DMO vs. MSTGX

Last updated Jun 25, 2026

DMO (Dimensional Multi-Asset Fund) and MSTGX (Morningstar Global Income Fund) are both Global Allocation funds. Over the past 5 years, DMO returned 4.22%/yr vs 4.43%/yr for MSTGX. At a 0.27 correlation, their price movements are largely independent. DMO charges 0.04%/yr vs 0.62%/yr for MSTGX.

Performance

DMO vs. MSTGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Multi-Asset Fund (DMO) and Morningstar Global Income Fund (MSTGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMO achieves a 1.86% return, which is significantly lower than MSTGX's 5.95% return.

DMO

• 1D: 0.00%
• 1M: -4.30%
• YTD: 1.86%
• 6M: 1.95%
• 1Y: 1.57%
• 3Y*: 12.98%
• 5Y*: 4.22%
• 10Y*: 4.04%

MSTGX

• 1D: -0.10%
• 1M: 0.01%
• YTD: 5.95%
• 6M: 5.76%
• 1Y: 10.47%
• 3Y*: 10.14%
• 5Y*: 4.43%
• 10Y*: —

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

DMO vs. MSTGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DMO Dimensional Multi-Asset Fund	1.86%	6.95%	20.24%	16.79%	-21.64%	17.12%	-22.32%	9.10%	0.05%
MSTGX Morningstar Global Income Fund	5.95%	12.04%	5.36%	11.91%	-11.18%	8.46%	3.92%	19.97%	-3.56%

Correlation

The correlation between DMO and MSTGX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.27

The correlation between DMO and MSTGX shifts across timeframes, from 0.14 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DMO vs. MSTGX — Risk / Return Rank

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

DMO

DMO Risk / Return Rank: 4
DMO Sharpe Ratio Rank: 4
DMO Sortino Ratio Rank: 4
DMO Omega Ratio Rank: 4
DMO Calmar Ratio Rank: 4
DMO Martin Ratio Rank: 4

MSTGX

MSTGX Risk / Return Rank: 67
MSTGX Sharpe Ratio Rank: 67
MSTGX Sortino Ratio Rank: 72
MSTGX Omega Ratio Rank: 65
MSTGX Calmar Ratio Rank: 75
MSTGX Martin Ratio Rank: 54

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.

DMO vs. MSTGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Multi-Asset Fund (DMO) and Morningstar Global Income Fund (MSTGX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DMO	MSTGX	Difference
Sharpe ratio: Return per unit of total volatility	0.16	2.10	-1.95
Sortino ratio: Return per unit of downside risk	0.28	3.10	-2.82
Omega ratio: Gain probability vs. loss probability	1.04	1.39	-0.35
Calmar ratio: Return relative to maximum drawdown	0.19	3.12	-2.93
Martin ratio: Return relative to average drawdown	0.47	9.91	-9.44

DMO vs. MSTGX - Sharpe Ratio Comparison

The current DMO Sharpe Ratio is 0.16, which is lower than the MSTGX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of DMO and MSTGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DMO vs. MSTGX - Drawdown Comparison

The maximum DMO drawdown since its inception was -49.16%, which is greater than MSTGX's maximum drawdown of -27.52%. Use the drawdown chart below to compare losses from any high point for DMO and MSTGX.

Drawdown Indicators

	DMO	MSTGX	Difference
Max Drawdown Largest peak-to-trough decline	-49.16%	-27.52%	-21.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-4.38%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	-9.04%	-6.56%	-2.48%
Max Drawdown (5Y) Largest decline over 5 years	-29.04%	-19.64%	-9.40%
Max Drawdown (10Y) Largest decline over 10 years	-49.16%	—	—
Current Drawdown Current decline from peak	-4.30%	-1.26%	-3.04%
Average Drawdown Average peak-to-trough decline	-9.58%	-4.31%	-5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	1.26%	+2.12%

Volatility

DMO vs. MSTGX - Volatility Comparison

Dimensional Multi-Asset Fund (DMO) has a higher volatility of 2.11% compared to Morningstar Global Income Fund (MSTGX) at 1.90%. This indicates that DMO's price experiences larger fluctuations and is considered to be riskier than MSTGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMO	MSTGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	1.90%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	4.99%	+3.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.01%	6.50%	+3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.75%	8.14%	+4.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.95%	10.81%	+9.14%

DMO vs. MSTGX - Expense Ratio Comparison

DMO has a 0.04% expense ratio, which is lower than MSTGX's 0.62% expense ratio.

Dividends

DMO vs. MSTGX - Dividend Comparison

DMO's dividend yield for the trailing twelve months is around 14.12%, more than MSTGX's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMO Dimensional Multi-Asset Fund	14.12%	14.01%	12.92%	11.46%	11.51%	8.88%	10.95%	9.63%	18.93%	13.30%	13.19%	14.09%
MSTGX Morningstar Global Income Fund	2.92%	2.97%	6.64%	6.32%	8.79%	10.48%	2.96%	4.11%	0.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DMO and MSTGX in my portfolio?

DMO and MSTGX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMO or MSTGX?

DMO has higher volatility (2.11%) compared to MSTGX (1.90%). In terms of maximum drawdown, DMO dropped -49.16% vs MSTGX's -27.52%.

Which has better risk-adjusted returns?

MSTGX currently has the higher Sharpe Ratio (2.10 vs 0.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.