MSDL vs. BXSL
MSDL (Morgan Stanley Direct Lending Fund) and BXSL (Blackstone Secured Lending Fund) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past year, MSDL returned -12.86% vs -16.53% for BXSL. At a 0.49 correlation, their price movements are largely independent.
Performance
MSDL vs. BXSL - Performance Comparison
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Returns By Period
In the year-to-date period, MSDL achieves a -6.23% return, which is significantly higher than BXSL's -8.86% return.
MSDL
- 1D
- -2.67%
- 1M
- -0.86%
- YTD
- -6.23%
- 6M
- -5.62%
- 1Y
- -12.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BXSL
- 1D
- -1.65%
- 1M
- -0.47%
- YTD
- -8.86%
- 6M
- -8.91%
- 1Y
- -16.53%
- 3Y*
- 5.71%
- 5Y*
- —
- 10Y*
- —
MSDL vs. BXSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | -6.23% | -10.85% | 11.98% |
BXSL Blackstone Secured Lending Fund | -8.86% | -9.36% | 24.95% |
Correlation
The correlation between MSDL and BXSL is 0.71, 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 | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2024 | 0.49 |
Over the past year, MSDL and BXSL have become more correlated (0.71) than their long-term average of 0.49, meaning their price movements have been converging.
Fundamentals
MSDL:
$1.28B
BXSL:
$5.39B
MSDL:
$1.54
BXSL:
$1.80
MSDL:
9.70
BXSL:
12.91
MSDL:
4.14
BXSL:
7.55
MSDL:
0.76
BXSL:
0.88
MSDL:
$313.72M
BXSL:
$706.98M
MSDL:
$139.11M
BXSL:
$831.73M
MSDL:
$126.37M
BXSL:
$525.53M
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Return for Risk
MSDL vs. BXSL — Risk / Return Rank
MSDL
BXSL
MSDL vs. BXSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Direct Lending Fund (MSDL) and Blackstone Secured Lending Fund (BXSL). 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.
| MSDL | BXSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.88 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.71 | +0.19 |
| Martin ratioReturn relative to average drawdown | -0.94 | -1.04 | +0.10 |
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Drawdowns
MSDL vs. BXSL - Drawdown Comparison
The maximum MSDL drawdown since its inception was -29.68%, smaller than the maximum BXSL drawdown of -36.80%. Use the drawdown chart below to compare losses from any high point for MSDL and BXSL.
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Drawdown Indicators
| MSDL | BXSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.68% | -36.80% | +7.12% |
Max Drawdown (1Y)Largest decline over 1 year | -24.80% | -23.47% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.21% | — |
Current DrawdownCurrent decline from peak | -22.43% | -22.64% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -12.19% | -14.18% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.77% | 15.99% | -2.22% |
Volatility
MSDL vs. BXSL - Volatility Comparison
Morgan Stanley Direct Lending Fund (MSDL) has a higher volatility of 6.98% compared to Blackstone Secured Lending Fund (BXSL) at 5.32%. This indicates that MSDL's price experiences larger fluctuations and is considered to be riskier than BXSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSDL | BXSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.98% | 5.32% | +1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 16.83% | 16.51% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.61% | 20.26% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.19% | 23.82% | -0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.19% | 23.82% | -0.63% |
Dividends
MSDL vs. BXSL - Dividend Comparison
MSDL's dividend yield for the trailing twelve months is around 13.03%, less than BXSL's 13.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BXSL Blackstone Secured Lending Fund | 13.26% | 11.70% | 9.53% | 10.64% | 13.02% | 1.56% |
MSDL Morgan Stanley Direct Lending Fund | 13.03% | 12.14% | 10.65% | 0.00% | 0.00% | 0.00% |
Financials
MSDL vs. BXSL - Financials Comparison
This section allows you to compare key financial metrics between Morgan Stanley Direct Lending Fund and Blackstone Secured Lending Fund. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
Frequently Asked Questions
MSDL and BXSL have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSDL has higher volatility (6.98%) compared to BXSL (5.32%). In terms of maximum drawdown, MSDL dropped -29.68% vs BXSL's -36.80%.
MSDL currently has the higher Sharpe Ratio (-0.63 vs -0.82), 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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