VOO vs. MSEGX

Last updated Jun 16, 2026

VOO (Vanguard S&P 500 ETF) and MSEGX (Morgan Stanley Institutional Growth Portfolio) are both funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while MSEGX is a Large Cap Growth Equities fund actively managed by Morgan Stanley. VOO is passively managed, while MSEGX is actively managed. Over the past 10 years, VOO returned 15.72%/yr vs 16.26%/yr for MSEGX. A 0.73 correlation means they provide meaningful diversification when combined. VOO charges 0.03%/yr vs 0.87%/yr for MSEGX.

Performance

VOO vs. MSEGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) 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, VOO achieves a 10.99% return, which is significantly higher than MSEGX's -8.75% return. Both investments have delivered pretty close results over the past 10 years, with VOO having a 15.72% annualized return and MSEGX not far ahead at 16.26%.

VOO

• 1D: 1.74%
• 1M: 2.12%
• YTD: 10.99%
• 6M: 11.51%
• 1Y: 27.95%
• 3Y*: 21.25%
• 5Y*: 13.93%
• 10Y*: 15.72%

MSEGX

• 1D: 0.28%
• 1M: -0.94%
• YTD: -8.75%
• 6M: -8.31%
• 1Y: 1.53%
• 3Y*: 23.36%
• 5Y*: -1.14%
• 10Y*: 16.26%

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

VOO vs. MSEGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOO Vanguard S&P 500 ETF	10.99%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%
MSEGX Morgan Stanley Institutional Growth Portfolio	-8.75%	24.43%	46.29%	49.87%	-60.27%	-0.31%	115.11%	38.93%	5.01%	43.53%

Correlation

The correlation between VOO and MSEGX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.73

The correlation between VOO and MSEGX has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

Return for Risk

VOO vs. MSEGX — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 80
VOO Sortino Ratio Rank: 78
VOO Omega Ratio Rank: 79
VOO Calmar Ratio Rank: 69
VOO Martin Ratio Rank: 81

MSEGX

MSEGX Risk / Return Rank: 4
MSEGX Sharpe Ratio Rank: 3
MSEGX Sortino Ratio Rank: 4
MSEGX Omega Ratio Rank: 4
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.

VOO vs. MSEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.

	VOO	MSEGX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	0.03	+2.25
Sortino ratio: Return per unit of downside risk	3.07	0.24	+2.83
Omega ratio: Gain probability vs. loss probability	1.42	1.03	+0.39
Calmar ratio: Return relative to maximum drawdown	3.15	0.03	+3.13
Martin ratio: Return relative to average drawdown	14.25	0.06	+14.20

VOO vs. MSEGX - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 2.28, which is higher than the MSEGX Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of VOO 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

VOO vs. MSEGX - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum MSEGX drawdown of -69.57%. Use the drawdown chart below to compare losses from any high point for VOO and MSEGX.

Drawdown Indicators

	VOO	MSEGX	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-69.57%	+35.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-27.83%	+18.93%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-32.54%	+13.85%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-69.57%	+45.05%
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	-69.57%	+35.58%
Current Drawdown Current decline from peak	-0.63%	-21.13%	+20.50%
Average Drawdown Average peak-to-trough decline	-3.68%	-19.50%	+15.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	13.26%	-11.29%

Volatility

VOO vs. MSEGX - Volatility Comparison

The current volatility for Vanguard S&P 500 ETF (VOO) is 4.61%, while Morgan Stanley Institutional Growth Portfolio (MSEGX) has a volatility of 9.48%. This indicates that VOO 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

	VOO	MSEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	9.48%	-4.87%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	22.14%	-12.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	28.75%	-16.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	39.79%	-22.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	33.85%	-15.80%

VOO vs. MSEGX - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than MSEGX's 0.87% expense ratio.

Dividends

VOO vs. MSEGX - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.03%, 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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOO and MSEGX in my portfolio?

VOO and MSEGX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOO or MSEGX?

MSEGX has higher volatility (9.48%) compared to VOO (4.61%). In terms of maximum drawdown, VOO dropped -33.99% vs MSEGX's -69.57%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.28 vs 0.03), 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.