Relative Intelligence · Financial Data
How MSCI compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MSCI alone. It places MSCI (MSCI Inc.) 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 MSCI stands in the market, and of the alternatives worth a closer look.
Period covered: MSCI's full trading record, from November 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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.
On this page12 sections
Key findings
- Right nowMSCI has gone against the market, falling 5.0% over the past 3 months while the S&P 500 rose 3.9%. Not every peer went the same way. Over the past 3 months, CME (CME Group) rose 21.0% and MCO (Moody's) fell 5.7%. Consistency ↓
- Stock or market?MSCI's 5.0% fall over the past 3 months is part of a broader financial data sell-off: the financial data ETF IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) fell 5.9%, with MCO (Moody's, down 5.7%) and VRSK (Verisk Analytics, down 5.2%). Its financial data peers did not move as one over the past 3 months: CME (CME Group) rose 21.0%, while MCO fell 5.7%.
- Past 1 to 3 yearsA ahead of 91% of stocks worth at least $300 million over 10 years, but behind 64% of the stocks worth at least $300 million over 3 years. Over the past year, MSCI rose 11.8% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (25.5% against 89.3%). Market rank ↓
- Long termMSCI turned $10,000 into $80,200 over the past decade, against $42,100 in the S&P 500. On the flip side, over 5 years MSCI trailed the index: 0.5% against 81.7%. Growth of $10,000 ↓
- In a crashAcross five sell-offs, MSCI has typically fallen 1.2 times as far as the S&P 500. The 2022 bear market took 35.8% off MSCI, against 24.5% for the S&P 500. That was more than FTNT (Fortinet, 30.6%) but less than MCO (Moody's, 37.6%). Crash tests ↓
- DiversificationMSCI is more of the same, not a cushion: a correlation of 0.73 with the S&P 500 over 5 years and 0.74 with the total US market, more closely than 99% of stocks worth at least $300 million. MSCI fell in 22 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it. By year ↓
- Better options
- Nearby categories and themes
- MSFT (Microsoft, software) and CIBR (First Trust Nasdaq Cybersecurity ETF, cybersecurity) earned more than MSCI with less volatility over the past 5 years. MSFT returned 12.5% a year at 28.2% volatility, against 0.1% a year at 31.3%.
- Versus the S&P 500
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 0.1% at 31.3% for MSCI.
- Whole market
- 1,285 of the 3,633 stocks and funds worth at least $500 million earned more than MSCI with less volatility over the past 5 years, among them AAPL (Apple), MSFT (Microsoft) and VTI (Vanguard Morningstar Total Stock Market ETF).
How much would $10,000 in MSCI have grown?
This chart tracks a hypothetical $10,000 investment in MSCI over the past 18 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MSCI over the same span and MSCI'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.
Note: MSCI began trading on November 15, 2007, so the chart cannot reach back to the dot-com bust. It covers the most recent 18 years of MSCI's record, starting at the end of September 2008.
- $10,000 invested in MSCI at the end of September 2008 would have grown to $257,237 by September 2026, more than the $91,104 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of MSCI, and AAPL finished highest, at $979,453.
Choose a period
From the end of September 2008 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. 107 of the 1,883 stocks and funds worth at least $500 million that traded the whole period ended ahead of MSCI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- AAPL$979,453+9,695% total · +29.0% a year
- CDNS$488,458+4,785% total · +24.1% a year
- CTAS$348,925+3,389% total · +21.8% a year
- MSFT$266,732+2,567% total · +20.0% a year
- V$266,572+2,566% total · +20.0% a year
- MSCI$257,237+2,472% total · +19.8% a year
- SPY (S&P 500)$91,104+811% total · +13.1% a year
- CME$68,011+580% total · +11.2% a year
- SEIC$58,032+480% total · +10.3% a year
- IVZ$28,212+182% total · +5.9% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,694 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MSCI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- FTNT$30,603+206% total · +25.1% a year
- CBOE$23,731+137% total · +18.9% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- SEIC$18,496+85.0% total · +13.1% a year
- CME$16,716+67.2% total · +10.8% a year
- IVZ$15,450+54.5% total · +9.1% a year
- NDAQ$15,317+53.2% total · +8.9% a year
- BLK$14,247+42.5% total · +7.3% a year
- ICE$14,141+41.4% total · +7.2% a year
- MSCI$9,376−6.2% total · −1.3% a year
MSCI 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.
Note: MSCI began trading on November 15, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- MSCI's deepest decline since it began trading in 2007 was 69.1%, from December 2007 to November 2008. It took 25 months from the low to climb back to its old high.
- Over 18 full calendar years, MSCI's best was 2009, when it returned 79.1%, and its worst was 2008, when it lost 53.8%. It lost money in five of those years.
- MSCI is 7.8% below its all-time high.
The company
- Market value
- $43B
- Industry
- Financial - Data & Stock Exchanges
- Price history from
- November 2007
Returns
- Past 1 year
- +11.8%total return
- Past 3 years
- +25.5%+7.9% a year
- Past 5 years
- +0.5%+0.1% a year
- Past 10 years
- +702%+23.1% a year
- Best calendar year
- +79.1%2009
- Worst calendar year
- −53.8%2008
- Losing years
- 5 of 18full calendar years
Risk
- Volatility
- 31.3%typical yearly swing, 5 years
- Sharpe ratio
- 0.16return per unit of risk, 5 years
- Worst decline ever
- −69.1%Dec 2007 to Nov 2008
- From its all-time high
- −7.8%below the peak
MSCI against the whole market
Where MSCI ranks among every stock and fund, and what across the market has done better.
How does MSCI rank among all stocks?
This section ranks MSCI 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 MSCI stacks up against its peers, these rankings show where it stands in the market as a whole.
- MSCI's 10-year return ranks in the top 9% of the 2,202 stocks worth at least $300 million with 10 years of history.
