MSTFX vs. MSTPX

Last updated Jun 23, 2026

MSTFX (Morningstar International Equity Fund) and MSTPX (Morningstar Municipal Bond Fund) are both mutual funds - MSTFX is a Foreign Large Cap Equities fund managed by Morningstar, while MSTPX is a Municipal Bonds fund managed by Morningstar. Over the past 5 years, MSTFX returned 4.99%/yr vs 0.92%/yr for MSTPX. At a 0.08 correlation, their price movements are largely independent. MSTFX charges 1.00%/yr vs 0.58%/yr for MSTPX.

Performance

MSTFX vs. MSTPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar International Equity Fund (MSTFX) and Morningstar Municipal Bond Fund (MSTPX). 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 MSTPX's 1.48% return.

MSTFX

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

MSTFX vs. MSTPX - 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%
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 MSTFX and MSTPX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.08

Over the past year, MSTFX and MSTPX have become more correlated (0.32) than their long-term average of 0.08, meaning their price movements have been converging.

Return for Risk

MSTFX vs. MSTPX — 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

MSTPX

MSTPX Risk / Return Rank: 75
MSTPX Sharpe Ratio Rank: 84
MSTPX Sortino Ratio Rank: 87
MSTPX Omega Ratio Rank: 92
MSTPX Calmar Ratio Rank: 61
MSTPX Martin Ratio Rank: 49

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. MSTPX - Risk-Adjusted Trends Comparison

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

	MSTFX	MSTPX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.53	-1.51
Sortino ratio: Return per unit of downside risk	1.35	3.86	-2.51
Omega ratio: Gain probability vs. loss probability	1.22	1.65	-0.43
Calmar ratio: Return relative to maximum drawdown	1.63	2.88	-1.24
Martin ratio: Return relative to average drawdown	4.93	9.60	-4.67

MSTFX vs. MSTPX - Sharpe Ratio Comparison

The current MSTFX Sharpe Ratio is 1.02, which is lower than the MSTPX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of MSTFX 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.

Drawdowns

MSTFX vs. MSTPX - Drawdown Comparison

The maximum MSTFX drawdown since its inception was -35.86%, which is greater than MSTPX's maximum drawdown of -10.90%. Use the drawdown chart below to compare losses from any high point for MSTFX and MSTPX.

Drawdown Indicators

	MSTFX	MSTPX	Difference
Max Drawdown Largest peak-to-trough decline	-35.86%	-10.90%	-24.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.37%	-2.08%	-9.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.93%	-4.52%	-9.41%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-10.90%	-19.58%
Current Drawdown Current decline from peak	-0.16%	-0.03%	-0.13%
Average Drawdown Average peak-to-trough decline	-7.77%	-2.32%	-5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	1.35%	+2.17%

Volatility

MSTFX vs. MSTPX - Volatility Comparison

Morningstar International Equity Fund (MSTFX) has a higher volatility of 4.77% compared to Morningstar Municipal Bond Fund (MSTPX) at 0.64%. This indicates that MSTFX'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.

Volatility by Period

	MSTFX	MSTPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	0.64%	+4.13%
Volatility (6M) Calculated over the trailing 6-month period	15.38%	1.58%	+13.80%
Volatility (1Y) Calculated over the trailing 1-year period	18.22%	2.37%	+15.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	3.56%	+13.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	3.82%	+15.26%

MSTFX vs. MSTPX - Expense Ratio Comparison

MSTFX has a 1.00% expense ratio, which is higher than MSTPX's 0.58% expense ratio.

Dividends

MSTFX vs. MSTPX - Dividend Comparison

MSTFX's dividend yield for the trailing twelve months is around 2.29%, more than MSTPX's 2.02% 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%
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

Can I hold both MSTFX and MSTPX in my portfolio?

MSTFX and MSTPX have a correlation of 0.32, 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 MSTPX?

MSTFX has higher volatility (4.77%) compared to MSTPX (0.64%). In terms of maximum drawdown, MSTFX dropped -35.86% vs MSTPX's -10.90%.

Which has better risk-adjusted returns?

MSTPX currently has the higher Sharpe Ratio (2.53 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.