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Relative Intelligence · Capital Markets

How Morgan Stanley (MS) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MS alone. It places MS (Morgan Stanley) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where MS stands in the market, and of the alternatives worth a closer look.

Period covered: MS's full trading record, from February 1993 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against MS →Chart MS vs. 23 alternatives →
On this page12 sections

Key findings

How much would $10,000 in MS have grown?

This chart tracks a hypothetical $10,000 investment in MS over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MS over the same span and MS's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 398 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of MS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000199720022007201220172022$10,000$100,00019972004201120182025
  • SF$522,688+5,127% total · +14.6% a year
  • SPGI$384,837+3,748% total · +13.4% a year
  • RJF$332,210+3,222% total · +12.8% a year
  • JPM$189,407+1,794% total · +10.7% a year
  • SCHW$171,783+1,618% total · +10.3% a year
  • MS$148,562+1,386% total · +9.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • JEF$120,032+1,100% total · +8.9% a year
  • OPY$109,725+997% total · +8.6% a year
  • C$11,853+18.5% total · +0.6% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 626 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • IBKR$56,308+463% total · +41.3% a year
  • UBS$34,575+246% total · +28.2% a year
  • OPY$28,799+188% total · +23.6% a year
  • GS$26,885+169% total · +21.9% a year
  • JPM$22,905+129% total · +18.0% a year
  • MS$22,663+127% total · +17.8% a year
  • PIPR$22,212+122% total · +17.3% a year
  • C$21,876+119% total · +16.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • KKR$15,636+56.4% total · +9.4% a year
Change the dates or add tickers to this chart in EasyCompare

MS at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$285B
Industry
Financial - Capital Markets
Price history from
February 1993

Returns

Past 1 year
+13.9%total return
Past 3 years
+170%+39.3% a year
Past 5 years
+110%+16.0% a year
Past 10 years
+627%+21.9% a year
Best calendar year
+103%1999
Worst calendar year
−68.9%2008
Losing years
10 of 29full calendar years

Risk

Volatility
28.8%typical yearly swing, 5 years
Sharpe ratio
0.66return per unit of risk, 5 years
Worst decline ever
−88.2%Sep 2000 to Nov 2008
From its all-time high
−20.6%below the peak

MS against the whole market

Where MS ranks among every stock and fund, and what across the market has done better.

How does MS rank among all stocks?

This section ranks MS on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how MS stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureMSRankStanding
1-year return+13.9%1,448 of 3,287top 44%
3-year return+170%493 of 3,017top 16%
5-year return+110%625 of 2,893top 22%
10-year return+627%226 of 2,202top 10%
Volatility, 5 years28.8%626 of 2,893top 22%
Sharpe ratio, 5 years0.66543 of 2,893top 19%
Worst decline, past 10 years−51.3%507 of 2,187top 23%

