MSDL vs. FDUS
MSDL (Morgan Stanley Direct Lending Fund) and FDUS (Fidus Investment Corporation) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past year, MSDL returned -13.06% vs 1.45% for FDUS. At a 0.42 correlation, their price movements are largely independent.
Performance
MSDL vs. FDUS - Performance Comparison
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Returns By Period
In the year-to-date period, MSDL achieves a -5.04% return, which is significantly lower than FDUS's -1.84% return.
MSDL
- 1D
- -2.88%
- 1M
- -3.81%
- YTD
- -5.04%
- 6M
- -7.33%
- 1Y
- -13.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FDUS
- 1D
- -2.44%
- 1M
- -4.12%
- YTD
- -1.84%
- 6M
- -1.57%
- 1Y
- 1.45%
- 3Y*
- 11.73%
- 5Y*
- 13.03%
- 10Y*
- 13.71%
MSDL vs. FDUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | -5.04% | -10.85% | 10.95% |
FDUS Fidus Investment Corporation | -1.84% | 2.08% | 20.24% |
Correlation
The correlation between MSDL and FDUS is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2024 | 0.42 |
Over the past year, MSDL and FDUS have become more correlated (0.64) than their long-term average of 0.42, meaning their price movements have been converging.
Fundamentals
MSDL:
$1.30B
FDUS:
$698.36M
MSDL:
$1.54
FDUS:
$2.40
MSDL:
9.83
FDUS:
7.68
MSDL:
0.14
FDUS:
3.07
MSDL:
4.19
FDUS:
4.78
MSDL:
0.77
FDUS:
0.94
MSDL:
$313.72M
FDUS:
$140.24M
MSDL:
$139.11M
FDUS:
$91.57M
MSDL:
$126.37M
FDUS:
$98.79M
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Return for Risk
MSDL vs. FDUS — Risk / Return Rank
MSDL
FDUS
MSDL vs. FDUS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Direct Lending Fund (MSDL) and Fidus Investment Corporation (FDUS). 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.
| MSDL | FDUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.03 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 0.09 | -0.62 |
| Martin ratioReturn relative to average drawdown | -0.98 | 0.19 | -1.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSDL | FDUS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 0.07 | -0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 0.39 | -0.50 |
Drawdowns
MSDL vs. FDUS - Drawdown Comparison
The maximum MSDL drawdown since its inception was -29.68%, smaller than the maximum FDUS drawdown of -68.76%. Use the drawdown chart below to compare losses from any high point for MSDL and FDUS.
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Drawdown Indicators
| MSDL | FDUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.68% | -68.76% | +39.08% |
Max Drawdown (1Y)Largest decline over 1 year | -24.80% | -16.45% | -8.35% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -68.76% | — |
Current DrawdownCurrent decline from peak | -21.45% | -9.88% | -11.57% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -8.91% | -3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.37% | 7.52% | +5.85% |
Volatility
MSDL vs. FDUS - Volatility Comparison
The current volatility for Morgan Stanley Direct Lending Fund (MSDL) is 5.77%, while Fidus Investment Corporation (FDUS) has a volatility of 10.63%. This indicates that MSDL experiences smaller price fluctuations and is considered to be less risky than FDUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSDL | FDUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 10.63% | -4.86% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 17.08% | -0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.93% | 20.85% | -0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.16% | 19.96% | +3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.16% | 33.54% | -10.38% |
Dividends
MSDL vs. FDUS - Dividend Comparison
MSDL's dividend yield for the trailing twelve months is around 12.87%, more than FDUS's 11.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDUS Fidus Investment Corporation | 11.58% | 11.14% | 11.51% | 14.63% | 10.51% | 8.90% | 10.15% | 10.78% | 13.69% | 10.54% | 10.17% | 11.69% |
MSDL Morgan Stanley Direct Lending Fund | 12.87% | 12.14% | 10.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
MSDL vs. FDUS - Financials Comparison
This section allows you to compare key financial metrics between Morgan Stanley Direct Lending Fund and Fidus Investment Corporation. 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
MSDL vs. FDUS - Profitability Comparison
MSDL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Morgan Stanley Direct Lending Fund reported a gross profit of 0.00 and revenue of 89.06M. Therefore, the gross margin over that period was 0.0%.
FDUS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Fidus Investment Corporation reported a gross profit of 0.00 and revenue of 34.29M. Therefore, the gross margin over that period was 0.0%.
MSDL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Morgan Stanley Direct Lending Fund reported an operating income of 0.00 and revenue of 89.06M, resulting in an operating margin of 0.0%.
FDUS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Fidus Investment Corporation reported an operating income of 0.00 and revenue of 34.29M, resulting in an operating margin of 0.0%.
MSDL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Morgan Stanley Direct Lending Fund reported a net income of 41.34M and revenue of 89.06M, resulting in a net margin of 46.4%.
FDUS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Fidus Investment Corporation reported a net income of 24.64M and revenue of 34.29M, resulting in a net margin of 71.9%.
Frequently Asked Questions
MSDL and FDUS have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDUS has higher volatility (10.63%) compared to MSDL (5.77%). In terms of maximum drawdown, MSDL dropped -29.68% vs FDUS's -68.76%.
FDUS currently has the higher Sharpe Ratio (0.07 vs -0.66), 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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