MSSMX vs. MEGIX

Last updated Aug 1, 2026

MSSMX (Morgan Stanley Institutional Inception Fund Class A) and MEGIX (Morgan Stanley Growth Portfolio) are both mutual funds - MSSMX is a Small Cap Growth Equities fund actively managed by Morgan Stanley, while MEGIX is a Large Cap Growth Equities fund managed by Morgan Stanley. Over the past 5 years, MSSMX returned -8.92%/yr vs -1.29%/yr for MEGIX. Their correlation of 0.87 means they have usually moved in the same direction. MSSMX charges 1.35%/yr vs 0.57%/yr for MEGIX.

Performance

MSSMX vs. MEGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Inception Fund Class A (MSSMX) and Morgan Stanley Growth Portfolio (MEGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSSMX achieves a 2.93% return, which is significantly higher than MEGIX's -8.81% 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%

MEGIX

• 1D: 2.07%
• 1M: -6.09%
• 6M: -0.33%
• YTD: -8.81%
• 1Y: -3.97%
• 3Y*: 23.52%
• 5Y*: -1.29%
• 10Y*: —
• ALL TIME*: 15.34%

*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)
MEGIX Morgan Stanley Growth Portfolio	$0.00	$0.00	$0.00
MSSMX Morgan Stanley Institutional Inception Fund Class A	$0.00	$0.00	$0.00

MSSMX vs. MEGIX - 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%	17.03%
MEGIX Morgan Stanley Growth Portfolio	-8.81%	35.72%	46.59%	48.66%	-60.94%	-0.20%	117.49%	31.82%	7.73%	19.35%

Correlation

The correlation between MSSMX and MEGIX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.87

The correlation between MSSMX and MEGIX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

MSSMX vs. MEGIX — Risk / Return Rank

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

MSSMX

MSSMX Risk / Return Rank: 4
MSSMX Sharpe Ratio Rank: 3
MSSMX Sortino Ratio Rank: 4
MSSMX Omega Ratio Rank: 4
MSSMX Calmar Ratio Rank: 3
MSSMX Martin Ratio Rank: 3

MEGIX

MEGIX Risk / Return Rank: 3
MEGIX Sharpe Ratio Rank: 3
MEGIX Sortino Ratio Rank: 3
MEGIX Omega Ratio Rank: 3
MEGIX Calmar Ratio Rank: 3
MEGIX Martin Ratio Rank: 3

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.

MSSMX vs. MEGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Inception Fund Class A (MSSMX) and Morgan Stanley Growth Portfolio (MEGIX). 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	MEGIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	-0.22	+0.11
Sortino ratio: Return per unit of downside risk	0.07	-0.10	+0.17
Omega ratio: Gain probability vs. loss probability	1.01	0.99	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.10	-0.23	+0.13
Martin ratio: Return relative to average drawdown	-0.20	-0.44	+0.23

MSSMX vs. MEGIX - Sharpe Ratio Comparison

The current MSSMX Sharpe Ratio is -0.11, which is higher than the MEGIX Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of MSSMX and MEGIX, 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

MSSMX vs. MEGIX - Drawdown Comparison

The maximum MSSMX drawdown since its inception was -76.24%, which is greater than MEGIX's maximum drawdown of -69.99%. Use the drawdown chart below to compare losses from any high point for MSSMX and MEGIX.

Drawdown Indicators

	MSSMX	MEGIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-69.99%	-6.25%
Max Drawdown (1Y) Largest decline over 1 year	-32.92%	-28.03%	-4.89%
Max Drawdown (3Y) Largest decline over 3 years	-32.92%	-32.12%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	-71.12%	-69.99%	-1.13%
Max Drawdown (10Y) Largest decline over 10 years	-76.24%	—	—
Current Drawdown Current decline from peak	-48.60%	-18.78%	-29.82%
Average Drawdown Average peak-to-trough decline	-24.72%	-22.93%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.49%	14.64%	+1.85%

Volatility

MSSMX vs. MEGIX - Volatility Comparison

Morgan Stanley Institutional Inception Fund Class A (MSSMX) has a higher volatility of 8.53% compared to Morgan Stanley Growth Portfolio (MEGIX) at 7.40%. This indicates that MSSMX's price experiences larger fluctuations and is considered to be riskier than MEGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSSMX	MEGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.53%	7.40%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	23.96%	23.32%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	31.29%	29.92%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.12%	40.01%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.42%	34.65%	-0.23%

MSSMX vs. MEGIX - Expense Ratio Comparison

MSSMX has a 1.35% expense ratio, which is higher than MEGIX's 0.57% expense ratio.

Dividends

MSSMX vs. MEGIX - Dividend Comparison

MSSMX has not paid dividends to shareholders, while MEGIX's dividend yield for the trailing twelve months is around 12.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEGIX Morgan Stanley Growth Portfolio	12.37%	0.00%	0.00%	0.00%	163.32%	34.82%	7.97%	5.35%	24.32%	0.00%	0.00%	0.00%
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

Can I hold both MSSMX and MEGIX in my portfolio?

MSSMX and MEGIX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSSMX or MEGIX?

MSSMX has higher volatility (8.53%) compared to MEGIX (7.40%). In terms of maximum drawdown, MSSMX dropped -76.24% vs MEGIX's -69.99%.

Which has better risk-adjusted returns?

MSSMX currently has the higher Sharpe Ratio (-0.11 vs -0.22), 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.