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MPEGX is Morgan Stanley Institutional Fund Trust Discovery Portfolio Class I, a mid-cap growth fund that seeks long-term capital growth. To compare it fairly with peers, line up each fund’s mandate, share class, fees, risk and returns for the same dates—and account for the fact that reported fund returns may include sales charges while index returns do not. The figures below are a dated snapshot from Charles Schwab as of October 31, 2026, not a forecast or a substitute for checking current fund documents.
At a glance
These are comparison points, not a ranking of funds. Returns are average annual total returns for the periods shown, based on Schwab’s report card as of October 31, 2026. Fund returns are adjusted for possible sales charges and assume reinvestment of dividends and capital gains; index returns do not deduct fees or expenses. Multi-year returns are annualized.
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| Name | Role in comparison | Expense ratio | 1 year | 3 years | 5 years | 10 years | Checked |
|---|---|---|---|---|---|---|---|
| MPEGX | Fund being compared | 0.75% | -12.00% | 28.46% | -7.14% | 14.11% | November 2026 |
| T. Rowe Price Mid-Cap Growth (RPMGX) | Mid-cap growth fund example | 0.77% | 4.32% | 11.56% | 1.81% | 10.09% | November 2026 |
| T. Rowe Price New Horizons (PRNHX) | Growth fund comparison point | 0.80% | 6.21% | 11.09% | -4.09% | 11.64% | November 2026 |
| Mid-Cap Growth category average | Category reference, not an individual fund | 1.04053% | 0.62% | 15.37% | 1.18% | 11.10% | November 2026 |
| Russell 2000 TR USD | Market-index reference, not a fund | — | 14.80% | 20.76% | 5.58% | 10.44% | November 2026 |
Schwab’s MPEGX report card supplies these comparison figures. Its report-card figures are a historical snapshot; the expense ratios and returns should be checked against current fund materials before investing.
The table gives several different kinds of reference, so read each row according to its role. RPMGX and PRNHX are individual funds; the category average summarizes a group and is not an investable portfolio; the Russell 2000 TR USD is an index. The expense ratio shown for a fund is not directly comparable to the dash for an index, because an index has no fund expense ratio in this table. Index performance is also shown without deducting fees or expenses.
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On the reported figures, MPEGX’s expense ratio is 0.29 percentage point below the category average, 0.02 point below RPMGX and 0.05 point below PRNHX. Those differences are small relative to the full decision: expenses are one part of performance, and the table does not establish that the funds hold similar securities or have similar risks. The returns also change order by time period, which is a reason to consider the whole set of periods rather than select a single winner.
What is MPEGX, and which funds are fair peers?
MPEGX is the Class I share class of Morgan Stanley Institutional Fund Trust Discovery Portfolio. The fund’s stated objective is long-term capital growth. Under normal circumstances, it invests primarily in established and emerging companies with market capitalizations in the range of companies included in the Russell Midcap Growth Index. Morgan Stanley’s fund page identifies the portfolio and describes the index; Schwab’s fund facts and fees page states the fund objective and strategy.
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The Russell Midcap Growth Index represents the growth segment of U.S. mid-cap equities. It includes Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. That definition gives you a useful starting point for finding peers, but a shared “Mid-Cap Growth” category label does not guarantee the same portfolio. Check each fund’s stated capitalization range, investment style, holdings, sector exposures and concentration. A fund that holds smaller or larger companies, or follows a different growth strategy, can behave differently even when its category name looks similar.
Schwab’s table includes two fund examples, a category average and a broad index reference. Those serve different purposes: RPMGX and PRNHX are named funds to investigate; the category average shows a peer-group reference; and the Russell 2000 is an index, not a mutual fund. The Russell 2000 is also not the Russell Midcap Growth Index that describes MPEGX’s strategy. Do not treat its result as a direct benchmark for whether MPEGX fulfilled its stated mandate.
For a substantive peer comparison, start with the fund’s objective and strategy in its current prospectus, then check the portfolio rather than stopping at the label. A category can help build a shortlist, but it does not tell you whether two funds use the same capitalization boundaries, how many positions they hold, or whether their sector exposures overlap. Compare holdings and concentration at a consistent date where possible; portfolio composition can change, so an old holdings list may not describe what a fund owns now.