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.
| Measure | MSCI | Rank | Standing |
|---|---|---|---|
| 1-year return | +11.8% | 1,518 of 3,287 | top 46% |
| 3-year return | +25.5% | 1,936 of 3,017 | bottom 37% |
| 5-year return | +0.5% | 1,720 of 2,893 | bottom 42% |
| 10-year return | +702% | 190 of 2,202 | top 9% |
| Volatility, 5 years | 31.3% | 848 of 2,893 | top 29% |
| Sharpe ratio, 5 years | 0.16 | 1,956 of 2,893 | bottom 33% |
| Worst decline, past 10 years | −43.7% | 250 of 2,187 | top 11% |
What has beaten MSCI 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). MSCI sits where the dashed lines cross. Anything in the green box above and to the left earned more than MSCI 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.
- 481 stocks and 804 ETFs worth at least $500 million sit in the green region: each earned more than MSCI over the past 5 years with smaller price swings. That is 35% of the 3,633 screened.
- Among those with at least half MSCI's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 21% less than MSCI's 31.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.16 for MSCI.
- Among MSCI's popular alternatives, CBOE, SEIC and CME are in the region. CBOE earned 21.5% a year against 0.1% a year for MSCI, at 25.1% volatility, 20% less than MSCI's 31.3%.
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 MSCI; faint dots are 89 more of the 1,285 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than MSCI?
Investments that beat MSCI over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among MSCI's popular alternatives, CME, NDAQ and CBOE earned more than MSCI with less volatility over the past 5 years. CME returned 11.2% a year at 20.8% volatility, against 0.1% a year at 31.3%.
- Looking beyond its popular alternatives, MSFT (software) and CIBR (cybersecurity) earned more than MSCI with less volatility over the past 5 years. MSFT returned 12.5% a year at 28.2% volatility, against 0.1% a year at 31.3%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 0.1% at 31.3% for MSCI.
How this works
The table below lists investments that beat MSCI 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 MSCI'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 MSCI 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 MSCI'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× MSCI's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than MSCI's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with MSCI?lower diversifies more | Expenseper year | |||
| MSCIMSCI Inc. · this page | +0.1% | 31.3% | 0.16 | −43.7% | +702% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.73 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against MSCI. 14 of 20 passed at least one test. | |||||||||
 CMECME Group Inc. · Capital Markets | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.23 | — | |
 NDAQNasdaq, Inc. · Capital Markets | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +8.9% | 24.7% | 0.47 | −38.3% | +407% | 0.61 | — | |
CBOECboe Global Markets, Inc. · Capital Markets | Higher return, lower volatilityHigher return in most periods | +21.5% | 25.1% | 0.91 | −43.2% | +463% | 0.36 | — | |
 BLKBlackRock, Inc. · Asset Management | Higher return, lower volatilityHigher return in most periods | +7.1% | 27.1% | 0.39 | −43.9% | +313% | 0.71 | — | |
 ICEIntercontinental Exchange, Inc. · Capital Markets | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +5.4% | 21.8% | 0.35 | −34.3% | +240% | 0.50 | — | |
 STTState Street Corporation · Banks | Higher return, similar volatilityHigher return in most periods | +14.4% | 29.9% | 0.60 | −59.6% | +212% | 0.64 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Financial Data and the categories next to it (Capital Markets, Business Services, Asset Management, Software), plus MSCI's specific themes. 40 of 125 passed at least one test. | |||||||||
 MSFTMicrosoft Corporation · Software | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.45 | — | |
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.1% | 26.1% | 0.64 | −33.9% | +454% | 0.50 | 0.58% | |
 CTASCintas Corporation · Business Services | Higher return, lower volatilityHigher return in most periods | +16.5% | 23.1% | 0.78 | −48.4% | +808% | 0.49 | — | |
 ADPAutomatic Data Processing, Inc. · Business Services | Higher return, lower volatilityHigher return in most periods | +9.0% | 22.9% | 0.49 | −40.8% | +320% | 0.57 | — | |
 SAPSAP SE · Enterprise Software | Higher return, similar volatilityHigher return in most periods | +11.5% | 30.0% | 0.52 | −52.5% | +205% | 0.48 | — | |
 CDNSCadence Design Systems, Inc. · Software | Higher Sharpe, smaller worst decline | +14.8% | 37.2% | 0.56 | −34.2% | +1,139% | 0.44 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,872 of 3,488 passed at least one test. | |||||||||
 AAPLApple Inc. · Computer Hardware | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.52 | — | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.74 | 0.03% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.73 | 0.03% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.36 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.06 | — | |
 VVisa Inc. · Payment Processing | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.43 | — | |
 LLYEli Lilly and Company · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.02 | — | |
AFGDAmerican Financial Group, Inc. · Insurance - Property & Casualty | Similar return, lower volatilityHigher return in most periods | +0.8% | 15.9% | 0.13 | −27.3% | — | 0.34 | — | |
What these numbers mean for MSCI
- Annual return
- MSCI returned 0.1% 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 $10,100. 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
- MSCI's volatility over the past 5 years was 31.3%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MSCI's return lands within 31.3% 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
- MSCI's Sharpe ratio over the past 5 years was 0.16, against 0.79 for the S&P 500, so MSCI 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
- MSCI's worst fall from a peak to a low over the past 10 years was 43.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 43.7% fall takes a 77.7% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, MSCI's monthly returns had a correlation of 0.73 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 MSCI instead: the lower it is, the more that option would diversify a MSCI holding. Guide: Correlation and diversification →
Show all 1,285 stocks and funds worth at least $500 million that earned more than MSCI with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with MSCI | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | AAPLApple Inc. · Computer Hardware | Whole market | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.52 | — |
| 2 | VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.74 | 0.03% |
| 3 | VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.73 | 0.03% |
| 4 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.36 | — |
| 5 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.06 | — |
| 6 | VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.43 | — |
| 7 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.42 | 0.40% |
| 8 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.19 | — |
| 9 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.63 | 0.05% |
| 10 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.68 | 0.18% |
| 11 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.01 | — |
| 12 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.23 | — |
| 13 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.62 | 0.03% |
| 14 |  AMGNAmgen Inc. · Biotechnology | Whole market | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.27 | — |
| 15 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.30 | — |
| 16 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.65 | 0.03% |
| 17 |  LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.35 | — |
| 18 |  VGTVanguard Information Technology ETF · Technology Equity | Whole market | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.66 | 0.09% |
