MSSMX vs. ETMGX
MSSMX (Morgan Stanley Institutional Inception Fund Class A) and ETMGX (Eaton Vance Tax-Managed Small-Cap Fund) are both Small Cap Growth Equities funds. Over the past 10 years, MSSMX returned 15.01%/yr vs 8.11%/yr for ETMGX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. MSSMX charges 1.35%/yr vs 1.11%/yr for ETMGX.
Performance
MSSMX vs. ETMGX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MSSMX achieves a 2.93% return, which is significantly lower than ETMGX's 8.51% return. Over the past 10 years, MSSMX has outperformed ETMGX with an annualized return of 15.01%, while ETMGX has yielded a comparatively lower 8.11% annualized return.
MSSMX
- 1D
- 2.93%
- 1M
- -4.22%
- 6M
- 7.61%
- YTD
- 2.93%
- 1Y
- -0.27%
- 3Y*
- 9.66%
- 5Y*
- -8.92%
- 10Y*
- 15.01%
- ALL TIME*
- 10.62%
ETMGX
- 1D
- 0.00%
- 1M
- -0.43%
- 6M
- 4.68%
- YTD
- 8.51%
- 1Y
- 8.28%
- 3Y*
- 3.91%
- 5Y*
- 2.27%
- 10Y*
- 8.11%
- ALL TIME*
- 9.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MSSMX vs. ETMGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSSMX Morgan Stanley Institutional Inception Fund Class A | 2.93% | 0.76% | 29.15% | 54.22% | -59.57% | -4.29% | 149.49% | 77.58% | -0.03% | 22.42% |
ETMGX Eaton Vance Tax-Managed Small-Cap Fund | 8.51% | -6.63% | 11.43% | 11.06% | -16.53% | 20.91% | 12.33% | 27.32% | -5.86% | 15.26% |
Correlation
The correlation between MSSMX and ETMGX is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.68 |
Over the past year, the correlation between MSSMX and ETMGX has dropped to 0.45 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MSSMX vs. ETMGX — Risk / Return Rank
MSSMX
ETMGX
MSSMX vs. ETMGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Inception Fund Class A (MSSMX) and Eaton Vance Tax-Managed Small-Cap Fund (ETMGX). 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.
| MSSMX | ETMGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.06 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 0.36 | -0.46 |
| Martin ratioReturn relative to average drawdown | -0.20 | 0.81 | -1.01 |
Loading charts...
Drawdowns
MSSMX vs. ETMGX - Drawdown Comparison
The maximum MSSMX drawdown since its inception was -76.24%, which is greater than ETMGX's maximum drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for MSSMX and ETMGX.
Loading charts...
Drawdown Indicators
| MSSMX | ETMGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.24% | -37.02% | -39.22% |
Max Drawdown (1Y)Largest decline over 1 year | -32.92% | -13.14% | -19.78% |
Max Drawdown (3Y)Largest decline over 3 years | -32.92% | -22.28% | -10.64% |
Max Drawdown (5Y)Largest decline over 5 years | -71.12% | -25.14% | -45.98% |
Max Drawdown (10Y)Largest decline over 10 years | -76.24% | -37.02% | -39.22% |
Current DrawdownCurrent decline from peak | -48.60% | -6.99% | -41.61% |
Average DrawdownAverage peak-to-trough decline | -24.72% | -6.60% | -18.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.49% | 5.90% | +10.59% |
Volatility
MSSMX vs. ETMGX - Volatility Comparison
Morgan Stanley Institutional Inception Fund Class A (MSSMX) has a higher volatility of 8.53% compared to Eaton Vance Tax-Managed Small-Cap Fund (ETMGX) at 4.41%. This indicates that MSSMX's price experiences larger fluctuations and is considered to be riskier than ETMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MSSMX | ETMGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.53% | 4.41% | +4.12% |
Volatility (6M)Calculated over the trailing 6-month period | 23.96% | 11.44% | +12.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.29% | 16.43% | +14.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.12% | 18.75% | +19.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.42% | 19.90% | +14.52% |
MSSMX vs. ETMGX - Expense Ratio Comparison
MSSMX has a 1.35% expense ratio, which is higher than ETMGX's 1.11% expense ratio.
Dividends
MSSMX vs. ETMGX - Dividend Comparison
MSSMX has not paid dividends to shareholders, while ETMGX's dividend yield for the trailing twelve months is around 6.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETMGX Eaton Vance Tax-Managed Small-Cap Fund | 6.49% | 7.04% | 2.85% | 1.36% | 2.80% | 8.28% | 0.09% | 6.50% | 7.75% | 11.87% | 6.00% | 5.50% |
MSSMX Morgan Stanley Institutional Inception Fund Class A | 0.00% | 0.00% | 1.16% | 0.00% | 0.14% | 36.28% | 13.10% | 45.60% | 18.04% | 57.39% | 3.76% | 9.73% |
Frequently Asked Questions
MSSMX and ETMGX 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.
MSSMX has higher volatility (8.53%) compared to ETMGX (4.41%). In terms of maximum drawdown, MSSMX dropped -76.24% vs ETMGX's -37.02%.
ETMGX currently has the higher Sharpe Ratio (0.29 vs -0.11), 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.
Find the right allocation for MSSMX and ETMGX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer