Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) Performance
MSSM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +12.8% since Dec 31, 2025
- 1 year
- +14.3% total return
- Since first price
- +18.3% since 2024
MSSM trailing returns vs SPY, QQQ, AGG
| Period | MSSM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.8% | −0.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.7% | −3.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +0.5% | +0.5% | +7.8% | +8.4% | −1.5% |
| YTD | +12.8% | +12.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +14.3% | +10.8% | +14.4% | +15.9% | −1.1% |
| Since inceptionDec 9, 2024 | +18.3% | +14.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MSSM vs SPY
From Dec 9, 2024: MSSM grew to $11,831, SPY to $12,858.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MSSM returns by calendar year
1 of 1 full years positive. Best 2025 (+11.3%), worst 2025 (+11.3%). 2026 is year to date.
MSSM annual returns table
| Year | MSSM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +12.8% | −9.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +11.3% | −23.1% | +17.7% | +20.8% | +7.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MSSM largest drawdowns
Now 7.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 9, 2024 | −24.2% | Apr 8, 2025 | Aug 22, 2025 | 4 months | 8 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MSSM risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | +13.6% |
| Volatility (annualized) | 15.6% |
| Sharpe ratio | 0.65 |
| Sortino ratio | 1.05 |
| Best month | +11.1% |
| Worst month | −6.7% |
| Best 12 months | +40.6% |
| Worst 12 months | +11.3% |
| Positive months | 71% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MSSM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 11 | +11.3% | +23.3% | +40.6% | 100% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
MSSM performance overview
Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) returned +14.3% over the past year, with distributions reinvested. Since its first recorded price on Dec 9, 2024 it has returned +18.3%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −24.2%, from Dec 9, 2024 to Apr 8, 2025, and it took 4 months to get back to the old high. Volatility has been 15.6% a year.
Related: MSSM chart, MSSM holdings, MSSM dividends, MSSM valuation. See the MSSM overview for the latest quote and fund facts.
MSSM performance FAQ
What is the MSSM return over the past year?
MSSM returned +14.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 10.8%.
How much would $10,000 invested in MSSM be worth?
$10,000 invested in MSSM at its first recorded close on December 9, 2024 would be worth about $11,831 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of MSSM?
The largest peak-to-trough decline was −24.2% between December 9, 2024 and April 8, 2025. It recovered to the old high on August 22, 2025, 4 months after the bottom.
How volatile is MSSM?
Over the past history MSSM had an annualized volatility of 15.6% and a Sharpe ratio of 0.65 (excess return over 1–3 month T-bills per unit of risk).