MORN vs. SPSM

Last updated Jun 4, 2026

MORN (Morningstar, Inc.) is a stock, while SPSM (SPDR Portfolio S&P 600 Small Cap ETF) is Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Over the past 10 years, MORN returned 8.87%/yr vs 10.77%/yr for SPSM. At a 0.47 correlation, their price movements are largely independent.

Performance

MORN vs. SPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar, Inc. (MORN) and SPDR Portfolio S&P 600 Small Cap ETF (SPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MORN achieves a -16.39% return, which is significantly lower than SPSM's 15.28% return. Over the past 10 years, MORN has underperformed SPSM with an annualized return of 8.87%, while SPSM has yielded a comparatively higher 10.77% annualized return.

MORN

• 1D: -2.51%
• 1M: 7.79%
• YTD: -16.39%
• 6M: -16.61%
• 1Y: -40.85%
• 3Y*: -3.67%
• 5Y*: -4.40%
• 10Y*: 8.87%

SPSM

• 1D: -0.92%
• 1M: 1.62%
• YTD: 15.28%
• 6M: 14.19%
• 1Y: 31.50%
• 3Y*: 14.42%
• 5Y*: 5.71%
• 10Y*: 10.77%

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

MORN vs. SPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MORN Morningstar, Inc.	-16.39%	-35.05%	18.29%	33.10%	-36.31%	48.23%	54.54%	38.93%	14.34%	33.38%
SPSM SPDR Portfolio S&P 600 Small Cap ETF	15.28%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%

Correlation

The correlation between MORN and SPSM is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 10, 2013	0.47

Over the past year, the correlation between MORN and SPSM has dropped to 0.18 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

MORN vs. SPSM — Risk / Return Rank

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

MORN

MORN Risk / Return Rank: 6
MORN Sharpe Ratio Rank: 2
MORN Sortino Ratio Rank: 4
MORN Omega Ratio Rank: 4
MORN Calmar Ratio Rank: 10
MORN Martin Ratio Rank: 12

SPSM

SPSM Risk / Return Rank: 58
SPSM Sharpe Ratio Rank: 52
SPSM Sortino Ratio Rank: 54
SPSM Omega Ratio Rank: 49
SPSM Calmar Ratio Rank: 72
SPSM Martin Ratio Rank: 65

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. SPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar, Inc. (MORN) and SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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	SPSM	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	1.82	-3.02
Sortino ratio: Return per unit of downside risk	-1.76	2.64	-4.39
Omega ratio: Gain probability vs. loss probability	0.78	1.32	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.81	3.63	-4.44
Martin ratio: Return relative to average drawdown	-1.26	12.14	-13.41
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. SPSM - Sharpe Ratio Comparison

The current MORN Sharpe Ratio is -1.20, which is lower than the SPSM Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of MORN and SPSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MORN	SPSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.20	1.82	-3.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.27	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.47	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.45	-0.06

Drawdowns

MORN vs. SPSM - Drawdown Comparison

The maximum MORN drawdown since its inception was -67.92%, which is greater than SPSM's maximum drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for MORN and SPSM.

Drawdown Indicators

	MORN	SPSM	Difference
Max Drawdown Largest peak-to-trough decline	-67.92%	-42.89%	-25.03%
Max Drawdown (1Y) Largest decline over 1 year	-50.65%	-8.72%	-41.93%
Max Drawdown (3Y) Largest decline over 3 years	-56.70%	-27.94%	-28.76%
Max Drawdown (5Y) Largest decline over 5 years	-56.70%	-27.94%	-28.76%
Max Drawdown (10Y) Largest decline over 10 years	-56.70%	-42.89%	-13.81%
Current Drawdown Current decline from peak	-49.03%	-0.97%	-48.06%
Average Drawdown Average peak-to-trough decline	-18.32%	-7.93%	-10.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.33%	2.60%	+29.73%

Volatility

MORN vs. SPSM - Volatility Comparison

Morningstar, Inc. (MORN) has a higher volatility of 14.70% compared to SPDR Portfolio S&P 600 Small Cap ETF (SPSM) at 4.44%. This indicates that MORN's price experiences larger fluctuations and is considered to be riskier than SPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MORN	SPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.70%	4.44%	+10.26%
Volatility (6M) Calculated over the trailing 6-month period	30.45%	11.64%	+18.81%
Volatility (1Y) Calculated over the trailing 1-year period	34.21%	17.47%	+16.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.66%	21.43%	+9.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.73%	22.99%	+4.74%

Dividends

MORN vs. SPSM - Dividend Comparison

MORN's dividend yield for the trailing twelve months is around 1.06%, less than SPSM's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MORN Morningstar, Inc.	1.06%	0.84%	0.48%	0.52%	0.66%	0.28%	0.65%	0.74%	0.91%	0.95%	1.20%	0.95%
SPSM SPDR Portfolio S&P 600 Small Cap ETF	1.43%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%

Frequently Asked Questions

Can I hold both MORN and SPSM in my portfolio?

MORN and SPSM have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MORN or SPSM?

MORN has higher volatility (14.70%) compared to SPSM (4.44%). In terms of maximum drawdown, MORN dropped -67.92% vs SPSM's -42.89%.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (1.82 vs -1.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.