# How MSCI compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/msci
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** MSCI 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%.
- **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 years:** A 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%).
- **Long term:** MSCI 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%.
- **In a crash:** Across 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%).
- **Diversification:** MSCI 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.
- **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.

- $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.

## 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.

- 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.

- Type: Stock, Financials (Financial - Data & Stock Exchanges)
- Trading since: November 15, 2007
- Market value: $43B
- Volatility (5 years): 31.3%; Sharpe ratio: 0.16
- Worst decline ever: −69.1%, from December 31, 2007 to November 20, 2008; back at its high by December 21, 2010

| Period | MSCI total return |
| --- | --- |
| 1 month | +5.9% |
| 3 months | −5.0% |
| 6 months | +5.1% |
| year to date | +5.8% |
| 1 year | +11.8% |
| 3 years | +25.5% |
| 5 years | +0.5% |
| 10 years | +702% |

## 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.

- 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.

| Measure | MSCI | Rank |
| --- | --- | --- |
| 1-year return | +11.8% | 1,518 of 3,287 (top 47%) |
| 3-year return | +25.5% | 1,936 of 3,017 (top 65%) |
| 5-year return | +0.5% | 1,720 of 2,893 (top 60%) |
| 10-year return | +702% | 190 of 2,202 (top 9%) |
| Volatility, 5 years | 31.3% | 848 of 2,893 (top 30%) |
| Sharpe ratio, 5 years | 0.16 | 1,956 of 2,893 (top 68%) |
| Worst decline, past 10 years | −43.7% | 250 of 2,187 (top 12%) |

### 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).

- 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%.

### Is there a better investment than MSCI?

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.

- 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.

The 15 strongest of 1,285 investments that beat MSCI over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with MSCI | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MSCI: MSCI Inc. (this page) |  | +0.1% | 31.3% | 0.16 | −43.7% | +702% |  |  |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.52 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.74 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.73 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.06 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [V](https://easycompare.io/research/v): Visa Inc. | Payment Processing | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VXUS](https://easycompare.io/research/vxus): Vanguard Total International Stock ETF | International Equity | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.63 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [QQQ](https://easycompare.io/research/qqq): Invesco QQQ Trust, Series 1 | US Large-Cap Growth | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.68 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | Pharmaceuticals | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.62 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of MSCI | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| MSCI: MSCI Inc. (this page) | +11.8% | +25.5% | +0.5% | +702% |  |  | 0.16 |
| [FTNT](https://easycompare.io/research/ftnt): Fortinet, Inc. | +101% | +203% | +156% | +2,626% | 4/5 short-term, 3/3 long-term | all-weather | 0.65 |
| CBOE: Cboe Global Markets, Inc. | +34.2% | +101% | +165% | +463% | 4/5 short-term, 2/3 long-term | consistent | 0.91 |
| [CME](https://easycompare.io/research/cme): CME Group Inc. | +14.6% | +57.7% | +70.1% | +319% | 4/5 short-term, 2/3 long-term | consistent | 0.62 |
| SEIC: SEI Investments Company | +32.7% | +102% | +81.6% | +168% | 4/5 short-term, 2/3 long-term | consistent | 0.65 |
| IVZ: Invesco Ltd. | +30.0% | +158% | +39.8% | +50.9% | 4/5 short-term, 2/3 long-term | consistent | 0.37 |
| [STT](https://easycompare.io/research/stt): State Street Corporation | +47.9% | +181% | +96.2% | +212% | 3/5 short-term, 2/3 long-term | consistent | 0.60 |
| SSNC: SS&C Technologies Holdings, Inc. | +8.3% | +81.0% | +26.0% | +200% | 3/5 short-term, 2/3 long-term | consistent | 0.31 |
| TW: Tradeweb Markets Inc. | +10.2% | +48.4% | +45.3% | — | 3/5 short-term, 2/3 long-term | consistent | 0.41 |
| [NDAQ](https://easycompare.io/research/ndaq): Nasdaq, Inc. | +8.1% | +95.1% | +52.9% | +407% | 2/5 short-term, 2/3 long-term |  | 0.47 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | −0.6% | +96.3% | +41.1% | +313% | 2/5 short-term, 2/3 long-term |  | 0.39 |
| [SPGI](https://easycompare.io/research/spgi): S&P Global Inc. | −7.4% | +28.2% | +3.7% | +293% | 2/5 short-term, 2/3 long-term |  | 0.16 |
| [ICE](https://easycompare.io/research/ice): Intercontinental Exchange, Inc. | +3.5% | +52.4% | +30.0% | +240% | 1/5 short-term, 2/3 long-term |  | 0.35 |
| [MCO](https://easycompare.io/research/mco): Moody's Corporation | +1.1% | +57.3% | +33.4% | +383% | 0/5 short-term, 2/3 long-term |  | 0.35 |
| [SCHW](https://easycompare.io/research/schw): The Charles Schwab Corporation | −3.1% | +86.2% | +19.1% | +221% | 0/5 short-term, 2/3 long-term |  | 0.27 |
| BR: Broadridge Financial Solutions, Inc. | −20.2% | +9.7% | +8.7% | +234% | 3/5 short-term, 1/3 long-term |  | 0.19 |
| FDS: FactSet Research Systems Inc. | +9.5% | −24.7% | −21.8% | +127% | 4/5 short-term, 0/3 long-term |  | -0.01 |
| MORN: Morningstar, Inc. | −1.9% | −3.7% | −22.9% | +203% | 2/5 short-term, 0/3 long-term |  | 0.00 |
| VRSK: Verisk Analytics, Inc. | −18.1% | −16.8% | −6.7% | +151% | 2/5 short-term, 0/3 long-term |  | 0.08 |
| TROW: T. Rowe Price Group, Inc. | +3.1% | +22.7% | −37.4% | +126% | 1/5 short-term, 0/3 long-term |  | -0.16 |
| MKTX: MarketAxess Holdings Inc. | −1.9% | −26.8% | −56.7% | +19.9% | 1/5 short-term, 0/3 long-term |  | -0.30 |

