MSDL vs. QQQI
MSDL (Morgan Stanley Direct Lending Fund) is a stock, while QQQI (NEOS Nasdaq-100 High Income ETF) is Nasdaq-100 fund actively managed by Neos. Over the past year, MSDL returned -11.39% vs 23.23% for QQQI. At a 0.26 correlation, their price movements are largely independent.
Performance
MSDL vs. QQQI - Performance Comparison
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Returns By Period
In the year-to-date period, MSDL achieves a -5.73% return, which is significantly lower than QQQI's 9.46% return.
MSDL
- 1D
- -1.12%
- 1M
- -0.33%
- YTD
- -5.73%
- 6M
- -4.55%
- 1Y
- -11.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QQQI
- 1D
- -0.36%
- 1M
- -1.29%
- YTD
- 9.46%
- 6M
- 8.08%
- 1Y
- 23.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSDL vs. QQQI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | -5.73% | -10.85% | 12.64% |
QQQI NEOS Nasdaq-100 High Income ETF | 9.46% | 18.62% | 19.44% |
Correlation
The correlation between MSDL and QQQI is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024 | 0.26 |
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Return for Risk
MSDL vs. QQQI — Risk / Return Rank
MSDL
QQQI
MSDL vs. QQQI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Direct Lending Fund (MSDL) and NEOS Nasdaq-100 High Income ETF (QQQI). 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 | QQQI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.30 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 2.43 | -2.89 |
| Martin ratioReturn relative to average drawdown | -0.82 | 10.31 | -11.14 |
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Drawdowns
MSDL vs. QQQI - Drawdown Comparison
The maximum MSDL drawdown since its inception was -29.68%, which is greater than QQQI's maximum drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for MSDL and QQQI.
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Drawdown Indicators
| MSDL | QQQI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.68% | -20.00% | -9.68% |
Max Drawdown (1Y)Largest decline over 1 year | -24.80% | -9.61% | -15.19% |
Current DrawdownCurrent decline from peak | -22.02% | -3.67% | -18.35% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -2.21% | -10.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.84% | 2.26% | +11.58% |
Volatility
MSDL vs. QQQI - Volatility Comparison
The current volatility for Morgan Stanley Direct Lending Fund (MSDL) is 7.09%, while NEOS Nasdaq-100 High Income ETF (QQQI) has a volatility of 7.62%. This indicates that MSDL experiences smaller price fluctuations and is considered to be less risky than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSDL | QQQI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.09% | 7.62% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 16.93% | 11.94% | +4.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.58% | 14.78% | +5.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.19% | 17.51% | +5.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.19% | 17.51% | +5.68% |
Dividends
MSDL vs. QQQI - Dividend Comparison
MSDL's dividend yield for the trailing twelve months is around 12.97%, less than QQQI's 15.03% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | 12.97% | 12.14% | 10.65% |
QQQI NEOS Nasdaq-100 High Income ETF | 15.03% | 13.82% | 12.85% |
Frequently Asked Questions
MSDL and QQQI have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQI has higher volatility (7.62%) compared to MSDL (7.09%). In terms of maximum drawdown, MSDL dropped -29.68% vs QQQI's -20.00%.
QQQI currently has the higher Sharpe Ratio (1.58 vs -0.56), 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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