What has beaten MS on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). MS sits where the dashed lines cross. Anything in the green box above and to the left earned more than MS with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to MS; faint dots are 68 more of the 98 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%15.0%20.0%25.0%30.0%35.0%40.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MSEWT: +20.4% a year, volatility 24.2%FLTW: +21.8% a year, volatility 24.3%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%MFC: +22.6% a year, volatility 24.0%HLT: +21.0% a year, volatility 26.8%PM: +21.0% a year, volatility 23.4%WAB: +25.6% a year, volatility 26.2%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%TRV: +22.4% a year, volatility 22.3%COR: +24.2% a year, volatility 22.8%MNST: +17.2% a year, volatility 24.9%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%ETR: +19.2% a year, volatility 22.4%PCAR: +17.9% a year, volatility 26.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%SPMO: +18.7% a year, volatility 20.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%EHC: +18.4% a year, volatility 26.8%MSGS: +18.4% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%AIRR: +18.3% a year, volatility 25.9%ACT: +20.5% a year, volatility 24.3%EPU: +29.5% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%GARP: +17.5% a year, volatility 22.5%FRDM: +17.3% a year, volatility 22.8%BFC: +19.0% a year, volatility 27.3%XOM: +27.1% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.2%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%TTE: +18.0% a year, volatility 25.8%BTI: +18.7% a year, volatility 22.0%MO: +17.8% a year, volatility 21.4%WMB: +24.6% a year, volatility 24.0%E: +23.0% a year, volatility 25.6%KMI: +18.7% a year, volatility 22.5%AFL: +19.0% a year, volatility 20.8%CCEP: +19.7% a year, volatility 23.2%XLE: +22.6% a year, volatility 25.5%ACGL: +20.1% a year, volatility 24.5%KOF: +22.3% a year, volatility 24.7%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%RGA: +19.7% a year, volatility 27.3%ENSG: +19.8% a year, volatility 26.8%AM: +20.0% a year, volatility 25.9%PAGP: +26.8% a year, volatility 26.1%GHC: +17.4% a year, volatility 26.3%MLPX: +18.6% a year, volatility 19.7%EUFN: +18.5% a year, volatility 21.8%CRAK: +19.8% a year, volatility 20.9%ATMP: +21.2% a year, volatility 21.5%NANR: +17.4% a year, volatility 22.6%UFOX: +17.2% a year, volatility 26.5%MS: +16.0% a year, volatility 28.8%SPY (S&P 500): +12.7% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%IBKR: +35.4% a year, volatility 35.4%OPY: +17.1% a year, volatility 33.4%UBS: +25.4% a year, volatility 30.4%GS: +19.6% a year, volatility 28.6%RY: +17.3% a year, volatility 18.2%MFG: +33.6% a year, volatility 30.6%HSBC: +33.1% a year, volatility 25.9%CBOE: +21.5% a year, volatility 25.1%MUFG: +33.2% a year, volatility 29.4%TD: +15.8% a year, volatility 20.0%PGR: +21.3% a year, volatility 25.6%CAH: +42.1% a year, volatility 24.7%COST: +17.4% a year, volatility 22.9%VGT: +18.4% a year, volatility 26.0%GWW: +26.3% a year, volatility 24.9%LLY: +40.7% a year, volatility 32.8%MUSA: +26.1% a year, volatility 31.2%LVHI: +17.0% a year, volatility 11.1%MSSPY (S&P 500)JPMIBKROPYUBSGSRYMFGHSBCCBOEMUFGTDPGRCAHCOSTVGTGWWLLYLVHI10.0%20.0%30.0%40.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MSEWT: +20.4% a year, volatility 24.2%FLTW: +21.8% a year, volatility 24.3%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%MFC: +22.6% a year, volatility 24.0%HLT: +21.0% a year, volatility 26.8%PM: +21.0% a year, volatility 23.4%WAB: +25.6% a year, volatility 26.2%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%TRV: +22.4% a year, volatility 22.3%COR: +24.2% a year, volatility 22.8%MNST: +17.2% a year, volatility 24.9%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%ETR: +19.2% a year, volatility 22.4%PCAR: +17.9% a year, volatility 26.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%SPMO: +18.7% a year, volatility 20.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%EHC: +18.4% a year, volatility 26.8%MSGS: +18.4% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%AIRR: +18.3% a year, volatility 25.9%ACT: +20.5% a year, volatility 24.3%EPU: +29.5% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%GARP: +17.5% a year, volatility 22.5%FRDM: +17.3% a year, volatility 22.8%BFC: +19.0% a year, volatility 27.3%XOM: +27.1% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.2%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%TTE: +18.0% a year, volatility 25.8%BTI: +18.7% a year, volatility 22.0%MO: +17.8% a year, volatility 21.4%WMB: +24.6% a year, volatility 24.0%E: +23.0% a year, volatility 25.6%KMI: +18.7% a year, volatility 22.5%AFL: +19.0% a year, volatility 20.8%CCEP: +19.7% a year, volatility 23.2%XLE: +22.6% a year, volatility 25.5%ACGL: +20.1% a year, volatility 24.5%KOF: +22.3% a year, volatility 24.7%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%RGA: +19.7% a year, volatility 27.3%ENSG: +19.8% a year, volatility 26.8%AM: +20.0% a year, volatility 25.9%PAGP: +26.8% a year, volatility 26.1%GHC: +17.4% a year, volatility 26.3%MLPX: +18.6% a year, volatility 19.7%EUFN: +18.5% a year, volatility 21.8%CRAK: +19.8% a year, volatility 20.9%ATMP: +21.2% a year, volatility 21.5%NANR: +17.4% a year, volatility 22.6%UFOX: +17.2% a year, volatility 26.5%MS: +16.0% a year, volatility 28.8%SPY (S&P 500): +12.7% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%IBKR: +35.4% a year, volatility 35.4%OPY: +17.1% a year, volatility 33.4%UBS: +25.4% a year, volatility 30.4%GS: +19.6% a year, volatility 28.6%RY: +17.3% a year, volatility 18.2%MFG: +33.6% a year, volatility 30.6%HSBC: +33.1% a year, volatility 25.9%CBOE: +21.5% a year, volatility 25.1%MUFG: +33.2% a year, volatility 29.4%TD: +15.8% a year, volatility 20.0%PGR: +21.3% a year, volatility 25.6%CAH: +42.1% a year, volatility 24.7%COST: +17.4% a year, volatility 22.9%VGT: +18.4% a year, volatility 26.0%GWW: +26.3% a year, volatility 24.9%LLY: +40.7% a year, volatility 32.8%MUSA: +26.1% a year, volatility 31.2%LVHI: +17.0% a year, volatility 11.1%MSSPY (S&P 500)JPMIBKROPYUBSGSRYMFGHSBCCBOETDPGRCAHGWWLLYLVHI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than MS?

Investments that beat MS over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat MS over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks MS's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than MS follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than MS's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× MS's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than MS's.

