SF vs. MS

Last updated Jun 4, 2026

SF (Stifel Financial Corp.) and MS (Morgan Stanley) are both stocks. Both operate in the Capital Markets industry within the Financial Services sector. Over the past 10 years, SF returned 17.01%/yr vs 26.51%/yr for MS. At a 0.45 correlation, their price movements are largely independent.

Performance

SF vs. MS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stifel Financial Corp. (SF) and Morgan Stanley (MS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SF achieves a -16.11% return, which is significantly lower than MS's 19.66% return. Over the past 10 years, SF has underperformed MS with an annualized return of 17.01%, while MS has yielded a comparatively higher 26.51% annualized return.

SF

• 1D: -0.01%
• 1M: -8.71%
• YTD: -16.11%
• 6M: -14.54%
• 1Y: 12.53%
• 3Y*: 23.41%
• 5Y*: 11.18%
• 10Y*: 17.01%

MS

• 1D: -2.25%
• 1M: 11.77%
• YTD: 19.66%
• 6M: 22.29%
• 1Y: 67.25%
• 3Y*: 39.95%
• 5Y*: 21.31%
• 10Y*: 26.51%

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

SF vs. MS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SF Stifel Financial Corp.	-16.11%	20.07%	56.37%	21.24%	-15.57%	40.79%	26.32%	47.99%	-29.86%	19.71%
MS Morgan Stanley	19.66%	45.16%	39.73%	13.93%	-10.34%	46.65%	38.09%	32.67%	-22.76%	26.61%

Correlation

The correlation between SF and MS is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 24, 1993	0.45

Over the past year, SF and MS have become more correlated (0.66) than their long-term average of 0.45, meaning their price movements have been converging.

Fundamentals

Market Cap SF : $7.65B MS : $334.75B
EPS SF : $8.03 MS : $11.41
PE Ratio SF : 8.64 MS : 18.41
PS Ratio SF : 1.17 MS : 2.78
PB Ratio SF : 1.44 MS : 3.20
Total Revenue (TTM) SF : $6.51B MS : $120.22B
Gross Profit (TTM) SF : $5.60B MS : $69.72B
EBITDA (TTM) SF : $1.45B MS : $27.21B

Return for Risk

SF vs. MS — Risk / Return Rank

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

SF

SF Risk / Return Rank: 53
SF Sharpe Ratio Rank: 57
SF Sortino Ratio Rank: 49
SF Omega Ratio Rank: 49
SF Calmar Ratio Rank: 54
SF Martin Ratio Rank: 55

MS

MS Risk / Return Rank: 89
MS Sharpe Ratio Rank: 93
MS Sortino Ratio Rank: 90
MS Omega Ratio Rank: 90
MS Calmar Ratio Rank: 85
MS Martin Ratio Rank: 89

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.

SF vs. MS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stifel Financial Corp. (SF) 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.

	SF	MS	Difference
Sharpe ratio Return per unit of total volatility	0.49	2.68	-2.19
Sortino ratio Return per unit of downside risk	0.81	3.29	-2.48
Omega ratio Gain probability vs. loss probability	1.10	1.45	-0.34
Calmar ratio Return relative to maximum drawdown	0.59	3.59	-3.00
Martin ratio Return relative to average drawdown	1.40	11.89	-10.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SF vs. MS - Sharpe Ratio Comparison

The current SF Sharpe Ratio is 0.49, which is lower than the MS Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of SF and MS, 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

	SF	MS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.49	2.68	-2.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.75	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.85	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.29	-0.05

Drawdowns

SF vs. MS - Drawdown Comparison

The maximum SF drawdown since its inception was -78.37%, smaller than the maximum MS drawdown of -88.12%. Use the drawdown chart below to compare losses from any high point for SF and MS.

Drawdown Indicators

	SF	MS	Difference
Max Drawdown Largest peak-to-trough decline	-78.37%	-88.12%	+9.75%
Max Drawdown (1Y) Largest decline over 1 year	-21.20%	-18.83%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-34.67%	-29.24%	-5.43%
Max Drawdown (5Y) Largest decline over 5 years	-36.25%	-32.38%	-3.87%
Max Drawdown (10Y) Largest decline over 10 years	-51.89%	-51.33%	-0.56%
Current Drawdown Current decline from peak	-21.15%	-2.25%	-18.90%
Average Drawdown Average peak-to-trough decline	-29.18%	-33.72%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.97%	5.67%	+3.30%

Volatility

SF vs. MS - Volatility Comparison

The current volatility for Stifel Financial Corp. (SF) is 5.71%, while Morgan Stanley (MS) has a volatility of 6.98%. This indicates that SF 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.

Volatility by Period

	SF	MS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	6.98%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	19.96%	20.82%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	25.72%	25.19%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.21%	28.65%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.19%	31.48%	+3.71%

Dividends

SF vs. MS - Dividend Comparison

SF's dividend yield for the trailing twelve months is around 1.86%, less than MS's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MS Morgan Stanley	1.90%	2.17%	2.82%	3.49%	3.47%	2.14%	2.04%	2.54%	2.77%	1.72%	1.66%	1.73%
SF Stifel Financial Corp.	1.86%	1.47%	1.58%	2.08%	2.06%	0.85%	0.90%	0.99%	1.16%	0.34%	0.00%	0.00%

Financials

SF vs. MS - Profitability Comparison

The chart below illustrates the profitability comparison between Stifel Financial Corp. and Morgan Stanley over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SF - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Stifel Financial Corp. reported a gross profit of 1.38B and revenue of 1.67B. Therefore, the gross margin over that period was 82.8%.

MS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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%.

SF - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Stifel Financial Corp. reported an operating income of 542.38M and revenue of 1.67B, resulting in an operating margin of 32.6%.

MS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Morgan Stanley reported an operating income of 7.01B and revenue of 33.15B, resulting in an operating margin of 21.2%.

SF - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Stifel Financial Corp. reported a net income of 251.42M and revenue of 1.67B, resulting in a net margin of 15.1%.

MS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 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

Can I hold both SF and MS in my portfolio?

SF and MS have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SF or MS?

MS has higher volatility (6.98%) compared to SF (5.71%). In terms of maximum drawdown, SF dropped -78.37% vs MS's -88.12%.

Which has better risk-adjusted returns?

MS currently has the higher Sharpe Ratio (2.68 vs 0.49), 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.