MSTPX vs. FGNSX

Last updated Apr 2, 2026

Compare and contrast key facts about Morningstar Municipal Bond Fund (MSTPX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX).

MSTPX is managed by Morningstar. It was launched on Nov 1, 2018. FGNSX is managed by Fidelity. It was launched on Dec 27, 2017.

Performance

MSTPX vs. FGNSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar Municipal Bond Fund (MSTPX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). The values are adjusted to include any dividend payments, if applicable.

MSTPX vs. FGNSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTPX Morningstar Municipal Bond Fund	-0.60%	2.38%	2.57%	5.62%	-7.20%	1.48%	5.43%	6.24%	2.06%
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	-0.10%	3.08%	3.47%	3.56%	-0.36%	0.14%	1.04%	2.11%	0.60%

Returns By Period

In the year-to-date period, MSTPX achieves a -0.60% return, which is significantly lower than FGNSX's -0.10% return.

MSTPX

• 1D: -0.10%
• 1M: -1.69%
• YTD: -0.60%
• 6M: 0.07%
• 1Y: 1.69%
• 3Y*: 2.57%
• 5Y*: 0.76%
• 10Y*: —

FGNSX

• 1D: 0.00%
• 1M: -0.40%
• YTD: -0.10%
• 6M: 0.34%
• 1Y: 1.98%
• 3Y*: 2.99%
• 5Y*: 1.93%
• 10Y*: —

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

MSTPX vs. FGNSX - Expense Ratio Comparison

MSTPX has a 0.58% expense ratio, which is higher than FGNSX's 0.07% expense ratio.

MSTPX

Morningstar Municipal Bond Fund

FGNSX

Strategic Advisers Tax-Sensitive Short Duration Fund

Return for Risk

MSTPX vs. FGNSX — Risk / Return Rank

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

MSTPX

MSTPX Risk / Return Rank: 13
MSTPX Sharpe Ratio Rank: 12
MSTPX Sortino Ratio Rank: 10
MSTPX Omega Ratio Rank: 20
MSTPX Calmar Ratio Rank: 11
MSTPX Martin Ratio Rank: 11

FGNSX

FGNSX Risk / Return Rank: 37
FGNSX Sharpe Ratio Rank: 22
FGNSX Sortino Ratio Rank: 19
FGNSX Omega Ratio Rank: 89
FGNSX Calmar Ratio Rank: 35
FGNSX Martin Ratio Rank: 22

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.

MSTPX vs. FGNSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Municipal Bond Fund (MSTPX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). 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.

	MSTPX	FGNSX	Difference
Sharpe ratio Return per unit of total volatility	0.43	0.64	-0.22
Sortino ratio Return per unit of downside risk	0.59	0.92	-0.34
Omega ratio Gain probability vs. loss probability	1.14	1.41	-0.26
Calmar ratio Return relative to maximum drawdown	0.41	1.07	-0.66
Martin ratio Return relative to average drawdown	1.30	2.74	-1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTPX vs. FGNSX - Sharpe Ratio Comparison

The current MSTPX Sharpe Ratio is 0.43, which is lower than the FGNSX Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of MSTPX and FGNSX, 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

	MSTPX	FGNSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	0.64	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.98	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.06	-0.43

Correlation

The correlation between MSTPX and FGNSX is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MSTPX vs. FGNSX - Dividend Comparison

MSTPX's dividend yield for the trailing twelve months is around 1.56%, less than FGNSX's 1.86% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTPX Morningstar Municipal Bond Fund	1.56%	2.33%	3.25%	2.67%	2.15%	1.75%	3.16%	2.67%	0.25%
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	1.86%	2.63%	3.31%	2.57%	0.84%	0.34%	0.83%	1.79%	1.36%

Drawdowns

MSTPX vs. FGNSX - Drawdown Comparison

The maximum MSTPX drawdown since its inception was -10.90%, which is greater than FGNSX's maximum drawdown of -2.35%. Use the drawdown chart below to compare losses from any high point for MSTPX and FGNSX.

Drawdown Indicators

	MSTPX	FGNSX	Difference
Max Drawdown Largest peak-to-trough decline	-10.90%	-2.35%	-8.55%
Max Drawdown (1Y) Largest decline over 1 year	-4.31%	-2.35%	-1.96%
Max Drawdown (5Y) Largest decline over 5 years	-10.90%	-2.35%	-8.55%
Current Drawdown Current decline from peak	-2.08%	-0.50%	-1.58%
Average Drawdown Average peak-to-trough decline	-2.36%	-0.25%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.92%	+0.44%

Volatility

MSTPX vs. FGNSX - Volatility Comparison

Morningstar Municipal Bond Fund (MSTPX) has a higher volatility of 0.91% compared to Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) at 0.23%. This indicates that MSTPX's price experiences larger fluctuations and is considered to be riskier than FGNSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTPX	FGNSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.23%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	0.66%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	3.85%	+1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.52%	2.04%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.85%	1.66%	+2.19%