MORN vs. MSCI

Last updated Apr 1, 2026

Compare and contrast key facts about Morningstar, Inc. (MORN) and MSCI Inc. (MSCI).

Performance

MORN vs. MSCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar, Inc. (MORN) and MSCI Inc. (MSCI). The values are adjusted to include any dividend payments, if applicable.

MORN vs. MSCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MORN Morningstar, Inc.	-22.03%	-35.05%	18.29%	33.10%	-36.31%	48.23%	54.54%	38.93%	14.34%	33.38%
MSCI MSCI Inc.	-5.68%	-3.17%	7.31%	22.90%	-23.34%	38.14%	74.38%	77.19%	17.95%	62.63%

Fundamentals

Market Cap MORN : $6.88B MSCI : $41.66B
EPS MORN : $8.90 MSCI : $15.54
PE Ratio MORN : 18.99 MSCI : 34.68
PEG Ratio MORN : 0.38 MSCI : 2.15
PS Ratio MORN : 2.89 MSCI : 13.30
Total Revenue (TTM) MORN : $2.46B MSCI : $3.13B
Gross Profit (TTM) MORN : $1.32B MSCI : $2.58B
EBITDA (TTM) MORN : $710.30M MSCI : $1.93B

Returns By Period

In the year-to-date period, MORN achieves a -22.03% return, which is significantly lower than MSCI's -5.68% return. Over the past 10 years, MORN has underperformed MSCI with an annualized return of 7.41%, while MSCI has yielded a comparatively higher 23.21% annualized return.

MORN

• 1D: 2.66%
• 1M: -7.69%
• YTD: -22.03%
• 6M: -26.82%
• 1Y: -43.21%
• 3Y*: -5.31%
• 5Y*: -5.64%
• 10Y*: 7.41%

MSCI

• 1D: 1.34%
• 1M: -5.74%
• YTD: -5.68%
• 6M: -4.33%
• 1Y: -3.40%
• 3Y*: -0.04%
• 5Y*: 5.82%
• 10Y*: 23.21%

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

Return for Risk

MORN vs. MSCI — Risk / Return Rank

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

MORN

MORN Risk / Return Rank: 5
MORN Sharpe Ratio Rank: 1
MORN Sortino Ratio Rank: 2
MORN Omega Ratio Rank: 3
MORN Calmar Ratio Rank: 11
MORN Martin Ratio Rank: 8

MSCI

MSCI Risk / Return Rank: 35
MSCI Sharpe Ratio Rank: 37
MSCI Sortino Ratio Rank: 32
MSCI Omega Ratio Rank: 32
MSCI Calmar Ratio Rank: 38
MSCI Martin Ratio Rank: 37

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.

MORN vs. MSCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar, Inc. (MORN) and MSCI Inc. (MSCI). 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.

	MORN	MSCI	Difference
Sharpe ratio Return per unit of total volatility	-1.37	-0.11	-1.25
Sortino ratio Return per unit of downside risk	-2.08	0.05	-2.13
Omega ratio Gain probability vs. loss probability	0.74	1.01	-0.26
Calmar ratio Return relative to maximum drawdown	-0.84	-0.12	-0.72
Martin ratio Return relative to average drawdown	-1.58	-0.34	-1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MORN vs. MSCI - Sharpe Ratio Comparison

The current MORN Sharpe Ratio is -1.37, which is lower than the MSCI Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of MORN and MSCI, 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

	MORN	MSCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.37	-0.11	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	0.19	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.75	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.53	-0.15

Correlation

The correlation between MORN and MSCI is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MORN vs. MSCI - Dividend Comparison

MORN's dividend yield for the trailing twelve months is around 1.10%, less than MSCI's 1.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MORN Morningstar, Inc.	1.10%	0.84%	0.48%	0.52%	0.66%	0.28%	0.65%	0.74%	0.91%	0.95%	1.20%	0.95%
MSCI MSCI Inc.	1.38%	1.25%	1.07%	0.98%	0.98%	0.59%	0.65%	0.98%	1.30%	1.04%	1.27%	1.11%

Drawdowns

MORN vs. MSCI - Drawdown Comparison

The maximum MORN drawdown since its inception was -67.92%, roughly equal to the maximum MSCI drawdown of -69.06%. Use the drawdown chart below to compare losses from any high point for MORN and MSCI.

Drawdown Indicators

	MORN	MSCI	Difference
Max Drawdown Largest peak-to-trough decline	-67.92%	-69.06%	+1.14%
Max Drawdown (1Y) Largest decline over 1 year	-50.65%	-18.07%	-32.58%
Max Drawdown (5Y) Largest decline over 5 years	-56.70%	-43.74%	-12.96%
Max Drawdown (10Y) Largest decline over 10 years	-56.70%	-43.74%	-12.96%
Current Drawdown Current decline from peak	-52.47%	-16.20%	-36.27%
Average Drawdown Average peak-to-trough decline	-18.05%	-13.12%	-4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.90%	6.48%	+20.42%

Volatility

MORN vs. MSCI - Volatility Comparison

Morningstar, Inc. (MORN) has a higher volatility of 11.66% compared to MSCI Inc. (MSCI) at 6.58%. This indicates that MORN's price experiences larger fluctuations and is considered to be riskier than MSCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MORN	MSCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.66%	6.58%	+5.08%
Volatility (6M) Calculated over the trailing 6-month period	24.03%	21.10%	+2.93%
Volatility (1Y) Calculated over the trailing 1-year period	31.71%	30.07%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.60%	30.55%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.02%	31.03%	-4.01%

Financials

MORN vs. MSCI - Profitability Comparison

The chart below illustrates the profitability comparison between Morningstar, Inc. and MSCI Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

MORN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Morningstar, Inc. reported a gross profit of 214.70M and revenue of 653.80M. Therefore, the gross margin over that period was 32.8%.

MSCI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, MSCI Inc. reported a gross profit of 679.15M and revenue of 822.53M. Therefore, the gross margin over that period was 82.6%.

MORN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Morningstar, Inc. reported an operating income of 147.40M and revenue of 653.80M, resulting in an operating margin of 22.6%.

MSCI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, MSCI Inc. reported an operating income of 463.62M and revenue of 822.53M, resulting in an operating margin of 56.4%.

MORN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Morningstar, Inc. reported a net income of 115.10M and revenue of 653.80M, resulting in a net margin of 17.6%.

MSCI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, MSCI Inc. reported a net income of 284.67M and revenue of 822.53M, resulting in a net margin of 34.6%.