MSTPX vs. MSTMX

Last updated Jun 23, 2026

MSTPX (Morningstar Municipal Bond Fund) and MSTMX (Morningstar Multisector Bond Fund) are both mutual funds - MSTPX is a Municipal Bonds fund managed by Morningstar, while MSTMX is a Multisector Bonds fund managed by Morningstar. Over the past 5 years, MSTPX returned 0.92%/yr vs 2.05%/yr for MSTMX. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.58% expense ratio.

Performance

MSTPX vs. MSTMX - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTPX achieves a 1.48% return, which is significantly lower than MSTMX's 1.91% return.

MSTPX

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

MSTMX

• 1D: -0.11%
• 1M: 1.30%
• YTD: 1.91%
• 6M: 2.23%
• 1Y: 7.33%
• 3Y*: 7.59%
• 5Y*: 2.05%
• 10Y*: —

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

MSTPX vs. MSTMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTPX Morningstar Municipal Bond Fund	1.48%	2.38%	2.57%	5.62%	-7.20%	1.48%	5.43%	6.24%	2.06%
MSTMX Morningstar Multisector Bond Fund	1.91%	10.03%	4.60%	10.77%	-13.11%	-2.86%	6.45%	10.53%	-0.23%

Correlation

The correlation between MSTPX and MSTMX 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	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.39

The correlation between MSTPX and MSTMX shifts across timeframes, from 0.39 (all time) to 0.56 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MSTPX vs. MSTMX — Risk / Return Rank

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

MSTPX

MSTPX Risk / Return Rank: 75
MSTPX Sharpe Ratio Rank: 84
MSTPX Sortino Ratio Rank: 87
MSTPX Omega Ratio Rank: 92
MSTPX Calmar Ratio Rank: 61
MSTPX Martin Ratio Rank: 49

MSTMX

MSTMX Risk / Return Rank: 51
MSTMX Sharpe Ratio Rank: 55
MSTMX Sortino Ratio Rank: 57
MSTMX Omega Ratio Rank: 62
MSTMX Calmar Ratio Rank: 39
MSTMX Martin Ratio Rank: 40

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. MSTMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Municipal Bond Fund (MSTPX) and Morningstar Multisector Bond Fund (MSTMX). 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	MSTMX	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.01	+0.51
Sortino ratio: Return per unit of downside risk	3.86	2.89	+0.96
Omega ratio: Gain probability vs. loss probability	1.65	1.40	+0.25
Calmar ratio: Return relative to maximum drawdown	2.88	2.24	+0.63
Martin ratio: Return relative to average drawdown	9.60	8.21	+1.40

MSTPX vs. MSTMX - Sharpe Ratio Comparison

The current MSTPX Sharpe Ratio is 2.53, which is comparable to the MSTMX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of MSTPX and MSTMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSTPX vs. MSTMX - Drawdown Comparison

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

Drawdown Indicators

	MSTPX	MSTMX	Difference
Max Drawdown Largest peak-to-trough decline	-10.90%	-21.37%	+10.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-4.09%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.52%	-5.79%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-10.90%	-21.20%	+10.30%
Current Drawdown Current decline from peak	-0.03%	-0.42%	+0.39%
Average Drawdown Average peak-to-trough decline	-2.32%	-4.98%	+2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.09%	+0.26%

Volatility

MSTPX vs. MSTMX - Volatility Comparison

The current volatility for Morningstar Municipal Bond Fund (MSTPX) is 0.64%, while Morningstar Multisector Bond Fund (MSTMX) has a volatility of 1.41%. This indicates that MSTPX experiences smaller price fluctuations and is considered to be less risky than MSTMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTPX	MSTMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	1.41%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	3.45%	-1.87%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	4.56%	-2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	5.51%	-1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	5.77%	-1.95%

MSTPX vs. MSTMX - Expense Ratio Comparison

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

Dividends

MSTPX vs. MSTMX - Dividend Comparison

MSTPX's dividend yield for the trailing twelve months is around 2.02%, less than MSTMX's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTMX Morningstar Multisector Bond Fund	4.21%	4.00%	6.01%	5.26%	1.42%	4.17%	2.68%	6.18%	0.37%
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

Can I hold both MSTPX and MSTMX in my portfolio?

MSTPX and MSTMX 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, MSTPX or MSTMX?

MSTMX has higher volatility (1.41%) compared to MSTPX (0.64%). In terms of maximum drawdown, MSTPX dropped -10.90% vs MSTMX's -21.37%.

Which has better risk-adjusted returns?

MSTPX currently has the higher Sharpe Ratio (2.53 vs 2.01), 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.