REGL vs. MSSM

Last updated Jun 4, 2026

REGL (ProShares S&P MidCap 400 Dividend Aristocrats ETF) and MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) are both exchange-traded funds - REGL is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Dividend Aristocrats Index, while MSSM is a Small Cap Blend Equities fund actively managed by Morgan Stanley. REGL is passively managed, while MSSM is actively managed. Over the past year, REGL returned 9.25% vs 35.45% for MSSM. A 0.73 correlation means they provide meaningful diversification when combined. REGL charges 0.40%/yr vs 0.62%/yr for MSSM.

Performance

REGL vs. MSSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) 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, REGL achieves a 3.98% return, which is significantly lower than MSSM's 17.34% return.

REGL

• 1D: -0.58%
• 1M: -2.06%
• YTD: 3.98%
• 6M: 4.90%
• 1Y: 9.25%
• 3Y*: 10.42%
• 5Y*: 5.92%
• 10Y*: 9.12%

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)

REGL vs. MSSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF	3.98%	6.89%	-5.41%
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	17.34%	11.33%	-5.83%

Correlation

The correlation between REGL and MSSM is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 10, 2024	0.73

The correlation between REGL and MSSM has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

Return for Risk

REGL vs. MSSM — Risk / Return Rank

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

REGL

REGL Risk / Return Rank: 21
REGL Sharpe Ratio Rank: 20
REGL Sortino Ratio Rank: 21
REGL Omega Ratio Rank: 19
REGL Calmar Ratio Rank: 21
REGL Martin Ratio Rank: 23

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.

REGL vs. MSSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) 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.

	REGL	MSSM	Difference
Sharpe ratio: Return per unit of total volatility	0.70	2.07	-1.37
Sortino ratio: Return per unit of downside risk	1.13	2.90	-1.77
Omega ratio: Gain probability vs. loss probability	1.13	1.35	-0.22
Calmar ratio: Return relative to maximum drawdown	0.96	3.75	-2.79
Martin ratio: Return relative to average drawdown	3.07	14.47	-11.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REGL vs. MSSM - Sharpe Ratio Comparison

The current REGL Sharpe Ratio is 0.70, which is lower than the MSSM Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of REGL and MSSM, 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

	REGL	MSSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	2.07	-1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.73	-0.20

Drawdowns

REGL vs. MSSM - Drawdown Comparison

The maximum REGL drawdown since its inception was -36.37%, which is greater than MSSM's maximum drawdown of -24.18%. Use the drawdown chart below to compare losses from any high point for REGL and MSSM.

Drawdown Indicators

	REGL	MSSM	Difference
Max Drawdown Largest peak-to-trough decline	-36.37%	-24.18%	-12.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-9.50%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.37%	—	—
Current Drawdown Current decline from peak	-5.82%	-0.79%	-5.03%
Average Drawdown Average peak-to-trough decline	-4.08%	-4.67%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.46%	+0.56%

Volatility

REGL vs. MSSM - Volatility Comparison

The current volatility for ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL) is 3.65%, while Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) has a volatility of 5.05%. This indicates that REGL experiences smaller price fluctuations and is considered to be less risky than MSSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	REGL	MSSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	5.05%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	12.76%	-3.53%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	17.27%	-4.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	20.91%	-4.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.33%	20.91%	-2.58%

REGL vs. MSSM - Expense Ratio Comparison

REGL has a 0.40% expense ratio, which is lower than MSSM's 0.62% expense ratio.

Dividends

REGL vs. MSSM - Dividend Comparison

REGL's dividend yield for the trailing twelve months is around 2.24%, less than MSSM's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	2.69%	3.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF	2.24%	2.32%	2.28%	2.40%	2.32%	2.50%	2.41%	1.96%	2.09%	1.63%	1.20%	1.66%

Frequently Asked Questions

Can I hold both REGL and MSSM in my portfolio?

REGL and MSSM have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REGL or MSSM?

MSSM has higher volatility (5.05%) compared to REGL (3.65%). In terms of maximum drawdown, REGL dropped -36.37% vs MSSM's -24.18%.

Which ETF is better, REGL or MSSM?

On 1-year performance, MSSM leads with 35.45% vs 9.25% for REGL. On fees, REGL is cheaper at 0.40% per year. On volatility, REGL has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REGL or MSSM?

Over the 1-year period, MSSM has performed better with a 35.45% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REGL or MSSM?

REGL is cheaper with a 0.40% expense ratio, compared with 0.62% for MSSM.

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

MSSM has the higher dividend yield at 2.69%, compared with 2.24% for REGL.

What is the main difference between REGL and MSSM?

REGL is categorized as Mid Cap Value Equities, while MSSM is Small Cap Blend Equities. They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 0.40% for REGL and 0.62% for MSSM.

Which has better risk-adjusted returns?

MSSM currently has the higher Sharpe Ratio (2.07 vs 0.70), 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.