RIPIX vs. MMGPX
RIPIX (Royce International Premier Fund Institutional Class) and MMGPX (Morgan Stanley Discovery Portfolio) are both Mid Cap Growth Equities funds. Over the past 5 years, RIPIX returned -4.60%/yr vs -6.51%/yr for MMGPX. Their 0.50 correlation means they have sometimes moved together and sometimes differently. RIPIX charges 1.04%/yr vs 0.04%/yr for MMGPX.
Performance
RIPIX vs. MMGPX - Performance Comparison
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Returns By Period
In the year-to-date period, RIPIX achieves a 1.12% return, which is significantly higher than MMGPX's -2.74% return.
RIPIX
- 1D
- -0.78%
- 1M
- -0.94%
- 6M
- 0.48%
- YTD
- 1.12%
- 1Y
- -3.41%
- 3Y*
- 2.13%
- 5Y*
- -4.60%
- 10Y*
- —
- ALL TIME*
- 2.09%
MMGPX
- 1D
- -1.80%
- 1M
- -5.59%
- 6M
- 3.05%
- YTD
- -2.74%
- 1Y
- -12.13%
- 3Y*
- 17.27%
- 5Y*
- -6.51%
- 10Y*
- —
- ALL TIME*
- 14.64%
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 |
RIPIX vs. MMGPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
RIPIX Royce International Premier Fund Institutional Class | 1.12% | 9.89% | -7.04% | 8.14% | -26.99% | 6.22% | 16.11% | 34.69% | -12.52% |
MMGPX Morgan Stanley Discovery Portfolio | -2.74% | 12.58% | 41.83% | 44.34% | -63.37% | -11.55% | 152.67% | 40.20% | -4.43% |
Correlation
The correlation between RIPIX and MMGPX is 0.56, 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. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (All Time) Calculated using the full available price history since May 18, 2018 | 0.50 |
The correlation between RIPIX and MMGPX has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.
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Return for Risk
RIPIX vs. MMGPX — Risk / Return Rank
RIPIX
MMGPX
RIPIX vs. MMGPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royce International Premier Fund Institutional Class (RIPIX) and Morgan Stanley Discovery Portfolio (MMGPX). 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.
| RIPIX | MMGPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.95 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | -0.45 | +0.23 |
| Martin ratioReturn relative to average drawdown | -0.54 | -0.85 | +0.31 |
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Drawdowns
RIPIX vs. MMGPX - Drawdown Comparison
The maximum RIPIX drawdown since its inception was -41.89%, smaller than the maximum MMGPX drawdown of -75.38%. Use the drawdown chart below to compare losses from any high point for RIPIX and MMGPX.
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Drawdown Indicators
| RIPIX | MMGPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.89% | -75.38% | +33.49% |
Max Drawdown (1Y)Largest decline over 1 year | -15.33% | -27.79% | +12.46% |
Max Drawdown (3Y)Largest decline over 3 years | -17.28% | -29.27% | +11.99% |
Max Drawdown (5Y)Largest decline over 5 years | -41.89% | -72.70% | +30.81% |
Current DrawdownCurrent decline from peak | -25.47% | -41.88% | +16.41% |
Average DrawdownAverage peak-to-trough decline | -18.16% | -30.40% | +12.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.22% | 14.51% | -8.29% |
Volatility
RIPIX vs. MMGPX - Volatility Comparison
The current volatility for Royce International Premier Fund Institutional Class (RIPIX) is 4.63%, while Morgan Stanley Discovery Portfolio (MMGPX) has a volatility of 6.82%. This indicates that RIPIX experiences smaller price fluctuations and is considered to be less risky than MMGPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RIPIX | MMGPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 6.82% | -2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 11.55% | 21.95% | -10.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.79% | 28.95% | -15.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.54% | 39.82% | -24.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.12% | 35.11% | -18.99% |
RIPIX vs. MMGPX - Expense Ratio Comparison
RIPIX has a 1.04% expense ratio, which is higher than MMGPX's 0.04% expense ratio.
Dividends
RIPIX vs. MMGPX - Dividend Comparison
RIPIX's dividend yield for the trailing twelve months is around 1.44%, while MMGPX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MMGPX Morgan Stanley Discovery Portfolio | 0.00% | 0.43% | 0.00% | 0.00% | 125.40% | 64.53% | 7.93% | 15.63% | 28.02% |
RIPIX Royce International Premier Fund Institutional Class | 1.44% | 1.46% | 5.66% | 3.09% | 3.87% | 5.02% | 0.36% | 0.58% | 0.54% |
Frequently Asked Questions
RIPIX and MMGPX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMGPX has higher volatility (6.82%) compared to RIPIX (4.63%). In terms of maximum drawdown, RIPIX dropped -41.89% vs MMGPX's -75.38%.
RIPIX currently has the higher Sharpe Ratio (-0.24 vs -0.43), 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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