MSTMX vs. ADVNX

Last updated Jun 3, 2026

MSTMX (Morningstar Multisector Bond Fund) and ADVNX (North Square Strategic Income Fund) are both Multisector Bonds funds. Over the past 5 years, MSTMX returned 1.85%/yr vs 3.98%/yr for ADVNX. A 0.59 correlation means they provide meaningful diversification when combined. MSTMX charges 0.58%/yr vs 0.90%/yr for ADVNX.

Performance

MSTMX vs. ADVNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar Multisector Bond Fund (MSTMX) and North Square Strategic Income Fund (ADVNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MSTMX having a 1.59% return and ADVNX slightly lower at 1.55%.

MSTMX

• 1D: 0.00%
• 1M: 0.76%
• YTD: 1.59%
• 6M: 2.34%
• 1Y: 7.93%
• 3Y*: 7.89%
• 5Y*: 1.85%
• 10Y*: —

ADVNX

• 1D: -0.10%
• 1M: 0.24%
• YTD: 1.55%
• 6M: 1.71%
• 1Y: 7.23%
• 3Y*: 9.31%
• 5Y*: 3.98%
• 10Y*: 4.88%

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

MSTMX vs. ADVNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTMX Morningstar Multisector Bond Fund	1.59%	10.03%	4.60%	10.77%	-13.11%	-2.86%	6.45%	10.53%	-0.23%
ADVNX North Square Strategic Income Fund	1.55%	11.20%	9.71%	5.07%	-8.43%	5.32%	11.67%	11.04%	-0.35%

Correlation

The correlation between MSTMX and ADVNX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018	0.59

The correlation between MSTMX and ADVNX shifts across timeframes, from 0.51 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MSTMX vs. ADVNX — Risk / Return Rank

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

MSTMX

MSTMX Risk / Return Rank: 46
MSTMX Sharpe Ratio Rank: 51
MSTMX Sortino Ratio Rank: 51
MSTMX Omega Ratio Rank: 58
MSTMX Calmar Ratio Rank: 36
MSTMX Martin Ratio Rank: 38

ADVNX

ADVNX Risk / Return Rank: 47
ADVNX Sharpe Ratio Rank: 45
ADVNX Sortino Ratio Rank: 49
ADVNX Omega Ratio Rank: 47
ADVNX Calmar Ratio Rank: 57
ADVNX Martin Ratio Rank: 39

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.

MSTMX vs. ADVNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Multisector Bond Fund (MSTMX) and North Square Strategic Income Fund (ADVNX). 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.

	MSTMX	ADVNX	Difference
Sharpe ratio Return per unit of total volatility	2.10	1.97	+0.13
Sortino ratio Return per unit of downside risk	3.01	2.93	+0.08
Omega ratio Gain probability vs. loss probability	1.42	1.37	+0.05
Calmar ratio Return relative to maximum drawdown	2.28	2.90	-0.61
Martin ratio Return relative to average drawdown	8.33	8.46	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTMX vs. ADVNX - Sharpe Ratio Comparison

The current MSTMX Sharpe Ratio is 2.10, which is comparable to the ADVNX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of MSTMX and ADVNX, 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

	MSTMX	ADVNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.97	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.94	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.28	-0.68

Drawdowns

MSTMX vs. ADVNX - Drawdown Comparison

The maximum MSTMX drawdown since its inception was -21.37%, which is greater than ADVNX's maximum drawdown of -11.86%. Use the drawdown chart below to compare losses from any high point for MSTMX and ADVNX.

Drawdown Indicators

	MSTMX	ADVNX	Difference
Max Drawdown Largest peak-to-trough decline	-21.37%	-11.86%	-9.51%
Max Drawdown (1Y) Largest decline over 1 year	-4.09%	-2.57%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-5.22%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	-11.86%	-9.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-11.86%	—
Current Drawdown Current decline from peak	-0.54%	-1.20%	+0.66%
Average Drawdown Average peak-to-trough decline	-5.01%	-1.92%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.88%	+0.24%

Volatility

MSTMX vs. ADVNX - Volatility Comparison

Morningstar Multisector Bond Fund (MSTMX) has a higher volatility of 1.49% compared to North Square Strategic Income Fund (ADVNX) at 1.22%. This indicates that MSTMX's price experiences larger fluctuations and is considered to be riskier than ADVNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTMX	ADVNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	1.22%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	2.56%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	4.50%	3.75%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.50%	4.24%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	3.76%	+2.02%

MSTMX vs. ADVNX - Expense Ratio Comparison

MSTMX has a 0.58% expense ratio, which is lower than ADVNX's 0.90% expense ratio.

Dividends

MSTMX vs. ADVNX - Dividend Comparison

MSTMX's dividend yield for the trailing twelve months is around 4.23%, less than ADVNX's 4.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVNX North Square Strategic Income Fund	4.84%	4.73%	4.02%	4.38%	2.80%	5.23%	6.80%	3.33%	3.92%	4.09%	4.19%	6.30%
MSTMX Morningstar Multisector Bond Fund	4.23%	4.00%	6.01%	5.26%	1.42%	4.17%	2.68%	6.18%	0.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTMX and ADVNX in my portfolio?

MSTMX and ADVNX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTMX or ADVNX?

MSTMX has higher volatility (1.49%) compared to ADVNX (1.22%). In terms of maximum drawdown, MSTMX dropped -21.37% vs ADVNX's -11.86%.

Which has better risk-adjusted returns?

MSTMX currently has the higher Sharpe Ratio (2.10 vs 1.97), 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.