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MSTPX vs. MSTBX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MSTPX vs. MSTBX

Last updated Jun 23, 2026

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 0.92%/yr vs 2.36%/yr for MSTBX. At a 0.43 correlation, their price movements are largely independent. MSTPX charges 0.58%/yr vs 0.52%/yr for MSTBX.

Performance

MSTPX vs. MSTBX - Performance Comparison

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

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Returns By Period

In the year-to-date period, MSTPX achieves a 1.48% return, which is significantly higher than MSTBX's -0.11% return.

MSTPX

1D
0.10%
1M
1.41%
YTD
1.48%
6M
1.65%
1Y
4.79%
3Y*
3.26%
5Y*
0.92%
10Y*
—

MSTBX

1D
0.10%
1M
0.14%
YTD
-0.11%
6M
0.00%
1Y
2.36%
3Y*
4.80%
5Y*
2.36%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MSTPX vs. MSTBX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MSTPX
Morningstar Municipal Bond Fund		1.48%2.38%2.57%5.62%-7.20%1.48%5.43%6.24%2.06%
MSTBX
Morningstar Defensive Bond Fund		-0.11%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 price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.48

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 0.50 - a consistent structural relationship.

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Morningstar Municipal Bond Fund

Morningstar Defensive Bond Fund

Often compared with MSTPX:
MSTPX vs. MSTSXMSTPX vs. MSTFXMSTPX vs. MSTGXMSTPX vs. MSTRXMSTPX vs. MSTMXMSTPX vs. MSTQXMSTPX vs. MSTVX
Often compared with MSTBX:
MSTBX vs. MSTGXMSTBX vs. MSTRXMSTBX vs. MSTMXMSTBX vs. MSTFXMSTBX vs. MSTQXMSTBX vs. MSTSXMSTBX vs. MSTVX

Return for Risk

MSTPX vs. MSTBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MSTPX
MSTPX Risk / Return Rank: 7575
Overall Rank
MSTPX Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
MSTPX Sortino Ratio Rank: 8787
Sortino Ratio Rank
MSTPX Omega Ratio Rank: 9292
Omega Ratio Rank
MSTPX Calmar Ratio Rank: 6161
Calmar Ratio Rank
MSTPX Martin Ratio Rank: 4949
Martin Ratio Rank
MSTBX
MSTBX Risk / Return Rank: 2828
Overall Rank
MSTBX Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
MSTBX Sortino Ratio Rank: 2828
Sortino Ratio Rank
MSTBX Omega Ratio Rank: 2929
Omega Ratio Rank
MSTBX Calmar Ratio Rank: 3434
Calmar Ratio Rank
MSTBX Martin Ratio Rank: 2525
Martin Ratio Rank
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. 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.

MSTPXMSTBXDifference
Sharpe ratioReturn per unit of total volatility
2.53
1.36

+1.17

Sortino ratioReturn per unit of downside risk
3.86
2.06

+1.80

Omega ratioGain probability vs. loss probability

1.65

1.26

+0.39

Calmar ratioReturn relative to maximum drawdown

2.88

2.09

+0.79

Martin ratioReturn relative to average drawdown

9.60

5.55

+4.06

MSTPX vs. MSTBX - Sharpe Ratio Comparison

The current MSTPX Sharpe Ratio is 2.53, which is higher than the MSTBX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of MSTPX and MSTBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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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

MSTPXMSTBXDifference

Max Drawdown

Largest 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

-10.90%

-6.31%

-4.59%

Current Drawdown

Current decline from peak

-0.03%

-0.92%

+0.89%

Average Drawdown

Average peak-to-trough decline

-2.32%

-1.02%

-1.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.35%

0.53%

+0.82%

Volatility

MSTPX vs. MSTBX - Volatility Comparison

The current volatility for Morningstar Municipal Bond Fund (MSTPX) is 0.64%, while Morningstar Defensive Bond Fund (MSTBX) has a volatility of 0.69%. This indicates that MSTPX experiences smaller price fluctuations and is considered to be less risky 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

MSTPXMSTBXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.64%

0.69%

-0.05%

Volatility (6M)

Calculated over the trailing 6-month period

1.58%

1.47%

+0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

2.37%

2.16%

+0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.56%

2.39%

+1.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.82%

2.09%

+1.73%

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 2.02%, less than MSTBX's 2.45% yield.

PositionTTM20252024202320222021202020192018
MSTBX
Morningstar Defensive Bond Fund		2.45%2.79%4.23%3.80%2.64%2.64%3.17%2.69%0.29%
MSTPX
Morningstar Municipal Bond Fund		2.02%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.

MSTBX has higher volatility (0.69%) compared to MSTPX (0.64%). In terms of maximum drawdown, MSTPX dropped -10.90% vs MSTBX's -6.31%.

MSTPX currently has the higher Sharpe Ratio (2.53 vs 1.36), 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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