Screen the whole market against MS for any period in BetterThanSPYOpen these 20 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with MS?lower diversifies moreExpenseper year
MSMorgan Stanley · this page
+16.0%28.8%0.66−51.3%+627%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.690.09%
Popular alternativesbest 5 shownThe investments people most often weigh against MS. 5 of 23 passed at least one test.
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.3%24.3%0.78−43.6%+537%0.72—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return in most periods+35.4%35.4%1.04−55.1%+935%0.55—
OPYOppenheimer Holdings Inc. · Financial - Capital Markets
Higher return in most periods+17.1%33.4%0.64−54.9%+743%0.52—
UBSUBS Group AG · Banks
Higher return, similar volatility+25.4%30.4%0.90−59.8%+374%0.68—
GSThe Goldman Sachs Group, Inc. · Capital Markets
Higher return, similar volatility+19.6%28.6%0.77−48.8%+521%0.87—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Capital Markets and the categories next to it (Investment Banking & Brokerage, Financial Data, Banks, Asset Management), plus MS's specific themes. 29 of 117 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+17.3%18.2%0.97−40.0%+352%0.76—
MFGMizuho Financial Group, Inc. · Banks
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.6%30.6%1.10−45.7%+345%0.43—
HSBCHSBC Holdings plc · Banks
Higher return, lower volatilityHigher return in most periods+33.1%25.9%1.24−62.3%+319%0.55—
CBOECboe Global Markets, Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst decline+21.5%25.1%0.91−43.2%+463%0.10—
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return, similar volatilityHigher return in most periods+33.2%29.4%1.13−54.9%+483%0.29—
TDThe Toronto-Dominion Bank · Banks
Similar return, lower volatilityHigher Sharpe, smaller worst decline+15.8%20.0%0.84−42.0%+310%0.61—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 270 of 3,493 passed at least one test.
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+21.3%25.6%0.89−30.3%+816%0.06—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.16—
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.4%22.9%0.82−31.4%+685%0.32—
VGTVanguard Information Technology ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.4%26.0%0.78−35.1%+779%0.550.09%
GWWW.W. Grainger, Inc. · Industrial Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.3%24.9%1.07−41.6%+654%0.39—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.11—
MUSAMurphy USA Inc. · Convenience Stores
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+26.1%31.2%0.90−35.5%+706%0.09—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+17.0%11.1%1.48−32.4%+194%0.520.40%
What these numbers mean for MS
Annual return
MS returned 16.0% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $21,000. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
MS's volatility over the past 5 years was 28.8%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MS's return lands within 28.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
MS's Sharpe ratio over the past 5 years was 0.66, against 0.79 for the S&P 500, so MS earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
MS's worst fall from a peak to a low over the past 10 years was 51.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 51.3% fall takes a 105% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MS's monthly returns had a correlation of 0.69 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MS instead: the lower it is, the more that option would diversify a MS holding. Guide: Correlation and diversification →
Show all 98 stocks and funds worth at least $500 million that earned more than MS with less volatility

Out of 3,633 tested over 5 years. The strongest 77 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with MSExpense
1
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.06—
2
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.16—
3
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.32—
4
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.550.09%
5
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.39—
6
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.530.59%
7
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.520.19%
8
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.39—
9
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.19—
10
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.25—
11
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.05—
12
RYRoyal Bank of Canada · Banks
Same or nearby category+17.3%18.2%0.97−40.0%+352%0.76—
13
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.260.48%
14
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.64—
15
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.57—
16
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.35—
17
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.49—
18
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%-0.01—
19
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.20—
20
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.16—
21
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.17—
22
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.32—
23
HSBCHSBC Holdings plc · Banks
Same or nearby category+33.1%25.9%1.24−62.3%+319%0.55—
24
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.070.40%
25
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.31—
26
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.22—
27
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.23—
28
BNYBank of New York Mellon Corp · Banks
Same or nearby category+22.7%24.4%0.97−50.5%+341%0.76—
29
CMCanadian Imperial Bank of Commerce · Banks
Same or nearby category+19.2%21.6%0.93−47.3%+395%0.70—
30
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.34—
31
PCARPACCAR Inc · Commercial Vehicles
Whole market+17.9%26.1%0.76−37.9%+314%0.60—
32
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.46—
33
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.150.80%
34
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.05—
35
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.550.13%
36
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.50—
37
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.40—
38
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.26—
39
JPMJPMorgan Chase & Co. · Banks
Popular alternative+17.3%24.3%0.78−43.6%+537%0.72—
40
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.33—
41
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.25—
42
AIRRFirst Trust RBA American Industrial RenaissanceTM ETF · US Industrials
Whole market+18.3%25.9%0.78−42.4%+407%0.610.69%
43
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.44—
44
CBOECboe Global Markets, Inc. · Capital Markets
Same or nearby category+21.5%25.1%0.91−43.2%+463%0.10—
45
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.470.59%
46
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.43—
47
GARPiShares MSCI USA Quality GARP ETF · Broad Market
Whole market+17.5%22.5%0.83−31.4%—0.590.15%
48
FRDMFreedom 100 Emerging Markets ETF · International
Whole market+17.3%22.8%0.82−40.5%—0.540.49%
49
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%0.32—
50
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.18—
51
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.330.45%
52
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.25—
53
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.20—
54
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+234%0.26—
55
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.30—
56
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.27—
57
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.39—
58
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.30—
59
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.48—
60
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.39—
61
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.25—
62
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.310.08%
63
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.01—
64
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.29—
65
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.62—
66
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.44—
67
RGAReinsurance Group of America, Incorporated · Insurance
Whole market+19.7%27.3%0.80−65.8%+199%0.38—
68
ENSGThe Ensign Group, Inc. · Health Care Facilities
Whole market+19.8%26.8%0.81−55.5%+896%0.15—
69
AMAntero Midstream Corporation · Oil & Gas Midstream
Whole market+20.0%25.9%0.84−92.9%—0.29—
70
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+56.3%0.43—
71
GHCGraham Holdings Company · Industrial Conglomerates
Whole market+17.4%26.3%0.74−62.5%+191%0.54—
72
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.490.45%
73
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.690.49%
74
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.360.61%
75
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.460.95%
76
NANRState Street SPDR S&P North American Natural Resources ETF · Broad Market
Whole market+17.4%22.6%0.83−49.1%+241%0.420.35%
77
UFOXDefiance Space and Connective Tech ETF · Technology
Whole market+17.2%26.5%0.73−33.9%—0.580.30%

MS against its popular alternatives

The investments people most often weigh against MS, compared period by period and year by year.