| 19 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.08 | — |
| 20 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.68 | 0.04% |
| 21 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.19 | — |
| 22 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.63 | 0.06% |
| 23 |  RIORio Tinto Group · Metals & Mining | Whole market | +12.2% | 29.0% | 0.54 | −37.5% | +464% | 0.33 | — |
| 24 |  UNPUnion Pacific Corporation · Railroads | Whole market | +7.1% | 22.9% | 0.42 | −38.7% | +295% | 0.50 | — |
| 25 |  MNSTMonster Beverage Corporation · Food & Beverages | Whole market | +17.2% | 24.9% | 0.77 | −30.4% | +285% | 0.26 | — |
| 26 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.73 | 0.06% |
| 27 |  IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity | Whole market | +6.8% | 19.4% | 0.44 | −38.7% | +122% | 0.48 | 0.09% |
| 28 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.11 | — |
| 29 |  ULUnilever PLC · Household & Personal Products | Whole market | +5.5% | 21.5% | 0.36 | −30.1% | +89.8% | 0.29 | — |
| 30 |  GSKGSK plc · Pharmaceuticals | Whole market | +9.5% | 24.5% | 0.49 | −37.6% | +95.1% | 0.18 | — |
| 31 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.68 | 0.85% |
| 32 | POCTInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.0% | 8.0% | 1.23 | −18.8% | — | 0.69 | 0.79% |
| 33 |  FASTFastenal Company · Industrial Distribution | Whole market | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.34 | — |
| 34 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +13.1% | 22.4% | 0.67 | −34.5% | +451% | 0.69 | 0.04% |
| 35 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.73 | 0.26% |
| 36 |  CLColgate-Palmolive Company · Household & Personal Products | Whole market | +7.2% | 19.2% | 0.46 | −29.0% | +68.8% | 0.13 | — |
| 37 | MSFTMicrosoft Corporation · Software | Same or nearby category | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.45 | — |
| 38 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.20 | — |
| 39 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.40 | 0.08% |
| 40 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.13 | — |
| 41 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.50 | 0.13% |
| 42 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.54 | 0.27% |
| 43 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.69 | 0.15% |
| 44 |  WCNWaste Connections, Inc. · Environmental Services | Whole market | +6.1% | 20.0% | 0.40 | −31.6% | +270% | 0.24 | — |
| 45 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.49 | 0.08% |
| 46 | DFATDimensional - US Targeted Value ETF · US Small-Cap Equity | Whole market | +9.6% | 21.0% | 0.54 | −26.1% | — | 0.65 | 0.33% |
| 47 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.21 | — |
| 48 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.63 | 0.15% |
| 49 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.65 | 0.20% |
| 50 | PKGPackaging Corporation of America · Packaging | Whole market | +15.4% | 25.8% | 0.69 | −38.2% | +294% | 0.40 | — |
| 51 | EXPDExpeditors International of Washington, Inc. · Freight & Logistics | Whole market | +12.0% | 27.1% | 0.56 | −35.6% | +349% | 0.54 | — |
| 52 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.62 | 0.49% |
| 53 | EWJiShares MSCI Japan ETF · International Equity | Whole market | +9.2% | 18.8% | 0.57 | −33.1% | +132% | 0.62 | 0.49% |
| 54 | WTWWillis Towers Watson Public Limited Company · Insurance | Whole market | +6.9% | 23.9% | 0.40 | −32.9% | +187% | 0.20 | — |
| 55 | SDYState Street SPDR S&P Dividend ETF · US Dividend Equity | Whole market | +7.6% | 14.0% | 0.59 | −36.7% | +157% | 0.59 | 0.35% |
| 56 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.72 | 0.10% |
| 57 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.46 | — |
| 58 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.68 | 0.39% |
| 59 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.59 | 0.35% |
| 60 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.68 | 0.40% |
| 61 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.72 | 0.12% |
| 62 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.61 | 0.56% |
| 63 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.34 | 0.08% |
| 64 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.72 | 0.46% |
| 65 |  SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.18 | 0.09% |
| 66 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.11 | — |
| 67 | ACTEnact Holdings Inc. · Insurance | Whole market | +20.5% | 24.3% | 0.89 | −20.2% | — | 0.30 | — |
| 68 | NHCNational HealthCare Corporation · Medical - Care Facilities | Whole market | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.26 | — |
| 69 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.60 | 0.60% |
| 70 | SJMThe J. M. Smucker Company · Packaged Foods | Whole market | +4.8% | 25.1% | 0.32 | −38.1% | +37.2% | 0.22 | — |
| 71 | FLTWFranklin FTSE Taiwan ETF · Technology | Whole market | +21.8% | 24.3% | 0.94 | −38.0% | — | 0.43 | 0.19% |
| 72 | QTUMDefiance Quantum ETF · Technology | Whole market | +22.8% | 28.1% | 0.87 | −38.5% | — | 0.61 | 0.40% |
| 73 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.43 | 0.85% |
| 74 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.69 | 0.12% |
| 75 | RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity | Whole market | +16.9% | 25.1% | 0.75 | −33.7% | +572% | 0.70 | 0.40% |
| 76 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.48 | 0.60% |
| 77 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.2% | 13.2% | 0.52 | −31.9% | +188% | 0.62 | 0.53% |
| 78 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.68 | 0.50% |
| 79 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.32 | — |
| 80 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.66 | 0.20% |
| 81 | XLBState Street Materials Select Sector SPDR ETF · Materials Equity | Whole market | +5.8% | 19.1% | 0.39 | −37.3% | +166% | 0.54 | 0.08% |
| 82 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Whole market | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.63 | 0.25% |
| 83 | CMECME Group Inc. · Capital Markets | Popular alternative | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.23 | — |
| 84 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.13 | 0.98% |
| 85 | XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity | Whole market | +9.7% | 20.5% | 0.56 | −36.9% | +240% | 0.64 | 0.30% |
| 86 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.67 | 0.95% |
| 87 | OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity | Whole market | +9.0% | 16.4% | 0.61 | −33.2% | — | 0.66 | 0.29% |
| 88 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.54 | 0.60% |
| 89 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.68 | 0.45% |
| 90 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Whole market | +9.6% | 15.5% | 0.67 | −37.8% | +133% | 0.47 | 0.63% |
| 91 | CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity | Same or nearby category | +14.1% | 26.1% | 0.64 | −33.9% | +454% | 0.50 | 0.58% |
| 92 | MSAMSA Safety Incorporated · Public Safety Equipment | Whole market | +4.6% | 25.1% | 0.31 | −38.4% | +264% | 0.28 | — |
| 93 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.59 | 0.09% |
| 94 | XYLDGlobal X - S&P 500 Covered Call ETF · International | Whole market | +7.4% | 11.2% | 0.70 | −33.4% | +128% | 0.61 | 0.60% |
| 95 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.73 | 0.30% |
| 96 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.48 | 0.09% |
| 97 | ACWViShares MSCI Global Min Vol Factor ETF · International | Whole market | +6.3% | 10.3% | 0.65 | −28.8% | +116% | 0.60 | 0.20% |
| 98 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.70 | 0.05% |
| 99 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | — | 0.68 | 0.15% |
| 100 | NDAQNasdaq, Inc. · Capital Markets | Popular alternative | +8.9% | 24.7% | 0.47 | −38.3% | +407% | 0.61 | — |
MSCI against its popular alternatives
The investments people most often weigh against MSCI, compared period by period and year by year.
