MSTQX vs. ICVT

Last updated Apr 1, 2026

Compare and contrast key facts about Morningstar U.S. Equity Fund (MSTQX) and iShares Convertible Bond ETF (ICVT).

MSTQX is managed by Morningstar. It was launched on Nov 2, 2018. ICVT is a passively managed fund by iShares that tracks the performance of the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. It was launched on Jun 2, 2015.

Performance

MSTQX vs. ICVT - Performance Comparison

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

MSTQX vs. ICVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTQX Morningstar U.S. Equity Fund	-5.94%	-5.56%	18.94%	25.24%	-16.29%	26.15%	10.49%	26.02%	-10.45%
ICVT iShares Convertible Bond ETF	3.58%	18.10%	10.61%	15.35%	-20.66%	-0.66%	61.01%	21.76%	-3.94%

Returns By Period

In the year-to-date period, MSTQX achieves a -5.94% return, which is significantly lower than ICVT's 3.58% return.

MSTQX

• 1D: -1.75%
• 1M: -8.09%
• YTD: -5.94%
• 6M: -19.80%
• 1Y: -8.15%
• 3Y*: 7.37%
• 5Y*: 4.99%
• 10Y*: —

ICVT

• 1D: 2.66%
• 1M: -2.73%
• YTD: 3.58%
• 6M: 2.56%
• 1Y: 23.90%
• 3Y*: 14.18%
• 5Y*: 3.55%
• 10Y*: 12.24%

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

MSTQX vs. ICVT - Expense Ratio Comparison

MSTQX has a 0.85% expense ratio, which is higher than ICVT's 0.20% expense ratio.

MSTQX

Morningstar U.S. Equity Fund

ICVT

iShares Convertible Bond ETF

Return for Risk

MSTQX vs. ICVT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 1
MSTQX Calmar Ratio Rank: 2
MSTQX Martin Ratio Rank: 2

ICVT

ICVT Risk / Return Rank: 87
ICVT Sharpe Ratio Rank: 86
ICVT Sortino Ratio Rank: 87
ICVT Omega Ratio Rank: 83
ICVT Calmar Ratio Rank: 91
ICVT Martin Ratio Rank: 89

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.

MSTQX vs. ICVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar U.S. Equity Fund (MSTQX) and iShares Convertible Bond ETF (ICVT). 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.

	MSTQX	ICVT	Difference
Sharpe ratio Return per unit of total volatility	-0.44	1.71	-2.15
Sortino ratio Return per unit of downside risk	-0.41	2.33	-2.74
Omega ratio Gain probability vs. loss probability	0.92	1.32	-0.40
Calmar ratio Return relative to maximum drawdown	-0.51	3.10	-3.61
Martin ratio Return relative to average drawdown	-1.29	10.57	-11.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTQX vs. ICVT - Sharpe Ratio Comparison

The current MSTQX Sharpe Ratio is -0.44, which is lower than the ICVT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of MSTQX and ICVT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSTQX	ICVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	1.71	-2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.27	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.67	-0.28

Correlation

The correlation between MSTQX and ICVT is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MSTQX vs. ICVT - Dividend Comparison

MSTQX's dividend yield for the trailing twelve months is around 0.73%, less than ICVT's 1.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSTQX Morningstar U.S. Equity Fund	0.73%	0.69%	10.80%	4.21%	9.79%	15.98%	2.15%	2.04%	0.17%	0.00%	0.00%	0.00%
ICVT iShares Convertible Bond ETF	1.62%	1.73%	2.19%	1.85%	1.93%	7.70%	3.98%	1.86%	4.82%	2.56%	3.06%	1.57%

Drawdowns

MSTQX vs. ICVT - Drawdown Comparison

The maximum MSTQX drawdown since its inception was -36.23%, which is greater than ICVT's maximum drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for MSTQX and ICVT.

Drawdown Indicators

	MSTQX	ICVT	Difference
Max Drawdown Largest peak-to-trough decline	-36.23%	-33.25%	-2.98%
Max Drawdown (1Y) Largest decline over 1 year	-21.58%	-7.55%	-14.03%
Max Drawdown (5Y) Largest decline over 5 years	-23.61%	-29.95%	+6.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.25%	—
Current Drawdown Current decline from peak	-21.58%	-3.67%	-17.91%
Average Drawdown Average peak-to-trough decline	-6.07%	-9.64%	+3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.55%	2.21%	+6.34%

Volatility

MSTQX vs. ICVT - Volatility Comparison

The current volatility for Morningstar U.S. Equity Fund (MSTQX) is 3.43%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.74%. This indicates that MSTQX experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTQX	ICVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	6.74%	-3.31%
Volatility (6M) Calculated over the trailing 6-month period	18.03%	11.65%	+6.38%
Volatility (1Y) Calculated over the trailing 1-year period	24.97%	14.02%	+10.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	13.20%	+5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.86%	15.54%	+5.32%