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 -13.06% vs 30.41% for QQQI. At a 0.27 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 -5.04% return, which is significantly lower than QQQI's 13.43% return.
MSDL
- 1D
- -2.88%
- 1M
- -3.81%
- YTD
- -5.04%
- 6M
- -7.33%
- 1Y
- -13.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QQQI
- 1D
- -0.17%
- 1M
- 6.91%
- YTD
- 13.43%
- 6M
- 12.92%
- 1Y
- 30.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSDL vs. QQQI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | -5.04% | -10.85% | 11.70% |
QQQI NEOS Nasdaq-100 High Income ETF | 13.43% | 18.62% | 19.83% |
Correlation
The correlation between MSDL and QQQI is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024 | 0.27 |
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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.
| MSDL | QQQI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.01 | ||
| Sortino ratioReturn per unit of downside risk | -3.97 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.43 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 3.18 | -3.71 |
| Martin ratioReturn relative to average drawdown | -0.98 | 14.27 | -15.25 |
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 | QQQI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 2.35 | -3.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 1.34 | -1.45 |
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 | -21.45% | -0.17% | -21.28% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -2.20% | -9.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.37% | 2.14% | +11.23% |
Volatility
MSDL vs. QQQI - Volatility Comparison
Morgan Stanley Direct Lending Fund (MSDL) has a higher volatility of 5.77% compared to NEOS Nasdaq-100 High Income ETF (QQQI) at 2.68%. This indicates that MSDL's price experiences larger fluctuations and is considered to be riskier 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 | 5.77% | 2.68% | +3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 9.85% | +6.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.93% | 12.98% | +6.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.16% | 17.07% | +6.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.16% | 17.07% | +6.09% |
Dividends
MSDL vs. QQQI - Dividend Comparison
MSDL's dividend yield for the trailing twelve months is around 12.87%, less than QQQI's 13.19% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | 12.87% | 12.14% | 10.65% |
QQQI NEOS Nasdaq-100 High Income ETF | 13.19% | 13.82% | 12.85% |
Frequently Asked Questions
MSDL and QQQI have a correlation of 0.34, 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 QQQI (2.68%). In terms of maximum drawdown, MSDL dropped -29.68% vs QQQI's -20.00%.
QQQI currently has the higher Sharpe Ratio (2.35 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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