How do MS's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at MS, which divides the map into what did better or worse on each measure.

Green points earned more than MS with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMS: 16.0% a year, volatility 28.8%SPY (S&P 500): 12.7% a year, volatility 17.1%GS: 19.6% a year, volatility 28.6%JPM: 17.3% a year, volatility 24.3%C: 15.1% a year, volatility 29.4%KKR: 5.7% a year, volatility 39.8%PIPR: 13.5% a year, volatility 35.5%SF: 8.4% a year, volatility 31.0%SCHW: 3.6% a year, volatility 31.9%LAZ: −2.0% a year, volatility 38.2%BX: 0.4% a year, volatility 39.8%EVR: 11.0% a year, volatility 36.3%PJT: 10.2% a year, volatility 31.1%MC: −0.5% a year, volatility 37.6%JEF: 5.4% a year, volatility 36.5%PWP: 0.3% a year, volatility 45.2%IBKR: 35.4% a year, volatility 35.4%OPY: 17.2% a year, volatility 33.4%UBS: 25.4% a year, volatility 30.4%CME: 11.2% a year, volatility 20.8%BLK: 7.1% a year, volatility 27.1%RJF: 10.4% a year, volatility 27.9%SPGI: 0.7% a year, volatility 25.6%HLI: 6.6% a year, volatility 28.7%BAC: 4.0% a year, volatility 26.6%MSSPY (S&P 500)GSJPMCKKRPIPRSFSCHWLAZBXEVRPJTMCJEFPWPIBKROPYUBSBLKRJFSPGIHLIBAC10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMS: 16.0% a year, volatility 28.8%SPY (S&P 500): 12.7% a year, volatility 17.1%GS: 19.6% a year, volatility 28.6%JPM: 17.3% a year, volatility 24.3%C: 15.1% a year, volatility 29.4%KKR: 5.7% a year, volatility 39.8%PIPR: 13.5% a year, volatility 35.5%SF: 8.4% a year, volatility 31.0%SCHW: 3.6% a year, volatility 31.9%LAZ: −2.0% a year, volatility 38.2%BX: 0.4% a year, volatility 39.8%EVR: 11.0% a year, volatility 36.3%PJT: 10.2% a year, volatility 31.1%MC: −0.5% a year, volatility 37.6%JEF: 5.4% a year, volatility 36.5%PWP: 0.3% a year, volatility 45.2%IBKR: 35.4% a year, volatility 35.4%OPY: 17.2% a year, volatility 33.4%UBS: 25.4% a year, volatility 30.4%CME: 11.2% a year, volatility 20.8%BLK: 7.1% a year, volatility 27.1%RJF: 10.4% a year, volatility 27.9%SPGI: 0.7% a year, volatility 25.6%HLI: 6.6% a year, volatility 28.7%BAC: 4.0% a year, volatility 26.6%MSSPY (S&P 500)GSJPMCKKRPIPRSFSCHWLAZBXEVRPJTMCJEFPWPIBKROPYUBSBLKRJFSPGIHLIBAC
All figures
InvestmentAnnual returnVolatility
IBKR Interactive Brokers Group, Inc.+35.4%35.4%
UBS UBS Group AG+25.4%30.4%
GS The Goldman Sachs Group, Inc.+19.6%28.6%
JPM JPMorgan Chase & Co.+17.3%24.3%
OPY Oppenheimer Holdings Inc.+17.2%33.4%
MS This pageMorgan Stanley+16.0%28.8%
C Citigroup Inc.+15.1%29.4%
PIPR Piper Sandler Companies+13.5%35.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CME CME Group Inc.+11.2%20.8%
EVR Evercore Inc.+11.0%36.3%
RJF Raymond James Financial, Inc.+10.4%27.9%
PJT PJT Partners Inc.+10.2%31.1%
SF Stifel Financial Corp+8.4%31.0%
BLK BlackRock, Inc.+7.1%27.1%
HLI Houlihan Lokey, Inc.+6.6%28.7%
KKR KKR & Co. Inc.+5.7%39.8%
JEF Jefferies Financial Group Inc.+5.4%36.5%
BAC Bank of America Corporation+4.0%26.6%
SCHW The Charles Schwab Corporation+3.6%31.9%
SPGI S&P Global Inc.+0.7%25.6%
BX Blackstone Inc.+0.4%39.8%
PWP Perella Weinberg Partners+0.3%45.2%
MC Moelis & Company−0.5%37.6%
LAZ Lazard Inc−2.0%38.2%
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Has MS consistently beaten its popular alternatives?

