MS vs. FEZ

Last updated Jun 13, 2026

MS (Morgan Stanley) is a stock, while FEZ (State Street SPDR EURO STOXX 50 ETF) is Europe Equities fund tracking the EURO STOXX 50 Index. Over the past 10 years, MS returned 27.71%/yr vs 11.34%/yr for FEZ. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

MS vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley (MS) and State Street SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MS achieves a 21.88% return, which is significantly higher than FEZ's 7.29% return. Over the past 10 years, MS has outperformed FEZ with an annualized return of 27.71%, while FEZ has yielded a comparatively lower 11.34% annualized return.

MS

• 1D: 0.65%
• 1M: 11.18%
• YTD: 21.88%
• 6M: 21.28%
• 1Y: 69.28%
• 3Y*: 38.69%
• 5Y*: 22.26%
• 10Y*: 27.71%

FEZ

• 1D: 0.09%
• 1M: 6.20%
• YTD: 7.29%
• 6M: 8.07%
• 1Y: 19.95%
• 3Y*: 17.98%
• 5Y*: 10.21%
• 10Y*: 11.34%

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

MS vs. FEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MS Morgan Stanley	21.88%	45.16%	39.73%	13.93%	-10.34%	46.65%	38.09%	32.67%	-22.76%	26.61%
FEZ State Street SPDR EURO STOXX 50 ETF	7.29%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%

Correlation

The correlation between MS and FEZ is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 21, 2002	0.58

The correlation between MS and FEZ shifts across timeframes, from 0.47 (3 years) to 0.58 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MS vs. FEZ — Risk / Return Rank

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

MS

MS Risk / Return Rank: 91
MS Sharpe Ratio Rank: 94
MS Sortino Ratio Rank: 91
MS Omega Ratio Rank: 91
MS Calmar Ratio Rank: 87
MS Martin Ratio Rank: 91

FEZ

FEZ Risk / Return Rank: 30
FEZ Sharpe Ratio Rank: 30
FEZ Sortino Ratio Rank: 30
FEZ Omega Ratio Rank: 28
FEZ Calmar Ratio Rank: 30
FEZ Martin Ratio Rank: 34

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.

MS vs. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley (MS) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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.

	MS	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	2.58	0.96	+1.62
Sortino ratio: Return per unit of downside risk	3.19	1.45	+1.74
Omega ratio: Gain probability vs. loss probability	1.43	1.17	+0.25
Calmar ratio: Return relative to maximum drawdown	3.53	1.29	+2.24
Martin ratio: Return relative to average drawdown	11.65	4.40	+7.25

MS vs. FEZ - Sharpe Ratio Comparison

The current MS Sharpe Ratio is 2.58, which is higher than the FEZ Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of MS and FEZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MS vs. FEZ - Drawdown Comparison

The maximum MS drawdown since its inception was -88.12%, which is greater than FEZ's maximum drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for MS and FEZ.

Drawdown Indicators

	MS	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-88.12%	-64.21%	-23.91%
Max Drawdown (1Y) Largest decline over 1 year	-18.83%	-13.63%	-5.20%
Max Drawdown (3Y) Largest decline over 3 years	-29.24%	-15.85%	-13.39%
Max Drawdown (5Y) Largest decline over 5 years	-32.38%	-35.05%	+2.67%
Max Drawdown (10Y) Largest decline over 10 years	-51.33%	-39.69%	-11.64%
Current Drawdown Current decline from peak	-1.94%	-0.37%	-1.57%
Average Drawdown Average peak-to-trough decline	-33.69%	-17.05%	-16.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.70%	4.01%	+1.69%

Volatility

MS vs. FEZ - Volatility Comparison

Morgan Stanley (MS) has a higher volatility of 8.62% compared to State Street SPDR EURO STOXX 50 ETF (FEZ) at 6.57%. This indicates that MS's price experiences larger fluctuations and is considered to be riskier than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MS	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.62%	6.57%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	21.46%	15.48%	+5.98%
Volatility (1Y) Calculated over the trailing 1-year period	25.81%	18.45%	+7.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.75%	20.70%	+8.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.51%	21.11%	+10.40%

Dividends

MS vs. FEZ - Dividend Comparison

MS's dividend yield for the trailing twelve months is around 1.87%, less than FEZ's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.52%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
MS Morgan Stanley	1.87%	2.17%	2.82%	3.49%	3.47%	2.14%	2.04%	2.54%	2.77%	1.72%	1.66%	1.73%

Frequently Asked Questions

Can I hold both MS and FEZ in my portfolio?

MS and FEZ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MS or FEZ?

MS has higher volatility (8.62%) compared to FEZ (6.57%). In terms of maximum drawdown, MS dropped -88.12% vs FEZ's -64.21%.

Which has better risk-adjusted returns?

MS currently has the higher Sharpe Ratio (2.58 vs 0.96), 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.