MSLC vs. VOTE

Last updated Jun 4, 2026

MSLC (Morgan Stanley Pathway Large Cap Equity ETF) and VOTE (Engine No. 1 Transform 500 ETF) are both Large Cap Blend Equities funds. MSLC is actively managed, while VOTE is passively managed. Over the past year, MSLC returned 22.69% vs 28.11% for VOTE. With a 0.98 correlation, they move nearly in lockstep. MSLC charges 0.39%/yr vs 0.05%/yr for VOTE.

Performance

MSLC vs. VOTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Pathway Large Cap Equity ETF (MSLC) and Engine No. 1 Transform 500 ETF (VOTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSLC achieves a 8.55% return, which is significantly lower than VOTE's 11.03% return.

MSLC

• 1D: -0.82%
• 1M: 4.08%
• YTD: 8.55%
• 6M: 8.69%
• 1Y: 22.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOTE

• 1D: -0.70%
• 1M: 5.23%
• YTD: 11.03%
• 6M: 11.00%
• 1Y: 28.11%
• 3Y*: 22.81%
• 5Y*: —
• 10Y*: —

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

MSLC vs. VOTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSLC Morgan Stanley Pathway Large Cap Equity ETF	8.55%	15.68%	-3.29%
VOTE Engine No. 1 Transform 500 ETF	11.03%	17.95%	-2.85%

Correlation

The correlation between MSLC and VOTE is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Dec 10, 2024	0.98

The correlation between MSLC and VOTE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

MSLC vs. VOTE — Risk / Return Rank

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

MSLC

MSLC Risk / Return Rank: 57
MSLC Sharpe Ratio Rank: 58
MSLC Sortino Ratio Rank: 57
MSLC Omega Ratio Rank: 57
MSLC Calmar Ratio Rank: 50
MSLC Martin Ratio Rank: 61

VOTE

VOTE Risk / Return Rank: 69
VOTE Sharpe Ratio Rank: 70
VOTE Sortino Ratio Rank: 69
VOTE Omega Ratio Rank: 69
VOTE Calmar Ratio Rank: 62
VOTE Martin Ratio Rank: 74

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. VOTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Large Cap Equity ETF (MSLC) and Engine No. 1 Transform 500 ETF (VOTE). 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	VOTE	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.34	-0.40
Sortino ratio: Return per unit of downside risk	2.68	3.19	-0.51
Omega ratio: Gain probability vs. loss probability	1.35	1.42	-0.07
Calmar ratio: Return relative to maximum drawdown	2.45	3.10	-0.65
Martin ratio: Return relative to average drawdown	10.76	14.23	-3.47
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. VOTE - Sharpe Ratio Comparison

The current MSLC Sharpe Ratio is 1.94, which is comparable to the VOTE Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of MSLC and VOTE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSLC	VOTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.34	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.80	+0.03

Drawdowns

MSLC vs. VOTE - Drawdown Comparison

The maximum MSLC drawdown since its inception was -17.86%, smaller than the maximum VOTE drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for MSLC and VOTE.

Drawdown Indicators

	MSLC	VOTE	Difference
Max Drawdown Largest peak-to-trough decline	-17.86%	-25.71%	+7.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	-9.10%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.08%	—
Current Drawdown Current decline from peak	-0.82%	-0.70%	-0.12%
Average Drawdown Average peak-to-trough decline	-2.46%	-6.14%	+3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	1.98%	+0.13%

Volatility

MSLC vs. VOTE - Volatility Comparison

Morgan Stanley Pathway Large Cap Equity ETF (MSLC) and Engine No. 1 Transform 500 ETF (VOTE) have volatilities of 2.87% and 2.96%, 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	VOTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.96%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	9.20%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.77%	12.08%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	17.15%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	17.15%	-0.04%

MSLC vs. VOTE - Expense Ratio Comparison

MSLC has a 0.39% expense ratio, which is higher than VOTE's 0.05% expense ratio.

Dividends

MSLC vs. VOTE - Dividend Comparison

MSLC's dividend yield for the trailing twelve months is around 1.98%, more than VOTE's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021
MSLC Morgan Stanley Pathway Large Cap Equity ETF	1.98%	2.15%	0.00%	0.00%	0.00%	0.00%
VOTE Engine No. 1 Transform 500 ETF	0.90%	1.03%	1.18%	1.33%	1.54%	0.54%

Frequently Asked Questions

Can I hold both MSLC and VOTE in my portfolio?

With a correlation of 0.99, MSLC and VOTE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSLC or VOTE?

VOTE has higher volatility (2.96%) compared to MSLC (2.87%). In terms of maximum drawdown, MSLC dropped -17.86% vs VOTE's -25.71%.

Which ETF is better, MSLC or VOTE?

On 1-year performance, VOTE leads with 28.11% vs 22.69% for MSLC. On fees, VOTE is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSLC or VOTE?

Over the 1-year period, VOTE has performed better with a 28.11% return vs 22.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSLC or VOTE?

VOTE is cheaper with a 0.05% expense ratio, compared with 0.39% for MSLC.

Which ETF pays a higher dividend yield, MSLC or VOTE?

MSLC has the higher dividend yield at 1.98%, compared with 0.90% for VOTE.

What is the main difference between MSLC and VOTE?

They also come from different issuers: Morgan Stanley and Engine No. 1 LLC. Their fees differ too: 0.39% for MSLC and 0.05% for VOTE.

Which has better risk-adjusted returns?

VOTE currently has the higher Sharpe Ratio (2.34 vs 1.94), 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.