EBSAX vs. MSTVX

Last updated Aug 1, 2026

EBSAX (Campbell Systematic Macro Fund Class A Shares) and MSTVX (Morningstar Alternatives Fund) are both Multistrategy funds. Over the past 5 years, EBSAX returned 7.66%/yr vs 4.01%/yr for MSTVX. Their -0.07 correlation means they have often moved in opposite directions in the past. EBSAX charges 2.00%/yr vs 1.15%/yr for MSTVX.

Performance

EBSAX vs. MSTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Campbell Systematic Macro Fund Class A Shares (EBSAX) and Morningstar Alternatives Fund (MSTVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EBSAX achieves a 5.63% return, which is significantly higher than MSTVX's 1.98% return.

EBSAX

• 1D: -0.31%
• 1M: -1.01%
• 6M: 3.06%
• YTD: 5.63%
• 1Y: 5.09%
• 3Y*: 3.94%
• 5Y*: 7.66%
• 10Y*: —
• ALL TIME*: 9.58%

MSTVX

• 1D: 0.19%
• 1M: 0.09%
• 6M: 1.31%
• YTD: 1.98%
• 1Y: 4.86%
• 3Y*: 6.45%
• 5Y*: 4.01%
• 10Y*: —
• ALL TIME*: 4.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EBSAX Campbell Systematic Macro Fund Class A Shares	$0.00	$0.00	$0.00
MSTVX Morningstar Alternatives Fund	$0.00	$0.00	$0.00

EBSAX vs. MSTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EBSAX Campbell Systematic Macro Fund Class A Shares	5.63%	-1.34%	11.28%	-2.11%	30.56%	8.90%	4.88%
MSTVX Morningstar Alternatives Fund	1.98%	6.42%	6.37%	6.86%	-2.69%	4.20%	1.56%

Correlation

The correlation between EBSAX and MSTVX is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (3Y) Balances recent behavior with more history.	-0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.12
Correlation (All Time) Calculated using the full available price history since Oct 28, 2020	-0.07

The correlation between EBSAX and MSTVX shifts across timeframes, from -0.12 (5 years) to 0.03 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EBSAX vs. MSTVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EBSAX

EBSAX Risk / Return Rank: 10
EBSAX Sharpe Ratio Rank: 10
EBSAX Sortino Ratio Rank: 9
EBSAX Omega Ratio Rank: 9
EBSAX Calmar Ratio Rank: 11
EBSAX Martin Ratio Rank: 10

MSTVX

MSTVX Risk / Return Rank: 87
MSTVX Sharpe Ratio Rank: 96
MSTVX Sortino Ratio Rank: 96
MSTVX Omega Ratio Rank: 93
MSTVX Calmar Ratio Rank: 89
MSTVX Martin Ratio Rank: 63

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EBSAX vs. MSTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Campbell Systematic Macro Fund Class A Shares (EBSAX) 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.

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.

	EBSAX	MSTVX	Difference
Sharpe ratio: Return per unit of total volatility	0.38	2.64	-2.25
Sortino ratio: Return per unit of downside risk	0.62	4.15	-3.54
Omega ratio: Gain probability vs. loss probability	1.07	1.54	-0.47
Calmar ratio: Return relative to maximum drawdown	0.54	3.28	-2.74
Martin ratio: Return relative to average drawdown	1.22	8.08	-6.86

EBSAX vs. MSTVX - Sharpe Ratio Comparison

The current EBSAX Sharpe Ratio is 0.38, which is lower than the MSTVX Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of EBSAX and MSTVX, 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

EBSAX vs. MSTVX - Drawdown Comparison

The maximum EBSAX drawdown since its inception was -11.15%, which is greater than MSTVX's maximum drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for EBSAX and MSTVX.

Drawdown Indicators

	EBSAX	MSTVX	Difference
Max Drawdown Largest peak-to-trough decline	-11.15%	-8.02%	-3.13%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-1.84%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	-10.26%	-3.31%	-6.95%
Max Drawdown (5Y) Largest decline over 5 years	-11.15%	-5.89%	-5.26%
Current Drawdown Current decline from peak	-4.50%	-0.28%	-4.22%
Average Drawdown Average peak-to-trough decline	-3.14%	-1.17%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	0.68%	+1.94%

Volatility

EBSAX vs. MSTVX - Volatility Comparison

Campbell Systematic Macro Fund Class A Shares (EBSAX) has a higher volatility of 2.71% compared to Morningstar Alternatives Fund (MSTVX) at 0.57%. This indicates that EBSAX's price experiences larger fluctuations and is considered to be riskier than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EBSAX	MSTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	0.57%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	5.96%	1.77%	+4.19%
Volatility (1Y) Calculated over the trailing 1-year period	8.25%	2.29%	+5.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.55%	3.16%	+6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.43%	3.13%	+6.30%

EBSAX vs. MSTVX - Expense Ratio Comparison

EBSAX has a 2.00% expense ratio, which is higher than MSTVX's 1.15% expense ratio.

Dividends

EBSAX vs. MSTVX - Dividend Comparison

EBSAX's dividend yield for the trailing twelve months is around 2.84%, less than MSTVX's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EBSAX Campbell Systematic Macro Fund Class A Shares	2.84%	3.00%	2.59%	1.45%	15.15%	7.02%	0.00%	0.00%	0.00%
MSTVX Morningstar Alternatives Fund	3.34%	3.41%	3.07%	3.86%	3.92%	4.99%	2.91%	1.74%	0.25%

Frequently Asked Questions

Can I hold both EBSAX and MSTVX in my portfolio?

EBSAX and MSTVX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EBSAX or MSTVX?

EBSAX has higher volatility (2.71%) compared to MSTVX (0.57%). In terms of maximum drawdown, EBSAX dropped -11.15% vs MSTVX's -8.02%.

Which has better risk-adjusted returns?

MSTVX currently has the higher Sharpe Ratio (2.64 vs 0.38), 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.