Benchmark fit is a separate question from peer fit. A benchmark is a reference for evaluating a strategy, while another mutual fund is an alternative investment with its own fees and portfolio decisions. Because Schwab’s table supplies the Russell 2000 rather than the Russell Midcap Growth Index, it provides broad market context but not a direct result for the index tied to MPEGX’s described investable range. Use the current fund materials to identify the benchmark used for formal performance comparison.
How should I read MPEGX’s returns against peers?
Compare the same measurement dates and periods first. In Schwab’s report card dated October 31, 2026, MPEGX lagged the Mid-Cap Growth category average over one year, exceeded it over three years, and trailed it over five and ten years. Those changing results show why a single period is not enough to judge a fund.
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For example, MPEGX’s reported three-year annualized return was 28.46%, versus 15.37% for the category average. Its five-year result was -7.14%, versus 1.18%; the ten-year figures were 14.11% and 11.10%, respectively. The one-year figures were -12.00% for MPEGX and 0.62% for the category average. These are all historical numbers from the same report card, not estimates of what an investor will earn next.
The named funds show why the conclusion depends on the horizon. Over one year, MPEGX’s -12.00% was below RPMGX at 4.32% and PRNHX at 6.21%. Over three years, MPEGX’s 28.46% was above both, at 11.56% and 11.09%. Over five years, MPEGX’s -7.14% was below RPMGX’s 1.81% and PRNHX’s -4.09%. Over ten years, MPEGX’s 14.11% exceeded both RPMGX at 10.09% and PRNHX at 11.64%. The table therefore does not support a simple claim that one fund led throughout; it documents different outcomes across different periods.
Likewise, the Russell 2000 reference was higher than MPEGX over one year (14.80% versus -12.00%) and three years (20.76% versus 28.46%—MPEGX was higher for that period), while MPEGX was below it over five years (−7.14% versus 5.58%) and above it over ten years (14.11% versus 10.44%). This is context only, not a like-for-like fund test: the index differs from MPEGX’s stated strategy index and has no fund fees deducted. Keep those limitations visible when describing the comparison.
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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Make sure you understand the return basis before drawing conclusions. Schwab says fund performance is adjusted for possible sales charges and assumes reinvestment of dividends and capital gains. Index returns do not deduct fees or expenses. A fund and an index can therefore be shown side by side without being measured on identical cost terms. Also verify whether the current prospectus reports pre-tax or after-tax returns and whether the figures you are comparing are cumulative or annualized. The multi-year figures in the table are annualized, so they are not the total dollar gain or loss over the whole period.
For a fair comparison, match both the end date and the length of the period. A three-year annualized figure is an average annual rate over a period, not a claim that the fund returned the same amount in each of those years. A five-year figure can include different market conditions from a different five-year window. If one source reports a period ending in a different month, or gives cumulative returns where another gives annualized returns, do not place the numbers side by side without making that difference explicit.
Past performance can look very different depending on the start and end dates, especially across shorter windows. Use several matched periods, including the standard periods disclosed in the prospectus, and avoid picking a comparison window solely because it favors one fund. Schwab’s report card says historical comparisons do not guarantee future results; Morgan Stanley likewise cautions that past performance is not indicative of future results.
How do MPEGX’s fees compare?
Schwab’s report card lists MPEGX’s gross and net expense ratio at 0.75%, compared with 0.77% for RPMGX, 0.80% for PRNHX and 1.04053% for the category average. On that snapshot, MPEGX’s listed ratio is lower than each of those comparison figures. That is a useful starting point, not a complete cost verdict.
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An expense ratio is an ongoing fund operating cost expressed as a percentage of assets; it is not the same thing as portfolio turnover or a sales charge. As a rough illustration, 0.75% of a steady $10,000 balance is $75 for a year. Actual expenses are not a fixed bill calculated from the original investment alone: the balance changes with returns and flows, and the fund’s current disclosures govern what is charged. The SEC describes a standardized prospectus example of costs on a hypothetical $10,000 investment over one, three, five and ten years, which can help compare funds using a common format.
An expense ratio is only one cost to compare. Check the current prospectus for the exact share class, any sales charges, transaction costs and other charges that may apply to your account. A fund’s published net expense ratio can reflect waivers or reimbursements; read the disclosure to learn whether any waiver is temporary and when it ends. Do not assume two tickers represent equivalent investor costs just because their expense ratios are close.
