MSTRX vs. MSTBX

Last updated Apr 1, 2026

Compare and contrast key facts about Morningstar Total Return Bond Fund (MSTRX) and Morningstar Defensive Bond Fund (MSTBX).

MSTRX is managed by Morningstar. It was launched on Nov 2, 2018. MSTBX is managed by Morningstar. It was launched on Nov 2, 2018.

Performance

MSTRX vs. MSTBX - Performance Comparison

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

MSTRX vs. MSTBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTRX Morningstar Total Return Bond Fund	-0.89%	4.87%	1.75%	5.54%	-15.53%	-1.56%	9.57%	9.34%	2.40%
MSTBX Morningstar Defensive Bond Fund	-0.20%	5.19%	4.52%	7.16%	-4.73%	0.84%	4.75%	3.53%	0.39%

Returns By Period

In the year-to-date period, MSTRX achieves a -0.89% return, which is significantly lower than MSTBX's -0.20% return.

MSTRX

• 1D: 0.45%
• 1M: -2.31%
• YTD: -0.89%
• 6M: -0.58%
• 1Y: 1.87%
• 3Y*: 2.57%
• 5Y*: -0.70%
• 10Y*: —

MSTBX

• 1D: 0.41%
• 1M: -1.01%
• YTD: -0.20%
• 6M: 0.32%
• 1Y: 2.85%
• 3Y*: 4.89%
• 5Y*: 2.48%
• 10Y*: —

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

MSTRX vs. MSTBX - Expense Ratio Comparison

MSTRX has a 0.55% expense ratio, which is higher than MSTBX's 0.52% expense ratio.

MSTRX

Morningstar Total Return Bond Fund

MSTBX

Morningstar Defensive Bond Fund

Return for Risk

MSTRX vs. MSTBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSTRX

MSTRX Risk / Return Rank: 37
MSTRX Sharpe Ratio Rank: 31
MSTRX Sortino Ratio Rank: 28
MSTRX Omega Ratio Rank: 22
MSTRX Calmar Ratio Rank: 64
MSTRX Martin Ratio Rank: 41

MSTBX

MSTBX Risk / Return Rank: 89
MSTBX Sharpe Ratio Rank: 84
MSTBX Sortino Ratio Rank: 89
MSTBX Omega Ratio Rank: 82
MSTBX Calmar Ratio Rank: 94
MSTBX Martin Ratio Rank: 94

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.

MSTRX vs. MSTBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Total Return Bond Fund (MSTRX) 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.

	MSTRX	MSTBX	Difference
Sharpe ratio Return per unit of total volatility	0.71	1.60	-0.89
Sortino ratio Return per unit of downside risk	1.04	2.48	-1.43
Omega ratio Gain probability vs. loss probability	1.13	1.33	-0.20
Calmar ratio Return relative to maximum drawdown	1.46	3.19	-1.73
Martin ratio Return relative to average drawdown	4.21	12.16	-7.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTRX vs. MSTBX - Sharpe Ratio Comparison

The current MSTRX Sharpe Ratio is 0.71, which is lower than the MSTBX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of MSTRX and MSTBX, 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

	MSTRX	MSTBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	1.60	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	1.10	-1.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.40	-1.08

Correlation

The correlation between MSTRX and MSTBX is 0.79, 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

MSTRX vs. MSTBX - Dividend Comparison

MSTRX's dividend yield for the trailing twelve months is around 1.98%, which matches MSTBX's 1.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTRX Morningstar Total Return Bond Fund	1.98%	2.60%	4.02%	3.42%	2.50%	2.13%	4.93%	5.23%	0.29%
MSTBX Morningstar Defensive Bond Fund	1.99%	2.79%	4.23%	3.80%	2.64%	2.64%	3.17%	2.69%	0.29%

Drawdowns

MSTRX vs. MSTBX - Drawdown Comparison

The maximum MSTRX drawdown since its inception was -20.97%, which is greater than MSTBX's maximum drawdown of -6.31%. Use the drawdown chart below to compare losses from any high point for MSTRX and MSTBX.

Drawdown Indicators

	MSTRX	MSTBX	Difference
Max Drawdown Largest peak-to-trough decline	-20.97%	-6.31%	-14.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-1.42%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-6.31%	-14.46%
Current Drawdown Current decline from peak	-7.20%	-1.01%	-6.19%
Average Drawdown Average peak-to-trough decline	-7.12%	-1.02%	-6.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.37%	+0.68%

Volatility

MSTRX vs. MSTBX - Volatility Comparison

Morningstar Total Return Bond Fund (MSTRX) has a higher volatility of 1.24% compared to Morningstar Defensive Bond Fund (MSTBX) at 0.78%. This indicates that MSTRX'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.

Volatility by Period

	MSTRX	MSTBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	0.78%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	1.44%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	4.91%	2.51%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	2.35%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.68%	2.09%	+3.59%