ASCE vs. MSSM

Last updated Jun 19, 2026

ASCE (Allspring SMID Core ETF) and MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) are both Small Cap Blend Equities funds. Both are actively managed. Their correlation of 0.91 suggests significant overlap in exposure. ASCE charges 0.38%/yr vs 0.62%/yr for MSSM.

Performance

ASCE vs. MSSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring SMID Core ETF (ASCE) and Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASCE achieves a 29.17% return, which is significantly higher than MSSM's 19.53% return.

ASCE

• 1D: 2.05%
• 1M: 11.88%
• YTD: 29.17%
• 6M: 26.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSSM

• 1D: 1.54%
• 1M: 7.62%
• YTD: 19.53%
• 6M: 19.50%
• 1Y: 37.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASCE vs. MSSM - Yearly Performance Comparison

	2026 (YTD)	2025
ASCE Allspring SMID Core ETF	29.17%	8.46%
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	19.53%	10.19%

Correlation

The correlation between ASCE and MSSM is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.91

Return for Risk

ASCE vs. MSSM — Risk / Return Rank

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

ASCE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MSSM

MSSM Risk / Return Rank: 72
MSSM Sharpe Ratio Rank: 69
MSSM Sortino Ratio Rank: 69
MSSM Omega Ratio Rank: 62
MSSM Calmar Ratio Rank: 80
MSSM Martin Ratio Rank: 81

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.

ASCE vs. MSSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring SMID Core ETF (ASCE) and Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM). 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.

	ASCE	MSSM	Difference
Sharpe ratio: Return per unit of total volatility	—	2.11	—
Sortino ratio: Return per unit of downside risk	—	2.93	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	3.95	—
Martin ratio: Return relative to average drawdown	—	15.12	—

Drawdowns

ASCE vs. MSSM - Drawdown Comparison

The maximum ASCE drawdown since its inception was -9.22%, smaller than the maximum MSSM drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for ASCE and MSSM.

Drawdown Indicators

	ASCE	MSSM	Difference
Max Drawdown Largest peak-to-trough decline	-9.22%	-25.16%	+15.94%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.50%	—
Current Drawdown Current decline from peak	-0.98%	-0.22%	-0.76%
Average Drawdown Average peak-to-trough decline	-2.02%	-5.12%	+3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.47%	—

Volatility

Volatility by Period

	ASCE	MSSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.36%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.65%	17.73%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	21.01%	-1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	21.01%	-1.36%

ASCE vs. MSSM - Expense Ratio Comparison

ASCE has a 0.38% expense ratio, which is lower than MSSM's 0.62% expense ratio.

Dividends

ASCE vs. MSSM - Dividend Comparison

ASCE's dividend yield for the trailing twelve months is around 0.17%, less than MSSM's 2.64% yield.

Position	TTM	2025
ASCE Allspring SMID Core ETF	0.17%	0.22%
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	2.64%	3.15%

Frequently Asked Questions

Can I hold both ASCE and MSSM in my portfolio?

With a correlation of 0.91, ASCE and MSSM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ASCE or MSSM?

On fees, ASCE is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASCE or MSSM?

ASCE is cheaper with a 0.38% expense ratio, compared with 0.62% for MSSM.

Which ETF pays a higher dividend yield, ASCE or MSSM?

MSSM has the higher dividend yield at 2.64%, compared with 0.17% for ASCE.

What is the main difference between ASCE and MSSM?

They also come from different issuers: Allspring and Morgan Stanley. Their fees differ too: 0.38% for ASCE and 0.62% for MSSM.