MSTQX vs. ICVT
MSTQX (Morningstar U.S. Equity Fund) and ICVT (iShares Convertible Bond ETF) are both funds - MSTQX is a Large Cap Blend Equities fund managed by Morningstar, while ICVT is a Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Over the past 5 years, MSTQX returned 6.04%/yr vs 5.74%/yr for ICVT. Their 0.69 correlation means they have sometimes moved together and sometimes differently. MSTQX charges 0.85%/yr vs 0.20%/yr for ICVT.
Performance
MSTQX vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, MSTQX achieves a 7.20% return, which is significantly lower than ICVT's 15.73% 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%
ICVT
- 1D
- -0.13%
- 1M
- -3.58%
- 6M
- 10.12%
- YTD
- 15.73%
- 1Y
- 25.68%
- 3Y*
- 15.44%
- 5Y*
- 5.74%
- 10Y*
- 12.80%
- ALL TIME*
- 11.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.37M | $69.08M | $90.45M | |
| $0.00 | $0.00 | $0.00 |
MSTQX vs. ICVT - 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% | -10.45% |
ICVT iShares Convertible Bond ETF | 15.73% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -4.31% |
Correlation
The correlation between MSTQX and ICVT is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.69 |
Over the past year, the correlation between MSTQX and ICVT has dropped to 0.47 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.
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Return for Risk
MSTQX vs. ICVT — Risk / Return Rank
MSTQX
ICVT
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.
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 | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.19 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.25 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 2.08 | -2.37 |
| Martin ratioReturn relative to average drawdown | -0.55 | 7.79 | -8.34 |
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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.
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Drawdown Indicators
| MSTQX | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.23% | -33.25% | -2.98% |
Max Drawdown (1Y)Largest decline over 1 year | -21.58% | -11.65% | -9.93% |
Max Drawdown (3Y)Largest decline over 3 years | -21.58% | -11.65% | -9.93% |
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 DrawdownCurrent decline from peak | -10.62% | -8.79% | -1.83% |
Average DrawdownAverage peak-to-trough decline | -6.36% | -9.43% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.43% | 3.11% | +7.32% |
Volatility
MSTQX vs. ICVT - Volatility Comparison
The current volatility for Morningstar U.S. Equity Fund (MSTQX) is 2.92%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.39%. 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.
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Volatility by Period
| MSTQX | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 6.39% | -3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 8.91% | 14.58% | -5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.12% | 17.19% | +2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.60% | 13.78% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.56% | 15.73% | +4.83% |
MSTQX vs. ICVT - Expense Ratio Comparison
MSTQX has a 0.85% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
MSTQX vs. ICVT - Dividend Comparison
MSTQX's dividend yield for the trailing twelve months is around 0.64%, less than ICVT's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.29% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
MSTQX Morningstar U.S. Equity Fund | 0.64% | 0.69% | 10.80% | 4.21% | 9.79% | 15.98% | 2.15% | 2.04% | 0.17% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSTQX and ICVT have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (6.39%) compared to MSTQX (2.92%). In terms of maximum drawdown, MSTQX dropped -36.23% vs ICVT's -33.25%.
ICVT currently has the higher Sharpe Ratio (1.41 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.
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