PAGRX vs. MSOAX

Last updated Jun 26, 2026

PAGRX (Permanent Portfolio Aggressive Growth Portfolio) and MSOAX (MainStay WMC Enduring Capital Fund) are both Large Cap Blend Equities funds. Over the past 10 years, PAGRX returned 20.53%/yr vs 11.16%/yr for MSOAX. Their correlation of 0.87 suggests significant overlap in exposure. PAGRX charges 1.21%/yr vs 0.91%/yr for MSOAX.

Performance

PAGRX vs. MSOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Permanent Portfolio Aggressive Growth Portfolio (PAGRX) and MainStay WMC Enduring Capital Fund (MSOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAGRX achieves a 8.37% return, which is significantly higher than MSOAX's 4.05% return. Over the past 10 years, PAGRX has outperformed MSOAX with an annualized return of 20.53%, while MSOAX has yielded a comparatively lower 11.16% annualized return.

PAGRX

• 1D: -0.12%
• 1M: -1.81%
• YTD: 8.37%
• 6M: 5.77%
• 1Y: 29.23%
• 3Y*: 36.23%
• 5Y*: 17.85%
• 10Y*: 20.53%

MSOAX

• 1D: 1.48%
• 1M: 4.45%
• YTD: 4.05%
• 6M: 2.77%
• 1Y: 0.24%
• 3Y*: 9.06%
• 5Y*: 6.14%
• 10Y*: 11.16%

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

PAGRX vs. MSOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAGRX Permanent Portfolio Aggressive Growth Portfolio	8.37%	36.92%	44.52%	38.73%	-26.06%	24.84%	37.65%	40.34%	-12.41%	21.19%
MSOAX MainStay WMC Enduring Capital Fund	4.05%	-0.61%	10.54%	17.67%	-13.18%	35.36%	15.48%	24.80%	-7.00%	23.82%

Correlation

The correlation between PAGRX and MSOAX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 29, 1998	0.87

Over the past year, the correlation between PAGRX and MSOAX has dropped to 0.47 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

PAGRX vs. MSOAX — Risk / Return Rank

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

PAGRX

PAGRX Risk / Return Rank: 56
PAGRX Sharpe Ratio Rank: 44
PAGRX Sortino Ratio Rank: 40
PAGRX Omega Ratio Rank: 40
PAGRX Calmar Ratio Rank: 80
PAGRX Martin Ratio Rank: 76

MSOAX

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

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.

PAGRX vs. MSOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Aggressive Growth Portfolio (PAGRX) and MainStay WMC Enduring Capital Fund (MSOAX). 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.

	PAGRX	MSOAX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	-0.06	+1.68
Sortino ratio: Return per unit of downside risk	2.23	0.01	+2.22
Omega ratio: Gain probability vs. loss probability	1.29	1.00	+0.28
Calmar ratio: Return relative to maximum drawdown	3.19	-0.06	+3.26
Martin ratio: Return relative to average drawdown	12.01	-0.13	+12.14

PAGRX vs. MSOAX - Sharpe Ratio Comparison

The current PAGRX Sharpe Ratio is 1.63, which is higher than the MSOAX Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of PAGRX and MSOAX, 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

PAGRX vs. MSOAX - Drawdown Comparison

The maximum PAGRX drawdown since its inception was -55.87%, roughly equal to the maximum MSOAX drawdown of -55.16%. Use the drawdown chart below to compare losses from any high point for PAGRX and MSOAX.

Drawdown Indicators

	PAGRX	MSOAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.87%	-55.16%	-0.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-11.43%	+2.29%
Max Drawdown (3Y) Largest decline over 3 years	-26.34%	-14.69%	-11.65%
Max Drawdown (5Y) Largest decline over 5 years	-36.52%	-21.27%	-15.25%
Max Drawdown (10Y) Largest decline over 10 years	-38.01%	-34.01%	-4.00%
Current Drawdown Current decline from peak	-6.83%	-6.61%	-0.22%
Average Drawdown Average peak-to-trough decline	-10.04%	-13.28%	+3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	5.66%	-3.23%

Volatility

PAGRX vs. MSOAX - Volatility Comparison

Permanent Portfolio Aggressive Growth Portfolio (PAGRX) has a higher volatility of 7.30% compared to MainStay WMC Enduring Capital Fund (MSOAX) at 3.72%. This indicates that PAGRX's price experiences larger fluctuations and is considered to be riskier than MSOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAGRX	MSOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	3.72%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	9.79%	+3.87%
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	12.90%	+5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.58%	15.92%	+8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.53%	17.78%	+6.75%

PAGRX vs. MSOAX - Expense Ratio Comparison

PAGRX has a 1.21% expense ratio, which is higher than MSOAX's 0.91% expense ratio.

Dividends

PAGRX vs. MSOAX - Dividend Comparison

PAGRX's dividend yield for the trailing twelve months is around 0.03%, less than MSOAX's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSOAX MainStay WMC Enduring Capital Fund	3.91%	4.07%	0.26%	0.64%	4.00%	8.70%	0.83%	5.99%	13.82%	0.88%	1.22%	1.11%
PAGRX Permanent Portfolio Aggressive Growth Portfolio	0.03%	0.03%	5.62%	2.72%	7.79%	6.82%	15.08%	17.51%	12.33%	8.70%	16.94%	6.31%

Frequently Asked Questions

Can I hold both PAGRX and MSOAX in my portfolio?

PAGRX and MSOAX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAGRX or MSOAX?

PAGRX has higher volatility (7.30%) compared to MSOAX (3.72%). In terms of maximum drawdown, PAGRX dropped -55.87% vs MSOAX's -55.16%.

Which has better risk-adjusted returns?

PAGRX currently has the higher Sharpe Ratio (1.63 vs -0.06), 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.