MSD vs. TMO

Last updated Jun 3, 2026

MSD (Morgan Stanley Emerging Markets Debt Fund, Inc.) and TMO (Thermo Fisher Scientific Inc.) are both stocks. MSD operates in Asset Management (Financial Services), while TMO operates in Diagnostics & Research (Healthcare). Over the past 10 years, MSD returned 5.37%/yr vs 12.49%/yr for TMO. At a 0.20 correlation, their price movements are largely independent.

Performance

MSD vs. TMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) and Thermo Fisher Scientific Inc. (TMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSD achieves a 0.49% return, which is significantly higher than TMO's -16.72% return. Over the past 10 years, MSD has underperformed TMO with an annualized return of 5.37%, while TMO has yielded a comparatively higher 12.49% annualized return.

MSD

• 1D: 0.41%
• 1M: -2.28%
• YTD: 0.49%
• 6M: 2.69%
• 1Y: 2.94%
• 3Y*: 16.04%
• 5Y*: 4.22%
• 10Y*: 5.37%

TMO

• 1D: -2.42%
• 1M: 2.74%
• YTD: -16.72%
• 6M: -16.79%
• 1Y: 22.04%
• 3Y*: -2.20%
• 5Y*: 1.87%
• 10Y*: 12.49%

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

MSD vs. TMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSD Morgan Stanley Emerging Markets Debt Fund, Inc.	0.49%	5.58%	24.92%	19.14%	-22.10%	2.20%	0.73%	24.38%	-12.31%	16.33%
TMO Thermo Fisher Scientific Inc.	-16.72%	11.78%	-1.72%	-3.36%	-17.29%	43.54%	43.72%	45.55%	18.21%	35.03%

Correlation

The correlation between MSD and TMO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Oct 28, 1994	0.20

Fundamentals

Market Cap MSD : $147.28M TMO : $179.82B
EPS MSD : $1.85 TMO : $18.22
PE Ratio MSD : 3.93 TMO : 26.46
PS Ratio MSD : 3.82 TMO : 4.02
PB Ratio MSD : 0.93 TMO : 3.46
Total Revenue (TTM) MSD : $38.58M TMO : $45.20B
Gross Profit (TTM) MSD : $35.05M TMO : $17.81B
EBITDA (TTM) MSD : $30.02M TMO : $11.16B

Return for Risk

MSD vs. TMO — Risk / Return Rank

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

MSD

MSD Risk / Return Rank: 45
MSD Sharpe Ratio Rank: 50
MSD Sortino Ratio Rank: 40
MSD Omega Ratio Rank: 40
MSD Calmar Ratio Rank: 47
MSD Martin Ratio Rank: 50

TMO

TMO Risk / Return Rank: 58
TMO Sharpe Ratio Rank: 64
TMO Sortino Ratio Rank: 59
TMO Omega Ratio Rank: 57
TMO Calmar Ratio Rank: 55
TMO Martin Ratio Rank: 55

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.

MSD vs. TMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) and Thermo Fisher Scientific Inc. (TMO). 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.

	MSD	TMO	Difference
Sharpe ratio Return per unit of total volatility	0.29	0.72	-0.43
Sortino ratio Return per unit of downside risk	0.46	1.25	-0.79
Omega ratio Gain probability vs. loss probability	1.06	1.15	-0.09
Calmar ratio Return relative to maximum drawdown	0.30	0.64	-0.34
Martin ratio Return relative to average drawdown	0.87	1.47	-0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSD vs. TMO - Sharpe Ratio Comparison

The current MSD Sharpe Ratio is 0.29, which is lower than the TMO Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of MSD and TMO, 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

	MSD	TMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	0.72	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.07	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.48	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.40	-0.05

Drawdowns

MSD vs. TMO - Drawdown Comparison

The maximum MSD drawdown since its inception was -58.51%, smaller than the maximum TMO drawdown of -71.16%. Use the drawdown chart below to compare losses from any high point for MSD and TMO.

Drawdown Indicators

	MSD	TMO	Difference
Max Drawdown Largest peak-to-trough decline	-58.51%	-71.16%	+12.65%
Max Drawdown (1Y) Largest decline over 1 year	-10.59%	-31.38%	+20.79%
Max Drawdown (3Y) Largest decline over 3 years	-12.84%	-37.28%	+24.44%
Max Drawdown (5Y) Largest decline over 5 years	-33.89%	-40.95%	+7.06%
Max Drawdown (10Y) Largest decline over 10 years	-37.50%	-40.95%	+3.45%
Current Drawdown Current decline from peak	-6.35%	-26.87%	+20.52%
Average Drawdown Average peak-to-trough decline	-11.30%	-18.01%	+6.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	13.71%	-10.03%

Volatility

MSD vs. TMO - Volatility Comparison

The current volatility for Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) is 3.76%, while Thermo Fisher Scientific Inc. (TMO) has a volatility of 9.66%. This indicates that MSD experiences smaller price fluctuations and is considered to be less risky than TMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSD	TMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	9.66%	-5.90%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	21.40%	-13.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	30.90%	-20.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.04%	27.11%	-13.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.75%	26.31%	-11.56%

Dividends

MSD vs. TMO - Dividend Comparison

MSD's dividend yield for the trailing twelve months is around 8.93%, more than TMO's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSD Morgan Stanley Emerging Markets Debt Fund, Inc.	8.93%	9.88%	11.88%	10.90%	7.34%	4.99%	4.67%	5.37%	6.56%	5.81%	6.87%	7.03%
TMO Thermo Fisher Scientific Inc.	0.37%	0.30%	0.30%	0.26%	0.22%	0.16%	0.19%	0.23%	0.30%	0.32%	0.43%	0.42%

Financials

Frequently Asked Questions

Can I hold both MSD and TMO in my portfolio?

MSD and TMO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSD or TMO?

TMO has higher volatility (9.66%) compared to MSD (3.76%). In terms of maximum drawdown, MSD dropped -58.51% vs TMO's -71.16%.

Which has better risk-adjusted returns?

TMO currently has the higher Sharpe Ratio (0.72 vs 0.29), 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.