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 Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Over the past 5 years, MSTQX returned 5.98%/yr vs 6.47%/yr for ICVT. A 0.70 correlation means they provide meaningful diversification when combined. 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 7.28% return, which is significantly lower than ICVT's 18.95% return.
MSTQX
- 1D
- 0.55%
- 1M
- 1.99%
- 6M
- 4.48%
- YTD
- 7.28%
- 1Y
- -4.67%
- 3Y*
- 9.33%
- 5Y*
- 5.98%
- 10Y*
- —
ICVT
- 1D
- -1.31%
- 1M
- -2.72%
- 6M
- 14.16%
- YTD
- 18.95%
- 1Y
- 30.12%
- 3Y*
- 16.90%
- 5Y*
- 6.47%
- 10Y*
- 13.21%
MSTQX vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MSTQX Morningstar U.S. Equity Fund | 7.28% | -5.56% | 18.94% | 25.24% | -16.29% | 26.15% | 10.49% | 26.02% | -10.45% |
ICVT iShares Convertible Bond ETF | 18.95% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -4.31% |
Correlation
The correlation between MSTQX and ICVT is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.70 |
Over the past year, the correlation between MSTQX and ICVT has dropped to 0.49 - well below their long-term average of 0.70, 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 | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.32 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 4.01 | -4.27 |
| Martin ratioReturn relative to average drawdown | -0.51 | 12.37 | -12.88 |
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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% | -7.55% | -14.03% |
Max Drawdown (3Y)Largest decline over 3 years | -21.58% | -11.22% | -10.36% |
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 | -10.55% | -6.26% | -4.29% |
Average DrawdownAverage peak-to-trough decline | -6.32% | -9.44% | +3.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.10% | 2.44% | +7.66% |
Volatility
MSTQX vs. ICVT - Volatility Comparison
The current volatility for Morningstar U.S. Equity Fund (MSTQX) is 3.53%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.57%. 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 | 3.53% | 6.57% | -3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 18.14% | 13.66% | +4.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.16% | 16.33% | +3.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.62% | 13.64% | +4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.62% | 15.66% | +4.96% |
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 1.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.35% | 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 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (6.57%) compared to MSTQX (3.53%). In terms of maximum drawdown, MSTQX dropped -36.23% vs ICVT's -33.25%.
ICVT currently has the higher Sharpe Ratio (1.86 vs -0.28), 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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