MSTBX vs. DHEIX

Last updated Apr 1, 2026

Compare and contrast key facts about Morningstar Defensive Bond Fund (MSTBX) and Diamond Hill Short Duration Securitized Bond Fund Class I (DHEIX).

MSTBX is managed by Morningstar. It was launched on Nov 2, 2018. DHEIX is a passively managed fund by Diamond Hill that tracks the performance of the Bloomberg US 1-3 Yr. Gov./Credit Index. It was launched on Jul 5, 2016.

Performance

MSTBX vs. DHEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar Defensive Bond Fund (MSTBX) and Diamond Hill Short Duration Securitized Bond Fund Class I (DHEIX). The values are adjusted to include any dividend payments, if applicable.

MSTBX vs. DHEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTBX Morningstar Defensive Bond Fund	-0.20%	5.19%	4.52%	7.16%	-4.73%	0.84%	4.75%	3.53%	0.39%
DHEIX Diamond Hill Short Duration Securitized Bond Fund Class I	0.82%	6.06%	9.33%	8.91%	-3.38%	2.74%	3.09%	4.85%	0.79%

Returns By Period

In the year-to-date period, MSTBX achieves a -0.20% return, which is significantly lower than DHEIX's 0.82% return.

MSTBX

• 1D: 0.41%
• 1M: -1.01%
• YTD: -0.20%
• 6M: 0.32%
• 1Y: 2.85%
• 3Y*: 4.89%
• 5Y*: 2.48%
• 10Y*: —

DHEIX

• 1D: 0.13%
• 1M: -0.27%
• YTD: 0.82%
• 6M: 1.75%
• 1Y: 5.26%
• 3Y*: 7.69%
• 5Y*: 4.48%
• 10Y*: —

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

MSTBX vs. DHEIX - Expense Ratio Comparison

MSTBX has a 0.52% expense ratio, which is lower than DHEIX's 0.53% expense ratio.

DHEIX

Diamond Hill Short Duration Securitized Bond Fund Class I

MSTBX

Morningstar Defensive Bond Fund

Return for Risk

MSTBX vs. DHEIX — Risk / Return Rank

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

MSTBX

MSTBX Risk / Return Rank: 89
MSTBX Sharpe Ratio Rank: 84
MSTBX Sortino Ratio Rank: 89
MSTBX Omega Ratio Rank: 82
MSTBX Calmar Ratio Rank: 94
MSTBX Martin Ratio Rank: 94

DHEIX

DHEIX Risk / Return Rank: 99
DHEIX Sharpe Ratio Rank: 100
DHEIX Sortino Ratio Rank: 99
DHEIX Omega Ratio Rank: 99
DHEIX Calmar Ratio Rank: 99
DHEIX Martin Ratio Rank: 99

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.

MSTBX vs. DHEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Defensive Bond Fund (MSTBX) and Diamond Hill Short Duration Securitized Bond Fund Class I (DHEIX). 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.

	MSTBX	DHEIX	Difference
Sharpe ratio Return per unit of total volatility	1.60	4.60	-3.00
Sortino ratio Return per unit of downside risk	2.48	8.07	-5.60
Omega ratio Gain probability vs. loss probability	1.33	2.53	-1.20
Calmar ratio Return relative to maximum drawdown	3.19	10.74	-7.55
Martin ratio Return relative to average drawdown	12.16	40.46	-28.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTBX vs. DHEIX - Sharpe Ratio Comparison

The current MSTBX Sharpe Ratio is 1.60, which is lower than the DHEIX Sharpe Ratio of 4.60. The chart below compares the historical Sharpe Ratios of MSTBX and DHEIX, 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

	MSTBX	DHEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	4.60	-3.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	2.96	-1.86
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	1.87	-0.47

Correlation

The correlation between MSTBX and DHEIX is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MSTBX vs. DHEIX - Dividend Comparison

MSTBX's dividend yield for the trailing twelve months is around 1.99%, less than DHEIX's 5.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSTBX Morningstar Defensive Bond Fund	1.99%	2.79%	4.23%	3.80%	2.64%	2.64%	3.17%	2.69%	0.29%	0.00%
DHEIX Diamond Hill Short Duration Securitized Bond Fund Class I	5.98%	5.51%	6.21%	5.52%	3.72%	2.62%	3.22%	4.05%	3.74%	3.45%

Drawdowns

MSTBX vs. DHEIX - Drawdown Comparison

The maximum MSTBX drawdown since its inception was -6.31%, smaller than the maximum DHEIX drawdown of -12.33%. Use the drawdown chart below to compare losses from any high point for MSTBX and DHEIX.

Drawdown Indicators

	MSTBX	DHEIX	Difference
Max Drawdown Largest peak-to-trough decline	-6.31%	-12.33%	+6.02%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-0.50%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	-6.31%	-4.87%	-1.44%
Current Drawdown Current decline from peak	-1.01%	-0.27%	-0.74%
Average Drawdown Average peak-to-trough decline	-1.02%	-0.77%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.13%	+0.24%

Volatility

MSTBX vs. DHEIX - Volatility Comparison

Morningstar Defensive Bond Fund (MSTBX) has a higher volatility of 0.78% compared to Diamond Hill Short Duration Securitized Bond Fund Class I (DHEIX) at 0.38%. This indicates that MSTBX's price experiences larger fluctuations and is considered to be riskier than DHEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTBX	DHEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.38%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	1.44%	0.73%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	1.15%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.35%	1.52%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.09%	2.28%	-0.19%