PAAOX vs. MSAQX
PAAOX (T. Rowe Price Asia Opportunities Fund) and MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) are both Asia Pacific Equities funds. Over the past 10 years, PAAOX returned 8.34%/yr vs 9.92%/yr for MSAQX. Their correlation of 0.83 means they have usually moved in the same direction. PAAOX charges 1.25%/yr vs 1.10%/yr for MSAQX.
Performance
PAAOX vs. MSAQX - Performance Comparison
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Returns By Period
In the year-to-date period, PAAOX achieves a 7.13% return, which is significantly lower than MSAQX's 14.25% return. Over the past 10 years, PAAOX has underperformed MSAQX with an annualized return of 8.34%, while MSAQX has yielded a comparatively higher 9.92% annualized return.
PAAOX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.34%
- YTD
- 7.13%
- 1Y
- 21.55%
- 3Y*
- 13.57%
- 5Y*
- 2.73%
- 10Y*
- 8.34%
- ALL TIME*
- 7.63%
MSAQX
- 1D
- 1.43%
- 1M
- 1.97%
- 6M
- 11.94%
- YTD
- 14.25%
- 1Y
- 8.61%
- 3Y*
- 8.75%
- 5Y*
- -0.98%
- 10Y*
- 9.92%
- ALL TIME*
- 10.15%
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 |
PAAOX vs. MSAQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAAOX T. Rowe Price Asia Opportunities Fund | 7.13% | 27.78% | 11.30% | -1.00% | -19.33% | -5.50% | 26.57% | 24.86% | -11.26% | 43.07% |
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio | 14.25% | 2.06% | 19.71% | -6.83% | -22.01% | -20.52% | 52.55% | 44.74% | -13.64% | 76.83% |
Correlation
The correlation between PAAOX and MSAQX is 0.65, 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. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.83 |
The correlation between PAAOX and MSAQX shifts across timeframes, from 0.65 (1 year) to 0.83 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
PAAOX vs. MSAQX — Risk / Return Rank
PAAOX
MSAQX
PAAOX vs. MSAQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Asia Opportunities Fund (PAAOX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). 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.
| PAAOX | MSAQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.09 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 0.43 | +1.29 |
| Martin ratioReturn relative to average drawdown | 5.12 | 1.08 | +4.04 |
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Drawdowns
PAAOX vs. MSAQX - Drawdown Comparison
The maximum PAAOX drawdown since its inception was -43.02%, smaller than the maximum MSAQX drawdown of -61.11%. Use the drawdown chart below to compare losses from any high point for PAAOX and MSAQX.
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Drawdown Indicators
| PAAOX | MSAQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.02% | -61.11% | +18.09% |
Max Drawdown (1Y)Largest decline over 1 year | -13.70% | -23.57% | +9.87% |
Max Drawdown (3Y)Largest decline over 3 years | -18.78% | -23.57% | +4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -38.08% | -46.68% | +8.60% |
Max Drawdown (10Y)Largest decline over 10 years | -43.02% | -61.11% | +18.09% |
Current DrawdownCurrent decline from peak | -5.51% | -34.20% | +28.69% |
Average DrawdownAverage peak-to-trough decline | -13.02% | -24.58% | +11.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.59% | 9.43% | -4.84% |
Volatility
PAAOX vs. MSAQX - Volatility Comparison
The current volatility for T. Rowe Price Asia Opportunities Fund (PAAOX) is 0.00%, while Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) has a volatility of 8.12%. This indicates that PAAOX experiences smaller price fluctuations and is considered to be less risky than MSAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAAOX | MSAQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 8.12% | -8.12% |
Volatility (6M)Calculated over the trailing 6-month period | 12.60% | 22.04% | -9.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.41% | 24.93% | -8.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.93% | 24.86% | -6.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.56% | 22.72% | -5.16% |
PAAOX vs. MSAQX - Expense Ratio Comparison
PAAOX has a 1.25% expense ratio, which is higher than MSAQX's 1.10% expense ratio.
Dividends
PAAOX vs. MSAQX - Dividend Comparison
PAAOX's dividend yield for the trailing twelve months is around 3.21%, while MSAQX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio | 0.00% | 0.00% | 1.82% | 0.26% | 0.00% | 0.88% | 1.06% | 0.05% | 0.69% | 1.12% | 2.24% | 0.00% |
PAAOX T. Rowe Price Asia Opportunities Fund | 3.21% | 0.64% | 0.00% | 1.55% | 1.51% | 7.43% | 1.33% | 0.62% | 0.61% | 0.13% | 2.12% | 0.89% |
Frequently Asked Questions
PAAOX and MSAQX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSAQX has higher volatility (8.12%) compared to PAAOX (0.00%). In terms of maximum drawdown, PAAOX dropped -43.02% vs MSAQX's -61.11%.
PAAOX currently has the higher Sharpe Ratio (1.44 vs 0.41), 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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