RUSC vs. MSSM

Last updated Aug 1, 2026

RUSC (U.S. Small Cap Equity Active ETF) and MSSM (Morgan Stanley Pathway Small-Mid Cap Equity ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past year, RUSC returned 37.10% vs 30.65% for MSSM. Their 0.97 correlation means they have historically moved very closely together. RUSC charges 0.64%/yr vs 0.62%/yr for MSSM.

Performance

RUSC vs. MSSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Small Cap Equity Active ETF (RUSC) 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, RUSC achieves a 20.77% return, which is significantly higher than MSSM's 17.02% return.

RUSC

• 1D: -0.21%
• 1M: -2.10%
• 6M: 14.71%
• YTD: 20.77%
• 1Y: 37.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 32.86%

MSSM

• 1D: -0.21%
• 1M: -2.59%
• 6M: 10.95%
• YTD: 17.02%
• 1Y: 30.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	$641.79K	$819.50K	$1.38M
RUSC U.S. Small Cap Equity Active ETF	$288.67K	$289.35K	$509.97K

RUSC vs. MSSM - Yearly Performance Comparison

	2026 (YTD)	2025
RUSC U.S. Small Cap Equity Active ETF	20.77%	16.87%
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	17.02%	15.31%

Correlation

The correlation between RUSC and MSSM is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.97

The correlation between RUSC and MSSM has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

RUSC vs. MSSM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RUSC

RUSC Risk / Return Rank: 84
RUSC Sharpe Ratio Rank: 81
RUSC Sortino Ratio Rank: 83
RUSC Omega Ratio Rank: 78
RUSC Calmar Ratio Rank: 90
RUSC Martin Ratio Rank: 88

MSSM

MSSM Risk / Return Rank: 73
MSSM Sharpe Ratio Rank: 69
MSSM Sortino Ratio Rank: 70
MSSM Omega Ratio Rank: 65
MSSM Calmar Ratio Rank: 81
MSSM Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RUSC vs. MSSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Small Cap Equity Active ETF (RUSC) 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.

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.

	RUSC	MSSM	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.60	+0.29
Sortino ratio: Return per unit of downside risk	2.73	2.30	+0.42
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	3.80	3.00	+0.80
Martin ratio: Return relative to average drawdown	13.21	10.83	+2.38

RUSC vs. MSSM - Sharpe Ratio Comparison

The current RUSC Sharpe Ratio is 1.89, which is comparable to the MSSM Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of RUSC 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.

Drawdowns

RUSC vs. MSSM - Drawdown Comparison

The maximum RUSC drawdown since its inception was -9.18%, smaller than the maximum MSSM drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for RUSC and MSSM.

Drawdown Indicators

	RUSC	MSSM	Difference
Max Drawdown Largest peak-to-trough decline	-9.18%	-25.16%	+15.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.18%	-9.50%	+0.32%
Current Drawdown Current decline from peak	-3.74%	-4.43%	+0.69%
Average Drawdown Average peak-to-trough decline	-1.74%	-4.94%	+3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.62%	+0.02%

Volatility

RUSC vs. MSSM - Volatility Comparison

U.S. Small Cap Equity Active ETF (RUSC) has a higher volatility of 4.10% compared to Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) at 3.85%. This indicates that RUSC's price experiences larger fluctuations and is considered to be riskier than MSSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RUSC	MSSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	3.85%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	13.38%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	17.81%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	20.58%	-2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	20.58%	-2.62%

RUSC vs. MSSM - Expense Ratio Comparison

RUSC has a 0.64% expense ratio, which is higher than MSSM's 0.62% expense ratio.

Dividends

RUSC vs. MSSM - Dividend Comparison

RUSC's dividend yield for the trailing twelve months is around 0.32%, less than MSSM's 2.69% yield.

Position	TTM	2025
MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF	2.69%	3.15%
RUSC U.S. Small Cap Equity Active ETF	0.32%	0.38%

Frequently Asked Questions

Can I hold both RUSC and MSSM in my portfolio?

With a correlation of 0.97, RUSC and MSSM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, RUSC or MSSM?

RUSC has higher volatility (4.10%) compared to MSSM (3.85%). In terms of maximum drawdown, RUSC dropped -9.18% vs MSSM's -25.16%.

Which ETF is better, RUSC or MSSM?

On 1-year performance, RUSC leads with 37.10% vs 30.65% for MSSM. On fees, MSSM is cheaper at 0.62% per year. On volatility, MSSM has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RUSC or MSSM?

Over the 1-year period, RUSC has performed better with a 37.10% return vs 30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RUSC or MSSM?

MSSM is cheaper with a 0.62% expense ratio, compared with 0.64% for RUSC.

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

MSSM has the higher dividend yield at 2.69%, compared with 0.32% for RUSC.

What is the main difference between RUSC and MSSM?

They also come from different issuers: Russell and Morgan Stanley. Their fees differ too: 0.64% for RUSC and 0.62% for MSSM.

Which has better risk-adjusted returns?

RUSC currently has the higher Sharpe Ratio (1.89 vs 1.60), 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.