WMGAX vs. MMGPX

Last updated Apr 1, 2026

Compare and contrast key facts about Delaware Ivy Mid Cap Growth Fund (WMGAX) and Morgan Stanley Discovery Portfolio (MMGPX).

WMGAX is managed by Delaware Funds. It was launched on Jun 30, 2000. MMGPX is managed by Morgan Stanley. It was launched on Apr 30, 2017.

Performance

WMGAX vs. MMGPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Ivy Mid Cap Growth Fund (WMGAX) and Morgan Stanley Discovery Portfolio (MMGPX). The values are adjusted to include any dividend payments, if applicable.

WMGAX vs. MMGPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WMGAX Delaware Ivy Mid Cap Growth Fund	-9.94%	0.83%	10.02%	19.97%	-30.68%	16.22%	48.56%	38.01%	-0.20%	22.73%
MMGPX Morgan Stanley Discovery Portfolio	-14.93%	12.58%	41.83%	44.34%	-81.34%	-11.55%	152.67%	40.20%	10.89%	28.18%

Returns By Period

In the year-to-date period, WMGAX achieves a -9.94% return, which is significantly higher than MMGPX's -14.93% return.

WMGAX

• 1D: -0.82%
• 1M: -11.41%
• YTD: -9.94%
• 6M: -13.30%
• 1Y: -0.56%
• 3Y*: 2.52%
• 5Y*: -1.06%
• 10Y*: 10.30%

MMGPX

• 1D: -1.27%
• 1M: -9.08%
• YTD: -14.93%
• 6M: -23.43%
• 1Y: 3.91%
• 3Y*: 19.10%
• 5Y*: -19.96%
• 10Y*: —

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

WMGAX vs. MMGPX - Expense Ratio Comparison

WMGAX has a 1.12% expense ratio, which is higher than MMGPX's 0.04% expense ratio.

WMGAX

Delaware Ivy Mid Cap Growth Fund

MMGPX

Morgan Stanley Discovery Portfolio

Return for Risk

WMGAX vs. MMGPX — Risk / Return Rank

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

WMGAX

WMGAX Risk / Return Rank: 5
WMGAX Sharpe Ratio Rank: 5
WMGAX Sortino Ratio Rank: 5
WMGAX Omega Ratio Rank: 5
WMGAX Calmar Ratio Rank: 4
WMGAX Martin Ratio Rank: 4

MMGPX

MMGPX Risk / Return Rank: 7
MMGPX Sharpe Ratio Rank: 7
MMGPX Sortino Ratio Rank: 8
MMGPX Omega Ratio Rank: 8
MMGPX Calmar Ratio Rank: 6
MMGPX Martin Ratio Rank: 6

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.

WMGAX vs. MMGPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Mid Cap Growth Fund (WMGAX) and Morgan Stanley Discovery Portfolio (MMGPX). 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.

	WMGAX	MMGPX	Difference
Sharpe ratio Return per unit of total volatility	-0.03	0.10	-0.13
Sortino ratio Return per unit of downside risk	0.12	0.38	-0.26
Omega ratio Gain probability vs. loss probability	1.02	1.05	-0.03
Calmar ratio Return relative to maximum drawdown	-0.16	-0.02	-0.14
Martin ratio Return relative to average drawdown	-0.51	-0.05	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WMGAX vs. MMGPX - Sharpe Ratio Comparison

The current WMGAX Sharpe Ratio is -0.03, which is lower than the MMGPX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of WMGAX and MMGPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WMGAX	MMGPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.03	0.10	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	-0.44	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.14	+0.22

Correlation

The correlation between WMGAX and MMGPX is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

WMGAX vs. MMGPX - Dividend Comparison

WMGAX's dividend yield for the trailing twelve months is around 12.32%, more than MMGPX's 0.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WMGAX Delaware Ivy Mid Cap Growth Fund	12.32%	11.10%	15.30%	6.66%	11.94%	13.08%	9.97%	5.23%	10.28%	7.92%	3.98%	10.88%
MMGPX Morgan Stanley Discovery Portfolio	0.50%	0.43%	0.00%	0.00%	0.00%	64.53%	7.93%	15.63%	28.02%	0.00%	0.00%	0.00%

Drawdowns

WMGAX vs. MMGPX - Drawdown Comparison

The maximum WMGAX drawdown since its inception was -53.74%, smaller than the maximum MMGPX drawdown of -87.45%. Use the drawdown chart below to compare losses from any high point for WMGAX and MMGPX.

Drawdown Indicators

	WMGAX	MMGPX	Difference
Max Drawdown Largest peak-to-trough decline	-53.74%	-87.45%	+33.71%
Max Drawdown (1Y) Largest decline over 1 year	-16.16%	-27.79%	+11.63%
Max Drawdown (5Y) Largest decline over 5 years	-42.95%	-86.09%	+43.14%
Max Drawdown (10Y) Largest decline over 10 years	-42.95%	—	—
Current Drawdown Current decline from peak	-25.33%	-74.10%	+48.77%
Average Drawdown Average peak-to-trough decline	-13.58%	-38.69%	+25.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.96%	11.11%	-6.15%

Volatility

WMGAX vs. MMGPX - Volatility Comparison

The current volatility for Delaware Ivy Mid Cap Growth Fund (WMGAX) is 5.96%, while Morgan Stanley Discovery Portfolio (MMGPX) has a volatility of 7.90%. This indicates that WMGAX experiences smaller price fluctuations and is considered to be less risky than MMGPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WMGAX	MMGPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	7.90%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	21.47%	-8.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.95%	31.90%	-8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.00%	45.71%	-20.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.09%	39.03%	-15.94%