MSXAX vs. PLSAX

Last updated Jun 4, 2026

MSXAX (NYLI S&P 500 Index Class A) and PLSAX (Principal LargeCap S&P 500 Index Fund Class A) are both S&P 500 funds tracking the S&P 500 Index, from New York Life and Principal Funds respectively. Both are passively managed. Over the past 10 years, MSXAX returned 15.09%/yr vs 15.34%/yr for PLSAX. With a 0.99 correlation, they move nearly in lockstep. MSXAX charges 0.52%/yr vs 0.38%/yr for PLSAX.

Performance

MSXAX vs. PLSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI S&P 500 Index Class A (MSXAX) and Principal LargeCap S&P 500 Index Fund Class A (PLSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MSXAX having a 11.46% return and PLSAX slightly higher at 11.59%. Both investments have delivered pretty close results over the past 10 years, with MSXAX having a 15.09% annualized return and PLSAX not far ahead at 15.34%.

MSXAX

• 1D: 0.12%
• 1M: 5.75%
• YTD: 11.46%
• 6M: 11.44%
• 1Y: 28.32%
• 3Y*: 22.12%
• 5Y*: 13.71%
• 10Y*: 15.09%

PLSAX

• 1D: 0.14%
• 1M: 5.77%
• YTD: 11.59%
• 6M: 11.61%
• 1Y: 28.62%
• 3Y*: 22.93%
• 5Y*: 14.17%
• 10Y*: 15.34%

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

MSXAX vs. PLSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSXAX NYLI S&P 500 Index Class A	11.46%	17.26%	23.98%	25.96%	-18.52%	28.13%	17.86%	30.69%	-4.71%	21.07%
PLSAX Principal LargeCap S&P 500 Index Fund Class A	11.59%	17.50%	26.46%	25.70%	-18.41%	27.93%	17.85%	30.97%	-4.93%	21.23%

Correlation

The correlation between MSXAX and PLSAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 2, 2004	0.99

The correlation between MSXAX and PLSAX has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

MSXAX vs. PLSAX — Risk / Return Rank

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

MSXAX

MSXAX Risk / Return Rank: 71
MSXAX Sharpe Ratio Rank: 72
MSXAX Sortino Ratio Rank: 65
MSXAX Omega Ratio Rank: 64
MSXAX Calmar Ratio Rank: 71
MSXAX Martin Ratio Rank: 81

PLSAX

PLSAX Risk / Return Rank: 72
PLSAX Sharpe Ratio Rank: 74
PLSAX Sortino Ratio Rank: 66
PLSAX Omega Ratio Rank: 66
PLSAX Calmar Ratio Rank: 72
PLSAX Martin Ratio Rank: 82

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.

MSXAX vs. PLSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI S&P 500 Index Class A (MSXAX) and Principal LargeCap S&P 500 Index Fund Class A (PLSAX). 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.

	MSXAX	PLSAX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.49	-0.02
Sortino ratio: Return per unit of downside risk	3.36	3.39	-0.04
Omega ratio: Gain probability vs. loss probability	1.45	1.45	-0.01
Calmar ratio: Return relative to maximum drawdown	3.27	3.30	-0.04
Martin ratio: Return relative to average drawdown	15.18	15.41	-0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSXAX vs. PLSAX - Sharpe Ratio Comparison

The current MSXAX Sharpe Ratio is 2.47, which is comparable to the PLSAX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of MSXAX and PLSAX, 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

	MSXAX	PLSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.49	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.84	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.88	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.43	+0.13

Drawdowns

MSXAX vs. PLSAX - Drawdown Comparison

The maximum MSXAX drawdown since its inception was -55.48%, roughly equal to the maximum PLSAX drawdown of -55.67%. Use the drawdown chart below to compare losses from any high point for MSXAX and PLSAX.

Drawdown Indicators

	MSXAX	PLSAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-55.67%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-8.94%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-18.78%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-24.78%	-24.69%	-0.09%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-33.79%	0.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.17%	-10.15%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.91%	+0.01%

Volatility

MSXAX vs. PLSAX - Volatility Comparison

NYLI S&P 500 Index Class A (MSXAX) and Principal LargeCap S&P 500 Index Fund Class A (PLSAX) have volatilities of 2.83% and 2.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSXAX	PLSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.82%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	8.96%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	11.84%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	16.91%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	17.50%	+0.57%

MSXAX vs. PLSAX - Expense Ratio Comparison

MSXAX has a 0.52% expense ratio, which is higher than PLSAX's 0.38% expense ratio.

Dividends

MSXAX vs. PLSAX - Dividend Comparison

MSXAX's dividend yield for the trailing twelve months is around 0.95%, less than PLSAX's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSXAX NYLI S&P 500 Index Class A	0.95%	1.06%	5.20%	4.04%	10.30%	4.44%	8.78%	17.42%	14.49%	15.18%	9.63%	5.53%
PLSAX Principal LargeCap S&P 500 Index Fund Class A	2.47%	2.75%	4.07%	3.90%	2.70%	13.38%	7.35%	3.57%	7.19%	6.72%	2.93%	2.36%

Frequently Asked Questions

Can I hold both MSXAX and PLSAX in my portfolio?

With a correlation of 1.00, MSXAX and PLSAX 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, MSXAX or PLSAX?

MSXAX has higher volatility (2.83%) compared to PLSAX (2.82%). In terms of maximum drawdown, MSXAX dropped -55.48% vs PLSAX's -55.67%.

Which has better risk-adjusted returns?

PLSAX currently has the higher Sharpe Ratio (2.49 vs 2.47), 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.