MSDL vs. MLPA
MSDL (Morgan Stanley Direct Lending Fund) is a stock, while MLPA (Global X MLP ETF) is MLPs fund tracking the Solactive MLP Infrastructure Index. Over the past year, MSDL returned -8.48% vs 19.55% for MLPA. At a 0.16 correlation, their price movements are largely independent.
Performance
MSDL vs. MLPA - Performance Comparison
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Returns By Period
In the year-to-date period, MSDL achieves a 1.64% return, which is significantly lower than MLPA's 18.84% return.
MSDL
- 1D
- 0.77%
- 1M
- 4.15%
- 6M
- -0.65%
- YTD
- 1.64%
- 1Y
- -8.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MLPA
- 1D
- 1.35%
- 1M
- 5.69%
- 6M
- 13.90%
- YTD
- 18.84%
- 1Y
- 19.55%
- 3Y*
- 16.97%
- 5Y*
- 17.70%
- 10Y*
- 6.12%
MSDL vs. MLPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | 1.64% | -10.85% | 11.98% |
MLPA Global X MLP ETF | 18.84% | 5.73% | 17.90% |
Correlation
The correlation between MSDL and MLPA is 0.07, 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 | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2024 | 0.16 |
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Return for Risk
MSDL vs. MLPA — Risk / Return Rank
MSDL
MLPA
MSDL vs. MLPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Direct Lending Fund (MSDL) and Global X MLP ETF (MLPA). 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 | MLPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.27 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.34 | 2.36 | -2.70 |
| Martin ratioReturn relative to average drawdown | -0.60 | 6.17 | -6.76 |
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Drawdowns
MSDL vs. MLPA - Drawdown Comparison
The maximum MSDL drawdown since its inception was -29.68%, smaller than the maximum MLPA drawdown of -78.75%. Use the drawdown chart below to compare losses from any high point for MSDL and MLPA.
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Drawdown Indicators
| MSDL | MLPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.68% | -78.75% | +49.07% |
Max Drawdown (1Y)Largest decline over 1 year | -24.80% | -8.33% | -16.47% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.20% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.05% | — |
Current DrawdownCurrent decline from peak | -15.92% | -1.55% | -14.37% |
Average DrawdownAverage peak-to-trough decline | -12.37% | -20.14% | +7.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.18% | 3.18% | +11.00% |
Volatility
MSDL vs. MLPA - Volatility Comparison
Morgan Stanley Direct Lending Fund (MSDL) has a higher volatility of 6.19% compared to Global X MLP ETF (MLPA) at 5.09%. This indicates that MSDL's price experiences larger fluctuations and is considered to be riskier than MLPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSDL | MLPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 5.09% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 16.29% | 9.52% | +6.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.77% | 12.54% | +8.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.05% | 17.99% | +5.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.05% | 27.40% | -4.35% |
Dividends
MSDL vs. MLPA - Dividend Comparison
MSDL's dividend yield for the trailing twelve months is around 12.06%, more than MLPA's 7.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLPA Global X MLP ETF | 7.11% | 7.82% | 7.25% | 7.49% | 7.30% | 8.72% | 13.84% | 9.09% | 10.00% | 8.05% | 7.15% | 9.29% |
MSDL Morgan Stanley Direct Lending Fund | 12.06% | 12.14% | 10.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSDL and MLPA have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSDL has higher volatility (6.19%) compared to MLPA (5.09%). In terms of maximum drawdown, MSDL dropped -29.68% vs MLPA's -78.75%.
MLPA currently has the higher Sharpe Ratio (1.57 vs -0.41), 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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