MSTMX vs. MSTPX

Last updated Apr 1, 2026

Compare and contrast key facts about Morningstar Multisector Bond Fund (MSTMX) and Morningstar Municipal Bond Fund (MSTPX).

MSTMX is managed by Morningstar. It was launched on Nov 1, 2018. MSTPX is managed by Morningstar. It was launched on Nov 1, 2018.

Performance

MSTMX vs. MSTPX - Performance Comparison

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

MSTMX vs. MSTPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTMX Morningstar Multisector Bond Fund	-2.03%	10.03%	4.60%	10.77%	-13.11%	-2.86%	6.45%	10.53%	-0.23%
MSTPX Morningstar Municipal Bond Fund	-0.50%	2.38%	2.57%	5.62%	-7.20%	1.48%	5.43%	6.24%	2.06%

Returns By Period

In the year-to-date period, MSTMX achieves a -2.03% return, which is significantly lower than MSTPX's -0.50% return.

MSTMX

• 1D: -0.44%
• 1M: -4.09%
• YTD: -2.03%
• 6M: -1.10%
• 1Y: 5.51%
• 3Y*: 6.54%
• 5Y*: 1.74%
• 10Y*: —

MSTPX

• 1D: 0.10%
• 1M: -1.98%
• YTD: -0.50%
• 6M: 0.27%
• 1Y: 2.10%
• 3Y*: 2.61%
• 5Y*: 0.80%
• 10Y*: —

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

MSTMX vs. MSTPX - Expense Ratio Comparison

Both MSTMX and MSTPX have an expense ratio of 0.58%.

MSTMX

Morningstar Multisector Bond Fund

MSTPX

Morningstar Municipal Bond Fund

Return for Risk

MSTMX vs. MSTPX — Risk / Return Rank

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

MSTMX

MSTMX Risk / Return Rank: 73
MSTMX Sharpe Ratio Rank: 76
MSTMX Sortino Ratio Rank: 70
MSTMX Omega Ratio Rank: 76
MSTMX Calmar Ratio Rank: 71
MSTMX Martin Ratio Rank: 71

MSTPX

MSTPX Risk / Return Rank: 24
MSTPX Sharpe Ratio Rank: 24
MSTPX Sortino Ratio Rank: 19
MSTPX Omega Ratio Rank: 48
MSTPX Calmar Ratio Rank: 16
MSTPX Martin Ratio Rank: 15

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. MSTPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Multisector Bond Fund (MSTMX) 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.

	MSTMX	MSTPX	Difference
Sharpe ratio Return per unit of total volatility	1.36	0.61	+0.75
Sortino ratio Return per unit of downside risk	1.75	0.84	+0.91
Omega ratio Gain probability vs. loss probability	1.29	1.20	+0.09
Calmar ratio Return relative to maximum drawdown	1.64	0.45	+1.19
Martin ratio Return relative to average drawdown	6.75	1.46	+5.30
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. MSTPX - Sharpe Ratio Comparison

The current MSTMX Sharpe Ratio is 1.36, which is higher than the MSTPX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of MSTMX and MSTPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSTMX	MSTPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	0.61	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.24	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.63	-0.11

Correlation

The correlation between MSTMX and MSTPX is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MSTMX vs. MSTPX - Dividend Comparison

MSTMX's dividend yield for the trailing twelve months is around 3.19%, more than MSTPX's 1.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTMX Morningstar Multisector Bond Fund	3.19%	4.00%	6.01%	5.26%	1.42%	4.17%	2.68%	6.18%	0.37%
MSTPX Morningstar Municipal Bond Fund	1.56%	2.33%	3.25%	2.67%	2.15%	1.75%	3.16%	2.67%	0.25%

Drawdowns

MSTMX vs. MSTPX - Drawdown Comparison

The maximum MSTMX drawdown since its inception was -21.37%, which is greater than MSTPX's maximum drawdown of -10.90%. Use the drawdown chart below to compare losses from any high point for MSTMX and MSTPX.

Drawdown Indicators

	MSTMX	MSTPX	Difference
Max Drawdown Largest peak-to-trough decline	-21.37%	-10.90%	-10.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.09%	-4.31%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	-10.90%	-10.47%
Current Drawdown Current decline from peak	-4.09%	-1.98%	-2.11%
Average Drawdown Average peak-to-trough decline	-5.09%	-2.36%	-2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	1.35%	-0.36%

Volatility

MSTMX vs. MSTPX - Volatility Comparison

Morningstar Multisector Bond Fund (MSTMX) has a higher volatility of 1.80% compared to Morningstar Municipal Bond Fund (MSTPX) at 0.92%. This indicates that MSTMX'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

	MSTMX	MSTPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	0.92%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	1.77%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.13%	5.82%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.43%	3.52%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	3.85%	+1.93%