MSSM vs. CSB

Last updated Jun 10, 2026

MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) and CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) are both Small Cap Blend Equities funds. MSSM is actively managed, while CSB is passively managed. Over the past year, MSSM returned 32.29% vs 19.17% for CSB. A 0.79 correlation means they provide meaningful diversification when combined. MSSM charges 0.62%/yr vs 0.35%/yr for CSB.

Performance

MSSM vs. CSB - 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 VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSSM achieves a 16.02% return, which is significantly higher than CSB's 10.19% return.

MSSM

• 1D: 0.52%
• 1M: 0.87%
• YTD: 16.02%
• 6M: 15.49%
• 1Y: 32.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSB

• 1D: 0.77%
• 1M: -0.23%
• YTD: 10.19%
• 6M: 10.64%
• 1Y: 19.17%
• 3Y*: 11.27%
• 5Y*: 3.98%
• 10Y*: 9.77%

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

MSSM vs. CSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	16.02%	11.33%	-7.04%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	10.19%	2.26%	-4.77%

Correlation

The correlation between MSSM and CSB is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 9, 2024	0.79

The correlation between MSSM and CSB has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

Return for Risk

MSSM vs. CSB — Risk / Return Rank

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

MSSM

MSSM Risk / Return Rank: 69
MSSM Sharpe Ratio Rank: 65
MSSM Sortino Ratio Rank: 66
MSSM Omega Ratio Rank: 60
MSSM Calmar Ratio Rank: 77
MSSM Martin Ratio Rank: 79

CSB

CSB Risk / Return Rank: 48
CSB Sharpe Ratio Rank: 42
CSB Sortino Ratio Rank: 46
CSB Omega Ratio Rank: 41
CSB Calmar Ratio Rank: 61
CSB Martin Ratio Rank: 51

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.

MSSM vs. CSB - 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 VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). 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.

	MSSM	CSB	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.34	+0.52
Sortino ratio: Return per unit of downside risk	2.60	2.04	+0.55
Omega ratio: Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	3.41	2.68	+0.73
Martin ratio: Return relative to average drawdown	13.10	7.71	+5.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSSM vs. CSB - Sharpe Ratio Comparison

The current MSSM Sharpe Ratio is 1.86, which is higher than the CSB Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of MSSM and CSB, 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

	MSSM	CSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.34	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.45	+0.17

Drawdowns

MSSM vs. CSB - Drawdown Comparison

The maximum MSSM drawdown since its inception was -25.16%, smaller than the maximum CSB drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for MSSM and CSB.

Drawdown Indicators

	MSSM	CSB	Difference
Max Drawdown Largest peak-to-trough decline	-25.16%	-42.07%	+16.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-7.18%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.07%	—
Current Drawdown Current decline from peak	-1.95%	-1.43%	-0.52%
Average Drawdown Average peak-to-trough decline	-5.20%	-7.13%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.49%	-0.02%

Volatility

MSSM vs. CSB - Volatility Comparison

Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) has a higher volatility of 5.49% compared to VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) at 3.67%. This indicates that MSSM's price experiences larger fluctuations and is considered to be riskier than CSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSSM	CSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	3.67%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	9.15%	+3.97%
Volatility (1Y) Calculated over the trailing 1-year period	17.48%	14.40%	+3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.97%	18.79%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	21.30%	-0.33%

MSSM vs. CSB - Expense Ratio Comparison

MSSM has a 0.62% expense ratio, which is higher than CSB's 0.35% expense ratio.

Dividends

MSSM vs. CSB - Dividend Comparison

MSSM's dividend yield for the trailing twelve months is around 2.72%, less than CSB's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.25%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	2.72%	3.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSSM and CSB in my portfolio?

MSSM and CSB have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSSM or CSB?

MSSM has higher volatility (5.49%) compared to CSB (3.67%). In terms of maximum drawdown, MSSM dropped -25.16% vs CSB's -42.07%.

Which ETF is better, MSSM or CSB?

On 1-year performance, MSSM leads with 32.29% vs 19.17% for CSB. On fees, CSB is cheaper at 0.35% per year. On volatility, CSB has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSSM or CSB?

Over the 1-year period, MSSM has performed better with a 32.29% return vs 19.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSSM or CSB?

CSB is cheaper with a 0.35% expense ratio, compared with 0.62% for MSSM.

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

CSB has the higher dividend yield at 3.25%, compared with 2.72% for MSSM.

What is the main difference between MSSM and CSB?

They also come from different issuers: Morgan Stanley and Crestview. Their fees differ too: 0.62% for MSSM and 0.35% for CSB.

Which has better risk-adjusted returns?

MSSM currently has the higher Sharpe Ratio (1.86 vs 1.34), 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.