WAINX vs. MSAQX

Last updated Jun 5, 2026

WAINX (Wasatch Emerging India Fund) and MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) are both Asia Pacific Equities funds. Over the past 10 years, WAINX returned 9.01%/yr vs 10.72%/yr for MSAQX. At a 0.41 correlation, their price movements are largely independent. WAINX charges 1.51%/yr vs 1.10%/yr for MSAQX.

Performance

WAINX vs. MSAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Emerging India Fund (WAINX) 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, WAINX achieves a -10.58% return, which is significantly lower than MSAQX's 18.39% return. Over the past 10 years, WAINX has underperformed MSAQX with an annualized return of 9.01%, while MSAQX has yielded a comparatively higher 10.72% annualized return.

WAINX

• 1D: 0.00%
• 1M: -2.11%
• YTD: -10.58%
• 6M: -11.46%
• 1Y: -16.81%
• 3Y*: 1.92%
• 5Y*: 1.55%
• 10Y*: 9.01%

MSAQX

• 1D: -1.49%
• 1M: 9.43%
• YTD: 18.39%
• 6M: 14.24%
• 1Y: 14.55%
• 3Y*: 11.99%
• 5Y*: -3.91%
• 10Y*: 10.72%

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

WAINX vs. MSAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAINX Wasatch Emerging India Fund	-10.58%	-5.33%	9.23%	20.90%	-21.77%	37.56%	17.63%	13.78%	-5.45%	53.39%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	18.39%	2.06%	19.71%	-6.83%	-22.01%	-20.52%	52.55%	44.74%	-13.64%	76.83%

Correlation

The correlation between WAINX and MSAQX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.41

Return for Risk

WAINX vs. MSAQX — Risk / Return Rank

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

WAINX

WAINX Risk / Return Rank: 1
WAINX Sharpe Ratio Rank: 1
WAINX Sortino Ratio Rank: 0
WAINX Omega Ratio Rank: 1
WAINX Calmar Ratio Rank: 1
WAINX Martin Ratio Rank: 1

MSAQX

MSAQX Risk / Return Rank: 9
MSAQX Sharpe Ratio Rank: 9
MSAQX Sortino Ratio Rank: 9
MSAQX Omega Ratio Rank: 10
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.

WAINX vs. MSAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Emerging India Fund (WAINX) 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.

	WAINX	MSAQX	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	0.72	-1.75
Sortino ratio: Return per unit of downside risk	-1.49	1.11	-2.60
Omega ratio: Gain probability vs. loss probability	0.84	1.15	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.60	0.66	-1.25
Martin ratio: Return relative to average drawdown	-1.25	1.69	-2.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAINX vs. MSAQX - Sharpe Ratio Comparison

The current WAINX Sharpe Ratio is -1.03, which is lower than the MSAQX Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of WAINX 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

	WAINX	MSAQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.03	0.72	-1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	-0.16	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.48	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.48	0.00

Drawdowns

WAINX vs. MSAQX - Drawdown Comparison

The maximum WAINX drawdown since its inception was -41.34%, smaller than the maximum MSAQX drawdown of -61.11%. Use the drawdown chart below to compare losses from any high point for WAINX and MSAQX.

Drawdown Indicators

	WAINX	MSAQX	Difference
Max Drawdown Largest peak-to-trough decline	-41.34%	-61.11%	+19.77%
Max Drawdown (1Y) Largest decline over 1 year	-28.83%	-23.57%	-5.26%
Max Drawdown (3Y) Largest decline over 3 years	-31.01%	-23.57%	-7.44%
Max Drawdown (5Y) Largest decline over 5 years	-31.01%	-53.29%	+22.28%
Max Drawdown (10Y) Largest decline over 10 years	-41.34%	-61.11%	+19.77%
Current Drawdown Current decline from peak	-22.69%	-31.81%	+9.12%
Average Drawdown Average peak-to-trough decline	-9.31%	-24.42%	+15.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.70%	9.13%	+4.57%

Volatility

WAINX vs. MSAQX - Volatility Comparison

The current volatility for Wasatch Emerging India Fund (WAINX) is 4.10%, while Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) has a volatility of 9.44%. This indicates that WAINX 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

	WAINX	MSAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	9.44%	-5.34%
Volatility (6M) Calculated over the trailing 6-month period	13.78%	18.90%	-5.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.69%	21.66%	-4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.24%	24.54%	-7.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.01%	22.38%	-3.37%

WAINX vs. MSAQX - Expense Ratio Comparison

WAINX has a 1.51% expense ratio, which is higher than MSAQX's 1.10% expense ratio.

Dividends

WAINX vs. MSAQX - Dividend Comparison

WAINX's dividend yield for the trailing twelve months is around 32.63%, 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%
WAINX Wasatch Emerging India Fund	32.63%	29.17%	20.19%	4.23%	1.15%	4.29%	0.00%	0.32%	6.95%	2.91%	1.06%	1.40%

Frequently Asked Questions

Can I hold both WAINX and MSAQX in my portfolio?

WAINX and MSAQX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAINX or MSAQX?

MSAQX has higher volatility (9.44%) compared to WAINX (4.10%). In terms of maximum drawdown, WAINX dropped -41.34% vs MSAQX's -61.11%.

Which has better risk-adjusted returns?

MSAQX currently has the higher Sharpe Ratio (0.72 vs -1.03), 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.