ARBIX vs. MSTVX

Last updated Apr 2, 2026

Compare and contrast key facts about Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) and Morningstar Alternatives Fund (MSTVX).

ARBIX is an actively managed fund by Absolute Investment Advisers. It was launched on Aug 14, 2017. MSTVX is managed by Morningstar. It was launched on Nov 1, 2018.

Performance

ARBIX vs. MSTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) and Morningstar Alternatives Fund (MSTVX). The values are adjusted to include any dividend payments, if applicable.

ARBIX vs. MSTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	1.65%	8.29%	7.53%	5.30%	-0.53%	2.95%	9.28%	6.38%	-0.18%
MSTVX Morningstar Alternatives Fund	0.75%	6.42%	6.37%	6.86%	-2.69%	4.20%	3.81%	5.82%	-0.05%

Returns By Period

In the year-to-date period, ARBIX achieves a 1.65% return, which is significantly higher than MSTVX's 0.75% return.

ARBIX

• 1D: 0.26%
• 1M: -0.26%
• YTD: 1.65%
• 6M: 3.28%
• 1Y: 7.86%
• 3Y*: 7.16%
• 5Y*: 4.72%
• 10Y*: —

MSTVX

• 1D: 0.19%
• 1M: -1.29%
• YTD: 0.75%
• 6M: 2.55%
• 1Y: 4.68%
• 3Y*: 6.67%
• 5Y*: 3.93%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ARBIX vs. MSTVX - Expense Ratio Comparison

ARBIX has a 1.47% expense ratio, which is higher than MSTVX's 1.15% expense ratio.

ARBIX

Absolute Convertible Arbitrage Fund Institutional Shares

MSTVX

Morningstar Alternatives Fund

Return for Risk

ARBIX vs. MSTVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ARBIX

ARBIX Risk / Return Rank: 100
ARBIX Sharpe Ratio Rank: 100
ARBIX Sortino Ratio Rank: 100
ARBIX Omega Ratio Rank: 99
ARBIX Calmar Ratio Rank: 100
ARBIX Martin Ratio Rank: 100

MSTVX

MSTVX Risk / Return Rank: 76
MSTVX Sharpe Ratio Rank: 65
MSTVX Sortino Ratio Rank: 61
MSTVX Omega Ratio Rank: 85
MSTVX Calmar Ratio Rank: 75
MSTVX Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARBIX vs. MSTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) and Morningstar Alternatives Fund (MSTVX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ARBIX	MSTVX	Difference
Sharpe ratio Return per unit of total volatility	6.20	1.23	+4.97
Sortino ratio Return per unit of downside risk	11.37	1.67	+9.70
Omega ratio Gain probability vs. loss probability	3.06	1.36	+1.70
Calmar ratio Return relative to maximum drawdown	15.19	1.90	+13.29
Martin ratio Return relative to average drawdown	70.66	11.80	+58.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARBIX vs. MSTVX - Sharpe Ratio Comparison

The current ARBIX Sharpe Ratio is 6.20, which is higher than the MSTVX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of ARBIX and MSTVX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ARBIX	MSTVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.20	1.23	+4.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.59	1.31	+1.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	1.38	-1.27

Correlation

The correlation between ARBIX and MSTVX is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ARBIX vs. MSTVX - Dividend Comparison

ARBIX's dividend yield for the trailing twelve months is around 5.25%, more than MSTVX's 3.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	5.25%	5.34%	4.87%	3.62%	3.33%	3.12%	2.92%	2.83%	1.97%	0.24%
MSTVX Morningstar Alternatives Fund	3.39%	3.41%	3.07%	3.86%	3.92%	4.99%	2.91%	1.74%	0.25%	0.00%

Drawdowns

ARBIX vs. MSTVX - Drawdown Comparison

The maximum ARBIX drawdown since its inception was -4.31%, smaller than the maximum MSTVX drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for ARBIX and MSTVX.

Drawdown Indicators

	ARBIX	MSTVX	Difference
Max Drawdown Largest peak-to-trough decline	-4.31%	-8.02%	+3.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.51%	-3.21%	+2.70%
Max Drawdown (5Y) Largest decline over 5 years	-4.02%	-5.89%	+1.87%
Current Drawdown Current decline from peak	-0.26%	-1.47%	+1.21%
Average Drawdown Average peak-to-trough decline	-0.40%	-1.17%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.53%	-0.42%

Volatility

ARBIX vs. MSTVX - Volatility Comparison

The current volatility for Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) is 0.47%, while Morningstar Alternatives Fund (MSTVX) has a volatility of 0.87%. This indicates that ARBIX experiences smaller price fluctuations and is considered to be less risky than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARBIX	MSTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.87%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	0.90%	1.53%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	1.28%	4.70%	-3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.83%	3.13%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	745.92%	3.15%	+742.77%