GJO vs MSDL: Correlation
Measured on weekly returns over the past three years, Synthetic Fixed-Income Securities, Inc. on behalf of (GJO) and Morgan Stanley Direct Lending Fund (MSDL) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GJO and MSDL?
Over the past 3 years, GJO and MSDL moved with a correlation of 0.26, which is weak. Little has changed lately, as the 1-year reading of 0.16 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 35.1 %².
MSDL is one of the assets that tracks GJO most closely: it ranks #2 out of the 16 assets we track against GJO. Over the last 12 months GJO came out ahead by 5.3 percentage points (+2.6% against -2.7%). Risk is not evenly split, since MSDL carries 3.1 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
GJO vs MSDL: side by side
| GJO (Synthetic Fixed-Income Securities, Inc. on behalf of) | MSDL (Morgan Stanley Direct Lending Fund) | |
|---|---|---|
| 1-year return | +2.6% | -2.7% |
| 5-year return | +27.3% | n/a |
| Volatility (ann.) | 6.9% | 21.2% |
| Beta vs S&P 500 | 0.02 | 0.57 |
| Max drawdown (3Y) | -3.2% | -29.7% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | 22.2 |
| Dividend yield | – | 12.45% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GJO | MSDL |
|---|---|---|
| 2022 | +1.6% | – |
| 2023 | +10.3% | – |
| 2024 | +5.2% | – |
| 2025 | +5.6% | -10.9% |
| 2026 | +1.4% | -1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GJO and MSDL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GJO and MSDL?
The GJO/MSDL correlation stands at 0.26 on a 3-year window (1 year: 0.16, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MSDL a good diversifier for GJO?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gjo-vs-msdl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gjo-vs-msdl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GJO correlations · MSDL correlations
