MSHMX vs. VPMCX

Last updated Jul 31, 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 7.61%/yr vs 14.15%/yr for VPMCX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. MSHMX charges 0.85%/yr vs 0.35%/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 3.38% return, which is significantly lower than VPMCX's 17.18% return.

MSHMX

• 1D: -0.59%
• 1M: 0.30%
• 6M: -0.15%
• YTD: 3.38%
• 1Y: 1.39%
• 3Y*: 12.07%
• 5Y*: 7.61%
• 10Y*: —
• ALL TIME*: 15.89%

VPMCX

• 1D: -2.28%
• 1M: -10.19%
• 6M: 9.89%
• YTD: 17.18%
• 1Y: 39.23%
• 3Y*: 22.29%
• 5Y*: 14.15%
• 10Y*: 16.27%
• ALL TIME*: 15.17%

*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)
MSHMX Morgan Stanley Permanence Portfolio	$0.00	$0.00	$0.00
VPMCX Vanguard PRIMECAP Fund Investor Shares	$0.00	$0.00	$0.00

MSHMX vs. VPMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MSHMX Morgan Stanley Permanence Portfolio	3.38%	18.36%	13.91%	26.50%	-20.53%	16.75%	55.45%
VPMCX Vanguard PRIMECAP Fund Investor Shares	17.18%	29.60%	13.23%	28.16%	-15.22%	21.64%	45.70%

Correlation

The correlation between MSHMX and VPMCX is 0.53, 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.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Mar 31, 2020	0.78

Over the past year, the correlation between MSHMX and VPMCX has dropped to 0.53 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

MSHMX vs. VPMCX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSHMX

MSHMX Risk / Return Rank: 6
MSHMX Sharpe Ratio Rank: 6
MSHMX Sortino Ratio Rank: 6
MSHMX Omega Ratio Rank: 6
MSHMX Calmar Ratio Rank: 6
MSHMX Martin Ratio Rank: 6

VPMCX

VPMCX Risk / Return Rank: 84
VPMCX Sharpe Ratio Rank: 84
VPMCX Sortino Ratio Rank: 80
VPMCX Omega Ratio Rank: 79
VPMCX Calmar Ratio Rank: 89
VPMCX Martin Ratio Rank: 90

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.

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.

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.

	MSHMX	VPMCX	Difference
Sharpe ratio: Return per unit of total volatility	0.06	2.07	-2.01
Sortino ratio: Return per unit of downside risk	0.22	2.86	-2.64
Omega ratio: Gain probability vs. loss probability	1.03	1.37	-0.34
Calmar ratio: Return relative to maximum drawdown	0.11	3.33	-3.22
Martin ratio: Return relative to average drawdown	0.29	12.64	-12.35

MSHMX vs. VPMCX - Sharpe Ratio Comparison

The current MSHMX Sharpe Ratio is 0.06, which is lower than the VPMCX Sharpe Ratio of 2.07. 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.

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	-16.85%	-20.56%	+3.71%
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	-3.93%	-10.19%	+6.26%
Average Drawdown Average peak-to-trough decline	-6.76%	-7.39%	+0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	3.09%	+1.03%

Volatility

MSHMX vs. VPMCX - Volatility Comparison

The current volatility for Morgan Stanley Permanence Portfolio (MSHMX) is 4.39%, while Vanguard PRIMECAP Fund Investor Shares (VPMCX) has a volatility of 5.47%. This indicates that MSHMX experiences smaller price fluctuations and is considered to be less risky 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	4.39%	5.47%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	14.80%	15.94%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.59%	18.89%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	18.76%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.92%	19.37%	+0.55%

MSHMX vs. VPMCX - Expense Ratio Comparison

MSHMX has a 0.85% expense ratio, which is higher than VPMCX's 0.35% expense ratio.

Dividends

MSHMX vs. VPMCX - Dividend Comparison

MSHMX's dividend yield for the trailing twelve months is around 15.78%, more than VPMCX's 13.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSHMX Morgan Stanley Permanence Portfolio	15.78%	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	13.96%	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 0.53, 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?

VPMCX has higher volatility (5.47%) compared to MSHMX (4.39%). 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 (2.07 vs 0.06), 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.