GS vs MS: Correlation
Measured on weekly returns over the past three years, Goldman Sachs (GS) and Morgan Stanley (MS) carry a correlation of 0.89, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GS and MS?
Over the past 3 years, GS and MS moved with a correlation of 0.89, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.86 over 1 year against 0.89 over 3. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 678.3 %².
In GS's tracked universe of 41 assets, MS sits right near the top at #1. Over the last 12 months MS came out ahead by 5.5 percentage points (+41.6% against +47.1%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.78 and 0.95.
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.
GS vs MS: side by side
| GS (Goldman Sachs) | MS (Morgan Stanley) | |
|---|---|---|
| 1-year return | +41.6% | +47.1% |
| 5-year return | +184.1% | +142.0% |
| Volatility (ann.) | 27.0% | 28.3% |
| Beta vs S&P 500 | 1.34 | 1.43 |
| Max drawdown (3Y) | -30.9% | -29.2% |
| Market cap | $303.1B | $337.5B |
| P/E (trailing) | 16.1 | 17.4 |
| Dividend yield | 1.63% | 1.94% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | GS | MS |
|---|---|---|
| 2022 | -7.9% | -10.3% |
| 2023 | +15.9% | +13.9% |
| 2024 | +52.0% | +39.7% |
| 2025 | +56.6% | +45.2% |
| 2026 | +19.6% | +23.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GS and MS good diversifiers for each other?
No: a correlation of 0.89 means GS and MS tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GS and MS?
The GS/MS correlation stands at 0.89 on a 3-year window (1 year: 0.86, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is MS a good diversifier for GS?
No: a correlation of 0.89 means GS and MS tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.89 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gs-vs-ms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gs-vs-ms/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GS correlations · MS correlations
