MSSM vs. VIOO
MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both Small Cap Blend Equities funds. MSSM is actively managed, while VIOO is passively managed. Over the past year, MSSM returned 35.45% vs 31.68% for VIOO. Their correlation of 0.94 suggests significant overlap in exposure. MSSM charges 0.62%/yr vs 0.10%/yr for VIOO.
Performance
MSSM vs. VIOO - Performance Comparison
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Returns By Period
In the year-to-date period, MSSM achieves a 17.34% return, which is significantly higher than VIOO's 15.34% return.
MSSM
- 1D
- -0.79%
- 1M
- 3.77%
- YTD
- 17.34%
- 6M
- 17.18%
- 1Y
- 35.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VIOO
- 1D
- -0.88%
- 1M
- 1.64%
- YTD
- 15.34%
- 6M
- 14.20%
- 1Y
- 31.68%
- 3Y*
- 14.40%
- 5Y*
- 5.66%
- 10Y*
- 10.67%
MSSM vs. VIOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 17.34% | 11.33% | -5.83% |
VIOO Vanguard S&P Small-Cap 600 ETF | 15.34% | 6.04% | -6.55% |
Correlation
The correlation between MSSM and VIOO is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2024 | 0.94 |
The correlation between MSSM and VIOO has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
MSSM vs. VIOO — Risk / Return Rank
MSSM
VIOO
MSSM vs. VIOO - 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 Vanguard S&P Small-Cap 600 ETF (VIOO). 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 | VIOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.31 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.75 | 3.63 | +0.12 |
| Martin ratioReturn relative to average drawdown | 14.47 | 12.14 | +2.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSSM | VIOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 1.82 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.27 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.57 | +0.15 |
Drawdowns
MSSM vs. VIOO - Drawdown Comparison
The maximum MSSM drawdown since its inception was -24.18%, smaller than the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for MSSM and VIOO.
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Drawdown Indicators
| MSSM | VIOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.18% | -44.15% | +19.97% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -8.77% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | — | -27.93% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.93% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.15% | — |
Current DrawdownCurrent decline from peak | -0.79% | -0.89% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -4.67% | -7.33% | +2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 2.62% | -0.16% |
Volatility
MSSM vs. VIOO - Volatility Comparison
Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) has a higher volatility of 5.05% compared to Vanguard S&P Small-Cap 600 ETF (VIOO) at 4.40%. This indicates that MSSM's price experiences larger fluctuations and is considered to be riskier than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSSM | VIOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 4.40% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 12.76% | 11.71% | +1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.27% | 17.59% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.91% | 21.40% | -0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.91% | 22.99% | -2.08% |
MSSM vs. VIOO - Expense Ratio Comparison
MSSM has a 0.62% expense ratio, which is higher than VIOO's 0.10% expense ratio.
Dividends
MSSM vs. VIOO - Dividend Comparison
MSSM's dividend yield for the trailing twelve months is around 2.69%, more than VIOO's 1.18% 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% |
VIOO Vanguard S&P Small-Cap 600 ETF | 1.18% | 1.36% | 1.48% | 1.47% | 1.51% | 1.16% | 1.09% | 1.37% | 1.32% | 1.11% | 1.06% | 1.26% |
Frequently Asked Questions
With a correlation of 0.93, MSSM and VIOO 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.
MSSM has higher volatility (5.05%) compared to VIOO (4.40%). In terms of maximum drawdown, MSSM dropped -24.18% vs VIOO's -44.15%.
On 1-year performance, MSSM leads with 35.45% vs 31.68% for VIOO. On fees, VIOO is cheaper at 0.10% per year. On volatility, VIOO has been the lower-risk option at 4.40%. 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 35.45% return vs 31.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIOO is cheaper with a 0.10% expense ratio, compared with 0.62% for MSSM.
MSSM has the higher dividend yield at 2.69%, compared with 1.18% for VIOO.
They also come from different issuers: Morgan Stanley and Vanguard. Their fees differ too: 0.62% for MSSM and 0.10% for VIOO.
MSSM currently has the higher Sharpe Ratio (2.07 vs 1.82), 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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