This section compares MS with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than MS helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than MS over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
MS Morgan Stanley (this page)—−12.5%−14.0%−4.4%+0.8%+13.9%+170%+110%+627%28.8%0.66−51.3%—$285B—
IBKR QualifiedInteractive Brokers Group, Inc.5/5 short3/3 longAll-weather−11.1%−9.5%+2.2%+23.7%+24.4%+320%+355%+935%35.4%1.04−55.1%—$146B—
OPY QualifiedOppenheimer Holdings Inc.3/5 short3/3 long−15.5%−6.8%−11.0%+39.4%+50.8%+201%+121%+743%33.4%0.64−54.9%—$1.1B—
GS Financial - Capital MarketsThe Goldman Sachs Group, Inc.2/5 short2/3 long−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
UBS Banks - DiversifiedUBS Group AG5/5 short1/3 long−7.5%−8.3%+10.6%+2.9%+26.3%+116%+210%+374%30.4%0.90−59.8%—$145B—
JPM Banks - DiversifiedJPMorgan Chase & Co.4/5 short1/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
C Banks - DiversifiedCitigroup Inc.4/5 short1/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
KKR Asset ManagementKKR & Co. Inc.2/5 short1/3 long−11.5%−7.8%−13.8%−30.4%−25.2%+65.7%+31.8%+653%39.8%0.34−49.4%—$80B—
PIPR Investment - Banking & Investment ServicesPiper Sandler Companies0/5 short1/3 long−13.2%−15.5%−29.3%−24.9%−20.5%+103%+88.4%+762%35.5%0.54−60.0%—$4.5B—
CME Financial - Data & Stock ExchangesCME Group Inc.5/5 short0/3 long+7.2%+21.0%+3.8%+13.2%+14.6%+57.7%+70.1%+319%20.8%0.62−37.4%—$106B—
BLK Asset ManagementBlackRock, Inc.4/5 short0/3 long+3.5%+7.6%+8.8%+5.7%−0.6%+96.3%+41.1%+313%27.1%0.39−43.9%—$175B—
RJF Asset ManagementRaymond James Financial, Inc.3/5 short0/3 long−5.7%−7.4%+2.7%−4.1%−4.5%+69.5%+64.2%+358%27.9%0.50−45.6%—$30B—
SPGI Financial - Data & Stock ExchangesS&P Global Inc.3/5 short0/3 long+8.3%−2.1%−0.6%−13.9%−7.4%+28.2%+3.7%+293%25.6%0.16−39.8%—$129B—
HLI Investment - Banking & Investment ServicesHoulihan Lokey, Inc.2/5 short0/3 long−1.7%−6.3%−18.2%−25.1%−31.2%+35.0%+37.8%+549%28.7%0.37−40.3%—$9.1B—
SF Financial - Capital MarketsStifel Financial Corp2/5 short0/3 long−11.7%−13.4%−17.4%−20.8%−9.0%+86.5%+49.5%+374%31.0%0.41−51.8%—$10B—
SCHW Financial - Capital MarketsThe Charles Schwab Corporation2/5 short0/3 long−15.0%−11.1%−1.8%−9.6%−3.1%+86.2%+19.1%+221%31.9%0.27−51.1%—$157B—
LAZ Financial - Capital MarketsLazard Inc2/5 short0/3 long+0.5%−11.9%−22.4%−24.0%−23.6%+47.7%−9.7%+73.5%38.2%0.14−60.0%—$3.6B—
BX Asset ManagementBlackstone Inc.1/5 short0/3 long−12.7%−9.8%−12.8%−28.3%−28.4%+28.6%+2.1%+628%39.8%0.21−49.3%—$127B—
EVR Financial - Capital MarketsEvercore Inc.1/5 short0/3 long−6.3%−24.2%−29.2%−27.6%−20.6%+102%+68.8%+499%36.3%0.47−67.4%—$9.7B—
PJT Investment - Banking & Investment ServicesPJT Partners Inc.1/5 short0/3 long−9.5%−16.6%−13.2%−18.9%−22.5%+88.7%+62.6%+477%31.1%0.47−58.4%—$3.5B—
MC Financial - Capital MarketsMoelis & Company1/5 short0/3 long−11.1%−18.9%−20.0%−22.1%−18.4%+49.4%−2.3%+343%37.6%0.17−58.3%—$4.0B—
JEF Financial - Capital MarketsJefferies Financial Group Inc.1/5 short0/3 long−5.9%−17.8%−3.9%−27.5%−14.2%+51.7%+30.3%+249%36.5%0.33−54.4%—$8.5B—
PWP Financial - Capital MarketsPerella Weinberg Partners1/5 short0/3 long−5.4%−18.8%−40.3%−26.7%−33.5%+40.2%+1.7%—45.2%0.23−60.5%—$1.4B—
BAC Banks - DiversifiedBank of America Corporation0/5 short0/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
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How did MS do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where MS ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MS and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of MS; gray means the two finished within a fraction of a point. The rank row places MS among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of MS20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
MS This pageMorgan Stanley—+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%−22.1%+46.3%+4.6%−2.0%+48.4%−27.0%−28.1%+12.3%+103%+21.9%+80.3%
