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MSDL vs. GLD
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between MSDL and GLD is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.2

Performance

MSDL vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Direct Lending Fund (MSDL) and SPDR Gold Trust (GLD). The values are adjusted to include any dividend payments, if applicable.

0.00%20.00%40.00%60.00%December2025FebruaryMarchAprilMay
6.82%
59.86%
MSDL
GLD

Key characteristics

Sharpe Ratio

MSDL:

0.01

GLD:

2.41

Sortino Ratio

MSDL:

0.18

GLD:

3.21

Omega Ratio

MSDL:

1.02

GLD:

1.41

Calmar Ratio

MSDL:

0.01

GLD:

5.01

Martin Ratio

MSDL:

0.03

GLD:

13.43

Ulcer Index

MSDL:

9.96%

GLD:

3.03%

Daily Std Dev

MSDL:

24.43%

GLD:

16.89%

Max Drawdown

MSDL:

-18.12%

GLD:

-45.56%

Current Drawdown

MSDL:

-10.66%

GLD:

-5.58%

Returns By Period

In the year-to-date period, MSDL achieves a -3.72% return, which is significantly lower than GLD's 23.07% return.


MSDL

YTD

-3.72%

1M

-3.34%

6M

2.25%

1Y

-0.66%

5Y*

N/A

10Y*

N/A

GLD

YTD

23.07%

1M

4.04%

6M

18.03%

1Y

39.92%

5Y*

13.24%

10Y*

10.08%

*Annualized

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Risk-Adjusted Performance

MSDL vs. GLD — Risk-Adjusted Performance Rank

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

MSDL
The Risk-Adjusted Performance Rank of MSDL is 4646
Overall Rank
The Sharpe Ratio Rank of MSDL is 5050
Sharpe Ratio Rank
The Sortino Ratio Rank of MSDL is 4141
Sortino Ratio Rank
The Omega Ratio Rank of MSDL is 4141
Omega Ratio Rank
The Calmar Ratio Rank of MSDL is 5151
Calmar Ratio Rank
The Martin Ratio Rank of MSDL is 5050
Martin Ratio Rank

GLD
The Risk-Adjusted Performance Rank of GLD is 9696
Overall Rank
The Sharpe Ratio Rank of GLD is 9696
Sharpe Ratio Rank
The Sortino Ratio Rank of GLD is 9696
Sortino Ratio Rank
The Omega Ratio Rank of GLD is 9494
Omega Ratio Rank
The Calmar Ratio Rank of GLD is 9797
Calmar Ratio Rank
The Martin Ratio Rank of GLD is 9595
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

MSDL vs. GLD - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Direct Lending Fund (MSDL) and SPDR Gold Trust (GLD). 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.


The chart of Sharpe ratio for MSDL, currently valued at 0.01, compared to the broader market-2.00-1.000.001.002.003.00
MSDL: 0.01
GLD: 2.41
The chart of Sortino ratio for MSDL, currently valued at 0.18, compared to the broader market-6.00-4.00-2.000.002.004.00
MSDL: 0.18
GLD: 3.21
The chart of Omega ratio for MSDL, currently valued at 1.02, compared to the broader market0.501.001.502.00
MSDL: 1.02
GLD: 1.41
The chart of Calmar ratio for MSDL, currently valued at 0.01, compared to the broader market0.001.002.003.004.005.00
MSDL: 0.01
GLD: 5.01
The chart of Martin ratio for MSDL, currently valued at 0.03, compared to the broader market-40.00-30.00-20.00-10.000.0010.0020.00
MSDL: 0.03
GLD: 13.43

The current MSDL Sharpe Ratio is 0.01, which is lower than the GLD Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of MSDL and GLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.001.002.003.00Feb 02Feb 09Feb 16Feb 23Mar 02Mar 09Mar 16Mar 23Mar 30Apr 06Apr 13Apr 20Apr 27
0.01
2.41
MSDL
GLD

Dividends

MSDL vs. GLD - Dividend Comparison

MSDL's dividend yield for the trailing twelve months is around 11.33%, while GLD has not paid dividends to shareholders.


TTM2024
MSDL
Morgan Stanley Direct Lending Fund
11.33%10.65%
GLD
SPDR Gold Trust
0.00%0.00%

Drawdowns

MSDL vs. GLD - Drawdown Comparison

The maximum MSDL drawdown since its inception was -18.12%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for MSDL and GLD. For additional features, visit the drawdowns tool.


-20.00%-15.00%-10.00%-5.00%0.00%December2025FebruaryMarchAprilMay
-10.66%
-5.58%
MSDL
GLD

Volatility

MSDL vs. GLD - Volatility Comparison

Morgan Stanley Direct Lending Fund (MSDL) has a higher volatility of 11.42% compared to SPDR Gold Trust (GLD) at 8.73%. This indicates that MSDL's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


4.00%6.00%8.00%10.00%12.00%December2025FebruaryMarchAprilMay
11.42%
8.73%
MSDL
GLD