NMR vs. MS
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 11.14%/yr vs 25.84%/yr for MS. Their 0.33 correlation means their historical movements had little consistent relationship.
Performance
NMR vs. MS - Performance Comparison
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Returns By Period
In the year-to-date period, NMR achieves a 17.69% return, which is significantly lower than MS's 20.48% return. Over the past 10 years, NMR has underperformed MS with an annualized return of 11.14%, while MS has yielded a comparatively higher 25.84% annualized return.
NMR
- 1D
- 1.26%
- 1M
- 6.84%
- 6M
- 11.32%
- YTD
- 17.69%
- 1Y
- 51.35%
- 3Y*
- 42.24%
- 5Y*
- 18.24%
- 10Y*
- 11.14%
- ALL TIME*
- 0.36%
MS
- 1D
- 0.72%
- 1M
- -1.10%
- 6M
- 16.37%
- YTD
- 20.48%
- 1Y
- 54.71%
- 3Y*
- 36.38%
- 5Y*
- 20.78%
- 10Y*
- 25.84%
- ALL TIME*
- 13.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.18B | $1.27B | $1.26B | |
| $9.47M | $10.59M | $11.46M |
NMR vs. MS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMR Nomura Holdings, Inc. | 17.69% | 54.10% | 34.05% | 21.84% | -10.28% | -18.76% | 4.39% | 38.71% | -36.08% | 0.16% |
MS Morgan Stanley | 20.48% | 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 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.44 |
Correlation (All Time) Calculated using the full available price history since May 16, 1995 | 0.33 |
The correlation between NMR and MS shifts across timeframes, from 0.33 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
NMR:
$28.29B
MS:
$332.03B
NMR:
¥133.09
MS:
$11.41
NMR:
11.45
MS:
18.43
NMR:
0.29
MS:
1.73
NMR:
0.93
MS:
2.79
NMR:
1.20
MS:
3.21
NMR:
¥4.94T
MS:
$120.22B
NMR:
¥2.30T
MS:
$69.72B
NMR:
¥684.13B
MS:
$27.21B
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Return for Risk
NMR vs. MS — Risk / Return Rank
NMR
MS
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NMR | MS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.72 | -0.39 |
| Martin ratioReturn relative to average drawdown | 6.23 | 8.59 | -2.36 |
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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.
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Drawdown Indicators
| NMR | MS | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -40.69% | -32.38% | -8.31% |
Max Drawdown (10Y)Largest decline over 10 years | -55.34% | -51.33% | -4.01% |
Current DrawdownCurrent decline from peak | -51.49% | -7.43% | -44.06% |
Average DrawdownAverage peak-to-trough decline | -61.46% | -33.57% | -27.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.37% | 5.96% | +2.41% |
Volatility
NMR vs. MS - Volatility Comparison
The current volatility for Nomura Holdings, Inc. (NMR) is 8.53%, while Morgan Stanley (MS) has a volatility of 10.15%. This indicates that NMR experiences smaller price fluctuations and is considered to be less risky than MS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMR | MS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.53% | 10.15% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 23.88% | 22.56% | +1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.42% | 27.83% | +1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.93% | 28.82% | +1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.26% | 31.37% | -1.11% |
Dividends
NMR vs. MS - Dividend Comparison
NMR's dividend yield for the trailing twelve months is around 3.35%, more than MS's 1.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MS Morgan Stanley | 1.97% | 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. | 3.35% | 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 - Financials Comparison
This section allows you to compare key financial metrics between Nomura Holdings, Inc. and Morgan Stanley. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NMR vs. MS - Profitability Comparison
NMR - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Nomura Holdings, Inc. reported a gross profit of 612.38B and revenue of 1.30T. Therefore, the gross margin over that period was 47.2%.
MS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 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 Aug 2026, Nomura Holdings, Inc. reported an operating income of 211.54B and revenue of 1.30T, resulting in an operating margin of 16.3%.
MS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 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 Aug 2026, Nomura Holdings, Inc. reported a net income of 145.56B and revenue of 1.30T, resulting in a net margin of 11.2%.
MS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 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
NMR and MS have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MS has higher volatility (10.15%) compared to NMR (8.53%). In terms of maximum drawdown, NMR dropped -89.27% vs MS's -88.12%.
MS currently has the higher Sharpe Ratio (1.84 vs 1.78), 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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