How do MSCI'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 MSCI, which divides the map into what did better or worse on each measure.
- 12 of the 20 popular alternatives, led by CBOE, STT and SEIC, were both more rewarding and calmer than MSCI over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, MSCI returned 0.1% a year, less than the S&P 500's 12.7%, with higher volatility (31.3% against 17.1%).
Green points earned more than MSCI with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| CBOE Cboe Global Markets, Inc. | +21.5% | 25.1% |
| FTNT Fortinet, Inc. | +20.7% | 44.8% |
| STT State Street Corporation | +14.4% | 29.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| SEIC SEI Investments Company | +12.7% | 22.3% |
| CME CME Group Inc. | +11.2% | 20.8% |
| NDAQ Nasdaq, Inc. | +8.9% | 24.7% |
| TW Tradeweb Markets Inc. | +7.8% | 27.8% |
| BLK BlackRock, Inc. | +7.1% | 27.1% |
| IVZ Invesco Ltd. | +6.9% | 36.4% |
| MCO Moody's Corporation | +5.9% | 26.9% |
| ICE Intercontinental Exchange, Inc. | +5.4% | 21.8% |
| SSNC SS&C Technologies Holdings, Inc. | +4.7% | 25.2% |
| SCHW The Charles Schwab Corporation | +3.6% | 31.9% |
| BR Broadridge Financial Solutions, Inc. | +1.7% | 24.6% |
| SPGI S&P Global Inc. | +0.7% | 25.6% |
| MSCI This pageMSCI Inc. | +0.1% | 31.3% |
| VRSK Verisk Analytics, Inc. | −1.4% | 25.9% |
| FDS FactSet Research Systems Inc. | −4.8% | 30.4% |
| MORN Morningstar, Inc. | −5.1% | 32.4% |
| TROW T. Rowe Price Group, Inc. | −8.9% | 30.5% |
| MKTX MarketAxess Holdings Inc. | −15.4% | 35.3% |
Has MSCI consistently beaten its popular alternatives?
This section compares MSCI 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 MSCI helps separate lasting outperformance from a single strong stretch.
- Eight of the 20 popular alternatives, led by FTNT, CBOE and CME, outperformed MSCI in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- FTNT outperformed MSCI in every long-term period and in all but one short-term period, the most consistent record in the group.
- CBOE, FTNT and CME earned more for the risk they took than MSCI (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than MSCI 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| MSCI MSCI Inc. (this page) | — | +5.9% | −5.0% | +5.1% | +5.8% | +11.8% | +25.5% | +0.5% | +702% | 31.3% | 0.16 | −43.7% | — | $43B | — |
| FTNT QualifiedFortinet, Inc. | 4/5 short3/3 longAll-weather | −2.5% | +6.6% | +107% | +119% | +101% | +203% | +156% | +2,626% | 44.8% | 0.65 | −38.3% | — | $125B | — |
| CBOE QualifiedCboe Global Markets, Inc. | 4/5 short2/3 long | +16.1% | +13.5% | +4.0% | +27.9% | +34.2% | +101% | +165% | +463% | 25.1% | 0.91 | −43.2% | — | $33B | — |
| CME QualifiedCME Group Inc. | 4/5 short2/3 long | +7.2% | +21.0% | +3.8% | +13.2% | +14.6% | +57.7% | +70.1% | +319% | 20.8% | 0.62 | −37.4% | — | $106B | — |
| SEIC QualifiedSEI Investments Company | 4/5 short2/3 long | +1.7% | +7.8% | +32.4% | +29.8% | +32.7% | +102% | +81.6% | +168% | 22.3% | 0.65 | −51.8% | — | $13B | — |
| IVZ QualifiedInvesco Ltd. | 4/5 short2/3 long | −8.3% | −2.3% | +17.0% | +9.3% | +30.0% | +158% | +39.8% | +50.9% | 36.4% | 0.37 | −79.8% | — | $13B | — |
| STT QualifiedState Street Corporation | 3/5 short2/3 long | −9.2% | −8.3% | +12.1% | +31.3% | +47.9% | +181% | +96.2% | +212% | 29.9% | 0.60 | −59.6% | — | $46B | — |
| SSNC QualifiedSS&C Technologies Holdings, Inc. | 3/5 short2/3 long | +8.1% | +25.5% | +22.8% | +2.5% | +8.3% | +81.0% | +26.0% | +200% | 25.2% | 0.31 | −48.9% | — | $20B | — |
| TW QualifiedTradeweb Markets Inc. | 3/5 short2/3 long | +14.3% | +18.9% | +4.0% | +12.8% | +10.2% | +48.4% | +45.3% | — | 27.8% | 0.41 | −48.6% | — | $26B | — |
| NDAQ Financial - Data & Stock ExchangesNasdaq, Inc. | 2/5 short2/3 long | +0.1% | +3.5% | +8.8% | −0.9% | +8.1% | +95.1% | +52.9% | +407% | 24.7% | 0.47 | −38.3% | — | $53B | — |
| BLK Asset ManagementBlackRock, Inc. | 2/5 short2/3 long | +3.5% | +7.6% | +8.8% | +5.7% | −0.6% | +96.3% | +41.1% | +313% | 27.1% | 0.39 | −43.9% | — | $175B | — |
| SPGI Financial - Data & Stock ExchangesS&P Global Inc. | 2/5 short2/3 long | +8.3% | −2.1% | −0.6% | −13.9% | −7.4% | +28.2% | +3.7% | +293% | 25.6% | 0.16 | −39.8% | — | $129B | — |
