MSTQX vs. AMFEX

Last updated Aug 1, 2026

MSTQX (Morningstar U.S. Equity Fund) and AMFEX (AAMA Equity Fund) are both Large Cap Blend Equities funds. Over the past 5 years, MSTQX returned 6.04%/yr vs 10.69%/yr for AMFEX. Their correlation of 0.88 means they have usually moved in the same direction. MSTQX charges 0.85%/yr vs 1.17%/yr for AMFEX.

Performance

MSTQX vs. AMFEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morningstar U.S. Equity Fund (MSTQX) and AAMA Equity Fund (AMFEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTQX achieves a 7.20% return, which is significantly lower than AMFEX's 13.57% return.

MSTQX

• 1D: 0.79%
• 1M: 0.63%
• 6M: 4.49%
• YTD: 7.20%
• 1Y: -4.75%
• 3Y*: 8.21%
• 5Y*: 6.04%
• 10Y*: —
• ALL TIME*: 9.28%

AMFEX

• 1D: 0.80%
• 1M: 0.71%
• 6M: 8.82%
• YTD: 13.57%
• 1Y: 24.69%
• 3Y*: 16.86%
• 5Y*: 10.69%
• 10Y*: —
• ALL TIME*: 12.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMFEX AAMA Equity Fund	$0.00	$0.00	$0.00
MSTQX Morningstar U.S. Equity Fund	$0.00	$0.00	$0.00

MSTQX vs. AMFEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTQX Morningstar U.S. Equity Fund	7.20%	-5.56%	18.94%	25.24%	-16.29%	26.15%	10.49%	26.02%	-10.63%
AMFEX AAMA Equity Fund	13.57%	17.33%	16.28%	17.32%	-14.08%	22.58%	12.70%	24.62%	-9.60%

Correlation

The correlation between MSTQX and AMFEX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Nov 7, 2018	0.88

Over the past year, the correlation between MSTQX and AMFEX has dropped to 0.64 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

MSTQX vs. AMFEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTQX

MSTQX Risk / Return Rank: 2
MSTQX Sharpe Ratio Rank: 2
MSTQX Sortino Ratio Rank: 2
MSTQX Omega Ratio Rank: 2
MSTQX Calmar Ratio Rank: 2
MSTQX Martin Ratio Rank: 2

AMFEX

AMFEX Risk / Return Rank: 89
AMFEX Sharpe Ratio Rank: 89
AMFEX Sortino Ratio Rank: 85
AMFEX Omega Ratio Rank: 83
AMFEX Calmar Ratio Rank: 92
AMFEX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTQX vs. AMFEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar U.S. Equity Fund (MSTQX) and AAMA Equity Fund (AMFEX). 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.

	MSTQX	AMFEX	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	2.22	-2.54
Sortino ratio: Return per unit of downside risk	-0.24	3.03	-3.27
Omega ratio: Gain probability vs. loss probability	0.95	1.39	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.29	3.69	-3.99
Martin ratio: Return relative to average drawdown	-0.55	15.37	-15.92

MSTQX vs. AMFEX - Sharpe Ratio Comparison

The current MSTQX Sharpe Ratio is -0.31, which is lower than the AMFEX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of MSTQX and AMFEX, 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

MSTQX vs. AMFEX - Drawdown Comparison

The maximum MSTQX drawdown since its inception was -36.23%, which is greater than AMFEX's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for MSTQX and AMFEX.

Drawdown Indicators

	MSTQX	AMFEX	Difference
Max Drawdown Largest peak-to-trough decline	-36.23%	-30.41%	-5.82%
Max Drawdown (1Y) Largest decline over 1 year	-21.58%	-6.07%	-15.51%
Max Drawdown (3Y) Largest decline over 3 years	-21.58%	-15.23%	-6.35%
Max Drawdown (5Y) Largest decline over 5 years	-23.61%	-21.21%	-2.40%
Current Drawdown Current decline from peak	-10.62%	-0.42%	-10.20%
Average Drawdown Average peak-to-trough decline	-6.36%	-4.24%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.43%	1.46%	+8.97%

Volatility

MSTQX vs. AMFEX - Volatility Comparison

Morningstar U.S. Equity Fund (MSTQX) has a higher volatility of 2.92% compared to AAMA Equity Fund (AMFEX) at 2.37%. This indicates that MSTQX's price experiences larger fluctuations and is considered to be riskier than AMFEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTQX	AMFEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	2.37%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	7.74%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	20.12%	10.10%	+10.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	14.22%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.56%	16.84%	+3.72%

MSTQX vs. AMFEX - Expense Ratio Comparison

MSTQX has a 0.85% expense ratio, which is lower than AMFEX's 1.17% expense ratio.

Dividends

MSTQX vs. AMFEX - Dividend Comparison

MSTQX's dividend yield for the trailing twelve months is around 0.64%, less than AMFEX's 10.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AMFEX AAMA Equity Fund	10.56%	11.99%	9.19%	0.92%	4.82%	0.22%	0.44%	0.78%	0.83%
MSTQX Morningstar U.S. Equity Fund	0.64%	0.69%	10.80%	4.21%	9.79%	15.98%	2.15%	2.04%	0.17%

Frequently Asked Questions

Can I hold both MSTQX and AMFEX in my portfolio?

MSTQX and AMFEX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTQX or AMFEX?

MSTQX has higher volatility (2.92%) compared to AMFEX (2.37%). In terms of maximum drawdown, MSTQX dropped -36.23% vs AMFEX's -30.41%.

Which has better risk-adjusted returns?

AMFEX currently has the higher Sharpe Ratio (2.22 vs -0.31), 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.