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 -9.33% vs 21.53% for VOO. At a 0.30 correlation, their price movements are largely independent.
Performance
MSDL vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, MSDL achieves a -0.29% return, which is significantly lower than VOO's 10.45% return.
MSDL
- 1D
- -0.77%
- 1M
- 2.30%
- 6M
- 0.32%
- YTD
- -0.29%
- 1Y
- -9.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VOO
- 1D
- -0.77%
- 1M
- 1.25%
- 6M
- 8.34%
- YTD
- 10.45%
- 1Y
- 21.53%
- 3Y*
- 20.16%
- 5Y*
- 13.01%
- 10Y*
- 15.16%
MSDL vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSDL Morgan Stanley Direct Lending Fund | -0.29% | -10.85% | 11.98% |
VOO Vanguard S&P 500 ETF | 10.45% | 17.82% | 22.50% |
Correlation
The correlation between MSDL and VOO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
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 | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.31 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 2.43 | -2.81 |
| Martin ratioReturn relative to average drawdown | -0.66 | 10.60 | -11.26 |
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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 | -24.80% | -8.90% | -15.90% |
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 | -17.52% | -1.11% | -16.41% |
Average DrawdownAverage peak-to-trough decline | -12.35% | -3.68% | -8.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.13% | 2.04% | +12.09% |
Volatility
MSDL vs. VOO - Volatility Comparison
Morgan Stanley Direct Lending Fund (MSDL) has a higher volatility of 6.30% compared to Vanguard S&P 500 ETF (VOO) at 4.16%. 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 | 6.30% | 4.16% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 16.33% | 9.97% | +6.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.83% | 12.53% | +8.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.10% | 16.93% | +6.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.10% | 18.00% | +5.10% |
Dividends
MSDL vs. VOO - Dividend Comparison
MSDL's dividend yield for the trailing twelve months is around 12.30%, 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 | 12.30% | 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 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSDL has higher volatility (6.30%) compared to VOO (4.16%). In terms of maximum drawdown, MSDL dropped -29.68% vs VOO's -33.99%.
VOO currently has the higher Sharpe Ratio (1.73 vs -0.45), 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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