VPKIX vs. MSAQX

Last updated Jun 4, 2026

VPKIX (Vanguard Pacific Stock Index Fund Institutional Shares) and MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) are both Asia Pacific Equities funds. Over the past 10 years, VPKIX returned 10.86%/yr vs 10.88%/yr for MSAQX. A 0.64 correlation means they provide meaningful diversification when combined. VPKIX charges 0.08%/yr vs 1.10%/yr for MSAQX.

Performance

VPKIX vs. MSAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Pacific Stock Index Fund Institutional Shares (VPKIX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPKIX achieves a 30.38% return, which is significantly higher than MSAQX's 20.18% return. Both investments have delivered pretty close results over the past 10 years, with VPKIX having a 10.86% annualized return and MSAQX not far ahead at 10.88%.

VPKIX

• 1D: -0.22%
• 1M: 9.82%
• YTD: 30.38%
• 6M: 33.47%
• 1Y: 54.12%
• 3Y*: 23.38%
• 5Y*: 10.61%
• 10Y*: 10.86%

MSAQX

• 1D: 1.28%
• 1M: 13.16%
• YTD: 20.18%
• 6M: 16.23%
• 1Y: 17.11%
• 3Y*: 12.55%
• 5Y*: -3.56%
• 10Y*: 10.88%

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

VPKIX vs. MSAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPKIX Vanguard Pacific Stock Index Fund Institutional Shares	30.38%	33.12%	1.29%	15.58%	-15.20%	1.47%	16.54%	17.61%	-13.87%	28.55%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	20.18%	2.06%	19.71%	-6.83%	-22.01%	-20.52%	52.55%	44.74%	-13.64%	76.83%

Correlation

The correlation between VPKIX and MSAQX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.64

The correlation between VPKIX and MSAQX has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

Return for Risk

VPKIX vs. MSAQX — Risk / Return Rank

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

VPKIX

VPKIX Risk / Return Rank: 82
VPKIX Sharpe Ratio Rank: 88
VPKIX Sortino Ratio Rank: 77
VPKIX Omega Ratio Rank: 79
VPKIX Calmar Ratio Rank: 84
VPKIX Martin Ratio Rank: 82

MSAQX

MSAQX Risk / Return Rank: 9
MSAQX Sharpe Ratio Rank: 10
MSAQX Sortino Ratio Rank: 10
MSAQX Omega Ratio Rank: 11
MSAQX Calmar Ratio Rank: 7
MSAQX Martin Ratio Rank: 7

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.

VPKIX vs. MSAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Pacific Stock Index Fund Institutional Shares (VPKIX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). 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.

	VPKIX	MSAQX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	0.78	+2.10
Sortino ratio: Return per unit of downside risk	3.69	1.20	+2.49
Omega ratio: Gain probability vs. loss probability	1.52	1.16	+0.36
Calmar ratio: Return relative to maximum drawdown	3.97	0.72	+3.25
Martin ratio: Return relative to average drawdown	15.35	1.84	+13.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPKIX vs. MSAQX - Sharpe Ratio Comparison

The current VPKIX Sharpe Ratio is 2.88, which is higher than the MSAQX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of VPKIX and MSAQX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VPKIX	MSAQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	0.78	+2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	-0.15	+0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.49	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.49	-0.21

Drawdowns

VPKIX vs. MSAQX - Drawdown Comparison

The maximum VPKIX drawdown since its inception was -55.26%, smaller than the maximum MSAQX drawdown of -61.11%. Use the drawdown chart below to compare losses from any high point for VPKIX and MSAQX.

Drawdown Indicators

	VPKIX	MSAQX	Difference
Max Drawdown Largest peak-to-trough decline	-55.26%	-61.11%	+5.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.40%	-23.57%	+10.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.38%	-23.57%	+7.19%
Max Drawdown (5Y) Largest decline over 5 years	-31.12%	-53.29%	+22.17%
Max Drawdown (10Y) Largest decline over 10 years	-33.62%	-61.11%	+27.49%
Current Drawdown Current decline from peak	-0.22%	-30.78%	+30.56%
Average Drawdown Average peak-to-trough decline	-15.44%	-24.42%	+8.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	9.13%	-5.67%

Volatility

VPKIX vs. MSAQX - Volatility Comparison

The current volatility for Vanguard Pacific Stock Index Fund Institutional Shares (VPKIX) is 6.42%, while Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) has a volatility of 9.27%. This indicates that VPKIX experiences smaller price fluctuations and is considered to be less risky than MSAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPKIX	MSAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	9.27%	-2.85%
Volatility (6M) Calculated over the trailing 6-month period	15.13%	18.83%	-3.70%
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	21.61%	-3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	24.54%	-8.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	22.38%	-6.13%

VPKIX vs. MSAQX - Expense Ratio Comparison

VPKIX has a 0.08% expense ratio, which is lower than MSAQX's 1.10% expense ratio.

Dividends

VPKIX vs. MSAQX - Dividend Comparison

VPKIX's dividend yield for the trailing twelve months is around 2.72%, while MSAQX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	0.00%	0.00%	1.82%	0.26%	0.00%	0.88%	1.06%	0.05%	0.69%	1.12%	2.24%	0.00%
VPKIX Vanguard Pacific Stock Index Fund Institutional Shares	2.72%	4.00%	3.15%	3.11%	2.74%	3.17%	1.81%	2.85%	3.05%	2.60%	2.67%	2.45%

Frequently Asked Questions

Can I hold both VPKIX and MSAQX in my portfolio?

VPKIX and MSAQX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPKIX or MSAQX?

MSAQX has higher volatility (9.27%) compared to VPKIX (6.42%). In terms of maximum drawdown, VPKIX dropped -55.26% vs MSAQX's -61.11%.

Which has better risk-adjusted returns?

VPKIX currently has the higher Sharpe Ratio (2.88 vs 0.78), 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.