MSDL vs. GLD
MSDL (Morgan Stanley Direct Lending Fund) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past year, MSDL returned -13.06% vs 32.04% for GLD. At a 0.04 correlation, their price movements are largely independent.
Performance
MSDL vs. GLD - 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 GLD's 2.92% return.
MSDL
- 1D
- -2.88%
- 1M
- -3.81%
- YTD
- -5.04%
- 6M
- -7.33%
- 1Y
- -13.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GLD
- 1D
- -0.99%
- 1M
- -1.65%
- YTD
- 2.92%
- 6M
- 5.43%
- 1Y
- 32.04%
- 3Y*
- 31.09%
- 5Y*
- 18.15%
- 10Y*
- 13.12%
MSDL vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | -5.04% | -10.85% | 10.95% |
GLD SPDR Gold Shares | 2.92% | 63.68% | 29.90% |
Correlation
The correlation between MSDL and GLD 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 (All Time) Calculated using the full available price history since Jan 25, 2024 | 0.04 |
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Return for Risk
MSDL vs. GLD — Risk / Return Rank
MSDL
GLD
MSDL vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Direct Lending Fund (MSDL) and SPDR Gold Shares (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.
| MSDL | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.24 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 1.68 | -2.20 |
| Martin ratioReturn relative to average drawdown | -0.98 | 4.15 | -5.13 |
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 | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 1.21 | -1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.01 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.83 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 0.60 | -0.71 |
Drawdowns
MSDL vs. GLD - Drawdown Comparison
The maximum MSDL drawdown since its inception was -29.68%, 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.
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Drawdown Indicators
| MSDL | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.68% | -45.56% | +15.88% |
Max Drawdown (1Y)Largest decline over 1 year | -24.80% | -19.21% | -5.59% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.21% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.03% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.00% | — |
Current DrawdownCurrent decline from peak | -21.45% | -17.75% | -3.70% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -16.16% | +4.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.37% | 7.73% | +5.64% |
Volatility
MSDL vs. GLD - Volatility Comparison
Morgan Stanley Direct Lending Fund (MSDL) and SPDR Gold Shares (GLD) have volatilities of 5.77% and 5.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSDL | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 5.51% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 23.16% | -7.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.93% | 26.61% | -6.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.16% | 18.00% | +5.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.16% | 15.95% | +7.21% |
Dividends
MSDL vs. GLD - Dividend Comparison
MSDL's dividend yield for the trailing twelve months is around 12.87%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% |
MSDL Morgan Stanley Direct Lending Fund | 12.87% | 12.14% | 10.65% |
Frequently Asked Questions
MSDL and GLD 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.
MSDL has higher volatility (5.77%) compared to GLD (5.51%). In terms of maximum drawdown, MSDL dropped -29.68% vs GLD's -45.56%.
GLD currently has the higher Sharpe Ratio (1.21 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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