MSTGX vs. SPY

Last updated Jun 23, 2026

MSTGX (Morningstar Global Income Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - MSTGX is a Global Allocation fund managed by Morningstar, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, MSTGX returned 4.64%/yr vs 13.51%/yr for SPY. A 0.72 correlation means they provide meaningful diversification when combined. MSTGX charges 0.62%/yr vs 0.09%/yr for SPY.

Performance

MSTGX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar Global Income Fund (MSTGX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTGX achieves a 6.05% return, which is significantly lower than SPY's 9.74% return.

MSTGX

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

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

MSTGX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTGX Morningstar Global Income Fund	6.05%	12.04%	5.36%	11.91%	-11.18%	8.46%	3.92%	19.97%	-3.56%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-7.54%

Correlation

The correlation between MSTGX and SPY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.72

Over the past year, the correlation between MSTGX and SPY has dropped to 0.46 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

Return for Risk

MSTGX vs. SPY — Risk / Return Rank

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

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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

MSTGX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Global Income Fund (MSTGX) and State Street SPDR S&P 500 ETF (SPY). 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.

	MSTGX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.16	+0.04
Sortino ratio: Return per unit of downside risk	3.23	2.91	+0.32
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	3.27	3.01	+0.25
Martin ratio: Return relative to average drawdown	10.39	13.54	-3.15

MSTGX vs. SPY - Sharpe Ratio Comparison

The current MSTGX Sharpe Ratio is 2.20, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of MSTGX and SPY, 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

MSTGX vs. SPY - Drawdown Comparison

The maximum MSTGX drawdown since its inception was -27.52%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MSTGX and SPY.

Drawdown Indicators

	MSTGX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-27.52%	-55.19%	+27.67%
Max Drawdown (1Y) Largest decline over 1 year	-4.38%	-8.88%	+4.50%
Max Drawdown (3Y) Largest decline over 3 years	-6.56%	-18.76%	+12.20%
Max Drawdown (5Y) Largest decline over 5 years	-19.64%	-24.50%	+4.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.17%	-1.75%	+0.58%
Average Drawdown Average peak-to-trough decline	-4.31%	-9.04%	+4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	1.97%	-0.56%

Volatility

MSTGX vs. SPY - Volatility Comparison

The current volatility for Morningstar Global Income Fund (MSTGX) is 2.05%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that MSTGX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTGX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	4.64%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	5.00%	9.75%	-4.75%
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	12.43%	-5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.14%	17.14%	-9.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.82%	17.99%	-7.17%

MSTGX vs. SPY - Expense Ratio Comparison

MSTGX has a 0.62% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MSTGX vs. SPY - Dividend Comparison

MSTGX's dividend yield for the trailing twelve months is around 2.92%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSTGX Morningstar Global Income Fund	2.92%	2.97%	6.64%	6.32%	8.79%	10.48%	2.96%	4.11%	0.56%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MSTGX and SPY in my portfolio?

MSTGX and SPY have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTGX or SPY?

SPY has higher volatility (4.64%) compared to MSTGX (2.05%). In terms of maximum drawdown, MSTGX dropped -27.52% vs SPY's -55.19%.

Which has better risk-adjusted returns?

MSTGX currently has the higher Sharpe Ratio (2.20 vs 2.16), 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.