). 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	VTWAX	Difference
Sharpe ratio: Return per unit of total volatility	-1.51	2.49	-4.00
Sortino ratio: Return per unit of downside risk	-1.83	3.41	-5.24
Omega ratio: Gain probability vs. loss probability	0.69	1.45	-0.76
Calmar ratio: Return relative to maximum drawdown	-0.85	3.19	-4.04
Martin ratio: Return relative to average drawdown	-1.57	14.26	-15.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFAX vs. VTWAX - Sharpe Ratio Comparison

The current MSFAX Sharpe Ratio is -1.51, which is lower than the VTWAX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of MSFAX and VTWAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSFAX	VTWAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.51	2.49	-4.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.73	-0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.77	-0.17

Drawdowns

MSFAX vs. VTWAX - Drawdown Comparison

The maximum MSFAX drawdown since its inception was -43.81%, which is greater than VTWAX's maximum drawdown of -34.20%. Use the drawdown chart below to compare losses from any high point for MSFAX and VTWAX.

Drawdown Indicators

	MSFAX	VTWAX	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-34.20%	-9.61%
Max Drawdown (1Y) Largest decline over 1 year	-30.00%	-9.64%	-20.36%
Max Drawdown (3Y) Largest decline over 3 years	-33.89%	-16.43%	-17.46%
Max Drawdown (5Y) Largest decline over 5 years	-33.89%	-26.40%	-7.49%
Max Drawdown (10Y) Largest decline over 10 years	-33.89%	—	—
Current Drawdown Current decline from peak	-29.87%	0.00%	-29.87%
Average Drawdown Average peak-to-trough decline	-5.86%	-5.30%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.13%	2.15%	+13.98%

Volatility

MSFAX vs. VTWAX - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) is 2.87%, while Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) has a volatility of 3.55%. This indicates that MSFAX experiences smaller price fluctuations and is considered to be less risky than VTWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFAX	VTWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.55%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	16.01%	9.82%	+6.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.85%	12.37%	+4.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	15.71%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	18.20%	-1.28%

MSFAX vs. VTWAX - Expense Ratio Comparison

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

Dividends

MSFAX vs. VTWAX - Dividend Comparison

MSFAX has not paid dividends to shareholders, while VTWAX's dividend yield for the trailing twelve months is around 1.56%.

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%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	1.56%	1.80%	1.92%	2.06%	2.17%	1.79%	1.64%	2.28%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSFAX and VTWAX in my portfolio?

MSFAX and VTWAX 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 VTWAX?

VTWAX has higher volatility (3.55%) compared to MSFAX (2.87%). In terms of maximum drawdown, MSFAX dropped -43.81% vs VTWAX's -34.20%.

Which has better risk-adjusted returns?

VTWAX currently has the higher Sharpe Ratio (2.49 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.