USGDX vs. MSEGX

Last updated Jun 25, 2026

USGDX (Morgan Stanley U.S. Government Securities Trust) and MSEGX (Morgan Stanley Institutional Growth Portfolio) are both mutual funds - USGDX is a Intermediate Core Bond fund managed by Morgan Stanley, while MSEGX is a Large Cap Growth Equities fund actively managed by Morgan Stanley. Over the past 10 years, USGDX returned 0.63%/yr vs 16.58%/yr for MSEGX. At a correlation of -0.10, they often move in opposite directions. USGDX charges 0.52%/yr vs 0.87%/yr for MSEGX.

Performance

USGDX vs. MSEGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley U.S. Government Securities Trust (USGDX) and Morgan Stanley Institutional Growth Portfolio (MSEGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USGDX achieves a -2.22% return, which is significantly higher than MSEGX's -8.48% return. Over the past 10 years, USGDX has underperformed MSEGX with an annualized return of 0.63%, while MSEGX has yielded a comparatively higher 16.58% annualized return.

USGDX

• 1D: 0.30%
• 1M: 1.83%
• YTD: -2.22%
• 6M: -1.99%
• 1Y: 4.73%
• 3Y*: 2.29%
• 5Y*: -1.36%
• 10Y*: 0.63%

MSEGX

• 1D: -0.49%
• 1M: -2.44%
• YTD: -8.48%
• 6M: -12.18%
• 1Y: -2.83%
• 3Y*: 24.66%
• 5Y*: -2.53%
• 10Y*: 16.58%

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

USGDX vs. MSEGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USGDX Morgan Stanley U.S. Government Securities Trust	-2.22%	13.54%	-6.80%	4.64%	-13.25%	-2.18%	5.79%	7.23%	0.08%	2.91%
MSEGX Morgan Stanley Institutional Growth Portfolio	-8.48%	24.43%	46.29%	49.87%	-60.27%	-0.31%	115.11%	38.93%	5.01%	43.53%

Correlation

The correlation between USGDX and MSEGX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jul 28, 1997	-0.10

The correlation between USGDX and MSEGX shifts across timeframes, from -0.10 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USGDX vs. MSEGX — Risk / Return Rank

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

USGDX

USGDX Risk / Return Rank: 9
USGDX Sharpe Ratio Rank: 10
USGDX Sortino Ratio Rank: 9
USGDX Omega Ratio Rank: 9
USGDX Calmar Ratio Rank: 9
USGDX Martin Ratio Rank: 9

MSEGX

MSEGX Risk / Return Rank: 3
MSEGX Sharpe Ratio Rank: 3
MSEGX Sortino Ratio Rank: 3
MSEGX Omega Ratio Rank: 3
MSEGX Calmar Ratio Rank: 3
MSEGX 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.

USGDX vs. MSEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley U.S. Government Securities Trust (USGDX) and Morgan Stanley Institutional Growth Portfolio (MSEGX). 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.

	USGDX	MSEGX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	-0.04	+0.68
Sortino ratio: Return per unit of downside risk	0.99	0.15	+0.84
Omega ratio: Gain probability vs. loss probability	1.12	1.02	+0.10
Calmar ratio: Return relative to maximum drawdown	0.70	-0.04	+0.74
Martin ratio: Return relative to average drawdown	2.01	-0.08	+2.09

USGDX vs. MSEGX - Sharpe Ratio Comparison

The current USGDX Sharpe Ratio is 0.65, which is higher than the MSEGX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of USGDX and MSEGX, 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

USGDX vs. MSEGX - Drawdown Comparison

The maximum USGDX drawdown since its inception was -30.33%, smaller than the maximum MSEGX drawdown of -69.57%. Use the drawdown chart below to compare losses from any high point for USGDX and MSEGX.

Drawdown Indicators

	USGDX	MSEGX	Difference
Max Drawdown Largest peak-to-trough decline	-30.33%	-69.57%	+39.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-27.83%	+19.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.60%	-32.54%	+13.94%
Max Drawdown (5Y) Largest decline over 5 years	-29.81%	-69.57%	+39.76%
Max Drawdown (10Y) Largest decline over 10 years	-30.33%	-69.57%	+39.24%
Current Drawdown Current decline from peak	-8.67%	-20.90%	+12.23%
Average Drawdown Average peak-to-trough decline	-3.21%	-19.50%	+16.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	13.51%	-10.76%

Volatility

USGDX vs. MSEGX - Volatility Comparison

The current volatility for Morgan Stanley U.S. Government Securities Trust (USGDX) is 3.07%, while Morgan Stanley Institutional Growth Portfolio (MSEGX) has a volatility of 10.30%. This indicates that USGDX experiences smaller price fluctuations and is considered to be less risky than MSEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USGDX	MSEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	10.30%	-7.23%
Volatility (6M) Calculated over the trailing 6-month period	6.22%	22.32%	-16.10%
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	29.24%	-20.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	39.87%	-27.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.92%	33.89%	-24.97%

USGDX vs. MSEGX - Expense Ratio Comparison

USGDX has a 0.52% expense ratio, which is lower than MSEGX's 0.87% expense ratio.

Dividends

USGDX vs. MSEGX - Dividend Comparison

USGDX's dividend yield for the trailing twelve months is around 5.04%, while MSEGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSEGX Morgan Stanley Institutional Growth Portfolio	0.00%	0.00%	0.42%	0.00%	18.70%	26.52%	10.03%	22.75%	5.67%	22.18%	13.17%	7.76%
USGDX Morgan Stanley U.S. Government Securities Trust	5.04%	4.73%	5.20%	3.09%	2.51%	2.18%	2.79%	3.67%	3.13%	3.11%	3.13%	2.63%

Frequently Asked Questions

Can I hold both USGDX and MSEGX in my portfolio?

USGDX and MSEGX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USGDX or MSEGX?

MSEGX has higher volatility (10.30%) compared to USGDX (3.07%). In terms of maximum drawdown, USGDX dropped -30.33% vs MSEGX's -69.57%.

Which has better risk-adjusted returns?

USGDX currently has the higher Sharpe Ratio (0.65 vs -0.04), 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.