MSTPX vs. NQP

Last updated Jun 4, 2026

MSTPX (Morningstar Municipal Bond Fund) and NQP (Nuveen Pennsylvania Quality Municipal Income) are both Municipal Bonds funds. At a 0.41 correlation, their price movements are largely independent. MSTPX charges 0.58%/yr vs 1.27%/yr for NQP.

Performance

MSTPX vs. NQP - Performance Comparison

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

Returns By Period

MSTPX

• 1D: 0.10%
• 1M: 0.60%
• YTD: 1.18%
• 6M: 1.55%
• 1Y: 5.02%
• 3Y*: 3.26%
• 5Y*: 0.90%
• 10Y*: —

NQP

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTPX vs. NQP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTPX Morningstar Municipal Bond Fund	1.18%	2.38%	2.57%	5.62%	-7.20%	1.48%	5.43%	6.24%	2.06%
NQP Nuveen Pennsylvania Quality Municipal Income	3.84%	15.46%	2.70%	7.44%	-21.95%	7.75%	7.08%	21.21%	1.05%

Correlation

The correlation between MSTPX and NQP is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018	0.41

Over the past year, the correlation between MSTPX and NQP has dropped to 0.20 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

MSTPX vs. NQP — Risk / Return Rank

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

MSTPX

MSTPX Risk / Return Rank: 74
MSTPX Sharpe Ratio Rank: 82
MSTPX Sortino Ratio Rank: 85
MSTPX Omega Ratio Rank: 92
MSTPX Calmar Ratio Rank: 62
MSTPX Martin Ratio Rank: 49

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. NQP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Municipal Bond Fund (MSTPX) and Nuveen Pennsylvania Quality Municipal Income (NQP). 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	NQP	Difference
Sharpe ratio Return per unit of total volatility	2.66	—	—
Sortino ratio Return per unit of downside risk	4.07	—	—
Omega ratio Gain probability vs. loss probability	1.70	—	—
Calmar ratio Return relative to maximum drawdown	3.04	—	—
Martin ratio Return relative to average drawdown	10.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MSTPX	NQP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	—	—

Drawdowns

Drawdown Indicators

	MSTPX	NQP	Difference
Max Drawdown Largest peak-to-trough decline	-10.90%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.90%	—	—
Current Drawdown Current decline from peak	-0.33%	—	—
Average Drawdown Average peak-to-trough decline	-2.33%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	—	—

Volatility

Volatility by Period

	MSTPX	NQP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.43%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.83%	—	—

MSTPX vs. NQP - Expense Ratio Comparison

MSTPX has a 0.58% expense ratio, which is lower than NQP's 1.27% expense ratio.

Dividends

MSTPX vs. NQP - Dividend Comparison

MSTPX's dividend yield for the trailing twelve months is around 2.03%, less than NQP's 7.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSTPX Morningstar Municipal Bond Fund	2.03%	2.33%	3.25%	2.67%	2.15%	1.75%	3.16%	2.67%	0.25%	0.00%	0.00%	0.00%
NQP Nuveen Pennsylvania Quality Municipal Income	7.13%	7.87%	6.69%	3.07%	4.89%	4.51%	4.38%	4.23%	5.34%	5.34%	5.67%	6.10%

Frequently Asked Questions

Can I hold both MSTPX and NQP in my portfolio?

MSTPX and NQP have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.