MSDL vs. VOO
MSDL (Morgan Stanley Direct Lending Fund) is a stock, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past year, MSDL returned -11.03% vs 21.58% for VOO. Their 0.30 correlation means their historical movements had little consistent relationship.
Performance
MSDL vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, MSDL achieves a -5.71% return, which is significantly lower than VOO's 10.16% return.
MSDL
- 1D
- -1.35%
- 1M
- -5.13%
- 6M
- -4.08%
- YTD
- -5.71%
- 1Y
- -11.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.38%
VOO
- 1D
- 0.71%
- 1M
- 0.26%
- 6M
- 8.58%
- YTD
- 10.16%
- 1Y
- 21.58%
- 3Y*
- 19.42%
- 5Y*
- 12.83%
- 10Y*
- 15.14%
- ALL TIME*
- 14.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.96M | $7.21M | $8.61M | |
| $3.82B | $3.78B | $5.44B |
MSDL vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | -5.71% | -10.85% | 11.98% |
VOO Vanguard S&P 500 ETF | 10.16% | 17.82% | 22.50% |
Correlation
The correlation between MSDL and VOO is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2024 | 0.30 |
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Return for Risk
MSDL vs. VOO — Risk / Return Rank
MSDL
VOO
MSDL vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Direct Lending Fund (MSDL) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.81 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.28 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.21 | -2.80 |
| Martin ratioReturn relative to average drawdown | -1.29 | 9.44 | -10.72 |
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Drawdowns
MSDL vs. VOO - Drawdown Comparison
The maximum MSDL drawdown since its inception was -29.68%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for MSDL and VOO.
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Drawdown Indicators
| MSDL | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.68% | -33.99% | +4.31% |
Max Drawdown (1Y)Largest decline over 1 year | -19.78% | -8.90% | -10.88% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.69% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.52% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.99% | — |
Current DrawdownCurrent decline from peak | -22.00% | -1.38% | -20.62% |
Average DrawdownAverage peak-to-trough decline | -12.49% | -3.67% | -8.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.80% | 2.08% | +7.72% |
Volatility
MSDL vs. VOO - Volatility Comparison
Morgan Stanley Direct Lending Fund (MSDL) has a higher volatility of 5.84% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that MSDL's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSDL | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 3.54% | +2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 16.49% | 10.10% | +6.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.08% | 12.82% | +8.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.05% | 16.93% | +6.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.05% | 18.01% | +5.04% |
Dividends
MSDL vs. VOO - Dividend Comparison
MSDL's dividend yield for the trailing twelve months is around 13.00%, more than VOO's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | 13.00% | 12.14% | 10.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VOO Vanguard S&P 500 ETF | 1.07% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
MSDL and VOO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSDL has higher volatility (5.84%) compared to VOO (3.54%). In terms of maximum drawdown, MSDL dropped -29.68% vs VOO's -33.99%.
VOO currently has the higher Sharpe Ratio (1.53 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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