RB vs. MSSM

Last updated Jun 4, 2026

RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) and MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) are both exchange-traded funds - RB is a Defined Outcome fund tracking the Russell 2000, while MSSM is a Small Cap Blend Equities fund actively managed by Morgan Stanley. RB is passively managed, while MSSM is actively managed. A 0.79 correlation means they provide meaningful diversification when combined. RB charges 0.58%/yr vs 0.62%/yr for MSSM.

Performance

RB vs. MSSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell 2000 Dynamic Daily Buffer ETF (RB) and Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RB achieves a 6.76% return, which is significantly lower than MSSM's 17.34% return.

RB

• 1D: -0.17%
• 1M: 1.63%
• YTD: 6.76%
• 6M: 8.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSSM

• 1D: -0.79%
• 1M: 3.77%
• YTD: 17.34%
• 6M: 17.18%
• 1Y: 35.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RB vs. MSSM - Yearly Performance Comparison

	2026 (YTD)	2025
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	6.76%	10.58%
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	17.34%	12.21%

Correlation

The correlation between RB and MSSM is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.79

Return for Risk

RB vs. MSSM — Risk / Return Rank

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

MSSM

MSSM Risk / Return Rank: 67
MSSM Sharpe Ratio Rank: 63
MSSM Sortino Ratio Rank: 63
MSSM Omega Ratio Rank: 58
MSSM Calmar Ratio Rank: 75
MSSM Martin Ratio Rank: 76

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.

RB vs. MSSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell 2000 Dynamic Daily Buffer ETF (RB) and Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	RB	MSSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.15	0.73	+2.42

Drawdowns

RB vs. MSSM - Drawdown Comparison

The maximum RB drawdown since its inception was -1.70%, smaller than the maximum MSSM drawdown of -24.18%. Use the drawdown chart below to compare losses from any high point for RB and MSSM.

Drawdown Indicators

	RB	MSSM	Difference
Max Drawdown Largest peak-to-trough decline	-1.70%	-24.18%	+22.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.50%	—
Current Drawdown Current decline from peak	-0.47%	-0.79%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.41%	-4.67%	+4.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.46%	—

Volatility

Volatility by Period

	RB	MSSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.21%	17.27%	-11.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	20.91%	-14.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.21%	20.91%	-14.70%

RB vs. MSSM - Expense Ratio Comparison

RB has a 0.58% expense ratio, which is lower than MSSM's 0.62% expense ratio.

Dividends

RB vs. MSSM - Dividend Comparison

RB's dividend yield for the trailing twelve months is around 2.00%, less than MSSM's 2.69% yield.

Position	TTM	2025
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	2.69%	3.15%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	2.00%	1.78%

Frequently Asked Questions

Can I hold both RB and MSSM in my portfolio?

RB and MSSM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RB or MSSM?

On fees, RB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RB or MSSM?

RB is cheaper with a 0.58% expense ratio, compared with 0.62% for MSSM.

Which ETF pays a higher dividend yield, RB or MSSM?

MSSM has the higher dividend yield at 2.69%, compared with 2.00% for RB.

What is the main difference between RB and MSSM?

RB is categorized as Defined Outcome, while MSSM is Small Cap Blend Equities. They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 0.58% for RB and 0.62% for MSSM.