MSTFX vs. ANDIX

Last updated Jun 3, 2026

MSTFX (Morningstar International Equity Fund) and ANDIX (AQR International Defensive Style Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, MSTFX returned 4.30%/yr vs 5.57%/yr for ANDIX. Their correlation of 0.85 suggests significant overlap in exposure. MSTFX charges 1.00%/yr vs 0.55%/yr for ANDIX.

Performance

MSTFX vs. ANDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar International Equity Fund (MSTFX) and AQR International Defensive Style Fund (ANDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTFX achieves a 11.71% return, which is significantly higher than ANDIX's 5.63% return.

MSTFX

• 1D: 0.48%
• 1M: 3.73%
• YTD: 11.71%
• 6M: 2.73%
• 1Y: 14.36%
• 3Y*: 11.51%
• 5Y*: 4.30%
• 10Y*: —

ANDIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.63%
• 6M: 7.43%
• 1Y: 8.41%
• 3Y*: 9.88%
• 5Y*: 5.57%
• 10Y*: 6.74%

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

MSTFX vs. ANDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTFX Morningstar International Equity Fund	11.71%	16.75%	1.29%	15.57%	-15.36%	7.25%	8.99%	22.90%	-5.75%
ANDIX AQR International Defensive Style Fund	5.63%	21.41%	2.83%	12.06%	-14.26%	7.59%	8.43%	18.39%	-3.83%

Correlation

The correlation between MSTFX and ANDIX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018	0.85

Over the past year, the correlation between MSTFX and ANDIX has dropped to 0.61 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

MSTFX vs. ANDIX — Risk / Return Rank

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

MSTFX

MSTFX Risk / Return Rank: 16
MSTFX Sharpe Ratio Rank: 14
MSTFX Sortino Ratio Rank: 12
MSTFX Omega Ratio Rank: 19
MSTFX Calmar Ratio Rank: 17
MSTFX Martin Ratio Rank: 20

ANDIX

ANDIX Risk / Return Rank: 15
ANDIX Sharpe Ratio Rank: 14
ANDIX Sortino Ratio Rank: 14
ANDIX Omega Ratio Rank: 14
ANDIX Calmar Ratio Rank: 16
ANDIX Martin Ratio Rank: 18

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.

MSTFX vs. ANDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar International Equity Fund (MSTFX) and AQR International Defensive Style Fund (ANDIX). 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.

	MSTFX	ANDIX	Difference
Sharpe ratio Return per unit of total volatility	1.07	1.06	+0.01
Sortino ratio Return per unit of downside risk	1.40	1.54	-0.14
Omega ratio Gain probability vs. loss probability	1.23	1.20	+0.04
Calmar ratio Return relative to maximum drawdown	1.51	1.44	+0.07
Martin ratio Return relative to average drawdown	5.36	5.08	+0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTFX vs. ANDIX - Sharpe Ratio Comparison

The current MSTFX Sharpe Ratio is 1.07, which is comparable to the ANDIX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of MSTFX and ANDIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSTFX	ANDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.06	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.44	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.52	-0.10

Drawdowns

MSTFX vs. ANDIX - Drawdown Comparison

The maximum MSTFX drawdown since its inception was -35.86%, which is greater than ANDIX's maximum drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for MSTFX and ANDIX.

Drawdown Indicators

	MSTFX	ANDIX	Difference
Max Drawdown Largest peak-to-trough decline	-35.86%	-27.59%	-8.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.37%	-8.76%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.93%	-9.59%	-4.34%
Max Drawdown (5Y) Largest decline over 5 years	-31.51%	-27.59%	-3.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.59%	—
Current Drawdown Current decline from peak	0.00%	-2.91%	+2.91%
Average Drawdown Average peak-to-trough decline	-7.82%	-5.31%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	2.49%	+1.44%

Volatility

MSTFX vs. ANDIX - Volatility Comparison

Morningstar International Equity Fund (MSTFX) has a higher volatility of 4.56% compared to AQR International Defensive Style Fund (ANDIX) at 3.89%. This indicates that MSTFX's price experiences larger fluctuations and is considered to be riskier than ANDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTFX	ANDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	3.89%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	14.96%	8.95%	+6.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.86%	11.01%	+6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	12.84%	+4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	13.46%	+5.62%

MSTFX vs. ANDIX - Expense Ratio Comparison

MSTFX has a 1.00% expense ratio, which is higher than ANDIX's 0.55% expense ratio.

Dividends

MSTFX vs. ANDIX - Dividend Comparison

MSTFX's dividend yield for the trailing twelve months is around 2.30%, less than ANDIX's 70.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANDIX AQR International Defensive Style Fund	70.16%	4.74%	2.29%	3.02%	2.00%	2.53%	1.73%	2.51%	2.40%	3.30%	1.47%	2.09%
MSTFX Morningstar International Equity Fund	2.30%	2.56%	4.80%	2.38%	3.60%	15.59%	2.76%	2.65%	0.27%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTFX and ANDIX in my portfolio?

MSTFX and ANDIX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTFX or ANDIX?

MSTFX has higher volatility (4.56%) compared to ANDIX (3.89%). In terms of maximum drawdown, MSTFX dropped -35.86% vs ANDIX's -27.59%.

Which has better risk-adjusted returns?

MSTFX currently has the higher Sharpe Ratio (1.07 vs 1.06), 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.