Rank among alternativesTop quarter in 4 of 295 of 2416 of 2419 of 249 of 2412 of 247 of 2312 of 2317 of 2319 of 232 of 2316 of 212 of 206 of 209 of 2017 of 2015 of 206 of 2016 of 2013 of 175 of 1610 of 1514 of 155 of 1411 of 1312 of 138 of 121 of 104 of 104 of 10
SPY S&P 500State Street SPDR S&P 500 ETF11 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
IBKR Interactive Brokers Group, Inc.10 of 18+46.3%+114%+15.2%−8.3%+31.2%+31.7%−14.0%−7.1%+62.8%−15.4%+51.0%+21.7%+82.8%+1.0%−14.5%+11.1%−0.9%−44.6%———————————
OPY Oppenheimer Holdings Inc.12 of 29+15.5%+57.3%−0.9%−7.2%+52.7%+20.4%+9.4%−3.3%+47.6%+10.2%−23.7%−4.5%+47.0%+10.3%−37.3%−19.8%+164%−69.0%+28.1%+69.7%−20.3%−23.7%+36.0%−9.4%+19.2%+64.2%−13.1%+1.9%+21.9%
GS The Goldman Sachs Group, Inc.17 of 26+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%+8.6%+57.4%+23.9%+6.5%+46.3%−26.0%−12.8%+14.1%———
UBS UBS Group AG12 of 25+57.6%+0.7%+69.8%+7.4%+29.4%+19.5%+7.1%−29.9%+17.4%−14.4%+18.1%−10.2%+23.3%+34.3%−28.2%+6.2%+8.5%−68.9%−21.5%+32.5%+18.2%+27.9%+50.4%+1.7%−8.0%————
JPM JPMorgan Chase & Co.15 of 29+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
C Citigroup Inc.11 of 29+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%+70.2%−6.8%+79.9%
KKR KKR & Co. Inc.11 of 18−13.3%+79.6%+80.5%−37.0%+85.8%+41.1%+51.5%−4.3%+41.8%+3.4%−28.0%+4.0%+73.8%+25.6%−5.3%+70.4%+153%−81.3%———————————
PIPR Piper Sandler Companies12 of 22+15.5%+74.3%+37.8%−23.4%+85.3%+29.7%+33.6%−10.7%+28.2%+79.7%−30.5%+46.8%+23.2%+58.8%−42.2%−30.9%+27.3%−14.2%−28.9%+61.4%−15.8%+15.5%———————
CME CME Group Inc.10 of 23+19.8%+15.4%+31.3%−22.9%+29.5%−6.3%+9.7%+32.1%+32.4%+33.9%+4.4%+18.3%+64.0%+11.4%−22.7%−2.7%+64.3%−68.8%+35.3%+39.5%+61.8%+219%+67.5%——————
BLK BlackRock, Inc.13 of 26+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%+45.1%+41.8%+42.4%+47.6%+35.9%−5.5%−0.7%+144%———
RJF Raymond James Financial, Inc.15 of 29+4.7%+40.8%+6.1%+8.3%+59.5%+8.7%+22.8%−15.7%+30.0%+21.3%+2.5%+11.1%+37.2%+26.3%−3.7%+39.8%+41.8%−46.4%+8.7%+22.1%+22.9%+24.7%+28.9%−15.8%+3.1%+89.7%−10.6%−19.3%+100%
SPGI S&P Global Inc.14 of 29+5.7%+13.9%+32.8%−28.4%+44.7%+21.4%+62.3%+1.4%+59.3%+10.5%+12.3%+15.5%+45.9%+30.1%+26.6%+12.0%+49.3%−45.5%−34.7%+33.5%+14.2%+33.0%+17.8%+0.8%+5.7%−3.2%+22.8%+41.1%+64.4%
HLI Houlihan Lokey, Inc.7 of 10+1.6%+47.0%+40.7%−13.9%+57.0%+40.6%+36.4%−17.2%+49.2%+21.9%———————————————————
SF Stifel Financial Corp14 of 29+20.9%+57.2%+22.7%−14.8%+41.4%+27.1%+48.8%−29.5%+20.0%+17.9%−16.9%+6.4%+49.9%−0.3%−22.5%+4.8%+29.1%+30.7%+34.2%+4.2%+79.5%+43.1%+75.7%+7.1%−5.9%+17.4%+1.8%−34.3%+106%
SCHW The Charles Schwab Corporation14 of 29+36.6%+9.2%−16.0%+0.1%+60.2%+13.6%+16.4%−18.4%+31.1%+21.0%+9.9%+17.2%+83.3%+29.8%−33.1%−7.8%+18.1%−36.1%+40.0%+32.8%+23.5%+1.7%+9.5%−29.5%−45.4%+11.4%+36.3%+102%+97.6%
LAZ Lazard Inc8 of 20−1.6%+54.9%+6.9%−16.2%+7.4%+12.1%+13.8%−25.4%+36.2%−1.1%−5.8%+13.2%+56.0%+19.0%−32.7%+5.5%+29.4%−26.1%−13.4%+49.6%—————————
BX Blackstone Inc.10 of 18−7.8%+35.1%+82.8%−40.0%+107%+19.8%+96.3%+0.1%+27.4%−1.5%−5.0%+13.9%+114%+15.7%+3.4%+12.7%+117%−67.4%———————————
EVR Evercore Inc.11 of 19+24.3%+64.3%+60.6%−17.6%+26.3%+51.7%+7.4%−18.9%+33.4%+30.2%+5.6%−10.7%+102%+17.0%−19.6%+14.3%+150%−39.7%−40.5%——————————
PJT PJT Partners Inc.6 of 10+6.6%+56.2%+40.0%+0.9%+2.6%+67.3%+17.0%−14.6%+48.4%+10.0%———————————————————
MC Moelis & Company5 of 11−3.1%+37.1%+54.9%−35.2%+49.1%+62.8%+0.8%−22.5%+51.1%+30.5%−13.5%——————————————————
JEF Jefferies Financial Group Inc.13 of 29−18.8%+98.9%+27.8%−8.5%+61.9%+18.9%+35.1%−33.2%+15.5%+35.5%−21.5%−20.1%+23.5%+5.8%−21.2%+23.8%+20.1%−58.0%+67.9%+19.9%+3.0%+51.6%+24.4%+32.2%−17.9%+54.6%+26.1%−8.3%+30.1%
PWP Perella Weinberg Partners2 of 5−26.4%+98.1%+28.4%−21.2%+15.1%————————————————————————
BAC Bank of America Corporation11 of 29+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%−14.0%+1.2%+27.3%
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Risk and diversification

