MUOIX vs. TRRJX

Last updated Jun 4, 2026

MUOIX (Morgan Stanley Institutional Fund, Inc. US Core Portfolio) and TRRJX (T. Rowe Price Retirement 2035 Fund) are both mutual funds - MUOIX is a Large Cap Blend Equities fund managed by T. Rowe Price, while TRRJX is a Target Retirement Date fund managed by T. Rowe Price. Over the past 5 years, MUOIX returned 11.65%/yr vs 6.67%/yr for TRRJX. Their correlation of 0.89 suggests significant overlap in exposure. MUOIX charges 0.80%/yr vs 0.59%/yr for TRRJX.

Performance

MUOIX vs. TRRJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. US Core Portfolio (MUOIX) and T. Rowe Price Retirement 2035 Fund (TRRJX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUOIX achieves a 3.97% return, which is significantly lower than TRRJX's 9.32% return.

MUOIX

• 1D: -0.97%
• 1M: 2.93%
• YTD: 3.97%
• 6M: 4.00%
• 1Y: 17.19%
• 3Y*: 21.11%
• 5Y*: 11.65%
• 10Y*: —

TRRJX

• 1D: 0.39%
• 1M: 3.73%
• YTD: 9.32%
• 6M: 4.93%
• 1Y: 15.92%
• 3Y*: 14.07%
• 5Y*: 6.67%
• 10Y*: 9.82%

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

MUOIX vs. TRRJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUOIX Morgan Stanley Institutional Fund, Inc. US Core Portfolio	3.97%	16.48%	28.61%	18.07%	-20.21%	35.99%	24.20%	36.01%	-11.00%	17.98%
TRRJX T. Rowe Price Retirement 2035 Fund	9.32%	10.96%	11.99%	18.14%	-17.96%	15.21%	17.04%	23.72%	-6.95%	20.07%

Correlation

The correlation between MUOIX and TRRJX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.89

The correlation between MUOIX and TRRJX shifts across timeframes, from 0.77 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MUOIX vs. TRRJX — Risk / Return Rank

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

MUOIX

MUOIX Risk / Return Rank: 20
MUOIX Sharpe Ratio Rank: 23
MUOIX Sortino Ratio Rank: 21
MUOIX Omega Ratio Rank: 23
MUOIX Calmar Ratio Rank: 14
MUOIX Martin Ratio Rank: 17

TRRJX

TRRJX Risk / Return Rank: 32
TRRJX Sharpe Ratio Rank: 31
TRRJX Sortino Ratio Rank: 28
TRRJX Omega Ratio Rank: 34
TRRJX Calmar Ratio Rank: 30
TRRJX Martin Ratio Rank: 36

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.

MUOIX vs. TRRJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. US Core Portfolio (MUOIX) and T. Rowe Price Retirement 2035 Fund (TRRJX). 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.

	MUOIX	TRRJX	Difference
Sharpe ratio Return per unit of total volatility	1.37	1.59	-0.22
Sortino ratio Return per unit of downside risk	1.94	2.19	-0.25
Omega ratio Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio Return relative to maximum drawdown	1.28	2.06	-0.78
Martin ratio Return relative to average drawdown	4.71	7.96	-3.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUOIX vs. TRRJX - Sharpe Ratio Comparison

The current MUOIX Sharpe Ratio is 1.37, which is comparable to the TRRJX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of MUOIX and TRRJX, 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

	MUOIX	TRRJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.59	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.52	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.51	+0.21

Drawdowns

MUOIX vs. TRRJX - Drawdown Comparison

The maximum MUOIX drawdown since its inception was -38.35%, smaller than the maximum TRRJX drawdown of -53.57%. Use the drawdown chart below to compare losses from any high point for MUOIX and TRRJX.

Drawdown Indicators

	MUOIX	TRRJX	Difference
Max Drawdown Largest peak-to-trough decline	-38.35%	-53.57%	+15.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-8.06%	-5.69%
Max Drawdown (3Y) Largest decline over 3 years	-18.60%	-12.52%	-6.08%
Max Drawdown (5Y) Largest decline over 5 years	-24.92%	-25.85%	+0.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.14%	—
Current Drawdown Current decline from peak	-1.02%	0.00%	-1.02%
Average Drawdown Average peak-to-trough decline	-6.22%	-6.65%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	2.06%	+1.66%

Volatility

MUOIX vs. TRRJX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. US Core Portfolio (MUOIX) has a higher volatility of 3.21% compared to T. Rowe Price Retirement 2035 Fund (TRRJX) at 2.95%. This indicates that MUOIX's price experiences larger fluctuations and is considered to be riskier than TRRJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUOIX	TRRJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	2.95%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	8.89%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	10.45%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	12.83%	+5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	13.54%	+6.60%

MUOIX vs. TRRJX - Expense Ratio Comparison

MUOIX has a 0.80% expense ratio, which is higher than TRRJX's 0.59% expense ratio.

Dividends

MUOIX vs. TRRJX - Dividend Comparison

Neither MUOIX nor TRRJX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUOIX Morgan Stanley Institutional Fund, Inc. US Core Portfolio	0.00%	0.00%	0.08%	0.32%	0.21%	0.04%	0.30%	1.35%	1.50%	0.49%	0.00%	0.00%
TRRJX T. Rowe Price Retirement 2035 Fund	0.00%	0.00%	2.36%	4.68%	9.67%	6.89%	4.80%	5.68%	8.55%	3.80%	2.89%	4.05%

Frequently Asked Questions

Can I hold both MUOIX and TRRJX in my portfolio?

MUOIX and TRRJX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUOIX or TRRJX?

MUOIX has higher volatility (3.21%) compared to TRRJX (2.95%). In terms of maximum drawdown, MUOIX dropped -38.35% vs TRRJX's -53.57%.

Which has better risk-adjusted returns?

TRRJX currently has the higher Sharpe Ratio (1.59 vs 1.37), 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.