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MSTQX vs. MSTBX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MSTQX vs. MSTBX

Last updated Jun 23, 2026

MSTQX (Morningstar U.S. Equity Fund) and MSTBX (Morningstar Defensive Bond Fund) are both mutual funds - MSTQX is a Large Cap Blend Equities fund managed by Morningstar, while MSTBX is a Short-Term Bond fund managed by Morningstar. Over the past 5 years, MSTQX returned 6.21%/yr vs 2.36%/yr for MSTBX. At a 0.10 correlation, their price movements are largely independent. MSTQX charges 0.85%/yr vs 0.52%/yr for MSTBX.

Performance

MSTQX vs. MSTBX - Performance Comparison

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

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Returns By Period

In the year-to-date period, MSTQX achieves a 5.02% return, which is significantly higher than MSTBX's -0.11% return.

MSTQX

1D
0.72%
1M
0.48%
YTD
5.02%
6M
4.17%
1Y
-2.28%
3Y*
8.94%
5Y*
6.21%
10Y*
—

MSTBX

1D
0.10%
1M
0.14%
YTD
-0.11%
6M
0.00%
1Y
2.36%
3Y*
4.80%
5Y*
2.36%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MSTQX vs. MSTBX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MSTQX
Morningstar U.S. Equity Fund		5.02%-5.56%18.94%25.24%-16.29%26.15%10.49%26.02%-10.45%
MSTBX
Morningstar Defensive Bond Fund		-0.11%5.19%4.52%7.16%-4.73%0.84%4.75%3.53%0.39%

Correlation

The correlation between MSTQX and MSTBX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.19

Correlation (5Y)
Calculated over the trailing 5-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Nov 5, 2018

0.10

Over the past year, MSTQX and MSTBX have become more correlated (0.32) than their long-term average of 0.10, meaning their price movements have been converging.

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Morningstar U.S. Equity Fund

Morningstar Defensive Bond Fund

Often compared with MSTQX:
MSTQX vs. ICVTMSTQX vs. VOOMSTQX vs. MSTVXMSTQX vs. MSTSXMSTQX vs. MSCIMSTQX vs. MSTFXMSTQX vs. MSTMX
Often compared with MSTBX:
MSTBX vs. MSTGXMSTBX vs. MSTRXMSTBX vs. MSTMXMSTBX vs. MSTFXMSTBX vs. MSTSXMSTBX vs. MSTPXMSTBX vs. MSTVX

Return for Risk

MSTQX vs. MSTBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MSTQX
MSTQX Risk / Return Rank: 22
Overall Rank
MSTQX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
MSTQX Sortino Ratio Rank: 22
Sortino Ratio Rank
MSTQX Omega Ratio Rank: 22
Omega Ratio Rank
MSTQX Calmar Ratio Rank: 22
Calmar Ratio Rank
MSTQX Martin Ratio Rank: 22
Martin Ratio Rank
MSTBX
MSTBX Risk / Return Rank: 2828
Overall Rank
MSTBX Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
MSTBX Sortino Ratio Rank: 2828
Sortino Ratio Rank
MSTBX Omega Ratio Rank: 2929
Omega Ratio Rank
MSTBX Calmar Ratio Rank: 3434
Calmar Ratio Rank
MSTBX Martin Ratio Rank: 2525
Martin Ratio Rank
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. MSTBX - Risk-Adjusted Trends Comparison

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

MSTQXMSTBXDifference
Sharpe ratioReturn per unit of total volatility
-0.14
1.36

-1.50

Sortino ratioReturn per unit of downside risk
-0.04
2.06

-2.09

Omega ratioGain probability vs. loss probability

0.99

1.26

-0.27

Calmar ratioReturn relative to maximum drawdown

-0.13

2.09

-2.22

Martin ratioReturn relative to average drawdown

-0.26

5.55

-5.81

MSTQX vs. MSTBX - Sharpe Ratio Comparison

The current MSTQX Sharpe Ratio is -0.14, which is lower than the MSTBX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of MSTQX and MSTBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MSTQX vs. MSTBX - Drawdown Comparison

The maximum MSTQX drawdown since its inception was -36.23%, which is greater than MSTBX's maximum drawdown of -6.31%. Use the drawdown chart below to compare losses from any high point for MSTQX and MSTBX.

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Drawdown Indicators

MSTQXMSTBXDifference

Max Drawdown

Largest peak-to-trough decline

-36.23%

-6.31%

-29.92%

Max Drawdown (1Y)

Largest decline over 1 year

-21.58%

-1.41%

-20.17%

Max Drawdown (3Y)

Largest decline over 3 years

-21.58%

-1.42%

-20.16%

Max Drawdown (5Y)

Largest decline over 5 years

-23.61%

-6.31%

-17.30%

Current Drawdown

Current decline from peak

-12.44%

-0.92%

-11.52%

Average Drawdown

Average peak-to-trough decline

-6.28%

-1.02%

-5.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.73%

0.53%

+9.20%

Volatility

MSTQX vs. MSTBX - Volatility Comparison

Morningstar U.S. Equity Fund (MSTQX) has a higher volatility of 3.98% compared to Morningstar Defensive Bond Fund (MSTBX) at 0.69%. This indicates that MSTQX's price experiences larger fluctuations and is considered to be riskier than MSTBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MSTQXMSTBXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.98%

0.69%

+3.29%

Volatility (6M)

Calculated over the trailing 6-month period

18.44%

1.47%

+16.97%

Volatility (1Y)

Calculated over the trailing 1-year period

20.27%

2.16%

+18.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.63%

2.39%

+16.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.68%

2.09%

+18.59%

MSTQX vs. MSTBX - Expense Ratio Comparison

MSTQX has a 0.85% expense ratio, which is higher than MSTBX's 0.52% expense ratio.

Dividends

MSTQX vs. MSTBX - Dividend Comparison

MSTQX's dividend yield for the trailing twelve months is around 0.65%, less than MSTBX's 2.45% yield.

PositionTTM20252024202320222021202020192018
MSTBX
Morningstar Defensive Bond Fund		2.45%2.79%4.23%3.80%2.64%2.64%3.17%2.69%0.29%
MSTQX
Morningstar U.S. Equity Fund		0.65%0.69%10.80%4.21%9.79%15.98%2.15%2.04%0.17%

Frequently Asked Questions

MSTQX and MSTBX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MSTQX has higher volatility (3.98%) compared to MSTBX (0.69%). In terms of maximum drawdown, MSTQX dropped -36.23% vs MSTBX's -6.31%.

MSTBX currently has the higher Sharpe Ratio (1.36 vs -0.14), 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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