MSSM vs. ASCE

Last updated Aug 1, 2026

MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) and ASCE (Allspring SMID Core ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past year, MSSM returned 30.65% vs 40.30% for ASCE. Their correlation of 0.91 means they have usually moved in the same direction. MSSM charges 0.62%/yr vs 0.38%/yr for ASCE.

Performance

MSSM vs. ASCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) and Allspring SMID Core ETF (ASCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSSM achieves a 17.02% return, which is significantly lower than ASCE's 27.10% return.

MSSM

• 1D: -0.21%
• 1M: -2.59%
• 6M: 10.95%
• YTD: 17.02%
• 1Y: 30.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.38%

ASCE

• 1D: 0.00%
• 1M: -0.20%
• 6M: 20.88%
• YTD: 27.10%
• 1Y: 40.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ASCE Allspring SMID Core ETF	$5.17M	$3.50M	$2.08M
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	$641.79K	$819.50K	$1.38M

MSSM vs. ASCE - Yearly Performance Comparison

	2026 (YTD)	2025
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	17.02%	10.19%
ASCE Allspring SMID Core ETF	27.10%	8.46%

Correlation

The correlation between MSSM and ASCE is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.91

The correlation between MSSM and ASCE has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

MSSM vs. ASCE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSSM

MSSM Risk / Return Rank: 73
MSSM Sharpe Ratio Rank: 69
MSSM Sortino Ratio Rank: 70
MSSM Omega Ratio Rank: 65
MSSM Calmar Ratio Rank: 81
MSSM Martin Ratio Rank: 81

ASCE

ASCE Risk / Return Rank: 84
ASCE Sharpe Ratio Rank: 82
ASCE Sortino Ratio Rank: 84
ASCE Omega Ratio Rank: 76
ASCE Calmar Ratio Rank: 91
ASCE Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSSM vs. ASCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) and Allspring SMID Core ETF (ASCE). 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.

	MSSM	ASCE	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.90	-0.30
Sortino ratio: Return per unit of downside risk	2.30	2.77	-0.47
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	3.00	4.12	-1.12
Martin ratio: Return relative to average drawdown	10.83	12.41	-1.57

MSSM vs. ASCE - Sharpe Ratio Comparison

The current MSSM Sharpe Ratio is 1.60, which is comparable to the ASCE Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of MSSM and ASCE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSSM vs. ASCE - Drawdown Comparison

The maximum MSSM drawdown since its inception was -25.16%, which is greater than ASCE's maximum drawdown of -9.22%. Use the drawdown chart below to compare losses from any high point for MSSM and ASCE.

Drawdown Indicators

	MSSM	ASCE	Difference
Max Drawdown Largest peak-to-trough decline	-25.16%	-9.22%	-15.94%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-9.22%	-0.28%
Current Drawdown Current decline from peak	-4.43%	-3.18%	-1.25%
Average Drawdown Average peak-to-trough decline	-4.94%	-2.12%	-2.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	3.06%	-0.44%

Volatility

MSSM vs. ASCE - Volatility Comparison

The current volatility for Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) is 3.85%, while Allspring SMID Core ETF (ASCE) has a volatility of 5.61%. This indicates that MSSM experiences smaller price fluctuations and is considered to be less risky than ASCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSSM	ASCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	5.61%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	13.38%	15.30%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.81%	19.97%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	19.63%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	19.63%	+0.95%

MSSM vs. ASCE - Expense Ratio Comparison

MSSM has a 0.62% expense ratio, which is higher than ASCE's 0.38% expense ratio.

Dividends

MSSM vs. ASCE - Dividend Comparison

MSSM's dividend yield for the trailing twelve months is around 2.69%, more than ASCE's 0.17% yield.

Position	TTM	2025
ASCE Allspring SMID Core ETF	0.17%	0.22%
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	2.69%	3.15%

Frequently Asked Questions

Can I hold both MSSM and ASCE in my portfolio?

With a correlation of 0.91, MSSM and ASCE 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, MSSM or ASCE?

ASCE has higher volatility (5.61%) compared to MSSM (3.85%). In terms of maximum drawdown, MSSM dropped -25.16% vs ASCE's -9.22%.

Which ETF is better, MSSM or ASCE?

On 1-year performance, ASCE leads with 40.30% vs 30.65% for MSSM. On fees, ASCE is cheaper at 0.38% per year. On volatility, MSSM has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSSM or ASCE?

Over the 1-year period, ASCE has performed better with a 40.30% return vs 30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSSM or ASCE?

ASCE is cheaper with a 0.38% expense ratio, compared with 0.62% for MSSM.

Which ETF pays a higher dividend yield, MSSM or ASCE?

MSSM has the higher dividend yield at 2.69%, compared with 0.17% for ASCE.

What is the main difference between MSSM and ASCE?

They also come from different issuers: Morgan Stanley and Allspring. Their fees differ too: 0.62% for MSSM and 0.38% for ASCE.

Which has better risk-adjusted returns?

ASCE currently has the higher Sharpe Ratio (1.90 vs 1.60), 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.