WICGX vs. CAF

Last updated Aug 1, 2026

WICGX (William Blair China Growth Fund) and CAF (Morgan Stanley China A Share Fund) are both China Equities funds. Over the past 3 years, WICGX returned 4.33%/yr vs 14.77%/yr for CAF. Their 0.62 correlation means they have sometimes moved together and sometimes differently. WICGX charges 1.01%/yr vs 1.67%/yr for CAF.

Performance

WICGX vs. CAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in William Blair China Growth Fund (WICGX) and Morgan Stanley China A Share Fund (CAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WICGX achieves a -0.61% return, which is significantly lower than CAF's 10.31% return.

WICGX

• 1D: -1.22%
• 1M: -8.59%
• 6M: -5.39%
• YTD: -0.61%
• 1Y: 10.74%
• 3Y*: 4.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.91%

CAF

• 1D: -0.93%
• 1M: -7.04%
• 6M: 4.36%
• YTD: 10.31%
• 1Y: 39.43%
• 3Y*: 14.77%
• 5Y*: 0.67%
• 10Y*: 4.96%
• ALL TIME*: 9.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAF Morgan Stanley China A Share Fund	$556.35K	$451.08K	$622.83K
WICGX William Blair China Growth Fund	$0.00	$0.00	$0.00

WICGX vs. CAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WICGX William Blair China Growth Fund	-0.61%	24.24%	10.36%	-24.29%	-26.26%
CAF Morgan Stanley China A Share Fund	10.31%	41.51%	0.34%	-9.39%	-24.85%

Correlation

The correlation between WICGX and CAF is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.62

The correlation between WICGX and CAF has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

Return for Risk

WICGX vs. CAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WICGX

WICGX Risk / Return Rank: 9
WICGX Sharpe Ratio Rank: 8
WICGX Sortino Ratio Rank: 9
WICGX Omega Ratio Rank: 9
WICGX Calmar Ratio Rank: 10
WICGX Martin Ratio Rank: 10

CAF

CAF Risk / Return Rank: 78
CAF Sharpe Ratio Rank: 77
CAF Sortino Ratio Rank: 73
CAF Omega Ratio Rank: 73
CAF Calmar Ratio Rank: 91
CAF Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WICGX vs. CAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for William Blair China Growth Fund (WICGX) and Morgan Stanley China A Share Fund (CAF). 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.

	WICGX	CAF	Difference
Sharpe ratio: Return per unit of total volatility	0.30	1.81	-1.51
Sortino ratio: Return per unit of downside risk	0.59	2.50	-1.91
Omega ratio: Gain probability vs. loss probability	1.08	1.32	-0.24
Calmar ratio: Return relative to maximum drawdown	0.52	3.44	-2.91
Martin ratio: Return relative to average drawdown	1.41	9.49	-8.09

WICGX vs. CAF - Sharpe Ratio Comparison

The current WICGX Sharpe Ratio is 0.30, which is lower than the CAF Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of WICGX and CAF, 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

WICGX vs. CAF - Drawdown Comparison

The maximum WICGX drawdown since its inception was -50.35%, smaller than the maximum CAF drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for WICGX and CAF.

Drawdown Indicators

	WICGX	CAF	Difference
Max Drawdown Largest peak-to-trough decline	-50.35%	-65.88%	+15.53%
Max Drawdown (1Y) Largest decline over 1 year	-15.38%	-10.98%	-4.40%
Max Drawdown (3Y) Largest decline over 3 years	-23.54%	-26.27%	+2.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.01%	—
Current Drawdown Current decline from peak	-25.11%	-10.22%	-14.89%
Average Drawdown Average peak-to-trough decline	-31.82%	-25.75%	-6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	3.97%	+1.75%

Volatility

WICGX vs. CAF - Volatility Comparison

William Blair China Growth Fund (WICGX) has a higher volatility of 12.60% compared to Morgan Stanley China A Share Fund (CAF) at 8.51%. This indicates that WICGX's price experiences larger fluctuations and is considered to be riskier than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WICGX	CAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.60%	8.51%	+4.09%
Volatility (6M) Calculated over the trailing 6-month period	21.71%	15.29%	+6.42%
Volatility (1Y) Calculated over the trailing 1-year period	26.65%	20.82%	+5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.58%	21.69%	+3.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.58%	21.96%	+3.62%

WICGX vs. CAF - Expense Ratio Comparison

WICGX has a 1.01% expense ratio, which is lower than CAF's 1.67% expense ratio.

Dividends

WICGX vs. CAF - Dividend Comparison

WICGX's dividend yield for the trailing twelve months is around 0.84%, less than CAF's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAF Morgan Stanley China A Share Fund	1.37%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%
WICGX William Blair China Growth Fund	0.84%	0.84%	1.38%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WICGX and CAF in my portfolio?

WICGX and CAF have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WICGX or CAF?

WICGX has higher volatility (12.60%) compared to CAF (8.51%). In terms of maximum drawdown, WICGX dropped -50.35% vs CAF's -65.88%.

Which has better risk-adjusted returns?

CAF currently has the higher Sharpe Ratio (1.81 vs 0.30), 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.