Share class matters. MPEGX is Class I, and the comparison should be with an equivalent share class where possible. The report card does not establish who is eligible to buy MPEGX Class I, the current minimum investment, or the purchase and redemption terms. Confirm those details in the latest prospectus and with the financial institution where you would hold the investment. The U.S. Securities and Exchange Commission advises investors to use prospectuses to compare fund objectives, strategies, risks, fees and past performance; its mutual-fund guide explains that prospectuses present standardized information, including a hypothetical $10,000 cost example over one, three, five and ten years.
Compare charges on the class you could actually buy, not simply the ticker or fund family. A class with a similar name may have different expenses, sales charges or eligibility requirements. Check gross and net expense ratios separately and note any fee waiver or reimbursement and its stated duration. The listed ratios in Schwab’s report card are useful dated reference points, but they do not prove that a current investor will pay exactly those amounts under every account arrangement.
What risks and portfolio details should I compare?
Returns alone do not show how much risk a fund took to produce them. Schwab characterized MPEGX’s historical risk as high and reported a 2-star overall Morningstar rating as of October 31, 2026. The same report card showed 5 stars for three years, 1 star for five years and 2 stars for ten years. These ratings describe historical risk-adjusted results for specified periods; they are not forecasts or a guarantee that a fund will be safer or perform better in the future.
The period-specific ratings illustrate why a rating needs a date and horizon attached. A five-star three-year rating does not erase the one-star five-year rating, and neither result predicts the next period. Use the rating as one historical summary alongside return and risk information, not as a substitute for understanding the strategy or as a standalone buy signal.
Look beyond a star rating. Compare volatility and downside losses over the same periods, then review how concentrated each portfolio is and where it is exposed by sector and individual holding. Growth-oriented mid-cap funds can have different exposures even when they fall in the same category. Review each fund’s current holdings and strategy disclosure rather than assuming that past return differences came from manager skill alone.
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Risk comparisons should use the same measurement window and refer to the same share class where the figures are class-specific. Consider how a fund behaved in falling markets as well as its average return, and check whether a portfolio is concentrated in a small number of holdings or sectors. The Schwab snapshot gives MPEGX’s historical risk characterization and ratings, but it does not supply a full matched risk analysis for every peer. You would need current fund documents and comparable risk data to make that broader assessment.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteSchwab reported 88% portfolio turnover for MPEGX as of October 31, 2026. Turnover is a portfolio activity measure, not an expense ratio or a forecast of the fund’s return. It is worth checking alongside the fund’s strategy and tax consequences: trading activity can have implications for taxable investors, but the report-card number alone does not tell you the tax bill an individual investor will face. Consult the fund’s current tax disclosures and consider your own account type and circumstances.
How can I make a like-for-like comparison?
Use this sequence to narrow the comparison without letting a favorable return figure obscure differences in mandate, cost or access.
- Confirm what each fund is designed to own. Start with MPEGX’s stated objective and capitalization range, then read the peers’ current strategy descriptions. Compare growth style, company-size range, holdings, sector exposure and concentration. Treat the category label as a filter, not proof that two portfolios are interchangeable.
- Choose the right benchmark. Match the benchmark to the strategy being evaluated. MPEGX’s described range is tied to the Russell Midcap Growth Index. Schwab’s comparison also reports the Russell 2000 TR USD, which is a different index reference; do not silently substitute it for the strategy index or call it a direct like-for-like peer fund.
- Match dates, periods and return conventions. Use figures with the same month-end date and standard periods. Check whether multi-year returns are annualized, whether fund returns are before or after sales charges, whether dividends and capital gains are reinvested, and whether returns are pre-tax or after-tax. Keep index figures separate when they exclude costs that reduce fund returns.
- Compare equivalent share classes and total costs. Verify the specific class under consideration, its gross and net expense ratios, any waivers, sales charges and transaction costs. Confirm that you are eligible for the class and that a quoted fee is current. A low expense ratio cannot compensate automatically for a different mandate or a share class you cannot buy.
- Put returns beside risk. Review downside performance, volatility and concentration over matched periods. When using a rating, record its date and time horizon. A strong short-period rating or return should not be mistaken for a durable forecast.
- Check access and liquidity terms. Read the latest prospectus for minimums, eligibility, purchase and redemption procedures, and any limits or conditions. Confirm with the account provider that it offers the particular share class. The available report-card information does not settle MPEGX’s current access terms.
- Recheck before acting. Use the most recent prospectuses and fund disclosures, because fees, holdings, managers, access rules and performance data can change. The SEC says prospectuses are updated at least annually and advises checking the issue date.
