MSSM vs. VPC
MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) and VPC (Virtus Private Credit ETF) are both exchange-traded funds - MSSM is a Small Cap Blend Equities fund actively managed by Morgan Stanley, while VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index. MSSM is actively managed, while VPC is passively managed. Over the past year, MSSM returned 32.29% vs -14.03% for VPC. A 0.51 correlation means they provide meaningful diversification when combined. MSSM charges 0.62%/yr vs 0.75%/yr for VPC.
Performance
MSSM vs. VPC - Performance Comparison
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Returns By Period
In the year-to-date period, MSSM achieves a 16.02% return, which is significantly higher than VPC's -9.70% return.
MSSM
- 1D
- 0.52%
- 1M
- 0.87%
- YTD
- 16.02%
- 6M
- 15.49%
- 1Y
- 32.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VPC
- 1D
- 0.10%
- 1M
- -4.23%
- YTD
- -9.70%
- 6M
- -10.85%
- 1Y
- -14.03%
- 3Y*
- 2.04%
- 5Y*
- 1.05%
- 10Y*
- —
MSSM vs. VPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 16.02% | 11.33% | -7.04% |
VPC Virtus Private Credit ETF | -9.70% | -6.75% | -0.98% |
Correlation
The correlation between MSSM and VPC is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2024 | 0.51 |
The correlation between MSSM and VPC has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.
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Return for Risk
MSSM vs. VPC — Risk / Return Rank
MSSM
VPC
MSSM vs. VPC - 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 Virtus Private Credit ETF (VPC). 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 | VPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.92 | ||
| Sortino ratioReturn per unit of downside risk | +4.04 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.84 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | -0.62 | +4.03 |
| Martin ratioReturn relative to average drawdown | 13.10 | -1.20 | +14.30 |
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 | VPC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.86 | -1.06 | +2.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 0.19 | +0.43 |
Drawdowns
MSSM vs. VPC - Drawdown Comparison
The maximum MSSM drawdown since its inception was -25.16%, smaller than the maximum VPC drawdown of -53.45%. Use the drawdown chart below to compare losses from any high point for MSSM and VPC.
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Drawdown Indicators
| MSSM | VPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.16% | -53.45% | +28.29% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -22.76% | +13.26% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.86% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.86% | — |
Current DrawdownCurrent decline from peak | -1.95% | -20.02% | +18.07% |
Average DrawdownAverage peak-to-trough decline | -5.20% | -7.69% | +2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 11.66% | -9.19% |
Volatility
MSSM vs. VPC - Volatility Comparison
Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) has a higher volatility of 5.49% compared to Virtus Private Credit ETF (VPC) at 3.97%. This indicates that MSSM's price experiences larger fluctuations and is considered to be riskier than VPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSSM | VPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 3.97% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 13.12% | 11.04% | +2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.48% | 13.32% | +4.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.97% | 13.54% | +7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.97% | 20.55% | +0.42% |
MSSM vs. VPC - Expense Ratio Comparison
MSSM has a 0.62% expense ratio, which is lower than VPC's 0.75% expense ratio.
Dividends
MSSM vs. VPC - Dividend Comparison
MSSM's dividend yield for the trailing twelve months is around 2.72%, less than VPC's 17.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
VPC Virtus Private Credit ETF | 17.39% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% |
Frequently Asked Questions
MSSM and VPC have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSSM has higher volatility (5.49%) compared to VPC (3.97%). In terms of maximum drawdown, MSSM dropped -25.16% vs VPC's -53.45%.
On 1-year performance, MSSM leads with 32.29% vs -14.03% for VPC. On fees, MSSM is cheaper at 0.62% per year. On volatility, VPC has been the lower-risk option at 3.97%. 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 32.29% return vs -14.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSSM is cheaper with a 0.62% expense ratio, compared with 0.75% for VPC.
VPC has the higher dividend yield at 17.39%, compared with 2.72% for MSSM.
MSSM is categorized as Small Cap Blend Equities, while VPC is Nontraditional Bonds. They also come from different issuers: Morgan Stanley and Virtus Investment Partners. Their fees differ too: 0.62% for MSSM and 0.75% for VPC.
MSSM currently has the higher Sharpe Ratio (1.86 vs -1.06), 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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