MSLC vs NOEQ
Morgan Stanley Pathway Large Cap Equity ETF vs Northern Trust US Equity ETF
Which is better, MSLC or NOEQ?
NOEQ costs less.
NOEQ has a lower expense ratio. MSLC is less concentrated, with 35.6% of the fund in its ten largest positions against 61.7%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MSLC | NOEQ |
|---|---|---|
| Expense Ratio | 0.39% | 0.12%Best |
| AUM | $4.1B | $906M |
| Dividend Yield | 1.95% | 0.41% |
| Holdings | 793 | 406 |
| YTD Return | +10.97% | +17.57%Best |
| 1Y Return | +14.08% | - |
| Top 10 Weight | 35.6%Best | 61.7% |
| Fund Family | Morgan Stanley | Northern Trust Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 9, 2024 | Mar 20, 2026 |
Not shown on this pair: 3Y Return (annualized), 5Y Return (annualized), Volatility (annualized), Max Drawdown, $10,000 over the window.
MSLC vs NOEQ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
MSLC vs NOEQ Performance
Morgan Stanley Pathway Large Cap Equity ETF (MSLC) is an ETF from Morgan Stanley and Northern Trust US Equity ETF (NOEQ) is an ETF from Northern Trust Asset Management. Year to date, MSLC is up 10.97% versus a gain of 17.57% for NOEQ.
Past performance does not guarantee future results.
Fees and Cost Over Time
MSLC charges 0.39% per year while NOEQ charges 0.12%. On a $10,000 position that is $39 vs $12 annually, a gap of $27 per year that compounds over a long holding period. On income, MSLC currently yields 1.95% against 0.41% for NOEQ.
Holdings Overlap
79.6% of MSLC's money is in holdings NOEQ also owns. 62.5% of NOEQ's money is in holdings MSLC also owns.
Most of MSLC is already inside NOEQ. Owning both mostly buys the same companies twice.
305 positions in common, counted across the 789 positions we hold weights for in MSLC and 401 in NOEQ, against full books of 793 and 406.
What only one of them owns
Our book lists 35 positions for NOEQ that do not appear in our book for MSLC (35.8% of the fund), and 398 for MSLC that do not appear in NOEQ (17.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in MSLC | Weight in NOEQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.04% | 3.29% | 3.75% |
| AAPLApple, Inc | 5.80% | 2.86% | 2.94% |
| AMZNAmazon.Com Inc | 4.07% | 4.53% | 0.46% |
| GOOGAlphabet Inc. C | 1.95% | 6.58% | 4.63% |
| MSFTMicrosoft Corp | 5.55% | 2.09% | 3.46% |
| XOMExxonmobil Holdings Corp Common Stock Usd | 1.07% | 4.11% | 3.04% |
| JNJJohnson & Johnson - Common | 0.61% | 4.06% | 3.45% |
| LLYEli Lilly & Co. | 1.05% | 3.48% | 2.43% |
| CVXChevron Corp | 0.38% | 3.88% | 3.50% |
| BABoeing Co | 0.32% | 3.38% | 3.06% |
79.6% of MSLC is already inside NOEQ.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MSLC or NOEQ?
MSLC has an expense ratio of 0.39% while NOEQ charges 0.12%. NOEQ is the cheaper option, by $27 a year on a $10,000 investment.
What is the holdings overlap between MSLC and NOEQ?
79.6% of MSLC's money is in holdings NOEQ also owns. 62.5% of NOEQ's is in holdings MSLC also owns. They hold 305 positions in common, counted across the 789 positions we hold weights for in MSLC and 401 in NOEQ.
Which pays a higher dividend, MSLC or NOEQ?
MSLC yields 1.95% while NOEQ yields 0.41%, so MSLC currently pays the higher dividend yield.
Is NOEQ better than MSLC?
NOEQ has a lower expense ratio. MSLC is less concentrated, with 35.6% of the fund in its ten largest positions against 61.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.