MSTRX vs. MSTR

Last updated Aug 1, 2026

MSTRX (Morningstar Total Return Bond Fund) is Intermediate Core Bond fund managed by Morningstar, while MSTR (Strategy Inc) is a stock. Over the past 5 years, MSTRX returned -1.36%/yr vs 8.30%/yr for MSTR. Their 0.07 correlation means their historical movements had little consistent relationship.

Performance

MSTRX vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTRX achieves a -0.93% return, which is significantly higher than MSTR's -38.61% return.

MSTRX

• 1D: 0.00%
• 1M: -0.79%
• 6M: -1.15%
• YTD: -0.93%
• 1Y: 1.29%
• 3Y*: 2.92%
• 5Y*: -1.36%
• 10Y*: —
• ALL TIME*: 1.69%

MSTR

• 1D: -4.56%
• 1M: -7.43%
• 6M: -37.69%
• YTD: -38.61%
• 1Y: -74.56%
• 3Y*: 28.96%
• 5Y*: 8.30%
• 10Y*: 18.75%
• ALL TIME*: 9.12%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTR Strategy Inc	$1.53B	$1.65B	$2.43B
MSTRX Morningstar Total Return Bond Fund	$0.00	$0.00	$0.00

MSTRX vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTRX Morningstar Total Return Bond Fund	-0.93%	4.87%	1.75%	5.54%	-15.53%	-1.56%	9.57%	9.34%	2.40%
MSTR Strategy Inc	-38.61%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	0.80%

Correlation

The correlation between MSTRX and MSTR is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.10
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.07

Return for Risk

MSTRX vs. MSTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTRX

MSTRX Risk / Return Rank: 11
MSTRX Sharpe Ratio Rank: 11
MSTRX Sortino Ratio Rank: 10
MSTRX Omega Ratio Rank: 10
MSTRX Calmar Ratio Rank: 12
MSTRX Martin Ratio Rank: 10

MSTR

MSTR Risk / Return Rank: 5
MSTR Sharpe Ratio Rank: 4
MSTR Sortino Ratio Rank: 2
MSTR Omega Ratio Rank: 5
MSTR Calmar Ratio Rank: 4
MSTR Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTRX vs. MSTR - Risk-Adjusted Trends Comparison

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

	MSTRX	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	0.43	-1.02	+1.45
Sortino ratio: Return per unit of downside risk	0.64	-2.18	+2.82
Omega ratio: Gain probability vs. loss probability	1.08	0.78	+0.30
Calmar ratio: Return relative to maximum drawdown	0.56	-0.97	+1.53
Martin ratio: Return relative to average drawdown	1.28	-1.38	+2.66

MSTRX vs. MSTR - Sharpe Ratio Comparison

The current MSTRX Sharpe Ratio is 0.43, which is higher than the MSTR Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of MSTRX and MSTR, 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

MSTRX vs. MSTR - Drawdown Comparison

The maximum MSTRX drawdown since its inception was -20.97%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for MSTRX and MSTR.

Drawdown Indicators

	MSTRX	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-20.97%	-99.86%	+78.89%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-79.53%	+76.47%
Max Drawdown (3Y) Largest decline over 3 years	-5.57%	-82.63%	+77.06%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-84.11%	+63.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-7.23%	-80.31%	+73.08%
Average Drawdown Average peak-to-trough decline	-7.10%	-86.42%	+79.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	55.64%	-54.40%

Volatility

MSTRX vs. MSTR - Volatility Comparison

The current volatility for Morningstar Total Return Bond Fund (MSTRX) is 0.97%, while Strategy Inc (MSTR) has a volatility of 18.58%. This indicates that MSTRX experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTRX	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	18.58%	-17.61%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	60.57%	-57.79%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	75.24%	-71.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.26%	89.94%	-83.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.62%	74.33%	-68.71%

Dividends

MSTRX vs. MSTR - Dividend Comparison

MSTRX's dividend yield for the trailing twelve months is around 2.47%, while MSTR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTR Strategy Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MSTRX Morningstar Total Return Bond Fund	2.47%	2.60%	4.02%	3.42%	2.50%	2.13%	4.93%	5.23%	0.29%

Frequently Asked Questions

Can I hold both MSTRX and MSTR in my portfolio?

MSTRX and MSTR have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTRX or MSTR?

MSTR has higher volatility (18.58%) compared to MSTRX (0.97%). In terms of maximum drawdown, MSTRX dropped -20.97% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

MSTRX currently has the higher Sharpe Ratio (0.43 vs -1.02), 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.