MS vs. SPY
MS (Morgan Stanley) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MS returned 27.71%/yr vs 15.42%/yr for SPY. A 0.65 correlation means they provide meaningful diversification when combined.
Performance
MS vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, MS achieves a 21.88% return, which is significantly higher than SPY's 9.07% return. Over the past 10 years, MS has outperformed SPY with an annualized return of 27.71%, while SPY has yielded a comparatively lower 15.42% annualized return.
MS
- 1D
- 0.65%
- 1M
- 10.03%
- YTD
- 21.88%
- 6M
- 21.28%
- 1Y
- 69.28%
- 3Y*
- 38.69%
- 5Y*
- 22.26%
- 10Y*
- 27.71%
SPY
- 1D
- 0.54%
- 1M
- -0.86%
- YTD
- 9.07%
- 6M
- 9.42%
- 1Y
- 25.67%
- 3Y*
- 20.86%
- 5Y*
- 13.36%
- 10Y*
- 15.42%
MS vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 9.07% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between MS and SPY is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 1993 | 0.65 |
The correlation between MS and SPY has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
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Return for Risk
MS vs. SPY — Risk / Return Rank
MS
SPY
MS vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley (MS) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.36 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.53 | 2.74 | +0.79 |
| Martin ratioReturn relative to average drawdown | 11.65 | 12.39 | -0.74 |
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Drawdowns
MS vs. SPY - Drawdown Comparison
The maximum MS drawdown since its inception was -88.12%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MS and SPY.
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Drawdown Indicators
| MS | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.12% | -55.19% | -32.93% |
Max Drawdown (1Y)Largest decline over 1 year | -18.83% | -8.88% | -9.95% |
Max Drawdown (3Y)Largest decline over 3 years | -29.24% | -18.76% | -10.48% |
Max Drawdown (5Y)Largest decline over 5 years | -32.38% | -24.50% | -7.88% |
Max Drawdown (10Y)Largest decline over 10 years | -51.33% | -33.72% | -17.61% |
Current DrawdownCurrent decline from peak | -1.94% | -2.35% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -33.69% | -9.04% | -24.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.70% | 1.97% | +3.73% |
Volatility
MS vs. SPY - Volatility Comparison
Morgan Stanley (MS) has a higher volatility of 8.62% compared to State Street SPDR S&P 500 ETF (SPY) at 4.34%. This indicates that MS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MS | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.62% | 4.34% | +4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 21.46% | 9.58% | +11.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.81% | 12.29% | +13.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.75% | 17.12% | +11.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.51% | 17.96% | +13.55% |
Dividends
MS vs. SPY - Dividend Comparison
MS's dividend yield for the trailing twelve months is around 1.87%, more than SPY's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
MS and SPY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MS has higher volatility (8.62%) compared to SPY (4.34%). In terms of maximum drawdown, MS dropped -88.12% vs SPY's -55.19%.
MS currently has the higher Sharpe Ratio (2.58 vs 1.98), 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.
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