MUOIX vs. VPMAX

Last updated Jul 3, 2026

MUOIX (Morgan Stanley Institutional Fund, Inc. US Core Portfolio) and VPMAX (Vanguard PRIMECAP Fund Admiral Shares) are both Large Cap Blend Equities funds. Over the past 5 years, MUOIX returned 10.71%/yr vs 15.81%/yr for VPMAX. Their correlation of 0.87 suggests significant overlap in exposure. MUOIX charges 0.80%/yr vs 0.27%/yr for VPMAX.

Performance

MUOIX vs. VPMAX - 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 Vanguard PRIMECAP Fund Admiral Shares (VPMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUOIX achieves a 2.96% return, which is significantly lower than VPMAX's 26.99% return.

MUOIX

• 1D: 0.03%
• 1M: -0.98%
• 6M: 2.96%
• YTD: 2.96%
• 1Y: 12.87%
• 3Y*: 18.76%
• 5Y*: 10.71%
• 10Y*: —

VPMAX

• 1D: -2.71%
• 1M: 1.23%
• 6M: 26.99%
• YTD: 26.99%
• 1Y: 52.26%
• 3Y*: 26.99%
• 5Y*: 15.81%
• 10Y*: 18.02%

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

MUOIX vs. VPMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUOIX Morgan Stanley Institutional Fund, Inc. US Core Portfolio	2.96%	16.48%	28.61%	18.07%	-20.21%	35.99%	24.20%	36.01%	-11.00%	17.98%
VPMAX Vanguard PRIMECAP Fund Admiral Shares	26.99%	29.70%	13.30%	28.25%	-15.16%	21.72%	17.23%	27.88%	-1.93%	28.28%

Correlation

The correlation between MUOIX and VPMAX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.87

The correlation between MUOIX and VPMAX shifts across timeframes, from 0.72 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MUOIX vs. VPMAX — Risk / Return Rank

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

MUOIX

MUOIX Risk / Return Rank: 19
MUOIX Sharpe Ratio Rank: 21
MUOIX Sortino Ratio Rank: 20
MUOIX Omega Ratio Rank: 21
MUOIX Calmar Ratio Rank: 14
MUOIX Martin Ratio Rank: 18

VPMAX

VPMAX Risk / Return Rank: 93
VPMAX Sharpe Ratio Rank: 96
VPMAX Sortino Ratio Rank: 90
VPMAX Omega Ratio Rank: 87
VPMAX Calmar Ratio Rank: 94
VPMAX Martin Ratio Rank: 96

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. VPMAX - 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 Vanguard PRIMECAP Fund Admiral Shares (VPMAX). 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.

	MUOIX	VPMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.99	2.94	-1.95
Sortino ratio: Return per unit of downside risk	1.44	3.86	-2.41
Omega ratio: Gain probability vs. loss probability	1.18	1.52	-0.34
Calmar ratio: Return relative to maximum drawdown	0.97	4.60	-3.63
Martin ratio: Return relative to average drawdown	3.52	20.68	-17.16

MUOIX vs. VPMAX - Sharpe Ratio Comparison

The current MUOIX Sharpe Ratio is 0.99, which is lower than the VPMAX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of MUOIX and VPMAX, 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

MUOIX vs. VPMAX - Drawdown Comparison

The maximum MUOIX drawdown since its inception was -38.35%, smaller than the maximum VPMAX drawdown of -48.32%. Use the drawdown chart below to compare losses from any high point for MUOIX and VPMAX.

Drawdown Indicators

	MUOIX	VPMAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.35%	-48.32%	+9.97%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-11.72%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-18.60%	-20.55%	+1.95%
Max Drawdown (5Y) Largest decline over 5 years	-24.92%	-25.21%	+0.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.65%	—
Current Drawdown Current decline from peak	-1.99%	-2.71%	+0.72%
Average Drawdown Average peak-to-trough decline	-6.18%	-6.56%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	2.60%	+1.19%

Volatility

MUOIX vs. VPMAX - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund, Inc. US Core Portfolio (MUOIX) is 5.13%, while Vanguard PRIMECAP Fund Admiral Shares (VPMAX) has a volatility of 9.68%. This indicates that MUOIX experiences smaller price fluctuations and is considered to be less risky than VPMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUOIX	VPMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	9.68%	-4.55%
Volatility (6M) Calculated over the trailing 6-month period	10.81%	15.62%	-4.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.47%	18.32%	-4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	18.70%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.12%	19.32%	+0.80%

MUOIX vs. VPMAX - Expense Ratio Comparison

MUOIX has a 0.80% expense ratio, which is higher than VPMAX's 0.27% expense ratio.

Dividends

MUOIX vs. VPMAX - Dividend Comparison

MUOIX has not paid dividends to shareholders, while VPMAX's dividend yield for the trailing twelve months is around 12.96%.

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%
VPMAX Vanguard PRIMECAP Fund Admiral Shares	12.96%	16.46%	6.71%	7.24%	9.94%	10.18%	9.82%	7.23%	8.43%	4.52%	5.13%	5.99%

Frequently Asked Questions

Can I hold both MUOIX and VPMAX in my portfolio?

MUOIX and VPMAX have a correlation of 0.72, 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 VPMAX?

VPMAX has higher volatility (9.68%) compared to MUOIX (5.13%). In terms of maximum drawdown, MUOIX dropped -38.35% vs VPMAX's -48.32%.

Which has better risk-adjusted returns?

VPMAX currently has the higher Sharpe Ratio (2.94 vs 0.99), 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.