MSSM vs. REGL
MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) and REGL (ProShares S&P MidCap 400 Dividend Aristocrats ETF) are both exchange-traded funds - MSSM is a Small Cap Blend Equities fund actively managed by Morgan Stanley, while REGL is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Dividend Aristocrats Index. MSSM is actively managed, while REGL is passively managed. Over the past year, MSSM returned 30.65% vs 17.58% for REGL. Their 0.68 correlation means they have sometimes moved together and sometimes differently. MSSM charges 0.62%/yr vs 0.40%/yr for REGL.
Performance
MSSM vs. REGL - Performance Comparison
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Returns By Period
In the year-to-date period, MSSM achieves a 17.02% return, which is significantly higher than REGL's 12.54% return.
MSSM
- 1D
- -0.21%
- 1M
- -2.59%
- 6M
- 10.95%
- YTD
- 17.02%
- 1Y
- 30.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.38%
REGL
- 1D
- -0.09%
- 1M
- 1.53%
- 6M
- 7.57%
- YTD
- 12.54%
- 1Y
- 17.58%
- 3Y*
- 11.47%
- 5Y*
- 8.17%
- 10Y*
- 9.70%
- ALL TIME*
- 10.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $641.79K | $819.50K | $1.38M | |
| $11.86M | $8.77M | $5.92M |
MSSM vs. REGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 17.02% | 11.33% | -7.04% |
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 12.54% | 6.89% | -5.60% |
Correlation
The correlation between MSSM and REGL is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2024 | 0.68 |
The correlation between MSSM and REGL has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
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Return for Risk
MSSM vs. REGL — Risk / Return Rank
MSSM
REGL
MSSM vs. REGL - 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 ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL). 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 | REGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.22 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 1.70 | +1.30 |
| Martin ratioReturn relative to average drawdown | 10.83 | 5.31 | +5.53 |
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Drawdowns
MSSM vs. REGL - Drawdown Comparison
The maximum MSSM drawdown since its inception was -25.16%, smaller than the maximum REGL drawdown of -36.37%. Use the drawdown chart below to compare losses from any high point for MSSM and REGL.
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Drawdown Indicators
| MSSM | REGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.16% | -36.37% | +11.21% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -9.67% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.96% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.96% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.37% | — |
Current DrawdownCurrent decline from peak | -4.43% | -1.92% | -2.51% |
Average DrawdownAverage peak-to-trough decline | -4.94% | -4.05% | -0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 3.09% | -0.47% |
Volatility
MSSM vs. REGL - Volatility Comparison
The current volatility for Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) is 3.85%, while ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) has a volatility of 4.14%. This indicates that MSSM experiences smaller price fluctuations and is considered to be less risky than REGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSSM | REGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 4.14% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 13.38% | 9.52% | +3.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.81% | 13.12% | +4.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.58% | 16.03% | +4.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.58% | 18.31% | +2.27% |
MSSM vs. REGL - Expense Ratio Comparison
MSSM has a 0.62% expense ratio, which is higher than REGL's 0.40% expense ratio.
Dividends
MSSM vs. REGL - Dividend Comparison
MSSM's dividend yield for the trailing twelve months is around 2.69%, more than REGL's 2.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 2.69% | 3.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.17% | 2.32% | 2.28% | 2.40% | 2.32% | 2.50% | 2.41% | 1.96% | 2.09% | 1.63% | 1.20% | 1.66% |
Frequently Asked Questions
MSSM and REGL have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REGL has higher volatility (4.14%) compared to MSSM (3.85%). In terms of maximum drawdown, MSSM dropped -25.16% vs REGL's -36.37%.
On 1-year performance, MSSM leads with 30.65% vs 17.58% for REGL. On fees, REGL is cheaper at 0.40% 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.
Over the 1-year period, MSSM has performed better with a 30.65% return vs 17.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REGL is cheaper with a 0.40% expense ratio, compared with 0.62% for MSSM.
MSSM has the higher dividend yield at 2.69%, compared with 2.17% for REGL.
MSSM is categorized as Small Cap Blend Equities, while REGL is Mid Cap Value Equities. They also come from different issuers: Morgan Stanley and ProShares. Their fees differ too: 0.62% for MSSM and 0.40% for REGL.
MSSM currently has the higher Sharpe Ratio (1.60 vs 1.25), 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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