### 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.

- 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.

| Year | MSCI | SPY |
| --- | --- | --- |
| 2025 | −3.2% | +17.7% |
| 2024 | +7.3% | +24.9% |
| 2023 | +22.9% | +26.2% |
| 2022 | −23.3% | −18.2% |
| 2021 | +38.1% | +28.7% |
| 2020 | +74.4% | +18.3% |
| 2019 | +77.2% | +31.2% |
| 2018 | +18.0% | −4.6% |
| 2017 | +62.6% | +21.7% |
| 2016 | +10.6% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −69.1% | December 31, 2007 | November 20, 2008 | December 21, 2010 | −47.6% | 2008 financial crisis |
| −43.7% | November 16, 2021 | May 9, 2022 | June 1, 2026 | −14.6% | 2022 bear market |
| −36.0% | December 27, 2010 | October 15, 2012 | September 16, 2013 | +18.8% | 2011 euro debt crisis |
| −32.2% | February 19, 2020 | March 18, 2020 | April 27, 2020 | −29.1% | Covid crash |
| −25.6% | September 4, 2018 | December 24, 2018 | February 28, 2019 | −18.3% | late-2018 sell-off |

### 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.

- 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%.

| Crash | Dates | MSCI fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.7% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −26.3% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −13.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.1% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −24.6% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −32.2% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −35.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.5% | −3.4% |

### 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.

- 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.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| MSCI: MSCI Inc. (this page) | 131% | 121% | 1.12 |
| [FTNT](https://easycompare.io/research/ftnt): Fortinet, Inc. | 159% | 92.0% | 1.09 |
| CBOE: Cboe Global Markets, Inc. | 79.0% | 50.0% | 0.53 |
| [CME](https://easycompare.io/research/cme): CME Group Inc. | 50.0% | 11.0% | 0.33 |
| SEIC: SEI Investments Company | 97.0% | 127% | 1.03 |
| IVZ: Invesco Ltd. | 119% | 201% | 1.46 |
| [STT](https://easycompare.io/research/stt): State Street Corporation | 128% | 166% | 1.48 |
| SSNC: SS&C Technologies Holdings, Inc. | 113% | 153% | 1.32 |
| [NDAQ](https://easycompare.io/research/ndaq): Nasdaq, Inc. | 104% | 97.0% | 0.91 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | 127% | 157% | 1.30 |
| [SPGI](https://easycompare.io/research/spgi): S&P Global Inc. | 107% | 125% | 1.04 |
| [ICE](https://easycompare.io/research/ice): Intercontinental Exchange, Inc. | 88.0% | 94.0% | 0.84 |
| [MCO](https://easycompare.io/research/mco): Moody's Corporation | 131% | 151% | 1.26 |
| [SCHW](https://easycompare.io/research/schw): The Charles Schwab Corporation | 89.0% | 90.0% | 0.91 |
| BR: Broadridge Financial Solutions, Inc. | 90.0% | 105% | 0.90 |
| FDS: FactSet Research Systems Inc. | 71.0% | 97.0% | 0.76 |
| MORN: Morningstar, Inc. | 93.0% | 117% | 1.07 |
| VRSK: Verisk Analytics, Inc. | 63.0% | 73.0% | 0.73 |
| TROW: T. Rowe Price Group, Inc. | 118% | 172% | 1.35 |
| MKTX: MarketAxess Holdings Inc. | 40.0% | 74.0% | 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).

- 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.

| Investment | Correlation with MSCI | 5Y return | Volatility | Sharpe | Rose in MSCI's 5 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.42 | +119% | 11.1% | 1.48 | 2 of 5 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.26 | +225% | 19.1% | 1.34 | 3 of 5 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.44 | +101% | 14.5% | 1.04 | 2 of 5 |
| HDV: iShares Core High Dividend ETF | 0.49 | +83.3% | 13.0% | 1.00 | 3 of 5 |
| EWP: iShares MSCI Spain ETF | 0.46 | +140% | 20.3% | 0.97 | 2 of 5 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.17 | +126% | 18.9% | 0.96 | 4 of 5 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.25 | +177% | 25.5% | 0.93 | 4 of 5 |
| EWT: iShares MSCI Taiwan ETF | 0.43 | +153% | 24.2% | 0.89 | 2 of 5 |

## 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.

## More research

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- [Charles Schwab (SCHW) Performance, Alternatives and Market Rank](https://easycompare.io/research/schw)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
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## Explore further

- Full page with charts: https://easycompare.io/research/msci
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against MSCI live: https://betterthanspy.com/?b=MSCI&utm_source=easycompare&utm_medium=research