MSDL vs WBI

Comparison between Morgan Stanley Direct Lending Fund (MSDL, Company) and WaterBridge Infrastructure LLC. - Class A (WBI, Company).

MSDL is from the Financial Services sector, while WBI is from the Energy sector.

MSDL vs WBI - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MSDL(COMPANY)	WBI(COMPANY)
Market Cap	$1.30B	$1.30B
Max Drawdown	42.73%	30.70%
Sharpe Ratio	-0.74	0.96
5Y Beta	0.55	0.28
Industry	Asset Management	Oil & Gas Equipment & Services
P/E Ratio	15.06	-282.36
Forward P/E	8.24	N/A
Dividend Yield	12.60%	0.17%
Debt to Equity	121.45%	223.33%
Free Cash Flow Yield	15.60%	21.12%
P/S Ratio	3.40	2.20
P/B Ratio	0.77	2.11

Market Cap

Winner

MSDL

$1.30B

WBI

$1.30B

Max Drawdown

MSDL

42.73%

Winner

WBI

30.70%

Sharpe Ratio

MSDL

-0.74

Winner

WBI

0.96

5Y Beta

MSDL

0.55

Winner

WBI

0.28

Industry

MSDL

Asset Management

WBI

Oil & Gas Equipment & Services

P/E Ratio

MSDL

15.06

Winner

WBI

-282.36

Forward P/E

MSDL

8.24

WBI

N/A

Dividend Yield

Winner

MSDL

12.60%

WBI

0.17%

Debt to Equity

Winner

MSDL

121.45%

WBI

223.33%

Free Cash Flow Yield

MSDL

15.60%

Winner

WBI

21.12%

P/S Ratio

MSDL

3.40

Winner

WBI

2.20

P/B Ratio

Winner

MSDL

0.77

WBI

2.11

MSDL vs WBI - Historical Returns

Returns include dividend reinvestment.

Period	MSDL	WBI
1 month	-2.88%	-3.63%
3 months	+5.74%	+18.42%
6 months	-8.14%	+30.05%
1 year	-12.21%	N/A
Max(CAGR)	-2.59%	+43.46%

Winner

MSDL

-2.88%

WBI

-3.63%

MSDL

+5.74%

Winner

WBI

+18.42%

MSDL

-8.14%

Winner

WBI

+30.05%

MSDL

-12.21%

WBI

N/A

Max(CAGR)

MSDL

-2.59%

Winner

WBI

+43.46%

MSDL vs WBI - Annual Returns (2024 - 2026)

Returns include dividend reinvestment.

Year	MSDL	WBI
2026	-4.99%	+49.83%
2025	-11.88%	-12.35%
2024	+11.06%	N/A

MSDL vs WBI Drawdown Comparison

The maximum drawdown for MSDL was -29.56%, occurring on Mar 27, 2026. This drawdown has not yet recovered.

The maximum drawdown for WBI was -30.70%, occurring on Jan 7, 2026. Recovery took 115 trading sessions.

The current MSDL drawdown is -21.37%. The current WBI drawdown is -5.37%.

Rank	MSDL	WBI
#1	-29.56% Jun 21, 2024 - Mar 27, 2026	-30.70% Oct 7, 2025 - Mar 24, 2026
#2	-6.13% May 9, 2024 - Jun 21, 2024	-12.03% Mar 27, 2026 - Apr 24, 2026
#3	-6.08% Mar 27, 2024 - May 6, 2024	-10.62% May 5, 2026 - May 15, 2026
#4	-4.94% Jan 25, 2024 - Mar 14, 2024	-7.06% May 22, 2026 - Jun 1, 2026
#5	-4.15% Mar 20, 2024 - Mar 22, 2024	-2.30% Sep 19, 2025 - Sep 25, 2025
#6	-2.76% Mar 22, 2024 - Mar 26, 2024	-1.92% Mar 24, 2026 - Mar 27, 2026
#7	-2.37% May 6, 2024 - May 8, 2024	-1.90% May 18, 2026 - May 22, 2026
#8	-1.63% Mar 15, 2024 - Mar 20, 2024	-1.36% Apr 30, 2026 - May 5, 2026
#9	N/A	-1.01% Sep 17, 2025 - Sep 19, 2025
#10	N/A	-0.90% Oct 1, 2025 - Oct 3, 2025
#11	N/A	-0.07% Apr 24, 2026 - Apr 28, 2026

Correlation

Correlation between MSDL and WBI is -0.46 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.46

-101