MSTBX vs. DLSNX

Last updated Jun 24, 2026

MSTBX (Morningstar Defensive Bond Fund) and DLSNX (DoubleLine Low Duration Bond Fund Class N) are both Short-Term Bond funds. Over the past 5 years, MSTBX returned 2.34%/yr vs 2.91%/yr for DLSNX. A 0.65 correlation means they provide meaningful diversification when combined. MSTBX charges 0.52%/yr vs 0.70%/yr for DLSNX.

Performance

MSTBX vs. DLSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar Defensive Bond Fund (MSTBX) and DoubleLine Low Duration Bond Fund Class N (DLSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTBX achieves a -0.22% return, which is significantly lower than DLSNX's 0.96% return.

MSTBX

• 1D: -0.10%
• 1M: 0.03%
• YTD: -0.22%
• 6M: -0.00%
• 1Y: 2.05%
• 3Y*: 4.72%
• 5Y*: 2.34%
• 10Y*: —

DLSNX

• 1D: -0.10%
• 1M: 0.23%
• YTD: 0.96%
• 6M: 1.14%
• 1Y: 3.72%
• 3Y*: 5.14%
• 5Y*: 2.91%
• 10Y*: 2.58%

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

MSTBX vs. DLSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTBX Morningstar Defensive Bond Fund	-0.22%	5.19%	4.52%	7.16%	-4.73%	0.84%	4.75%	3.53%	0.39%
DLSNX DoubleLine Low Duration Bond Fund Class N	0.96%	5.49%	5.06%	6.50%	-3.04%	0.56%	1.76%	4.47%	0.08%

Correlation

The correlation between MSTBX and DLSNX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.65

The correlation between MSTBX and DLSNX shifts across timeframes, from 0.56 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MSTBX vs. DLSNX — Risk / Return Rank

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

MSTBX

MSTBX Risk / Return Rank: 26
MSTBX Sharpe Ratio Rank: 24
MSTBX Sortino Ratio Rank: 25
MSTBX Omega Ratio Rank: 26
MSTBX Calmar Ratio Rank: 32
MSTBX Martin Ratio Rank: 23

DLSNX

DLSNX Risk / Return Rank: 96
DLSNX Sharpe Ratio Rank: 96
DLSNX Sortino Ratio Rank: 97
DLSNX Omega Ratio Rank: 97
DLSNX Calmar Ratio Rank: 95
DLSNX Martin Ratio Rank: 97

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. DLSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Defensive Bond Fund (MSTBX) and DoubleLine Low Duration Bond Fund Class N (DLSNX). 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.

	MSTBX	DLSNX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	3.24	-1.95
Sortino ratio: Return per unit of downside risk	1.96	5.22	-3.27
Omega ratio: Gain probability vs. loss probability	1.25	1.88	-0.63
Calmar ratio: Return relative to maximum drawdown	1.99	5.31	-3.32
Martin ratio: Return relative to average drawdown	5.24	24.98	-19.74

MSTBX vs. DLSNX - Sharpe Ratio Comparison

The current MSTBX Sharpe Ratio is 1.30, which is lower than the DLSNX Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of MSTBX and DLSNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSTBX vs. DLSNX - Drawdown Comparison

The maximum MSTBX drawdown since its inception was -6.31%, smaller than the maximum DLSNX drawdown of -7.46%. Use the drawdown chart below to compare losses from any high point for MSTBX and DLSNX.

Drawdown Indicators

	MSTBX	DLSNX	Difference
Max Drawdown Largest peak-to-trough decline	-6.31%	-7.46%	+1.15%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	-0.72%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-1.42%	-0.72%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-6.31%	-4.91%	-1.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-7.46%	—
Current Drawdown Current decline from peak	-1.02%	-0.21%	-0.81%
Average Drawdown Average peak-to-trough decline	-1.02%	-0.41%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.15%	+0.39%

Volatility

MSTBX vs. DLSNX - Volatility Comparison

Morningstar Defensive Bond Fund (MSTBX) has a higher volatility of 0.67% compared to DoubleLine Low Duration Bond Fund Class N (DLSNX) at 0.37%. This indicates that MSTBX's price experiences larger fluctuations and is considered to be riskier than DLSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTBX	DLSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.37%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	1.47%	0.90%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	2.16%	1.19%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.39%	1.42%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.09%	1.57%	+0.52%

MSTBX vs. DLSNX - Expense Ratio Comparison

MSTBX has a 0.52% expense ratio, which is lower than DLSNX's 0.70% expense ratio.

Dividends

MSTBX vs. DLSNX - Dividend Comparison

MSTBX's dividend yield for the trailing twelve months is around 2.46%, less than DLSNX's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLSNX DoubleLine Low Duration Bond Fund Class N	4.30%	4.40%	4.85%	4.25%	2.24%	1.47%	2.12%	2.96%	2.67%	2.18%	2.27%	2.22%
MSTBX Morningstar Defensive Bond Fund	2.46%	2.79%	4.23%	3.80%	2.64%	2.64%	3.17%	2.69%	0.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTBX and DLSNX in my portfolio?

MSTBX and DLSNX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTBX or DLSNX?

MSTBX has higher volatility (0.67%) compared to DLSNX (0.37%). In terms of maximum drawdown, MSTBX dropped -6.31% vs DLSNX's -7.46%.

Which has better risk-adjusted returns?

DLSNX currently has the higher Sharpe Ratio (3.24 vs 1.30), 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.