| ICE Financial - Data & Stock ExchangesIntercontinental Exchange, Inc. | 1/5 short2/3 long | +2.1% | +12.4% | −0.6% | +0.1% | +3.5% | +52.4% | +30.0% | +240% | 21.8% | 0.35 | −34.3% | — | $89B | — |
| MCO Financial - Data & Stock ExchangesMoody's Corporation | 0/5 short2/3 long | +1.7% | −5.7% | +3.8% | −4.1% | +1.1% | +57.3% | +33.4% | +383% | 26.9% | 0.35 | −42.0% | — | $82B | — |
| SCHW Financial - Capital MarketsThe Charles Schwab Corporation | 0/5 short2/3 long | −15.0% | −11.1% | −1.8% | −9.6% | −3.1% | +86.2% | +19.1% | +221% | 31.9% | 0.27 | −51.1% | — | $157B | — |
| BR Information Technology ServicesBroadridge Financial Solutions, Inc. | 3/5 short1/3 long | +9.3% | +20.7% | +13.1% | −16.8% | −20.2% | +9.7% | +8.7% | +234% | 24.6% | 0.19 | −48.2% | — | $20B | — |
| FDS Financial - Data & Stock ExchangesFactSet Research Systems Inc. | 4/5 short0/3 long | +9.9% | +22.5% | +33.5% | +11.1% | +9.5% | −24.7% | −21.8% | +127% | 30.4% | -0.01 | −61.1% | — | $11B | — |
| MORN Financial - Data & Stock ExchangesMorningstar, Inc. | 2/5 short0/3 long | +5.4% | +23.6% | +14.2% | +1.5% | −1.9% | −3.7% | −22.9% | +203% | 32.4% | 0.00 | −60.0% | — | $7.9B | — |
| VRSK Software - ServicesVerisk Analytics, Inc. | 2/5 short0/3 long | +11.0% | −5.2% | +6.8% | −13.0% | −18.1% | −16.8% | −6.7% | +151% | 25.9% | 0.08 | −50.8% | — | $25B | — |
| TROW Asset ManagementT. Rowe Price Group, Inc. | 1/5 short0/3 long | −2.4% | −11.2% | +6.7% | +1.5% | +3.1% | +22.7% | −37.4% | +126% | 30.5% | -0.16 | −58.2% | — | $22B | — |
| MKTX Financial - Capital MarketsMarketAxess Holdings Inc. | 1/5 short0/3 long | +0.6% | +43.8% | +0.8% | −6.5% | −1.9% | −26.8% | −56.7% | +19.9% | 35.3% | -0.30 | −80.3% | — | $5.8B | — |
How did MSCI do year by year?
This table shows each investment's total return in every full calendar year since 2008, along with where MSCI ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MSCI and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: MSCI began trading on November 15, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.
- MSCI finished ahead of the S&P 500 in nine of its 18 full calendar years, and behind it in each of the last four.
- Among its popular alternatives, CBOE came out ahead of MSCI most often, in 11 of the 15 years both traded.
- Ranked against its popular alternatives each year, MSCI finished in the top quarter in six of 18 years and in the bottom quarter in four. In 2025, it ranked 14 of 21.
Newest year first. Green marks a year in which the fund came out ahead of MSCI; gray means the two finished within a fraction of a point. The rank row places MSCI among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of MSCI | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSCI This pageMSCI Inc. | — | −3.2% | +7.3% | +22.9% | −23.3% | +38.1% | +74.4% | +77.2% | +18.0% | +62.6% | +10.6% | +54.0% | +9.0% | +41.0% | −5.9% | −15.5% | +22.5% | +79.1% | −53.8% |
| Rank among alternatives | Top quarter in 6 of 18 | 14 of 21 | 18 of 21 | 10 of 21 | 11 of 21 | 9 of 21 | 1 of 21 | 2 of 20 | 3 of 20 | 2 of 20 | 10 of 20 | 2 of 20 | 14 of 20 | 15 of 20 | 20 of 20 | 17 of 20 | 6 of 18 | 2 of 16 | 13 of 16 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 9 of 18 | +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% |
| FTNT Fortinet, Inc. | 7 of 16 | −16.0% | +61.4% | +19.7% | −32.0% | +142% | +39.2% | +51.5% | +61.2% | +45.2% | −3.4% | +1.6% | +60.1% | −8.8% | −3.7% | +34.6% | +84.1% | — | — |
| CBOE Cboe Global Markets, Inc. | 11 of 15 | +30.0% | +10.7% | +44.4% | −2.1% | +42.2% | −21.2% | +24.1% | −20.6% | +70.5% | +15.5% | +3.8% | +23.8% | +80.7% | +19.1% | +15.0% | — | — | — |
| CME CME Group Inc. | 8 of 18 | +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% |
| SEIC SEI Investments Company | 8 of 18 | +0.6% | +31.5% | +10.6% | −2.9% | +7.4% | −11.1% | +43.4% | −34.9% | +46.2% | −4.8% | +32.1% | +16.8% | +50.8% | +38.5% | −26.0% | +37.0% | +13.2% | −50.9% |
| IVZ Invesco Ltd. | 6 of 18 | +56.9% | +3.0% | +4.2% | −18.7% | +35.5% | +3.0% | +14.9% | −52.0% | +24.6% | −5.9% | −12.1% | +11.5% | +43.4% | +33.4% | −14.6% | +4.8% | +66.6% | −52.6% |
| STT State Street Corporation | 8 of 18 | +35.5% | +30.2% | +3.5% | −13.8% | +31.0% | −4.8% | +29.3% | −34.0% | +27.8% | +19.8% | −13.9% | +8.7% | +58.6% | +19.2% | −11.4% | +6.6% | +10.8% | −50.7% |
