TIEUX vs. MACGX
TIEUX (Morgan Stanley Pathway Funds International Equity Fund) and MACGX (Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A) are both mutual funds - TIEUX is a Foreign Large Cap Equities fund managed by Morgan Stanley, while MACGX is a Mid Cap Growth Equities fund managed by Morgan Stanley. Over the past 10 years, TIEUX returned 10.05%/yr vs 14.30%/yr for MACGX. A 0.55 correlation means they provide meaningful diversification when combined. TIEUX charges 0.67%/yr vs 1.00%/yr for MACGX.
Performance
TIEUX vs. MACGX - Performance Comparison
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Returns By Period
In the year-to-date period, TIEUX achieves a 9.00% return, which is significantly higher than MACGX's 3.68% return. Over the past 10 years, TIEUX has underperformed MACGX with an annualized return of 10.05%, while MACGX has yielded a comparatively higher 14.30% annualized return.
TIEUX
- 1D
- 1.43%
- 1M
- 3.58%
- 6M
- 6.82%
- YTD
- 9.00%
- 1Y
- 18.88%
- 3Y*
- 16.89%
- 5Y*
- 9.65%
- 10Y*
- 10.05%
MACGX
- 1D
- -0.17%
- 1M
- 4.88%
- 6M
- -0.41%
- YTD
- 3.68%
- 1Y
- -3.43%
- 3Y*
- 23.33%
- 5Y*
- -5.99%
- 10Y*
- 14.30%
TIEUX vs. MACGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIEUX Morgan Stanley Pathway Funds International Equity Fund | 9.00% | 29.95% | 8.08% | 19.74% | -14.66% | 11.69% | 10.05% | 22.77% | -15.73% | 27.15% |
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | 3.68% | 13.71% | 42.06% | 46.30% | -63.51% | -12.84% | 142.01% | 39.41% | 11.85% | 38.99% |
Correlation
The correlation between TIEUX and MACGX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 1997 | 0.55 |
The correlation between TIEUX and MACGX has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.
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Return for Risk
TIEUX vs. MACGX — Risk / Return Rank
TIEUX
MACGX
TIEUX vs. MACGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds International Equity Fund (TIEUX) and Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX). 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.
| TIEUX | MACGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.01 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | -0.09 | +1.80 |
| Martin ratioReturn relative to average drawdown | 5.69 | -0.18 | +5.87 |
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Drawdowns
TIEUX vs. MACGX - Drawdown Comparison
The maximum TIEUX drawdown since its inception was -60.57%, smaller than the maximum MACGX drawdown of -77.61%. Use the drawdown chart below to compare losses from any high point for TIEUX and MACGX.
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Drawdown Indicators
| TIEUX | MACGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.57% | -77.61% | +17.04% |
Max Drawdown (1Y)Largest decline over 1 year | -12.32% | -27.55% | +15.23% |
Max Drawdown (3Y)Largest decline over 3 years | -13.97% | -28.55% | +14.58% |
Max Drawdown (5Y)Largest decline over 5 years | -29.89% | -77.61% | +47.72% |
Max Drawdown (10Y)Largest decline over 10 years | -37.05% | -77.61% | +40.56% |
Current DrawdownCurrent decline from peak | -1.50% | -42.36% | +40.86% |
Average DrawdownAverage peak-to-trough decline | -14.78% | -25.70% | +10.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.54% | 13.42% | -9.88% |
Volatility
TIEUX vs. MACGX - Volatility Comparison
The current volatility for Morgan Stanley Pathway Funds International Equity Fund (TIEUX) is 5.58%, while Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A (MACGX) has a volatility of 9.42%. This indicates that TIEUX experiences smaller price fluctuations and is considered to be less risky than MACGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIEUX | MACGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.58% | 9.42% | -3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 14.37% | 22.02% | -7.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.10% | 28.75% | -11.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 48.41% | -31.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.02% | 39.42% | -22.40% |
TIEUX vs. MACGX - Expense Ratio Comparison
TIEUX has a 0.67% expense ratio, which is lower than MACGX's 1.00% expense ratio.
Dividends
TIEUX vs. MACGX - Dividend Comparison
TIEUX's dividend yield for the trailing twelve months is around 7.41%, while MACGX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MACGX Morgan Stanley Institutional Fund Trust Discovery Portfolio Class A | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 52.53% | 9.95% | 15.34% | 29.46% | 48.48% | 75.72% | 14.05% |
TIEUX Morgan Stanley Pathway Funds International Equity Fund | 7.41% | 8.08% | 11.60% | 2.05% | 4.95% | 9.09% | 1.75% | 2.55% | 2.20% | 1.64% | 2.76% | 1.74% |
Frequently Asked Questions
TIEUX and MACGX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MACGX has higher volatility (9.42%) compared to TIEUX (5.58%). In terms of maximum drawdown, TIEUX dropped -60.57% vs MACGX's -77.61%.
TIEUX currently has the higher Sharpe Ratio (1.24 vs -0.08), 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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