NMR vs. MS

Last updated Apr 1, 2026

Compare and contrast key facts about Nomura Holdings, Inc. (NMR) and Morgan Stanley (MS).

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.

NMR vs. MS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMR Nomura Holdings, Inc.	-5.96%	54.10%	34.05%	21.84%	-10.28%	-18.76%	4.39%	38.71%	-36.08%	0.16%
MS Morgan Stanley	-6.79%	45.16%	39.73%	13.93%	-10.34%	46.65%	38.09%	32.67%	-22.76%	26.61%

Fundamentals

Market Cap NMR : $23.93B MS : $262.16B
EPS NMR : $118.00 MS : $10.58
PE Ratio NMR : 0.07 MS : 15.55
PEG Ratio NMR : 0.00 MS : 1.46
PS Ratio NMR : 0.01 MS : 2.26
PB Ratio NMR : 0.01 MS : 2.57
Total Revenue (TTM) NMR : $4.38T MS : $116.11B
Gross Profit (TTM) NMR : $1.80T MS : $66.75B
EBITDA (TTM) NMR : $529.89B MS : $26.56B

Returns By Period

In the year-to-date period, NMR achieves a -5.96% return, which is significantly higher than MS's -6.79% return. Over the past 10 years, NMR has underperformed MS with an annualized return of 8.44%, while MS has yielded a comparatively higher 23.94% annualized return.

NMR

• 1D: 3.54%
• 1M: -12.33%
• YTD: -5.96%
• 6M: 8.53%
• 1Y: 31.36%
• 3Y*: 32.68%
• 5Y*: 11.40%
• 10Y*: 8.44%

MS

• 1D: 3.91%
• 1M: -1.17%
• YTD: -6.79%
• 6M: 4.73%
• 1Y: 44.84%
• 3Y*: 27.43%
• 5Y*: 19.81%
• 10Y*: 23.94%

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

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: 70
NMR Sharpe Ratio Rank: 73
NMR Sortino Ratio Rank: 66
NMR Omega Ratio Rank: 67
NMR Calmar Ratio Rank: 70
NMR Martin Ratio Rank: 74

MS

MS Risk / Return Rank: 83
MS Sharpe Ratio Rank: 84
MS Sortino Ratio Rank: 79
MS Omega Ratio Rank: 82
MS Calmar Ratio Rank: 82
MS Martin Ratio Rank: 85

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	0.94	1.48	-0.53
Sortino ratio Return per unit of downside risk	1.40	1.97	-0.58
Omega ratio Gain probability vs. loss probability	1.20	1.29	-0.10
Calmar ratio Return relative to maximum drawdown	1.40	2.47	-1.08
Martin ratio Return relative to average drawdown	4.33	7.75	-3.42
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 0.94, which is lower than the MS Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of NMR and MS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NMR	MS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	1.48	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.70	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.76	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.27	-0.28

Correlation

The correlation between NMR and MS is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NMR vs. MS - Dividend Comparison

NMR's dividend yield for the trailing twelve months is around 2.20%, less than MS's 2.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMR Nomura Holdings, Inc.	2.20%	4.91%	4.29%	1.20%	3.86%	0.00%	0.86%	0.00%	0.00%	1.70%	1.79%	3.34%
MS Morgan Stanley	2.39%	2.17%	2.82%	3.49%	3.47%	2.14%	2.04%	2.54%	2.77%	1.72%	1.66%	1.73%

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 (5Y) Largest decline over 5 years	-44.70%	-32.38%	-12.32%
Max Drawdown (10Y) Largest decline over 10 years	-55.34%	-51.33%	-4.01%
Current Drawdown Current decline from peak	-61.24%	-13.47%	-47.77%
Average Drawdown Average peak-to-trough decline	-61.52%	-33.88%	-27.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.23%	6.00%	+1.23%

Volatility

NMR vs. MS - Volatility Comparison

Nomura Holdings, Inc. (NMR) has a higher volatility of 11.62% compared to Morgan Stanley (MS) at 8.31%. This indicates that NMR's price experiences larger fluctuations and is considered to be riskier than MS based on this measure. 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	11.62%	8.31%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	22.19%	20.70%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	33.34%	30.56%	+2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.32%	28.58%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.00%	31.51%	-0.51%

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 Apr 2026, Nomura Holdings, Inc. reported a gross profit of 497.76B and revenue of 1.17T. Therefore, the gross margin over that period was 42.4%.

MS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Morgan Stanley reported a gross profit of 17.87B and revenue of 29.99B. Therefore, the gross margin over that period was 59.6%.

NMR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Nomura Holdings, Inc. reported an operating income of 135.22B and revenue of 1.17T, resulting in an operating margin of 11.5%.

MS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Morgan Stanley reported an operating income of 5.76B and revenue of 29.99B, resulting in an operating margin of 19.2%.

NMR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Nomura Holdings, Inc. reported a net income of 91.55B and revenue of 1.17T, resulting in a net margin of 7.8%.

MS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Morgan Stanley reported a net income of 4.40B and revenue of 29.99B, resulting in a net margin of 14.7%.