NMR vs. MS

Last updated Jun 4, 2026

NMR (Nomura Holdings, Inc.) and MS (Morgan Stanley) are both stocks. Both operate in the Capital Markets industry within the Financial Services sector. Over the past 10 years, NMR returned 9.49%/yr vs 26.51%/yr for MS. At a 0.33 correlation, their price movements are largely independent.

Performance

NMR vs. MS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Holdings, Inc. (NMR) and Morgan Stanley (MS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMR achieves a -0.36% return, which is significantly lower than MS's 19.66% return. Over the past 10 years, NMR has underperformed MS with an annualized return of 9.49%, while MS has yielded a comparatively higher 26.51% annualized return.

NMR

• 1D: 0.12%
• 1M: 7.59%
• YTD: -0.36%
• 6M: 7.87%
• 1Y: 39.41%
• 3Y*: 36.85%
• 5Y*: 11.95%
• 10Y*: 9.49%

MS

• 1D: -2.25%
• 1M: 11.77%
• YTD: 19.66%
• 6M: 22.29%
• 1Y: 67.25%
• 3Y*: 39.95%
• 5Y*: 21.31%
• 10Y*: 26.51%

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

NMR vs. MS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMR Nomura Holdings, Inc.	-0.36%	54.10%	34.05%	21.84%	-10.28%	-18.76%	4.39%	38.71%	-36.08%	0.16%
MS Morgan Stanley	19.66%	45.16%	39.73%	13.93%	-10.34%	46.65%	38.09%	32.67%	-22.76%	26.61%

Correlation

The correlation between NMR and MS 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 (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since May 17, 1995	0.33

The correlation between NMR and MS shifts across timeframes, from 0.33 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NMR : $25.44B MS : $334.75B
EPS NMR : $118.76 MS : $11.41
PE Ratio NMR : 0.07 MS : 18.41
PEG Ratio NMR : 0.00 MS : 1.73
PS Ratio NMR : 0.01 MS : 2.78
PB Ratio NMR : 0.01 MS : 3.20
Total Revenue (TTM) NMR : $4.76T MS : $120.22B
Gross Profit (TTM) NMR : $2.17T MS : $69.72B
EBITDA (TTM) NMR : $608.09B MS : $27.21B

Return for Risk

NMR vs. MS — Risk / Return Rank

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

NMR

NMR Risk / Return Rank: 74
NMR Sharpe Ratio Rank: 79
NMR Sortino Ratio Rank: 73
NMR Omega Ratio Rank: 72
NMR Calmar Ratio Rank: 71
NMR Martin Ratio Rank: 73

MS

MS Risk / Return Rank: 89
MS Sharpe Ratio Rank: 93
MS Sortino Ratio Rank: 90
MS Omega Ratio Rank: 90
MS Calmar Ratio Rank: 85
MS Martin Ratio Rank: 89

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.

NMR vs. MS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Holdings, Inc. (NMR) and Morgan Stanley (MS). 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.

	NMR	MS	Difference
Sharpe ratio Return per unit of total volatility	1.36	2.68	-1.32
Sortino ratio Return per unit of downside risk	1.90	3.29	-1.39
Omega ratio Gain probability vs. loss probability	1.25	1.45	-0.20
Calmar ratio Return relative to maximum drawdown	1.77	3.59	-1.82
Martin ratio Return relative to average drawdown	4.55	11.89	-7.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMR vs. MS - Sharpe Ratio Comparison

The current NMR Sharpe Ratio is 1.36, which is lower than the MS Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of NMR and MS, 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

	NMR	MS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.68	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.75	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.85	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.29	-0.30

Drawdowns

NMR vs. MS - Drawdown Comparison

The maximum NMR drawdown since its inception was -89.27%, roughly equal to the maximum MS drawdown of -88.12%. Use the drawdown chart below to compare losses from any high point for NMR and MS.

Drawdown Indicators

	NMR	MS	Difference
Max Drawdown Largest peak-to-trough decline	-89.27%	-88.12%	-1.15%
Max Drawdown (1Y) Largest decline over 1 year	-22.43%	-18.83%	-3.60%
Max Drawdown (3Y) Largest decline over 3 years	-26.34%	-29.24%	+2.90%
Max Drawdown (5Y) Largest decline over 5 years	-44.21%	-32.38%	-11.83%
Max Drawdown (10Y) Largest decline over 10 years	-55.34%	-51.33%	-4.01%
Current Drawdown Current decline from peak	-58.93%	-2.25%	-56.68%
Average Drawdown Average peak-to-trough decline	-61.51%	-33.72%	-27.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.69%	5.67%	+3.02%

Volatility

NMR vs. MS - Volatility Comparison

Nomura Holdings, Inc. (NMR) and Morgan Stanley (MS) have volatilities of 6.82% and 6.98%, 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

	NMR	MS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	6.98%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	22.19%	20.82%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	29.15%	25.19%	+3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.60%	28.65%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.67%	31.48%	-0.81%

Dividends

NMR vs. MS - Dividend Comparison

NMR's dividend yield for the trailing twelve months is around 2.08%, more than MS's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MS Morgan Stanley	1.90%	2.17%	2.82%	3.49%	3.47%	2.14%	2.04%	2.54%	2.77%	1.72%	1.66%	1.73%
NMR Nomura Holdings, Inc.	2.08%	4.91%	4.29%	1.20%	3.86%	0.00%	0.86%	0.00%	0.00%	1.70%	1.79%	3.34%

Financials

NMR vs. MS - Profitability Comparison

The chart below illustrates the profitability comparison between Nomura Holdings, Inc. and Morgan Stanley over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NMR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Nomura Holdings, Inc. reported a gross profit of 723.15B and revenue of 1.36T. Therefore, the gross margin over that period was 53.2%.

MS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Morgan Stanley reported a gross profit of 20.48B and revenue of 33.15B. Therefore, the gross margin over that period was 61.8%.

NMR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Nomura Holdings, Inc. reported an operating income of 107.67B and revenue of 1.36T, resulting in an operating margin of 7.9%.

MS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Morgan Stanley reported an operating income of 7.01B and revenue of 33.15B, resulting in an operating margin of 21.2%.

NMR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Nomura Holdings, Inc. reported a net income of 73.93B and revenue of 1.36T, resulting in a net margin of 5.4%.

MS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Morgan Stanley reported a net income of 5.64B and revenue of 33.15B, resulting in a net margin of 17.0%.

Frequently Asked Questions

Can I hold both NMR and MS in my portfolio?

NMR and MS 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.

Which is riskier, NMR or MS?

MS has higher volatility (6.98%) compared to NMR (6.82%). In terms of maximum drawdown, NMR dropped -89.27% vs MS's -88.12%.

Which has better risk-adjusted returns?

MS currently has the higher Sharpe Ratio (2.68 vs 1.36), 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.