In practice, make a short comparison sheet with one row per fund and columns for objective, capitalization range, benchmark, share class, expense ratio, waivers, sales charges, turnover, matched-period returns, risk measures and access requirements. Record the source and “as of” date for each entry. This makes gaps visible: if a peer’s fee is current but its return ends in a different month, or if holdings are several quarters old, mark that rather than treating the columns as perfectly comparable.
The prospectus is the primary document for checking many of these details. The SEC says it identifies fund managers and advisers and describes how to purchase and redeem shares. It also presents standardized fee and performance information. Read its issue date and use the current version; a report card or summary page can help you screen, but it should not settle questions about current eligibility, minimums or transaction procedures.
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What does the snapshot support—and what does it not?
The October 31, 2026 Schwab report card supports a clear historical comparison: MPEGX’s listed expense ratio was below the category average and close to the two named funds; its return was stronger than the category average over three years but weaker over one, five and ten years. It also records high historical risk, period-specific Morningstar ratings and 88% turnover. Those facts can help decide what to investigate next.
The snapshot cannot establish which fund is the best fit for a particular investor, whether current fees or returns have changed since the report date, or whether an investor can purchase MPEGX Class I under current terms. Nor does it show that the funds have matching holdings, risk profiles or benchmarks. For those questions, compare current official prospectuses and fund materials on the same basis. The SEC’s guide notes that a prospectus identifies fund managers and advisers and describes how to purchase and redeem shares, making it the essential next document rather than an optional fine-print check.
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Be especially careful not to infer redemption mechanics from a generic summary-page description. The comparison figures do not establish special redemption terms for MPEGX. Use its current prospectus and confirm practical transaction procedures with the provider that would hold the shares. If you cannot verify a minimum, eligibility rule or transaction condition, treat it as unresolved rather than assuming a term from another fund or from a generic page.
How to pick a comparison that answers your real question
If you want to know whether MPEGX’s results were competitive, use the category average and named peers for matched-period context, then check risk and return conventions. If you want to know whether its strategy is appropriate, focus on capitalization range, growth exposure, holdings and benchmark fit. If you want to know what it will cost or whether you can buy it, use current share-class disclosures and provider terms—not a historical report card. Keeping those questions separate leads to a more useful comparison than choosing a fund based on one strong return period or a single fee figure.
A useful next step is to identify the decision you are making before comparing numbers. A historical-performance question calls for matched returns and a suitable benchmark; a portfolio-fit question calls for mandate, holdings and concentration; a cost question calls for share-class-specific expenses and charges; an access question calls for eligibility and purchase or redemption terms. One fund may look attractive on one axis and less attractive on another. The figures in the snapshot can start that review, but the current prospectus and account-provider information are needed to answer the questions that affect an actual purchase.
Frequently Asked Questions
Does MPEGX’s 88% turnover mean I pay an 88% fee?
No. Turnover is a measure of portfolio trading activity, while an expense ratio expresses ongoing fund operating expenses as a percentage of assets. Turnover by itself does not tell you your personal tax bill or total cost.
Can I buy MPEGX Class I in a regular brokerage account?
The comparison snapshot does not establish current Class I eligibility or availability. Check the fund’s latest prospectus and ask the institution holding your account whether it offers this specific share class.
Why might my personal return differ from the fund’s published return?
Your purchase date, cash flows, account-level charges and tax situation can make your realized result different from a standardized published return. Compare the statement’s dates and fee treatment with the return basis disclosed by the fund.
Where can I find the rules for selling MPEGX shares?
The current prospectus describes purchase and redemption procedures and should be checked for the latest conditions. The account provider may also have operational requirements, so verify both sources before relying on a particular transaction date or process.
Is the Russell 2000 the right benchmark for MPEGX?
Not based on this comparison alone. MPEGX’s described capitalization range is tied to the Russell Midcap Growth Index, while Schwab’s table shows the Russell 2000 TR USD as a separate index reference. Check the current prospectus for the fund’s benchmark and do not treat the Russell 2000 as a direct substitute.
The Bottom Line
Bottom line: Schwab’s October 31, 2026 snapshot shows MPEGX with lower listed expenses than the category average and the two named funds, but mixed relative returns across the one-, three-, five- and ten-year periods. Treat the table as historical context, not a forecast or a complete peer ranking. For a decision, compare matched periods, a strategy-appropriate benchmark, portfolio risk and equivalent share classes, then verify current fees, eligibility, minimums and purchase or redemption terms in the latest prospectus and with the account provider.
