ICVT vs. MSTQX

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Convertible Bond ETF (ICVT) and Morningstar U.S. Equity Fund (MSTQX).

ICVT is a passively managed fund by iShares that tracks the performance of the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. It was launched on Jun 2, 2015. MSTQX is managed by Morningstar. It was launched on Nov 2, 2018.

Performance

ICVT vs. MSTQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Convertible Bond ETF (ICVT) and Morningstar U.S. Equity Fund (MSTQX). The values are adjusted to include any dividend payments, if applicable.

ICVT vs. MSTQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ICVT iShares Convertible Bond ETF	4.76%	18.10%	10.61%	15.35%	-20.66%	-0.66%	61.01%	21.76%	-3.94%
MSTQX Morningstar U.S. Equity Fund	-3.68%	-5.56%	18.94%	25.24%	-16.29%	26.15%	10.49%	26.02%	-10.45%

Returns By Period

In the year-to-date period, ICVT achieves a 4.76% return, which is significantly higher than MSTQX's -3.68% return.

ICVT

• 1D: 1.14%
• 1M: -2.51%
• YTD: 4.76%
• 6M: 2.81%
• 1Y: 24.91%
• 3Y*: 14.62%
• 5Y*: 3.78%
• 10Y*: 12.37%

MSTQX

• 1D: 2.40%
• 1M: -5.58%
• YTD: -3.68%
• 6M: -18.05%
• 1Y: -6.17%
• 3Y*: 8.23%
• 5Y*: 5.24%
• 10Y*: —

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

ICVT vs. MSTQX - Expense Ratio Comparison

ICVT has a 0.20% expense ratio, which is lower than MSTQX's 0.85% expense ratio.

MSTQX

Morningstar U.S. Equity Fund

ICVT

iShares Convertible Bond ETF

Return for Risk

ICVT vs. MSTQX — Risk / Return Rank

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

ICVT

ICVT Risk / Return Rank: 87
ICVT Sharpe Ratio Rank: 86
ICVT Sortino Ratio Rank: 86
ICVT Omega Ratio Rank: 82
ICVT Calmar Ratio Rank: 92
ICVT Martin Ratio Rank: 88

MSTQX

MSTQX Risk / Return Rank: 2
MSTQX Sharpe Ratio Rank: 2
MSTQX Sortino Ratio Rank: 2
MSTQX Omega Ratio Rank: 2
MSTQX Calmar Ratio Rank: 2
MSTQX Martin Ratio Rank: 2

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.

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.

	ICVT	MSTQX	Difference
Sharpe ratio Return per unit of total volatility	1.78	-0.29	+2.07
Sortino ratio Return per unit of downside risk	2.41	-0.21	+2.62
Omega ratio Gain probability vs. loss probability	1.33	0.96	+0.37
Calmar ratio Return relative to maximum drawdown	3.36	-0.47	+3.82
Martin ratio Return relative to average drawdown	11.42	-1.17	+12.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICVT vs. MSTQX - Sharpe Ratio Comparison

The current ICVT Sharpe Ratio is 1.78, which is higher than the MSTQX Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of ICVT and MSTQX, 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

	ICVT	MSTQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	-0.29	+2.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.30	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.40	+0.27

Correlation

The correlation between ICVT and MSTQX is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ICVT vs. MSTQX - Dividend Comparison

ICVT's dividend yield for the trailing twelve months is around 1.59%, more than MSTQX's 0.71% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICVT iShares Convertible Bond ETF	1.59%	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	0.71%	0.69%	10.80%	4.21%	9.79%	15.98%	2.15%	2.04%	0.17%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	ICVT	MSTQX	Difference
Max Drawdown Largest 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 (5Y) Largest decline over 5 years	-29.95%	-23.61%	-6.34%
Max Drawdown (10Y) Largest decline over 10 years	-33.25%	—	—
Current Drawdown Current decline from peak	-2.57%	-19.69%	+17.12%
Average Drawdown Average peak-to-trough decline	-9.64%	-6.08%	-3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	8.64%	-6.42%

Volatility

ICVT vs. MSTQX - Volatility Comparison

iShares Convertible Bond ETF (ICVT) has a higher volatility of 6.51% compared to Morningstar U.S. Equity Fund (MSTQX) at 4.37%. 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.

Volatility by Period

	ICVT	MSTQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	4.37%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	18.20%	-6.50%
Volatility (1Y) Calculated over the trailing 1-year period	14.06%	25.05%	-10.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.20%	18.57%	-5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	20.87%	-5.33%