RLX vs. MSCI

Last updated Apr 1, 2026

Compare and contrast key facts about RLX Technology Inc. (RLX) and MSCI Inc. (MSCI).

Performance

RLX vs. MSCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RLX Technology Inc. (RLX) and MSCI Inc. (MSCI). The values are adjusted to include any dividend payments, if applicable.

RLX vs. MSCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RLX RLX Technology Inc.	-1.46%	8.27%	8.60%	-12.65%	-41.03%	-86.78%
MSCI MSCI Inc.	-5.68%	-3.17%	7.31%	22.90%	-23.34%	49.76%

Fundamentals

Market Cap RLX : $2.71B MSCI : $41.66B
EPS RLX : $0.72 MSCI : $15.54
PE Ratio RLX : 3.07 MSCI : 34.68
PS Ratio RLX : 0.78 MSCI : 13.30
Total Revenue (TTM) RLX : $3.60B MSCI : $3.13B
Gross Profit (TTM) RLX : $1.18B MSCI : $2.58B
EBITDA (TTM) RLX : $336.98M MSCI : $1.93B

Returns By Period

In the year-to-date period, RLX achieves a -1.46% return, which is significantly higher than MSCI's -5.68% return.

RLX

• 1D: 2.80%
• 1M: -9.09%
• YTD: -1.46%
• 6M: -12.70%
• 1Y: 22.59%
• 3Y*: -7.06%
• 5Y*: -26.63%
• 10Y*: —

MSCI

• 1D: 1.34%
• 1M: -5.74%
• YTD: -5.68%
• 6M: -4.33%
• 1Y: -3.40%
• 3Y*: -0.04%
• 5Y*: 5.82%
• 10Y*: 23.21%

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

Return for Risk

RLX vs. MSCI — Risk / Return Rank

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

RLX

RLX Risk / Return Rank: 64
RLX Sharpe Ratio Rank: 68
RLX Sortino Ratio Rank: 64
RLX Omega Ratio Rank: 60
RLX Calmar Ratio Rank: 65
RLX Martin Ratio Rank: 62

MSCI

MSCI Risk / Return Rank: 35
MSCI Sharpe Ratio Rank: 37
MSCI Sortino Ratio Rank: 32
MSCI Omega Ratio Rank: 32
MSCI Calmar Ratio Rank: 38
MSCI Martin Ratio Rank: 37

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.

RLX vs. MSCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RLX Technology Inc. (RLX) and MSCI Inc. (MSCI). 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.

	RLX	MSCI	Difference
Sharpe ratio Return per unit of total volatility	0.76	-0.11	+0.88
Sortino ratio Return per unit of downside risk	1.35	0.05	+1.30
Omega ratio Gain probability vs. loss probability	1.16	1.01	+0.15
Calmar ratio Return relative to maximum drawdown	1.11	-0.12	+1.23
Martin ratio Return relative to average drawdown	2.16	-0.34	+2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RLX vs. MSCI - Sharpe Ratio Comparison

The current RLX Sharpe Ratio is 0.76, which is higher than the MSCI Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of RLX and MSCI, 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

	RLX	MSCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	-0.11	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.35	0.19	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	0.53	-1.01

Correlation

The correlation between RLX and MSCI is 0.18, 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

RLX vs. MSCI - Dividend Comparison

RLX's dividend yield for the trailing twelve months is around 5.00%, more than MSCI's 1.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RLX RLX Technology Inc.	5.00%	0.43%	0.46%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MSCI MSCI Inc.	1.38%	1.25%	1.07%	0.98%	0.98%	0.59%	0.65%	0.98%	1.30%	1.04%	1.27%	1.11%

Drawdowns

RLX vs. MSCI - Drawdown Comparison

The maximum RLX drawdown since its inception was -96.80%, which is greater than MSCI's maximum drawdown of -69.06%. Use the drawdown chart below to compare losses from any high point for RLX and MSCI.

Drawdown Indicators

	RLX	MSCI	Difference
Max Drawdown Largest peak-to-trough decline	-96.80%	-69.06%	-27.74%
Max Drawdown (1Y) Largest decline over 1 year	-18.65%	-18.07%	-0.58%
Max Drawdown (5Y) Largest decline over 5 years	-92.47%	-43.74%	-48.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.74%	—
Current Drawdown Current decline from peak	-92.11%	-16.20%	-75.91%
Average Drawdown Average peak-to-trough decline	-88.60%	-13.12%	-75.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.57%	6.48%	+3.09%

Volatility

RLX vs. MSCI - Volatility Comparison

RLX Technology Inc. (RLX) has a higher volatility of 10.49% compared to MSCI Inc. (MSCI) at 6.58%. This indicates that RLX's price experiences larger fluctuations and is considered to be riskier than MSCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLX	MSCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.49%	6.58%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	22.62%	21.10%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	29.73%	30.07%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.73%	30.55%	+45.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.04%	31.03%	+50.01%

Financials

RLX vs. MSCI - Profitability Comparison

The chart below illustrates the profitability comparison between RLX Technology Inc. and MSCI Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

RLX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, RLX Technology Inc. reported a gross profit of 353.08M and revenue of 1.07B. Therefore, the gross margin over that period was 33.1%.

MSCI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, MSCI Inc. reported a gross profit of 679.15M and revenue of 822.53M. Therefore, the gross margin over that period was 82.6%.

RLX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, RLX Technology Inc. reported an operating income of 117.27M and revenue of 1.07B, resulting in an operating margin of 11.0%.

MSCI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, MSCI Inc. reported an operating income of 463.62M and revenue of 822.53M, resulting in an operating margin of 56.4%.

RLX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, RLX Technology Inc. reported a net income of 275.69M and revenue of 1.07B, resulting in a net margin of 25.9%.

MSCI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, MSCI Inc. reported a net income of 284.67M and revenue of 822.53M, resulting in a net margin of 34.6%.