MSTPX vs. MSTBX
MSTPX (Morningstar Municipal Bond Fund) and MSTBX (Morningstar Defensive Bond Fund) are both mutual funds - MSTPX is a Municipal Bonds fund managed by Morningstar, while MSTBX is a Short-Term Bond fund managed by Morningstar. Over the past 5 years, MSTPX returned 0.59%/yr vs 2.30%/yr for MSTBX. Their 0.43 correlation means their historical movements had little consistent relationship. MSTPX charges 0.58%/yr vs 0.52%/yr for MSTBX.
Performance
MSTPX vs. MSTBX - Performance Comparison
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Returns By Period
In the year-to-date period, MSTPX achieves a 0.42% return, which is significantly higher than MSTBX's 0.13% return.
MSTPX
- 1D
- -0.20%
- 1M
- -1.30%
- 6M
- -0.18%
- YTD
- 0.42%
- 1Y
- 3.57%
- 3Y*
- 2.76%
- 5Y*
- 0.59%
- 10Y*
- —
- ALL TIME*
- 2.38%
MSTBX
- 1D
- 0.10%
- 1M
- 0.10%
- 6M
- -0.07%
- YTD
- 0.13%
- 1Y
- 1.88%
- 3Y*
- 4.71%
- 5Y*
- 2.30%
- 10Y*
- —
- ALL TIME*
- 2.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MSTPX vs. MSTBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MSTPX Morningstar Municipal Bond Fund | 0.42% | 2.38% | 2.57% | 5.62% | -7.20% | 1.48% | 5.43% | 6.24% | 2.06% |
MSTBX Morningstar Defensive Bond Fund | 0.13% | 5.19% | 4.52% | 7.16% | -4.73% | 0.84% | 4.75% | 3.53% | 0.39% |
Correlation
The correlation between MSTPX and MSTBX is 0.42, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.42 |
Correlation (3Y) Balances recent behavior with more history. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.43 |
The correlation between MSTPX and MSTBX has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.
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Return for Risk
MSTPX vs. MSTBX — Risk / Return Rank
MSTPX
MSTBX
MSTPX vs. MSTBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morningstar Municipal Bond Fund (MSTPX) and Morningstar Defensive Bond Fund (MSTBX). 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.
| MSTPX | MSTBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.20 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 1.57 | +0.57 |
| Martin ratioReturn relative to average drawdown | 6.84 | 3.68 | +3.16 |
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Drawdowns
MSTPX vs. MSTBX - Drawdown Comparison
The maximum MSTPX drawdown since its inception was -10.90%, which is greater than MSTBX's maximum drawdown of -6.31%. Use the drawdown chart below to compare losses from any high point for MSTPX and MSTBX.
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Drawdown Indicators
| MSTPX | MSTBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.90% | -6.31% | -4.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.08% | -1.41% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -4.52% | -1.42% | -3.10% |
Max Drawdown (5Y)Largest decline over 5 years | -10.87% | -6.31% | -4.56% |
Current DrawdownCurrent decline from peak | -1.30% | -0.67% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -1.02% | -1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.55% | +0.06% |
Volatility
MSTPX vs. MSTBX - Volatility Comparison
Morningstar Municipal Bond Fund (MSTPX) has a higher volatility of 0.75% compared to Morningstar Defensive Bond Fund (MSTBX) at 0.47%. This indicates that MSTPX's price experiences larger fluctuations and is considered to be riskier than MSTBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTPX | MSTBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.47% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.72% | 1.44% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.46% | 2.11% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.58% | 2.40% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 2.09% | +1.71% |
MSTPX vs. MSTBX - Expense Ratio Comparison
MSTPX has a 0.58% expense ratio, which is higher than MSTBX's 0.52% expense ratio.
Dividends
MSTPX vs. MSTBX - Dividend Comparison
MSTPX's dividend yield for the trailing twelve months is around 1.78%, less than MSTBX's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSTBX Morningstar Defensive Bond Fund | 2.08% | 2.79% | 4.23% | 3.80% | 2.64% | 2.64% | 3.17% | 2.69% | 0.29% |
MSTPX Morningstar Municipal Bond Fund | 1.78% | 2.33% | 3.25% | 2.67% | 2.15% | 1.75% | 3.16% | 2.67% | 0.25% |
Frequently Asked Questions
MSTPX and MSTBX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTPX has higher volatility (0.75%) compared to MSTBX (0.47%). In terms of maximum drawdown, MSTPX dropped -10.90% vs MSTBX's -6.31%.
MSTPX currently has the higher Sharpe Ratio (1.81 vs 1.05), 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.
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