How MS has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were MS's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MS's five deepest drawdowns since it began trading in 1993, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means MS fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringMS fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−88.2%−42.0%Sep 2000Nov 20088.2 yearsNov 202012 years
No named crash−60.3%−17.8%Jul 1998Oct 19983 monthsFeb 19994 months
Dot-com bust−33.4%−10.1%Mar 2000May 20002 monthsJul 20002 months
2022 bear market−32.4%−19.4%Feb 2022Jun 20224 monthsMay 202423 months
No named crash−29.8%−3.6%Oct 1993Apr 19946 monthsMay 199513 months

How did MS do in stock market crashes?

This section measures how far MS, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than MS.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
MS This pageMorgan Stanley—−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
IBKR Interactive Brokers Group, Inc.6 of 9−14.3%−33.3%−38.0%−18.2%−5.6%−32.6%−14.2%−2.6%−63.7%—
OPY Oppenheimer Holdings Inc.4 of 10−9.9%−41.4%−46.3%−28.1%−7.4%−35.6%−47.9%−5.4%−85.3%−30.3%
GS The Goldman Sachs Group, Inc.7 of 10−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
UBS UBS Group AG3 of 9−9.5%−32.5%−42.3%−28.5%−8.2%−36.7%−39.7%−0.9%−87.5%—
JPM JPMorgan Chase & Co.7 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
C Citigroup Inc.3 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
KKR KKR & Co. Inc.2 of 9−12.6%−41.7%−45.5%−33.5%−10.2%−51.3%−37.8%−2.2%−90.1%—
PIPR Piper Sandler Companies5 of 9−12.4%−41.5%−59.6%−20.0%−5.6%−27.8%−46.7%−2.8%−67.7%—
CME CME Group Inc.8 of 9−3.4%−31.7%−37.4%−9.4%−4.3%−17.3%−18.0%−1.9%−77.5%—
BLK BlackRock, Inc.6 of 10−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
RJF Raymond James Financial, Inc.6 of 10−16.2%−25.8%−45.6%−26.5%−8.8%−31.6%−29.3%−0.3%−69.7%−40.7%
SPGI S&P Global Inc.6 of 10−4.2%−36.3%−38.1%−24.6%−6.2%−21.3%−20.8%−0.4%−66.4%−29.5%
HLI Houlihan Lokey, Inc.2 of 5−7.9%−36.6%−19.4%−24.9%−4.8%—————
SF Stifel Financial Corp3 of 10−17.1%−34.9%−51.8%−28.7%−8.3%−47.4%−39.6%−4.2%−41.5%−31.3%
SCHW The Charles Schwab Corporation4 of 10−31.9%−36.9%−41.5%−26.5%−8.2%−37.0%−28.9%−5.5%−56.0%−83.1%
LAZ Lazard Inc4 of 9−11.2%−31.3%−50.4%−29.9%−6.7%−41.7%−46.1%−6.5%−59.6%—
BX Blackstone Inc.5 of 9−12.3%−38.5%−42.6%−29.1%−4.2%−37.7%−35.6%−3.5%−84.9%—
EVR Evercore Inc.3 of 9−12.8%−41.4%−55.8%−36.5%−8.7%−27.5%−33.8%−3.9%−74.2%—
PJT PJT Partners Inc.3 of 5−5.3%−27.7%−52.5%−33.3%−4.2%—————
MC Moelis & Company3 of 6−9.2%−44.4%−37.1%−41.8%−2.8%−22.1%————
JEF Jefferies Financial Group Inc.5 of 10−15.2%−35.3%−48.3%−29.9%−9.3%−37.0%−39.3%−3.3%−80.7%−28.6%
PWP Perella Weinberg Partners0 of 2−9.7%−56.3%————————
BAC Bank of America Corporation4 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
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How closely does MS move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares MS with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than MS's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MS This pageMorgan Stanley142%137%1.041.39
CME CME Group Inc.50%11%4.480.33
OPY Oppenheimer Holdings Inc.119%74%1.601.12
IBKR Interactive Brokers Group, Inc.128%92%1.401.03
HLI Houlihan Lokey, Inc.101%74%1.360.84
JPM JPMorgan Chase & Co.117%103%1.141.09
PJT PJT Partners Inc.111%97%1.140.91
PIPR Piper Sandler Companies152%142%1.071.39
RJF Raymond James Financial, Inc.103%97%1.061.07
GS The Goldman Sachs Group, Inc.136%133%1.021.39
SCHW The Charles Schwab Corporation89%90%0.990.91
UBS UBS Group AG116%120%0.971.18
SF Stifel Financial Corp120%125%0.961.25
BX Blackstone Inc.156%170%0.921.48
EVR Evercore Inc.147%162%0.911.58
KKR KKR & Co. Inc.171%191%0.891.62
BAC Bank of America Corporation127%146%0.871.36
SPGI S&P Global Inc.107%125%0.851.04
BLK BlackRock, Inc.127%157%0.811.30
C Citigroup Inc.131%165%0.801.49
MC Moelis & Company154%196%0.791.58
JEF Jefferies Financial Group Inc.147%197%0.751.52
LAZ Lazard Inc128%209%0.611.50
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What diversifies MS?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with MS's. Because such investments tend not to fall at the same time, pairing MS with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which MS lost money. The last two columns show a portfolio that is 80% MS and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220182015201120102008200720042002200180/20 mix volatility80/20 mix annual return
MS Morgan Stanley (this page)1.00+110%0.66−10.3%−22.8%−16.7%−43.9%−7.5%−68.8%−22.1%−2.0%−27.0%−28.1%27.8%+17.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.26+225%1.34+6.0%−19.8%+7.7%−16.1%−1.8%−20.8%−7.4%———23.0%+20.3%
GCOW InternationalPacer Global Cash Cows Dividend ETF0.49+93.4%1.04+5.5%−8.0%————————23.8%+17.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.47+83.3%1.00+7.1%−3.0%−0.3%———————23.7%+17.2%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.49+135%0.97+21.5%−15.5%−35.3%———————24.3%+18.8%
GLD CommoditiesSPDR Gold Shares0.07+126%0.96−0.8%−1.9%−10.7%+9.6%+29.3%+4.9%+30.4%———22.7%+18.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.31+177%0.93+64.4%−18.2%−21.5%+2.8%+21.9%−39.0%+36.8%+33.8%−14.8%−18.2%24.3%+19.7%
AMLP EnergyAlerian MLP ETF0.41+111%0.89+25.5%−12.6%−25.7%+10.2%——————23.9%+18.5%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.47+69.9%0.84−15.3%−6.2%−27.4%———————23.5%+17.0%

