MSTQX vs. TANDX

Last updated Jun 25, 2026

MSTQX (Morningstar U.S. Equity Fund) and TANDX (Castle Tandem Fund) are both Large Cap Blend Equities funds. Over the past 5 years, MSTQX returned 5.39%/yr vs 1.42%/yr for TANDX. A 0.74 correlation means they provide meaningful diversification when combined. MSTQX charges 0.85%/yr vs 1.59%/yr for TANDX.

Performance

MSTQX vs. TANDX - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTQX achieves a 3.43% return, which is significantly higher than TANDX's -13.30% return.

MSTQX

• 1D: -0.88%
• 1M: -1.04%
• YTD: 3.43%
• 6M: 2.17%
• 1Y: -5.44%
• 3Y*: 8.97%
• 5Y*: 5.39%
• 10Y*: —

TANDX

• 1D: 0.79%
• 1M: -2.00%
• YTD: -13.30%
• 6M: -14.10%
• 1Y: -15.45%
• 3Y*: 0.83%
• 5Y*: 1.42%
• 10Y*: —

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

MSTQX vs. TANDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MSTQX Morningstar U.S. Equity Fund	3.43%	-5.56%	18.94%	25.24%	-16.29%	26.15%	10.49%	9.28%
TANDX Castle Tandem Fund	-13.30%	3.67%	7.66%	8.42%	-7.87%	19.03%	13.39%	12.57%

Correlation

The correlation between MSTQX and TANDX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019	0.74

Over the past year, the correlation between MSTQX and TANDX has dropped to 0.45 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

MSTQX vs. TANDX — 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: 2
MSTQX Calmar Ratio Rank: 2
MSTQX Martin Ratio Rank: 2

TANDX

TANDX Risk / Return Rank: 0
TANDX Sharpe Ratio Rank: 0
TANDX Sortino Ratio Rank: 0
TANDX Omega Ratio Rank: 0
TANDX Calmar Ratio Rank: 0
TANDX Martin Ratio Rank: 0

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. TANDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar U.S. Equity Fund (MSTQX) and Castle Tandem Fund (TANDX). 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	TANDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	-1.55	+1.28
Sortino ratio: Return per unit of downside risk	-0.19	-2.09	+1.90
Omega ratio: Gain probability vs. loss probability	0.96	0.76	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.25	-0.88	+0.63
Martin ratio: Return relative to average drawdown	-0.50	-1.90	+1.40

MSTQX vs. TANDX - Sharpe Ratio Comparison

The current MSTQX Sharpe Ratio is -0.27, which is higher than the TANDX Sharpe Ratio of -1.55. The chart below compares the historical Sharpe Ratios of MSTQX and TANDX, 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. TANDX - Drawdown Comparison

The maximum MSTQX drawdown since its inception was -36.23%, smaller than the maximum TANDX drawdown of -93.98%. Use the drawdown chart below to compare losses from any high point for MSTQX and TANDX.

Drawdown Indicators

	MSTQX	TANDX	Difference
Max Drawdown Largest peak-to-trough decline	-36.23%	-93.98%	+57.75%
Max Drawdown (1Y) Largest decline over 1 year	-21.58%	-16.90%	-4.68%
Max Drawdown (3Y) Largest decline over 3 years	-21.58%	-93.98%	+72.40%
Max Drawdown (5Y) Largest decline over 5 years	-23.61%	-93.98%	+70.37%
Current Drawdown Current decline from peak	-13.76%	-93.94%	+80.18%
Average Drawdown Average peak-to-trough decline	-6.29%	-20.81%	+14.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.78%	7.79%	+1.99%

Volatility

MSTQX vs. TANDX - Volatility Comparison

Morningstar U.S. Equity Fund (MSTQX) has a higher volatility of 3.93% compared to Castle Tandem Fund (TANDX) at 3.35%. This indicates that MSTQX's price experiences larger fluctuations and is considered to be riskier than TANDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTQX	TANDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	3.35%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	18.44%	7.60%	+10.84%
Volatility (1Y) Calculated over the trailing 1-year period	20.26%	9.64%	+10.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.63%	596.04%	-577.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.68%	494.64%	-473.96%

MSTQX vs. TANDX - Expense Ratio Comparison

MSTQX has a 0.85% expense ratio, which is lower than TANDX's 1.59% expense ratio.

Dividends

MSTQX vs. TANDX - Dividend Comparison

MSTQX's dividend yield for the trailing twelve months is around 0.66%, less than TANDX's 7.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTQX Morningstar U.S. Equity Fund	0.66%	0.69%	10.80%	4.21%	9.79%	15.98%	2.15%	2.04%	0.17%
TANDX Castle Tandem Fund	7.12%	6.17%	3.71%	2.10%	1.48%	4.57%	0.33%	0.37%	0.00%

Frequently Asked Questions

Can I hold both MSTQX and TANDX in my portfolio?

MSTQX and TANDX have a correlation of 0.45, 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 TANDX?

MSTQX has higher volatility (3.93%) compared to TANDX (3.35%). In terms of maximum drawdown, MSTQX dropped -36.23% vs TANDX's -93.98%.

Which has better risk-adjusted returns?

MSTQX currently has the higher Sharpe Ratio (-0.27 vs -1.55), 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.