| SSNC SS&C Technologies Holdings, Inc. | 6 of 15 | +16.8% | +25.8% | +19.2% | −35.7% | +13.7% | +19.5% | +37.2% | +12.1% | +42.5% | −15.6% | +17.7% | +32.5% | +91.6% | +27.9% | −11.9% | — | — | — |
| TW Tradeweb Markets Inc. | 3 of 6 | −17.5% | +44.6% | +40.6% | −34.9% | +61.0% | +35.5% | — | — | — | — | — | — | — | — | — | — | — | — |
| NDAQ Nasdaq, Inc. | 10 of 18 | +27.2% | +34.9% | −3.7% | −11.2% | +60.1% | +26.0% | +33.9% | +8.2% | +16.8% | +17.4% | +23.3% | +22.4% | +61.9% | +3.7% | +3.2% | +19.7% | −19.8% | −50.1% |
| BLK BlackRock, Inc. | 9 of 18 | +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% |
| SPGI S&P Global Inc. | 9 of 18 | +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% |
| ICE Intercontinental Exchange, Inc. | 7 of 18 | +9.9% | +17.5% | +27.1% | −23.9% | +19.9% | +26.2% | +24.5% | +8.1% | +26.6% | +11.5% | +18.3% | −1.3% | +82.2% | +2.7% | +1.2% | +6.1% | +36.2% | −57.2% |
| MCO Moody's Corporation | 8 of 18 | +8.7% | +22.2% | +41.5% | −28.0% | +35.6% | +23.3% | +71.3% | −4.1% | +58.5% | −4.5% | +6.1% | +23.7% | +58.3% | +51.8% | +28.9% | +0.8% | +35.5% | −43.0% |
| SCHW The Charles Schwab Corporation | 9 of 18 | +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% |
| BR Broadridge Financial Solutions, Inc. | 10 of 18 | +0.3% | +11.7% | +56.3% | −25.3% | +21.1% | +26.3% | +30.6% | +7.9% | +39.1% | +25.9% | +18.9% | +19.6% | +77.4% | +4.5% | +5.8% | −0.1% | +83.6% | −43.2% |
| FDS FactSet Research Systems Inc. | 7 of 18 | −38.9% | +1.6% | +20.0% | −16.8% | +47.5% | +25.1% | +35.5% | +5.0% | +19.4% | +1.8% | +16.7% | +31.3% | +24.9% | +2.2% | −5.9% | +44.1% | +51.1% | −19.5% |
| MORN Morningstar, Inc. | 5 of 18 | −35.0% | +18.3% | +33.1% | −36.3% | +48.2% | +54.5% | +38.9% | +14.3% | +33.4% | −7.5% | +25.6% | −16.4% | +24.9% | +6.6% | +12.3% | +9.9% | +36.2% | −54.4% |
| VRSK Verisk Analytics, Inc. | 5 of 16 | −18.2% | +16.0% | +36.2% | −22.3% | +10.8% | +39.9% | +37.9% | +13.6% | +18.3% | +5.6% | +20.0% | −2.5% | +28.9% | +27.0% | +17.8% | +12.5% | — | — |
| TROW T. Rowe Price Group, Inc. | 5 of 18 | −4.7% | +9.7% | +3.4% | −42.2% | +34.9% | +28.1% | +35.6% | −9.8% | +43.4% | +8.5% | −12.2% | +4.7% | +31.3% | +18.1% | −9.8% | +23.8% | +54.2% | −40.6% |
| MKTX MarketAxess Holdings Inc. | 8 of 18 | −18.5% | −21.8% | +6.1% | −31.5% | −27.5% | +51.3% | +80.7% | +5.6% | +38.3% | +32.7% | +57.0% | +8.3% | +91.7% | +23.8% | +46.8% | +52.4% | +71.1% | −36.3% |
Risk and diversification
How MSCI 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 MSCI's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents MSCI's five deepest drawdowns since it began trading in 2007, 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.
Note: MSCI began trading on November 15, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of MSCI's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: MSCI fell 36.0% from December 2010 to October 2012, while the S&P 500 rose 18.8%.
- The slowest recovery came after MSCI fell 43.7% from November 2021 to May 2022; it did not regain that peak until June 2026, four years later.
Green means MSCI fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | MSCI fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −69.1% | −47.6% | Dec 2007 | Nov 2008 | 11 months | Dec 2010 | 2.1 years |
| 2022 bear market | −43.7% | −14.6% | Nov 2021 | May 2022 | 6 months | Jun 2026 | 4.1 years |
| 2011 euro debt crisis | −36.0% | +18.8% | Dec 2010 | Oct 2012 | 22 months | Sep 2013 | 11 months |
| Covid crash | −32.2% | −29.1% | Feb 2020 | Mar 2020 | 1 month | Apr 2020 | 1 month |
| Late-2018 sell-off | −25.6% | −18.3% | Sep 2018 | Dec 2018 | 3 months | Feb 2019 | 2 months |
How did MSCI do in stock market crashes?
This section measures how far MSCI, 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.
Note: MSCI began trading on November 15, 2007, so its row reads "Not yet trading" for the dot-com bust or the 2008 financial crisis. The older alternatives and the S&P 500 show how those crashes played out.
- Among its popular alternatives, MORN held up best, falling less than MSCI in five of the eight crashes they both traded through.
- MSCI began trading after the 2008 financial crisis, but 15 of its popular alternatives lived through it. The mildest fall among them was FDS's 54.4%, against 55.2% for the S&P 500.
