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 6.28%/yr vs 6.47%/yr for MSTQX. A 0.69 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 16.16% return, which is significantly higher than MSTQX's 7.62% return.
ICVT
- 1D
- -2.03%
- 1M
- -7.33%
- 6M
- 10.96%
- YTD
- 16.16%
- 1Y
- 25.54%
- 3Y*
- 15.75%
- 5Y*
- 6.28%
- 10Y*
- 12.90%
MSTQX
- 1D
- 0.63%
- 1M
- 1.66%
- 6M
- 4.64%
- YTD
- 7.62%
- 1Y
- -3.67%
- 3Y*
- 9.00%
- 5Y*
- 6.47%
- 10Y*
- —
ICVT vs. MSTQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 16.16% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -4.31% |
MSTQX Morningstar U.S. Equity Fund | 7.62% | -5.56% | 18.94% | 25.24% | -16.29% | 26.15% | 10.49% | 26.02% | -10.45% |
Correlation
The correlation between ICVT and MSTQX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.69 |
Over the past year, the correlation between ICVT and MSTQX has dropped to 0.49 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.
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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 | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.98 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | -0.19 | +3.22 |
| Martin ratioReturn relative to average drawdown | 9.99 | -0.36 | +10.35 |
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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 | -8.46% | -21.58% | +13.12% |
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 | -8.46% | -10.27% | +1.81% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -6.33% | -3.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 10.17% | -7.61% |
Volatility
ICVT vs. MSTQX - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 5.41% compared to Morningstar U.S. Equity Fund (MSTQX) at 3.02%. 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 | 5.41% | 3.02% | +2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 13.81% | 18.13% | -4.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.44% | 20.12% | -3.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.66% | 18.62% | -4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.67% | 20.61% | -4.94% |
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 1.38%, more than MSTQX's 0.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.38% | 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 | 0.64% | 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 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (5.41%) compared to MSTQX (3.02%). In terms of maximum drawdown, ICVT dropped -33.25% vs MSTQX's -36.23%.
ICVT currently has the higher Sharpe Ratio (1.56 vs -0.20), 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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