TEQLX vs. MGEMX

Last updated Jun 24, 2026

TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) and MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) are both Emerging Markets Diversified funds. Over the past 10 years, TEQLX returned 10.82%/yr vs 4.59%/yr for MGEMX. With a 0.95 correlation, they move nearly in lockstep. TEQLX charges 0.19%/yr vs 1.05%/yr for MGEMX.

Performance

TEQLX vs. MGEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) and Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEQLX achieves a 30.56% return, which is significantly lower than MGEMX's 37.82% return. Over the past 10 years, TEQLX has outperformed MGEMX with an annualized return of 10.82%, while MGEMX has yielded a comparatively lower 4.59% annualized return.

TEQLX

• 1D: 0.38%
• 1M: 8.01%
• YTD: 30.56%
• 6M: 31.78%
• 1Y: 55.96%
• 3Y*: 25.00%
• 5Y*: 8.25%
• 10Y*: 10.82%

MGEMX

• 1D: 0.52%
• 1M: 8.59%
• YTD: 37.82%
• 6M: 39.81%
• 1Y: -17.94%
• 3Y*: 1.39%
• 5Y*: -4.60%
• 10Y*: 4.59%

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

TEQLX vs. MGEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	30.56%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	37.82%	-34.08%	8.07%	12.16%	-25.07%	3.53%	14.59%	37.21%	-17.34%	34.98%

Correlation

The correlation between TEQLX and MGEMX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 31, 2010	0.95

The correlation between TEQLX and MGEMX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

TEQLX vs. MGEMX — Risk / Return Rank

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

TEQLX

TEQLX Risk / Return Rank: 87
TEQLX Sharpe Ratio Rank: 91
TEQLX Sortino Ratio Rank: 80
TEQLX Omega Ratio Rank: 85
TEQLX Calmar Ratio Rank: 90
TEQLX Martin Ratio Rank: 89

MGEMX

MGEMX Risk / Return Rank: 2
MGEMX Sharpe Ratio Rank: 2
MGEMX Sortino Ratio Rank: 3
MGEMX Omega Ratio Rank: 3
MGEMX Calmar Ratio Rank: 1
MGEMX Martin Ratio Rank: 2

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.

TEQLX vs. MGEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) and Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX). 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.

	TEQLX	MGEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.82	-0.32	+3.14
Sortino ratio: Return per unit of downside risk	3.47	0.06	+3.41
Omega ratio: Gain probability vs. loss probability	1.53	1.02	+0.51
Calmar ratio: Return relative to maximum drawdown	4.27	-0.34	+4.61
Martin ratio: Return relative to average drawdown	16.04	-0.58	+16.62

TEQLX vs. MGEMX - Sharpe Ratio Comparison

The current TEQLX Sharpe Ratio is 2.82, which is higher than the MGEMX Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of TEQLX and MGEMX, 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

TEQLX vs. MGEMX - Drawdown Comparison

The maximum TEQLX drawdown since its inception was -39.33%, smaller than the maximum MGEMX drawdown of -64.93%. Use the drawdown chart below to compare losses from any high point for TEQLX and MGEMX.

Drawdown Indicators

	TEQLX	MGEMX	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-64.93%	+25.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-52.50%	+39.18%
Max Drawdown (3Y) Largest decline over 3 years	-15.97%	-52.50%	+36.53%
Max Drawdown (5Y) Largest decline over 5 years	-36.96%	-52.50%	+15.54%
Max Drawdown (10Y) Largest decline over 10 years	-39.33%	-52.50%	+13.17%
Current Drawdown Current decline from peak	0.00%	-31.41%	+31.41%
Average Drawdown Average peak-to-trough decline	-14.57%	-19.84%	+5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	30.84%	-27.31%

Volatility

TEQLX vs. MGEMX - Volatility Comparison

The current volatility for TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) is 10.64%, while Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) has a volatility of 11.87%. This indicates that TEQLX experiences smaller price fluctuations and is considered to be less risky than MGEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEQLX	MGEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.64%	11.87%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	18.08%	20.21%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	20.24%	56.02%	-35.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	29.36%	-11.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.90%	24.92%	-7.02%

TEQLX vs. MGEMX - Expense Ratio Comparison

TEQLX has a 0.19% expense ratio, which is lower than MGEMX's 1.05% expense ratio.

Dividends

TEQLX vs. MGEMX - Dividend Comparison

TEQLX's dividend yield for the trailing twelve months is around 2.17%, while MGEMX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	0.00%	0.00%	1.27%	2.48%	4.48%	9.05%	1.07%	26.00%	2.46%	0.60%	0.82%	0.87%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.17%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%

Frequently Asked Questions

Can I hold both TEQLX and MGEMX in my portfolio?

With a correlation of 0.97, TEQLX and MGEMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TEQLX or MGEMX?

MGEMX has higher volatility (11.87%) compared to TEQLX (10.64%). In terms of maximum drawdown, TEQLX dropped -39.33% vs MGEMX's -64.93%.

Which has better risk-adjusted returns?

TEQLX currently has the higher Sharpe Ratio (2.82 vs -0.32), 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.