ICVT vs. MSTQX
ICVT (iShares Convertible Bond ETF) and MSTQX (Morningstar U.S. Equity Fund) are both funds - ICVT is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while MSTQX is a Large Cap Blend Equities fund managed by Morningstar. Over the past 5 years, ICVT returned 6.76%/yr vs 5.71%/yr for MSTQX. A 0.70 correlation means they provide meaningful diversification when combined. ICVT charges 0.20%/yr vs 0.85%/yr for MSTQX.
Performance
ICVT vs. MSTQX - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 24.42% return, which is significantly higher than MSTQX's 4.35% return.
ICVT
- 1D
- -1.95%
- 1M
- 3.04%
- YTD
- 24.42%
- 6M
- 22.70%
- 1Y
- 40.17%
- 3Y*
- 20.04%
- 5Y*
- 6.76%
- 10Y*
- 14.18%
MSTQX
- 1D
- -0.64%
- 1M
- -0.16%
- YTD
- 4.35%
- 6M
- 3.42%
- 1Y
- -3.57%
- 3Y*
- 9.29%
- 5Y*
- 5.71%
- 10Y*
- —
ICVT vs. MSTQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 24.42% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -4.31% |
MSTQX Morningstar U.S. Equity Fund | 4.35% | -5.56% | 18.94% | 25.24% | -16.29% | 26.15% | 10.49% | 26.02% | -10.45% |
Correlation
The correlation between ICVT and MSTQX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.70 |
The correlation between ICVT and MSTQX shifts across timeframes, from 0.52 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICVT vs. MSTQX — Risk / Return Rank
ICVT
MSTQX
ICVT vs. MSTQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) and Morningstar U.S. Equity Fund (MSTQX). 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.
| ICVT | MSTQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.75 | ||
| Sortino ratioReturn per unit of downside risk | +3.37 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 0.98 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 5.35 | -0.17 | +5.51 |
| Martin ratioReturn relative to average drawdown | 18.22 | -0.33 | +18.55 |
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Drawdowns
ICVT vs. MSTQX - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, smaller than the maximum MSTQX drawdown of -36.23%. Use the drawdown chart below to compare losses from any high point for ICVT and MSTQX.
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Drawdown Indicators
| ICVT | MSTQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -36.23% | +2.98% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -21.58% | +14.03% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | -21.58% | +10.36% |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | -23.61% | -6.34% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | — | — |
Current DrawdownCurrent decline from peak | -1.95% | -13.00% | +11.05% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -6.28% | -3.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 9.74% | -7.53% |
Volatility
ICVT vs. MSTQX - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 7.08% compared to Morningstar U.S. Equity Fund (MSTQX) at 3.95%. This indicates that ICVT's price experiences larger fluctuations and is considered to be riskier than MSTQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICVT | MSTQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.08% | 3.95% | +3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 18.44% | -5.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 20.29% | -4.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.51% | 18.63% | -5.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 20.68% | -5.07% |
ICVT vs. MSTQX - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than MSTQX's 0.85% expense ratio.
Dividends
ICVT vs. MSTQX - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.30%, more than MSTQX's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.30% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
MSTQX Morningstar U.S. Equity Fund | 0.66% | 0.69% | 10.80% | 4.21% | 9.79% | 15.98% | 2.15% | 2.04% | 0.17% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICVT and MSTQX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (7.08%) compared to MSTQX (3.95%). In terms of maximum drawdown, ICVT dropped -33.25% vs MSTQX's -36.23%.
ICVT currently has the higher Sharpe Ratio (2.57 vs -0.18), 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.
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