MSLC vs. VOO

Last updated Apr 1, 2026

Compare and contrast key facts about Morgan Stanley Pathway Large Cap Equity ETF (MSLC) and Vanguard S&P 500 ETF (VOO).

MSLC and VOO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSLC is an actively managed fund by Morgan Stanley. It was launched on Nov 18, 1991. VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010.

Performance

MSLC vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Pathway Large Cap Equity ETF (MSLC) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

MSLC vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSLC Morgan Stanley Pathway Large Cap Equity ETF	-4.83%	15.68%	-3.29%
VOO Vanguard S&P 500 ETF	-4.42%	17.82%	-2.77%

Returns By Period

In the year-to-date period, MSLC achieves a -4.83% return, which is significantly lower than VOO's -4.42% return.

MSLC

• 1D: 2.73%
• 1M: -5.19%
• YTD: -4.83%
• 6M: -2.76%
• 1Y: 14.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOO

• 1D: 2.86%
• 1M: -5.01%
• YTD: -4.42%
• 6M: -1.84%
• 1Y: 17.67%
• 3Y*: 18.27%
• 5Y*: 11.75%
• 10Y*: 14.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MSLC vs. VOO - Expense Ratio Comparison

MSLC has a 0.39% expense ratio, which is higher than VOO's 0.03% expense ratio.

MSLC

Morgan Stanley Pathway Large Cap Equity ETF

VOO

Vanguard S&P 500 ETF

Return for Risk

MSLC vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSLC

MSLC Risk / Return Rank: 47
MSLC Sharpe Ratio Rank: 40
MSLC Sortino Ratio Rank: 43
MSLC Omega Ratio Rank: 46
MSLC Calmar Ratio Rank: 48
MSLC Martin Ratio Rank: 56

VOO

VOO Risk / Return Rank: 65
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 62
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 65
VOO Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MSLC vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Large Cap Equity ETF (MSLC) 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.

	MSLC	VOO	Difference
Sharpe ratio Return per unit of total volatility	0.79	0.98	-0.20
Sortino ratio Return per unit of downside risk	1.24	1.50	-0.25
Omega ratio Gain probability vs. loss probability	1.18	1.23	-0.04
Calmar ratio Return relative to maximum drawdown	1.27	1.53	-0.27
Martin ratio Return relative to average drawdown	5.62	7.29	-1.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSLC vs. VOO - Sharpe Ratio Comparison

The current MSLC Sharpe Ratio is 0.79, which is comparable to the VOO Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of MSLC and VOO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSLC	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	0.98	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.83	-0.55

Correlation

The correlation between MSLC and VOO is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MSLC vs. VOO - Dividend Comparison

MSLC's dividend yield for the trailing twelve months is around 2.26%, more than VOO's 1.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSLC Morgan Stanley Pathway Large Cap Equity ETF	2.26%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.19%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Drawdowns

MSLC vs. VOO - Drawdown Comparison

The maximum MSLC drawdown since its inception was -17.86%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for MSLC and VOO.

Drawdown Indicators

	MSLC	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-17.86%	-33.99%	+16.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-11.98%	+0.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-6.84%	-6.29%	-0.55%
Average Drawdown Average peak-to-trough decline	-2.65%	-3.72%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.52%	+0.14%

Volatility

MSLC vs. VOO - Volatility Comparison

Morgan Stanley Pathway Large Cap Equity ETF (MSLC) and Vanguard S&P 500 ETF (VOO) have volatilities of 5.18% and 5.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSLC	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.29%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	9.33%	9.44%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	18.10%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.72%	16.82%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	17.99%	-0.27%