Deals
Goldman Trades Where Morgan No Longer Treads With Gap Widening
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Morgan Stanley executives have been trying to prove since the financial crisis that they run a different type of company than Goldman Sachs Group Inc. Investors may be finally starting to believe them.
The correlation between the two firms’ daily share-price movements, a measure of how closely securities move in tandem, is down 17 percent this year from the average over the last decade. The correlation in the third quarter so far dropped to the lowest for any quarter since 2003. Goldman Sachs is down 12 percent in 2010 and Morgan Stanley 15 percent, both trailing the Standard & Poor’s 500 Index, which is up 4.5 percent.