MSCI vs. PSI

Last updated Jul 17, 2026

MSCI (MSCI Inc.) is a stock, while PSI (Invesco Semiconductors ETF) is Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index. Over the past 10 years, MSCI returned 24.24%/yr vs 32.00%/yr for PSI. At a 0.48 correlation, their price movements are largely independent.

Performance

MSCI vs. PSI - Performance Comparison

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

Returns By Period

In the year-to-date period, MSCI achieves a 11.91% return, which is significantly lower than PSI's 84.16% return. Over the past 10 years, MSCI has underperformed PSI with an annualized return of 24.24%, while PSI has yielded a comparatively higher 32.00% annualized return.

MSCI

• 1D: 2.49%
• 1M: 4.78%
• 6M: 7.49%
• YTD: 11.91%
• 1Y: 12.94%
• 3Y*: 9.82%
• 5Y*: 3.58%
• 10Y*: 24.24%

PSI

• 1D: -5.52%
• 1M: -12.90%
• 6M: 58.34%
• YTD: 84.16%
• 1Y: 137.01%
• 3Y*: 45.31%
• 5Y*: 30.19%
• 10Y*: 32.00%

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

MSCI vs. PSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSCI MSCI Inc.	11.91%	-3.17%	7.31%	22.90%	-23.34%	38.14%	74.38%	77.19%	17.95%	62.63%
PSI Invesco Semiconductors ETF	84.16%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%

Correlation

The correlation between MSCI and PSI is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Nov 15, 2007	0.48

The correlation between MSCI and PSI shifts across timeframes, from -0.05 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MSCI vs. PSI — Risk / Return Rank

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

MSCI

MSCI Risk / Return Rank: 59
MSCI Sharpe Ratio Rank: 60
MSCI Sortino Ratio Rank: 54
MSCI Omega Ratio Rank: 55
MSCI Calmar Ratio Rank: 61
MSCI Martin Ratio Rank: 63

PSI

PSI Risk / Return Rank: 91
PSI Sharpe Ratio Rank: 95
PSI Sortino Ratio Rank: 85
PSI Omega Ratio Rank: 86
PSI Calmar Ratio Rank: 95
PSI Martin Ratio Rank: 95

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.

MSCI vs. PSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MSCI Inc. (MSCI) and Invesco Semiconductors ETF (PSI). 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.

	MSCI	PSI	Difference
Sharpe ratio: Return per unit of total volatility	0.44	2.95	-2.51
Sortino ratio: Return per unit of downside risk	0.80	3.07	-2.27
Omega ratio: Gain probability vs. loss probability	1.11	1.42	-0.31
Calmar ratio: Return relative to maximum drawdown	0.72	6.08	-5.36
Martin ratio: Return relative to average drawdown	1.79	23.79	-22.00

MSCI vs. PSI - Sharpe Ratio Comparison

The current MSCI Sharpe Ratio is 0.44, which is lower than the PSI Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of MSCI and PSI, 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

MSCI vs. PSI - Drawdown Comparison

The maximum MSCI drawdown since its inception was -69.06%, which is greater than PSI's maximum drawdown of -62.96%. Use the drawdown chart below to compare losses from any high point for MSCI and PSI.

Drawdown Indicators

	MSCI	PSI	Difference
Max Drawdown Largest peak-to-trough decline	-69.06%	-62.96%	-6.10%
Max Drawdown (1Y) Largest decline over 1 year	-18.07%	-22.69%	+4.62%
Max Drawdown (3Y) Largest decline over 3 years	-25.99%	-41.07%	+15.08%
Max Drawdown (5Y) Largest decline over 5 years	-43.74%	-44.85%	+1.11%
Max Drawdown (10Y) Largest decline over 10 years	-43.74%	-44.85%	+1.11%
Current Drawdown Current decline from peak	-1.02%	-22.69%	+21.67%
Average Drawdown Average peak-to-trough decline	-13.05%	-15.90%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.24%	5.78%	+1.46%

Volatility

MSCI vs. PSI - Volatility Comparison

The current volatility for MSCI Inc. (MSCI) is 10.15%, while Invesco Semiconductors ETF (PSI) has a volatility of 24.16%. This indicates that MSCI experiences smaller price fluctuations and is considered to be less risky than PSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSCI	PSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.15%	24.16%	-14.01%
Volatility (6M) Calculated over the trailing 6-month period	22.67%	40.38%	-17.71%
Volatility (1Y) Calculated over the trailing 1-year period	29.74%	46.71%	-16.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.97%	39.83%	-8.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.25%	36.11%	-4.86%

Dividends

MSCI vs. PSI - Dividend Comparison

MSCI's dividend yield for the trailing twelve months is around 1.21%, more than PSI's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSCI MSCI Inc.	1.21%	1.25%	1.07%	0.98%	0.98%	0.59%	0.65%	0.98%	1.30%	1.04%	1.27%	1.11%
PSI Invesco Semiconductors ETF	0.03%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Frequently Asked Questions

Can I hold both MSCI and PSI in my portfolio?

MSCI and PSI have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSCI or PSI?

PSI has higher volatility (24.16%) compared to MSCI (10.15%). In terms of maximum drawdown, MSCI dropped -69.06% vs PSI's -62.96%.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (2.95 vs 0.44), 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.