- MSCI fell further than the S&P 500 in three of the eight crashes it has traded through. The clearest case was the 2022 bear market, when MSCI fell 35.8% and the S&P 500 fell 24.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than MSCI.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSCI This pageMSCI Inc. | — | −2.5% | −35.8% | −32.2% | −24.6% | −6.1% | −13.3% | −26.3% | −1.7% | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 3 of 8 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| FTNT Fortinet, Inc. | 3 of 8 | −4.9% | −30.6% | −36.5% | −29.0% | −4.4% | −50.2% | −23.0% | −4.1% | — | — |
| CBOE Cboe Global Markets, Inc. | 3 of 7 | −3.7% | −16.4% | −38.6% | −18.9% | −20.4% | −17.0% | −11.8% | — | — | — |
| CME CME Group Inc. | 4 of 8 | −3.4% | −31.7% | −37.4% | −9.4% | −4.3% | −17.3% | −18.0% | −1.9% | −77.5% | — |
| SEIC SEI Investments Company | 1 of 8 | −6.9% | −24.7% | −47.2% | −31.1% | −7.3% | −38.4% | −31.1% | −2.8% | −71.2% | −69.0% |
| IVZ Invesco Ltd. | 0 of 8 | −7.5% | −43.4% | −57.8% | −34.4% | −9.2% | −33.1% | −35.1% | −3.6% | −85.0% | −82.0% |
| STT State Street Corporation | 0 of 8 | −14.6% | −41.4% | −45.1% | −32.3% | −8.3% | −34.1% | −28.3% | −1.9% | −82.3% | −50.7% |
| SSNC SS&C Technologies Holdings, Inc. | 2 of 8 | −7.1% | −44.3% | −47.2% | −26.7% | −3.3% | −26.4% | −30.9% | −0.9% | — | — |
| TW Tradeweb Markets Inc. | 1 of 3 | −5.9% | −44.3% | −30.1% | — | — | — | — | — | — | — |
| NDAQ Nasdaq, Inc. | 4 of 8 | −5.7% | −27.8% | −37.1% | −16.7% | −6.4% | −10.1% | −16.1% | −5.3% | −68.5% | — |
| BLK BlackRock, Inc. | 2 of 8 | −7.2% | −40.8% | −42.3% | −25.2% | −7.1% | −19.9% | −23.9% | 0.0% | −60.4% | −33.0% |
| SPGI S&P Global Inc. | 2 of 8 | −4.2% | −36.3% | −38.1% | −24.6% | −6.2% | −21.3% | −20.8% | −0.4% | −66.4% | −29.5% |
| ICE Intercontinental Exchange, Inc. | 4 of 8 | −7.0% | −33.8% | −33.0% | −13.3% | −9.4% | −12.7% | −19.3% | −2.0% | −73.9% | — |
| MCO Moody's Corporation | 2 of 8 | −3.4% | −37.6% | −42.0% | −26.1% | −4.6% | −29.3% | −27.6% | −0.7% | −69.3% | −18.5% |
| SCHW The Charles Schwab Corporation | 0 of 8 | −31.9% | −36.9% | −41.5% | −26.5% | −8.2% | −37.0% | −28.9% | −5.5% | −56.0% | −83.1% |
| BR Broadridge Financial Solutions, Inc. | 4 of 8 | −3.8% | −25.4% | −31.1% | −31.2% | −4.4% | −16.7% | −18.9% | −2.4% | −59.0% | — |
| FDS FactSet Research Systems Inc. | 3 of 8 | −3.0% | −25.9% | −33.6% | −19.7% | −5.7% | −22.3% | −18.4% | −2.2% | −54.4% | −59.0% |
| MORN Morningstar, Inc. | 5 of 8 | −10.0% | −37.3% | −35.4% | −19.4% | −4.9% | −11.2% | −16.7% | −0.7% | −67.9% | — |
| VRSK Verisk Analytics, Inc. | 5 of 8 | −2.6% | −28.4% | −28.5% | −17.4% | −6.6% | −19.1% | −8.0% | −1.0% | — | — |
| TROW T. Rowe Price Group, Inc. | 2 of 8 | −6.8% | −48.2% | −38.0% | −23.4% | −7.2% | −15.0% | −23.4% | −1.7% | −67.4% | −54.1% |
| MKTX MarketAxess Holdings Inc. | 5 of 8 | −3.4% | −44.0% | −25.5% | −13.1% | −4.1% | −12.7% | −20.1% | −3.8% | −72.8% | — |
How closely does MSCI 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 MSCI with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Only CME, FTNT and CBOE had a higher capture ratio (upside capture divided by downside capture) than MSCI's 1.08, out of 19 popular alternatives with the same record.
- FTNT took just 92% of the S&P 500's losses, against 121% for MSCI, while still keeping 159% of its gains.
- Over the past 10 years, MSCI captured 131% of the S&P 500's gains in rising months and 121% of its losses in falling months, with a beta of 1.12. It amplified the market's moves in both directions.
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 MSCI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| MSCI This pageMSCI Inc. | 131% | 121% | 1.08 | 1.12 |
| CME CME Group Inc. | 50% | 11% | 4.48 | 0.33 |
| FTNT Fortinet, Inc. | 159% | 92% | 1.72 | 1.09 |
| CBOE Cboe Global Markets, Inc. | 79% | 50% | 1.59 | 0.53 |
| NDAQ Nasdaq, Inc. | 104% | 97% | 1.07 | 0.91 |
| SCHW The Charles Schwab Corporation | 89% | 90% | 0.99 | 0.91 |
| ICE Intercontinental Exchange, Inc. | 88% | 94% | 0.94 | 0.84 |
| MCO Moody's Corporation | 131% | 151% | 0.87 | 1.26 |
| VRSK Verisk Analytics, Inc. | 63% | 73% | 0.87 | 0.73 |
| SPGI S&P Global Inc. | 107% | 125% | 0.85 | 1.04 |
| BR Broadridge Financial Solutions, Inc. | 90% | 105% | 0.85 | 0.90 |
| BLK BlackRock, Inc. | 127% | 157% | 0.81 | 1.30 |
| MORN Morningstar, Inc. | 93% | 117% | 0.79 | 1.07 |
| STT State Street Corporation | 128% | 166% | 0.77 | 1.48 |
| SEIC SEI Investments Company | 97% | 127% | 0.76 | 1.03 |
| SSNC SS&C Technologies Holdings, Inc. | 113% | 153% | 0.74 | 1.32 |
| FDS FactSet Research Systems Inc. | 71% | 97% | 0.73 | 0.76 |
| TROW T. Rowe Price Group, Inc. | 118% | 172% | 0.68 | 1.35 |
| IVZ Invesco Ltd. | 119% | 201% | 0.59 | 1.46 |
| MKTX MarketAxess Holdings Inc. | 40% | 74% | 0.54 | 0.62 |
What diversifies MSCI?
