MSTFX vs. MSTGX

Last updated Jun 23, 2026

MSTFX (Morningstar International Equity Fund) and MSTGX (Morningstar Global Income Fund) are both mutual funds - MSTFX is a Foreign Large Cap Equities fund managed by Morningstar, while MSTGX is a Global Allocation fund managed by Morningstar. Over the past 5 years, MSTFX returned 4.99%/yr vs 4.64%/yr for MSTGX. Their correlation of 0.86 suggests significant overlap in exposure. MSTFX charges 1.00%/yr vs 0.62%/yr for MSTGX.

Performance

MSTFX vs. MSTGX - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTFX achieves a 12.15% return, which is significantly higher than MSTGX's 6.05% return.

MSTFX

• 1D: 1.05%
• 1M: 2.53%
• YTD: 12.15%
• 6M: 12.91%
• 1Y: 14.72%
• 3Y*: 10.23%
• 5Y*: 4.99%
• 10Y*: —

MSTGX

• 1D: -0.10%
• 1M: 0.11%
• YTD: 6.05%
• 6M: 6.39%
• 1Y: 11.37%
• 3Y*: 9.65%
• 5Y*: 4.64%
• 10Y*: —

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

MSTFX vs. MSTGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTFX Morningstar International Equity Fund	12.15%	16.75%	1.29%	15.57%	-15.36%	7.25%	8.99%	22.90%	-5.75%
MSTGX Morningstar Global Income Fund	6.05%	12.04%	5.36%	11.91%	-11.18%	8.46%	3.92%	19.97%	-3.56%

Correlation

The correlation between MSTFX and MSTGX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.86

The correlation between MSTFX and MSTGX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

MSTFX vs. MSTGX — Risk / Return Rank

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

MSTFX

MSTFX Risk / Return Rank: 18
MSTFX Sharpe Ratio Rank: 15
MSTFX Sortino Ratio Rank: 12
MSTFX Omega Ratio Rank: 20
MSTFX Calmar Ratio Rank: 22
MSTFX Martin Ratio Rank: 21

MSTGX

MSTGX Risk / Return Rank: 67
MSTGX Sharpe Ratio Rank: 67
MSTGX Sortino Ratio Rank: 73
MSTGX Omega Ratio Rank: 64
MSTGX Calmar Ratio Rank: 76
MSTGX Martin Ratio Rank: 55

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. MSTGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar International Equity Fund (MSTFX) and Morningstar Global Income Fund (MSTGX). 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.

	MSTFX	MSTGX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.20	-1.18
Sortino ratio: Return per unit of downside risk	1.35	3.23	-1.89
Omega ratio: Gain probability vs. loss probability	1.22	1.40	-0.19
Calmar ratio: Return relative to maximum drawdown	1.63	3.27	-1.63
Martin ratio: Return relative to average drawdown	4.93	10.39	-5.46

MSTFX vs. MSTGX - Sharpe Ratio Comparison

The current MSTFX Sharpe Ratio is 1.02, which is lower than the MSTGX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of MSTFX and MSTGX, 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

MSTFX vs. MSTGX - Drawdown Comparison

The maximum MSTFX drawdown since its inception was -35.86%, which is greater than MSTGX's maximum drawdown of -27.52%. Use the drawdown chart below to compare losses from any high point for MSTFX and MSTGX.

Drawdown Indicators

	MSTFX	MSTGX	Difference
Max Drawdown Largest peak-to-trough decline	-35.86%	-27.52%	-8.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.37%	-4.38%	-6.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.93%	-6.56%	-7.37%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-19.64%	-10.84%
Current Drawdown Current decline from peak	-0.16%	-1.17%	+1.01%
Average Drawdown Average peak-to-trough decline	-7.77%	-4.31%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	1.41%	+2.11%

Volatility

MSTFX vs. MSTGX - Volatility Comparison

Morningstar International Equity Fund (MSTFX) has a higher volatility of 4.77% compared to Morningstar Global Income Fund (MSTGX) at 2.05%. This indicates that MSTFX's price experiences larger fluctuations and is considered to be riskier than MSTGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTFX	MSTGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	2.05%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	15.38%	5.00%	+10.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.22%	6.52%	+11.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	8.14%	+8.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	10.82%	+8.26%

MSTFX vs. MSTGX - Expense Ratio Comparison

MSTFX has a 1.00% expense ratio, which is higher than MSTGX's 0.62% expense ratio.

Dividends

MSTFX vs. MSTGX - Dividend Comparison

MSTFX's dividend yield for the trailing twelve months is around 2.29%, less than MSTGX's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTFX Morningstar International Equity Fund	2.29%	2.56%	4.80%	2.38%	3.60%	15.59%	2.76%	2.65%	0.27%
MSTGX Morningstar Global Income Fund	2.92%	2.97%	6.64%	6.32%	8.79%	10.48%	2.96%	4.11%	0.56%

Frequently Asked Questions

Can I hold both MSTFX and MSTGX in my portfolio?

MSTFX and MSTGX have a correlation of 0.77, 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 MSTGX?

MSTFX has higher volatility (4.77%) compared to MSTGX (2.05%). In terms of maximum drawdown, MSTFX dropped -35.86% vs MSTGX's -27.52%.

Which has better risk-adjusted returns?

MSTGX currently has the higher Sharpe Ratio (2.20 vs 1.02), 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.