Stocks

InvestmentCorrelation5Y returnSharpe202220182015201120102008200720042002200180/20 mix volatility80/20 mix annual return
MS Morgan Stanley (this page)1.00+110%0.66−10.3%−22.8%−16.7%−43.9%−7.5%−68.8%−22.1%−2.0%−27.0%−28.1%27.8%+17.8%
CAH Medical - DistributionCardinal Health, Inc.0.16+479%1.55+54.1%−24.5%+12.6%+8.1%+21.4%−39.6%−9.8%−4.7%−8.3%−2.5%23.6%+22.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.48+3,143%1.47+1.3%−16.3%−6.0%−24.4%+2.8%−20.5%−25.7%−6.4%−65.1%−25.6%29.6%+34.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.35+1,636%1.46+17.0%+0.8%+67.7%−17.0%+8.7%−15.2%+2.1%+40.0%−9.4%+73.7%26.7%+31.3%
MCK Medical - DistributionMcKesson Corporation-0.01+413%1.44+51.8%−28.4%−4.5%+11.8%+13.8%−40.4%+29.7%−1.4%−27.2%+4.9%22.7%+22.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.22+690%1.41+86.6%−8.2%+17.4%———————24.4%+24.7%
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Common questions

What was MS's worst drawdown?

MS's deepest decline since it began trading in 1993 was 88.2%, from September 2000 to November 2008. It took about 12 years from the low to climb back to its old high.

What were MS's best and worst years?

Over 29 full calendar years, MS's best year was 1999, when it returned 103%. Its worst was 2008, with a return of -68.9%.

Is there a better investment than MS?

Among MS's popular alternatives, JPM earned more than MS with less volatility over the past 5 years: 17.3% a year at 24.3% volatility, against 16.0% a year at 28.8%. Looking beyond its popular alternatives, RY (banks) and HSBC (banks) earned more than MS with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 16.0% a year at 28.8%.

Is MS more volatile than the S&P 500?

Yes. MS's volatility over the past 5 years was 28.8%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MS's return lands within 28.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is MS's Sharpe ratio?

MS's Sharpe ratio over the past 5 years was 0.66, against 0.79 for the S&P 500, so MS earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is MS with the S&P 500?

Over the past 5 years, MS's monthly returns had a correlation of 0.69 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MS instead: the lower it is, the more that option would diversify a MS holding.

What are the best alternatives to MS?

Of the 23 popular alternatives we compared, two outperformed MS in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: IBKR and OPY.

Did MS outperform the S&P 500?

MS finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +45.2%, against +17.7% for the index.

How did MS do in stock market crashes?

MS fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in eight. The clearest case was the 2015 China and oil sell-off, when MS fell 43.9% and the S&P 500 fell 12.8%.

What diversifies MS?

These had a low correlation with MS over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.26), GCOW (correlation 0.49) and HDV (correlation 0.47); among large stocks, CAH (correlation 0.16), CLS (correlation 0.48) and FIX (correlation 0.35). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MS