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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Morgan Stanley Pathway Small-Mid Cap Equity ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) has returned 2.02% so far this year and 23.35% over the past 12 months.
Morgan Stanley Pathway Small-Mid Cap Equity ETF
- 1D
- 3.41%
- 1M
- -5.48%
- YTD
- 2.02%
- 6M
- 4.73%
- 1Y
- 23.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Dec 9, 2024, MSSM's average daily return is +0.03%, while the average monthly return is +0.51%. At this rate, your investment would double in approximately 11.4 years.
Historically, 69% of months were positive and 31% were negative. The best month was May 2025 with a return of +5.6%, while the worst month was Mar 2025 at -6.7%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, MSSM closed higher 52% of trading days. The best single day was Apr 9, 2025 with a return of +8.6%, while the worst single day was Apr 3, 2025 at -6.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.47% | 2.32% | -5.48% | 2.02% | |||||||||
| 2025 | 3.45% | -4.65% | -6.66% | -2.55% | 5.63% | 4.93% | 2.08% | 4.86% | 1.87% | 1.24% | 1.28% | 0.12% | 11.33% |
| 2024 | -5.83% | -5.83% |
Benchmark Metrics
Morgan Stanley Pathway Small-Mid Cap Equity ETF has an annualized alpha of -0.51%, beta of 1.07, and R² of 0.81 versus S&P 500 Index. Calculated based on daily prices since December 10, 2024.
- This ETF participated in 130.00% of S&P 500 Index downside but only 126.94% of its upside — more exposed to losses than it benefited from rallies.
- With beta of 1.07 and R² of 0.81, this ETF moves broadly in line with S&P 500 Index — much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -0.51%
- Beta
- 1.07
- R²
- 0.81
- Upside Capture
- 126.94%
- Downside Capture
- 130.00%
Expense Ratio
MSSM has an expense ratio of 0.62%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MSSM ranks 60 for risk / return — better than 60% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) and compare them to a chosen benchmark (S&P 500 Index).
| MSSM | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.07 | 0.90 | +0.17 |
Sortino ratioReturn per unit of downside risk | 1.58 | 1.39 | +0.20 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.40 | +0.23 |
Martin ratioReturn relative to average drawdown | 6.89 | 6.61 | +0.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore MSSM risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Morgan Stanley Pathway Small-Mid Cap Equity ETF provided a 3.09% dividend yield over the last twelve months, with an annual payout of $1.59 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $1.59 | $1.59 |
Dividend yield | 3.09% | 3.15% |
Monthly Dividends
The table displays the monthly dividend distributions for Morgan Stanley Pathway Small-Mid Cap Equity ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| 2025 | $1.59 | $1.59 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Morgan Stanley Pathway Small-Mid Cap Equity ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Morgan Stanley Pathway Small-Mid Cap Equity ETF was 24.18%, occurring on Apr 8, 2025. Recovery took 94 trading sessions.
The current Morgan Stanley Pathway Small-Mid Cap Equity ETF drawdown is 6.42%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -24.18% | Dec 10, 2024 | 81 | Apr 8, 2025 | 94 | Aug 22, 2025 | 175 |
| -9.5% | Feb 11, 2026 | 33 | Mar 30, 2026 | — | — | — |
| -7.11% | Oct 28, 2025 | 18 | Nov 20, 2025 | 9 | Dec 4, 2025 | 27 |
| -3.84% | Oct 7, 2025 | 4 | Oct 10, 2025 | 10 | Oct 24, 2025 | 14 |
| -3.71% | Dec 12, 2025 | 4 | Dec 17, 2025 | 12 | Jan 6, 2026 | 16 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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