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 MSCI's. Because such investments tend not to fall at the same time, pairing MSCI with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in MSCI into MCK would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (-1.3% for MSCI alone, +6.2% for the mix).
- MCK made money in four of the five calendar years in which MSCI lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of MSCI over the past 5 years, with correlations of 0.44 or lower, and each still earned a positive 5-year return.
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 MSCI lost money. The last two columns show a portfolio that is 80% MSCI and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2012 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| MSCI MSCI Inc. (this page) | 1.00 | +0.5% | 0.16 | −3.2% | −23.3% | −5.9% | −15.5% | −53.8% | 26.6% | −1.3% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.42 | +119% | 1.48 | +27.1% | +3.8% | — | — | — | 22.1% | +2.6% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.26 | +225% | 1.34 | +32.8% | +6.0% | +19.6% | −16.1% | −20.8% | 22.1% | +4.4% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.44 | +101% | 1.04 | +9.7% | +10.4% | — | — | — | 22.7% | +2.4% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.49 | +83.3% | 1.00 | +11.9% | +7.1% | +9.6% | — | — | 22.8% | +1.7% |
| EWP Broad MarketiShares MSCI Spain ETF | 0.46 | +140% | 0.97 | +78.0% | −5.2% | +5.4% | −9.8% | −36.8% | 23.3% | +3.3% |
| GLD CommoditiesSPDR Gold Shares | 0.17 | +126% | 0.96 | +63.7% | −0.8% | +6.6% | +9.6% | +4.9% | 22.1% | +3.1% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.25 | +177% | 0.93 | +7.9% | +64.4% | +5.2% | +2.8% | −39.0% | 23.2% | +4.0% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.43 | +153% | 0.89 | +28.4% | −28.9% | +18.6% | −21.8% | −45.3% | 23.9% | +3.6% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2012 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| MSCI MSCI Inc. (this page) | 1.00 | +0.5% | 0.16 | −3.2% | −23.3% | −5.9% | −15.5% | −53.8% | 26.6% | −1.3% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.11 | +479% | 1.55 | +76.3% | +54.1% | +3.8% | +8.1% | −39.6% | 22.5% | +6.6% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.39 | +3,143% | 1.47 | +220% | +1.3% | +11.2% | −24.4% | −20.5% | 28.0% | +17.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.36 | +1,636% | 1.46 | +121% | +17.0% | +15.7% | −17.0% | −15.2% | 25.9% | +14.1% |
| MCK Medical - DistributionMcKesson Corporation | 0.01 | +413% | 1.44 | +44.5% | +51.8% | +25.6% | +11.8% | −40.4% | 21.9% | +6.2% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.29 | +690% | 1.41 | +19.2% | +86.6% | +94.3% | — | — | 24.0% | +8.3% |
Common questions
What was MSCI's worst drawdown?
MSCI's deepest decline since it began trading in 2007 was 69.1%, from December 2007 to November 2008. It took 25 months from the low to climb back to its old high. Because MSCI launched in November 2007, that record does not include the dot-com bust.
What were MSCI's best and worst years?
Over 18 full calendar years, MSCI's best year was 2009, when it returned 79.1%. Its worst was 2008, with a return of -53.8%.
Is there a better investment than MSCI?
Among MSCI's popular alternatives, CME, NDAQ and CBOE earned more than MSCI with less volatility over the past 5 years. CME returned 11.2% a year at 20.8% volatility, against 0.1% a year at 31.3%. Looking beyond its popular alternatives, MSFT (software) and CIBR (cybersecurity) earned more than MSCI with less volatility over the past 5 years. MSFT returned 12.5% a year at 28.2% volatility, against 0.1% a year at 31.3%.
Is MSCI more volatile than the S&P 500?
Yes. MSCI's volatility over the past 5 years was 31.3%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MSCI's return lands within 31.3% 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 MSCI's Sharpe ratio?
MSCI's Sharpe ratio over the past 5 years was 0.16, against 0.79 for the S&P 500, so MSCI 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 MSCI with the S&P 500?
Over the past 5 years, MSCI's monthly returns had a correlation of 0.73 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 MSCI instead: the lower it is, the more that option would diversify a MSCI holding.
What are the best alternatives to MSCI?
Of the 20 popular alternatives we compared, eight outperformed MSCI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: FTNT, CBOE and CME.
Did MSCI outperform the S&P 500?
MSCI finished ahead of the S&P 500 (SPY) in nine of 18 full calendar years. In 2025, it returned -3.2%, against +17.7% for the index.
How did MSCI do in stock market crashes?
MSCI fell less than the S&P 500 (SPY) in two of the eight major crashes it has traded through, and further in three. The clearest case was the 2022 bear market, when MSCI fell 35.8% and the S&P 500 fell 24.5%.
What diversifies MSCI?
These had a low correlation with MSCI over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.42), DXJ (correlation 0.26) and EMLP (correlation 0.44); among large stocks, CAH (correlation 0.11), CLS (correlation 0.39) and FIX (correlation 0.36). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than MSCI's. Returns within 0.5 points or 3% of MSCI's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to MSCI
FTNTFortinet- CMECME Group
- STTState Street
- NDAQNasdaq
- BLKBlackRock
SPGIS&P Global- ICEIntercontinental Exchange
MCOMoody's
SCHWCharles Schwab
NVDA