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 Barclays 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 7.79%/yr vs 6.01%/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 25.28% return, which is significantly higher than MSTQX's 6.28% return.
ICVT
- 1D
- -0.97%
- 1M
- 7.16%
- YTD
- 25.28%
- 6M
- 24.31%
- 1Y
- 42.20%
- 3Y*
- 21.04%
- 5Y*
- 7.79%
- 10Y*
- 13.99%
MSTQX
- 1D
- 0.00%
- 1M
- 3.59%
- YTD
- 6.28%
- 6M
- -10.40%
- 1Y
- -1.26%
- 3Y*
- 10.43%
- 5Y*
- 6.01%
- 10Y*
- —
ICVT vs. MSTQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 25.28% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -3.94% |
MSTQX Morningstar U.S. Equity Fund | 6.28% | -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 | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018 | 0.70 |
Over the past year, the correlation between ICVT and MSTQX has dropped to 0.49 - well below their long-term average of 0.70, 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.
| ICVT | MSTQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.99 | ||
| Sortino ratioReturn per unit of downside risk | +3.76 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.02 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 5.62 | -0.04 | +5.66 |
| Martin ratioReturn relative to average drawdown | 20.48 | -0.08 | +20.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICVT | MSTQX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | -0.04 | +2.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.34 | +0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.47 | +0.31 |
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 | -0.97% | -11.39% | +10.42% |
Average DrawdownAverage peak-to-trough decline | -9.50% | -6.24% | -3.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 9.54% | -7.47% |
Volatility
ICVT vs. MSTQX - Volatility Comparison
iShares Convertible Bond ETF (ICVT) has a higher volatility of 5.53% compared to Morningstar U.S. Equity Fund (MSTQX) at 2.42%. 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 | 5.53% | 2.42% | +3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 11.69% | 18.32% | -6.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 20.07% | -5.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.23% | 18.59% | -5.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.50% | 20.71% | -5.21% |
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 0.65% 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 | 0.65% | 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 (5.53%) compared to MSTQX (2.42%). In terms of maximum drawdown, ICVT dropped -33.25% vs MSTQX's -36.23%.
ICVT currently has the higher Sharpe Ratio (2.95 vs -0.04), 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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