MSDL vs. TSLX
MSDL (Morgan Stanley Direct Lending Fund) and TSLX (Sixth Street Specialty Lending, Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past year, MSDL returned -12.86% vs -22.87% for TSLX. At a 0.42 correlation, their price movements are largely independent.
Performance
MSDL vs. TSLX - Performance Comparison
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Returns By Period
In the year-to-date period, MSDL achieves a -6.23% return, which is significantly higher than TSLX's -21.20% return.
MSDL
- 1D
- -2.67%
- 1M
- -0.86%
- YTD
- -6.23%
- 6M
- -5.62%
- 1Y
- -12.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSLX
- 1D
- -2.17%
- 1M
- -2.89%
- YTD
- -21.20%
- 6M
- -20.17%
- 1Y
- -22.87%
- 3Y*
- 6.24%
- 5Y*
- 4.26%
- 10Y*
- 10.94%
MSDL vs. TSLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | -6.23% | -10.85% | 11.98% |
TSLX Sixth Street Specialty Lending, Inc. | -21.20% | 11.52% | 6.17% |
Correlation
The correlation between MSDL and TSLX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2024 | 0.42 |
The correlation between MSDL and TSLX shifts across timeframes, from 0.42 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
MSDL:
$1.28B
TSLX:
$1.54B
MSDL:
$1.54
TSLX:
$436.19
MSDL:
9.70
TSLX:
0.04
MSDL:
0.14
TSLX:
0.05
MSDL:
4.14
TSLX:
0.02
MSDL:
0.76
TSLX:
0.00
MSDL:
$313.72M
TSLX:
$91.48B
MSDL:
$139.11M
TSLX:
$215.15M
MSDL:
$126.37M
TSLX:
$192.45M
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Return for Risk
MSDL vs. TSLX — Risk / Return Rank
MSDL
TSLX
MSDL vs. TSLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Direct Lending Fund (MSDL) and Sixth Street Specialty Lending, Inc. (TSLX). 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 | TSLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.85 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.80 | +0.28 |
| Martin ratioReturn relative to average drawdown | -0.94 | -1.47 | +0.53 |
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Drawdowns
MSDL vs. TSLX - Drawdown Comparison
The maximum MSDL drawdown since its inception was -29.68%, smaller than the maximum TSLX drawdown of -50.27%. Use the drawdown chart below to compare losses from any high point for MSDL and TSLX.
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Drawdown Indicators
| MSDL | TSLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.68% | -50.27% | +20.59% |
Max Drawdown (1Y)Largest decline over 1 year | -24.80% | -28.83% | +4.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -28.83% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.83% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -50.27% | — |
Current DrawdownCurrent decline from peak | -22.43% | -28.83% | +6.40% |
Average DrawdownAverage peak-to-trough decline | -12.19% | -9.13% | -3.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.77% | 15.58% | -1.81% |
Volatility
MSDL vs. TSLX - Volatility Comparison
The current volatility for Morgan Stanley Direct Lending Fund (MSDL) is 6.98%, while Sixth Street Specialty Lending, Inc. (TSLX) has a volatility of 7.42%. This indicates that MSDL experiences smaller price fluctuations and is considered to be less risky than TSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSDL | TSLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.98% | 7.42% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 16.83% | 20.78% | -3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.61% | 24.67% | -4.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.19% | 19.42% | +3.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.19% | 21.49% | +1.70% |
Dividends
MSDL vs. TSLX - Dividend Comparison
MSDL's dividend yield for the trailing twelve months is around 13.03%, more than TSLX's 11.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | 13.03% | 12.14% | 10.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TSLX Sixth Street Specialty Lending, Inc. | 11.63% | 9.44% | 9.81% | 9.72% | 10.34% | 15.35% | 11.08% | 8.43% | 9.84% | 8.84% | 8.35% | 9.62% |
Financials
MSDL vs. TSLX - Financials Comparison
This section allows you to compare key financial metrics between Morgan Stanley Direct Lending Fund and Sixth Street Specialty Lending, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
MSDL vs. TSLX - Profitability Comparison
MSDL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Morgan Stanley Direct Lending Fund reported a gross profit of 0.00 and revenue of 89.06M. Therefore, the gross margin over that period was 0.0%.
TSLX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Sixth Street Specialty Lending, Inc. reported a gross profit of 0.00 and revenue of 91.19B. Therefore, the gross margin over that period was 0.0%.
MSDL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Morgan Stanley Direct Lending Fund reported an operating income of 0.00 and revenue of 89.06M, resulting in an operating margin of 0.0%.
TSLX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Sixth Street Specialty Lending, Inc. reported an operating income of 0.00 and revenue of 91.19B, resulting in an operating margin of 0.0%.
MSDL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Morgan Stanley Direct Lending Fund reported a net income of 41.34M and revenue of 89.06M, resulting in a net margin of 46.4%.
TSLX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Sixth Street Specialty Lending, Inc. reported a net income of 41.05B and revenue of 91.19B, resulting in a net margin of 45.0%.
Frequently Asked Questions
MSDL and TSLX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLX has higher volatility (7.42%) compared to MSDL (6.98%). In terms of maximum drawdown, MSDL dropped -29.68% vs TSLX's -50.27%.
MSDL currently has the higher Sharpe Ratio (-0.63 vs -0.93), 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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