PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
MSTBX vs. MSTPX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MSTBX vs. MSTPX

Last updated Jun 23, 2026

MSTBX (Morningstar Defensive Bond Fund) and MSTPX (Morningstar Municipal Bond Fund) are both mutual funds - MSTBX is a Short-Term Bond fund managed by Morningstar, while MSTPX is a Municipal Bonds fund managed by Morningstar. Over the past 5 years, MSTBX returned 2.36%/yr vs 0.92%/yr for MSTPX. At a 0.43 correlation, their price movements are largely independent. MSTBX charges 0.52%/yr vs 0.58%/yr for MSTPX.

Performance

MSTBX vs. MSTPX - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, MSTBX achieves a -0.11% return, which is significantly lower than MSTPX's 1.48% return.

MSTBX

1D
0.10%
1M
0.14%
YTD
-0.11%
6M
0.00%
1Y
2.36%
3Y*
4.80%
5Y*
2.36%
10Y*
—

MSTPX

1D
0.10%
1M
1.41%
YTD
1.48%
6M
1.65%
1Y
4.79%
3Y*
3.26%
5Y*
0.92%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MSTBX vs. MSTPX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MSTBX
Morningstar Defensive Bond Fund		-0.11%5.19%4.52%7.16%-4.73%0.84%4.75%3.53%0.39%
MSTPX
Morningstar Municipal Bond Fund		1.48%2.38%2.57%5.62%-7.20%1.48%5.43%6.24%2.06%

Correlation

The correlation between MSTBX and MSTPX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.48

Correlation (All Time)
Calculated using the full available price history since Nov 5, 2018

0.43

The correlation between MSTBX and MSTPX has been stable across timeframes, ranging from 0.42 to 0.50 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Morningstar Defensive Bond Fund

Morningstar Municipal Bond Fund

Often compared with MSTBX:
MSTBX vs. MSTGXMSTBX vs. MSTRXMSTBX vs. MSTMXMSTBX vs. MSTFXMSTBX vs. MSTQXMSTBX vs. MSTSXMSTBX vs. MSTVX
Often compared with MSTPX:
MSTPX vs. MSTSXMSTPX vs. MSTFXMSTPX vs. MSTGXMSTPX vs. MSTRXMSTPX vs. MSTMXMSTPX vs. MSTQXMSTPX vs. MSTVX

Return for Risk

MSTBX vs. MSTPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MSTBX
MSTBX Risk / Return Rank: 2828
Overall Rank
MSTBX Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
MSTBX Sortino Ratio Rank: 2828
Sortino Ratio Rank
MSTBX Omega Ratio Rank: 2929
Omega Ratio Rank
MSTBX Calmar Ratio Rank: 3434
Calmar Ratio Rank
MSTBX Martin Ratio Rank: 2525
Martin Ratio Rank
MSTPX
MSTPX Risk / Return Rank: 7575
Overall Rank
MSTPX Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
MSTPX Sortino Ratio Rank: 8787
Sortino Ratio Rank
MSTPX Omega Ratio Rank: 9292
Omega Ratio Rank
MSTPX Calmar Ratio Rank: 6161
Calmar Ratio Rank
MSTPX Martin Ratio Rank: 4949
Martin Ratio Rank
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. MSTPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Defensive Bond Fund (MSTBX) and Morningstar Municipal Bond Fund (MSTPX). 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.

MSTBXMSTPXDifference
Sharpe ratioReturn per unit of total volatility
1.36
2.53

-1.17

Sortino ratioReturn per unit of downside risk
2.06
3.86

-1.80

Omega ratioGain probability vs. loss probability

1.26

1.65

-0.39

Calmar ratioReturn relative to maximum drawdown

2.09

2.88

-0.79

Martin ratioReturn relative to average drawdown

5.55

9.60

-4.06

MSTBX vs. MSTPX - Sharpe Ratio Comparison

The current MSTBX Sharpe Ratio is 1.36, which is lower than the MSTPX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of MSTBX and MSTPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

MSTBX vs. MSTPX - Drawdown Comparison

The maximum MSTBX drawdown since its inception was -6.31%, smaller than the maximum MSTPX drawdown of -10.90%. Use the drawdown chart below to compare losses from any high point for MSTBX and MSTPX.

Loading charts...

Drawdown Indicators

MSTBXMSTPXDifference

Max Drawdown

Largest peak-to-trough decline

-6.31%

-10.90%

+4.59%

Max Drawdown (1Y)

Largest decline over 1 year

-1.41%

-2.08%

+0.67%

Max Drawdown (3Y)

Largest decline over 3 years

-1.42%

-4.52%

+3.10%

Max Drawdown (5Y)

Largest decline over 5 years

-6.31%

-10.90%

+4.59%

Current Drawdown

Current decline from peak

-0.92%

-0.03%

-0.89%

Average Drawdown

Average peak-to-trough decline

-1.02%

-2.32%

+1.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.53%

1.35%

-0.82%

Volatility

MSTBX vs. MSTPX - Volatility Comparison

Morningstar Defensive Bond Fund (MSTBX) has a higher volatility of 0.69% compared to Morningstar Municipal Bond Fund (MSTPX) at 0.64%. This indicates that MSTBX's price experiences larger fluctuations and is considered to be riskier than MSTPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

MSTBXMSTPXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.69%

0.64%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

1.47%

1.58%

-0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

2.16%

2.37%

-0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.39%

3.56%

-1.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.09%

3.82%

-1.73%

MSTBX vs. MSTPX - Expense Ratio Comparison

MSTBX has a 0.52% expense ratio, which is lower than MSTPX's 0.58% expense ratio.

Dividends

MSTBX vs. MSTPX - Dividend Comparison

MSTBX's dividend yield for the trailing twelve months is around 2.45%, more than MSTPX's 2.02% yield.

PositionTTM20252024202320222021202020192018
MSTBX
Morningstar Defensive Bond Fund		2.45%2.79%4.23%3.80%2.64%2.64%3.17%2.69%0.29%
MSTPX
Morningstar Municipal Bond Fund		2.02%2.33%3.25%2.67%2.15%1.75%3.16%2.67%0.25%

Frequently Asked Questions

MSTBX and MSTPX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MSTBX has higher volatility (0.69%) compared to MSTPX (0.64%). In terms of maximum drawdown, MSTBX dropped -6.31% vs MSTPX's -10.90%.

MSTPX currently has the higher Sharpe Ratio (2.53 vs 1.36), 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.

Portfolio Optimizer

Find the right allocation for MSTBX and MSTPX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer