MSSMX vs. VSGAX
MSSMX (Morgan Stanley Institutional Inception Fund Class A) and VSGAX (Vanguard Small-Cap Growth Index Fund Admiral Shares) are both Small Cap Growth Equities funds. MSSMX is actively managed, while VSGAX is passively managed. Over the past 10 years, MSSMX returned 15.01%/yr vs 10.76%/yr for VSGAX. Their correlation of 0.85 means they have usually moved in the same direction. MSSMX charges 1.35%/yr vs 0.07%/yr for VSGAX.
Performance
MSSMX vs. VSGAX - Performance Comparison
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Returns By Period
In the year-to-date period, MSSMX achieves a 2.93% return, which is significantly lower than VSGAX's 13.34% return. Over the past 10 years, MSSMX has outperformed VSGAX with an annualized return of 15.01%, while VSGAX has yielded a comparatively lower 10.76% 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%
VSGAX
- 1D
- 2.22%
- 1M
- -4.69%
- 6M
- 9.35%
- YTD
- 13.34%
- 1Y
- 23.55%
- 3Y*
- 13.20%
- 5Y*
- 4.17%
- 10Y*
- 10.76%
- ALL TIME*
- 11.94%
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. VSGAX - 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% |
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares | 13.34% | 8.44% | 14.94% | 23.04% | -28.39% | 5.70% | 35.26% | 32.76% | -5.69% | 21.92% |
Correlation
The correlation between MSSMX and VSGAX is 0.80, 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. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011 | 0.85 |
The correlation between MSSMX and VSGAX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.
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Return for Risk
MSSMX vs. VSGAX — Risk / Return Rank
MSSMX
VSGAX
MSSMX vs. VSGAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Inception Fund Class A (MSSMX) and Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX). 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 | VSGAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.17 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 1.77 | -1.88 |
| Martin ratioReturn relative to average drawdown | -0.20 | 6.03 | -6.24 |
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Drawdowns
MSSMX vs. VSGAX - Drawdown Comparison
The maximum MSSMX drawdown since its inception was -76.24%, which is greater than VSGAX's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for MSSMX and VSGAX.
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Drawdown Indicators
| MSSMX | VSGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.24% | -38.70% | -37.54% |
Max Drawdown (1Y)Largest decline over 1 year | -32.92% | -11.37% | -21.55% |
Max Drawdown (3Y)Largest decline over 3 years | -32.92% | -27.47% | -5.45% |
Max Drawdown (5Y)Largest decline over 5 years | -71.12% | -38.36% | -32.76% |
Max Drawdown (10Y)Largest decline over 10 years | -76.24% | -38.70% | -37.54% |
Current DrawdownCurrent decline from peak | -48.60% | -6.66% | -41.94% |
Average DrawdownAverage peak-to-trough decline | -24.72% | -8.49% | -16.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.49% | 3.35% | +13.14% |
Volatility
MSSMX vs. VSGAX - Volatility Comparison
Morgan Stanley Institutional Inception Fund Class A (MSSMX) has a higher volatility of 8.53% compared to Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) at 5.24%. This indicates that MSSMX's price experiences larger fluctuations and is considered to be riskier than VSGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSSMX | VSGAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.53% | 5.24% | +3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 23.96% | 16.13% | +7.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.29% | 20.70% | +10.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.12% | 23.74% | +14.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.42% | 23.05% | +11.37% |
MSSMX vs. VSGAX - Expense Ratio Comparison
MSSMX has a 1.35% expense ratio, which is higher than VSGAX's 0.07% expense ratio.
Dividends
MSSMX vs. VSGAX - Dividend Comparison
MSSMX has not paid dividends to shareholders, while VSGAX's dividend yield for the trailing twelve months is around 0.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares | 0.44% | 0.54% | 0.54% | 0.67% | 0.55% | 0.36% | 0.44% | 0.57% | 0.79% | 0.81% | 1.08% | 0.98% |
Frequently Asked Questions
MSSMX and VSGAX have a correlation of 0.80, 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 VSGAX (5.24%). In terms of maximum drawdown, MSSMX dropped -76.24% vs VSGAX's -38.70%.
VSGAX currently has the higher Sharpe Ratio (0.97 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.
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