MSHMX vs. VPMCX

Last updated Jun 6, 2026

MSHMX (Morgan Stanley Permanence Portfolio) and VPMCX (Vanguard PRIMECAP Fund Investor Shares) are both Large Cap Growth Equities funds. Over the past 5 years, MSHMX returned 9.67%/yr vs 16.22%/yr for VPMCX. A 0.80 correlation means they provide meaningful diversification when combined. MSHMX charges 0.85%/yr vs 0.38%/yr for VPMCX.

Performance

MSHMX vs. VPMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Permanence Portfolio (MSHMX) and Vanguard PRIMECAP Fund Investor Shares (VPMCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSHMX achieves a 5.07% return, which is significantly lower than VPMCX's 25.53% return.

MSHMX

• 1D: 0.51%
• 1M: -1.08%
• YTD: 5.07%
• 6M: 4.89%
• 1Y: 9.82%
• 3Y*: 14.48%
• 5Y*: 9.67%
• 10Y*: —

VPMCX

• 1D: -0.09%
• 1M: 7.67%
• YTD: 25.53%
• 6M: 26.74%
• 1Y: 58.87%
• 3Y*: 28.17%
• 5Y*: 16.22%
• 10Y*: 17.54%

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

MSHMX vs. VPMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MSHMX Morgan Stanley Permanence Portfolio	5.07%	18.36%	13.91%	26.50%	-20.53%	16.75%	55.45%
VPMCX Vanguard PRIMECAP Fund Investor Shares	25.53%	29.60%	13.23%	28.16%	-15.22%	21.64%	46.76%

Correlation

The correlation between MSHMX and VPMCX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Apr 1, 2020	0.80

The correlation between MSHMX and VPMCX shifts across timeframes, from 0.60 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MSHMX vs. VPMCX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSHMX

MSHMX Risk / Return Rank: 9
MSHMX Sharpe Ratio Rank: 8
MSHMX Sortino Ratio Rank: 8
MSHMX Omega Ratio Rank: 8
MSHMX Calmar Ratio Rank: 11
MSHMX Martin Ratio Rank: 10

VPMCX

VPMCX Risk / Return Rank: 94
VPMCX Sharpe Ratio Rank: 97
VPMCX Sortino Ratio Rank: 95
VPMCX Omega Ratio Rank: 89
VPMCX Calmar Ratio Rank: 93
VPMCX Martin Ratio Rank: 96

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.

MSHMX vs. VPMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Permanence Portfolio (MSHMX) and Vanguard PRIMECAP Fund Investor Shares (VPMCX). 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.

	MSHMX	VPMCX	Difference
Sharpe ratio: Return per unit of total volatility	0.59	3.66	-3.08
Sortino ratio: Return per unit of downside risk	0.91	4.95	-4.04
Omega ratio: Gain probability vs. loss probability	1.11	1.64	-0.53
Calmar ratio: Return relative to maximum drawdown	0.97	5.00	-4.03
Martin ratio: Return relative to average drawdown	2.77	23.04	-20.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSHMX vs. VPMCX - Sharpe Ratio Comparison

The current MSHMX Sharpe Ratio is 0.59, which is lower than the VPMCX Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of MSHMX and VPMCX, 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

	MSHMX	VPMCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	3.66	-3.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.89	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.81	+0.03

Drawdowns

MSHMX vs. VPMCX - Drawdown Comparison

The maximum MSHMX drawdown since its inception was -30.20%, smaller than the maximum VPMCX drawdown of -50.45%. Use the drawdown chart below to compare losses from any high point for MSHMX and VPMCX.

Drawdown Indicators

	MSHMX	VPMCX	Difference
Max Drawdown Largest peak-to-trough decline	-30.20%	-50.45%	+20.25%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-11.73%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-17.26%	-20.56%	+3.30%
Max Drawdown (5Y) Largest decline over 5 years	-30.20%	-25.25%	-4.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.65%	—
Current Drawdown Current decline from peak	-2.36%	-0.09%	-2.27%
Average Drawdown Average peak-to-trough decline	-6.82%	-7.40%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	2.54%	+1.17%

Volatility

MSHMX vs. VPMCX - Volatility Comparison

Morgan Stanley Permanence Portfolio (MSHMX) has a higher volatility of 6.49% compared to Vanguard PRIMECAP Fund Investor Shares (VPMCX) at 5.85%. This indicates that MSHMX's price experiences larger fluctuations and is considered to be riskier than VPMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSHMX	VPMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	5.85%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	14.02%	12.83%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	16.02%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	18.25%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	19.18%	+0.78%

MSHMX vs. VPMCX - Expense Ratio Comparison

MSHMX has a 0.85% expense ratio, which is higher than VPMCX's 0.38% expense ratio.

Dividends

MSHMX vs. VPMCX - Dividend Comparison

MSHMX's dividend yield for the trailing twelve months is around 15.53%, more than VPMCX's 13.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSHMX Morgan Stanley Permanence Portfolio	15.53%	16.31%	14.39%	10.11%	2.76%	18.17%	5.88%	0.00%	0.00%	0.00%	0.00%	0.00%
VPMCX Vanguard PRIMECAP Fund Investor Shares	13.03%	16.36%	6.62%	7.16%	9.85%	10.08%	9.74%	7.15%	8.32%	4.53%	5.05%	5.91%

Frequently Asked Questions

Can I hold both MSHMX and VPMCX in my portfolio?

MSHMX and VPMCX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSHMX or VPMCX?

MSHMX has higher volatility (6.49%) compared to VPMCX (5.85%). In terms of maximum drawdown, MSHMX dropped -30.20% vs VPMCX's -50.45%.

Which has better risk-adjusted returns?

VPMCX currently has the higher Sharpe Ratio (3.66 vs 0.59), 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.