MSTSX vs. MSTBX

Last updated Aug 1, 2026

MSTSX (Morningstar Global Opportunistic Equity Fund) and MSTBX (Morningstar Defensive Bond Fund) are both mutual funds - MSTSX is a Global Allocation fund managed by Morningstar, while MSTBX is a Short-Term Bond fund managed by Morningstar. Over the past 5 years, MSTSX returned 7.40%/yr vs 2.30%/yr for MSTBX. Their 0.15 correlation means their historical movements had little consistent relationship. MSTSX charges 0.78%/yr vs 0.52%/yr for MSTBX.

Performance

MSTSX vs. MSTBX - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTSX achieves a 10.66% return, which is significantly higher than MSTBX's 0.13% return.

MSTSX

• 1D: 0.50%
• 1M: 2.79%
• 6M: 7.33%
• YTD: 10.66%
• 1Y: 7.47%
• 3Y*: 10.16%
• 5Y*: 7.40%
• 10Y*: —
• ALL TIME*: 8.72%

MSTBX

• 1D: 0.10%
• 1M: 0.10%
• 6M: -0.07%
• YTD: 0.13%
• 1Y: 1.88%
• 3Y*: 4.71%
• 5Y*: 2.30%
• 10Y*: —
• ALL TIME*: 2.76%

*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)
MSTBX Morningstar Defensive Bond Fund	$0.00	$0.00	$0.00
MSTSX Morningstar Global Opportunistic Equity Fund	$0.00	$0.00	$0.00

MSTSX vs. MSTBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTSX Morningstar Global Opportunistic Equity Fund	10.66%	7.72%	10.17%	17.15%	-9.19%	11.21%	9.40%	17.33%	-4.32%
MSTBX Morningstar Defensive Bond Fund	0.13%	5.19%	4.52%	7.16%	-4.73%	0.84%	4.75%	3.53%	0.39%

Correlation

The correlation between MSTSX and MSTBX is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (5Y) Shows whether the relationship held over a longer period.	0.22
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.15

Over the past year, MSTSX and MSTBX have become more correlated (0.40) than their long-term average of 0.15, meaning their price movements have been converging.

Return for Risk

MSTSX vs. MSTBX — Risk / Return Rank

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

MSTSX

MSTSX Risk / Return Rank: 12
MSTSX Sharpe Ratio Rank: 13
MSTSX Sortino Ratio Rank: 11
MSTSX Omega Ratio Rank: 16
MSTSX Calmar Ratio Rank: 11
MSTSX Martin Ratio Rank: 10

MSTBX

MSTBX Risk / Return Rank: 31
MSTBX Sharpe Ratio Rank: 31
MSTBX Sortino Ratio Rank: 32
MSTBX Omega Ratio Rank: 33
MSTBX Calmar Ratio Rank: 36
MSTBX Martin Ratio Rank: 25

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.

MSTSX vs. MSTBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Global Opportunistic Equity Fund (MSTSX) 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.

	MSTSX	MSTBX	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.05	-0.51
Sortino ratio: Return per unit of downside risk	0.75	1.55	-0.80
Omega ratio: Gain probability vs. loss probability	1.12	1.20	-0.08
Calmar ratio: Return relative to maximum drawdown	0.55	1.57	-1.02
Martin ratio: Return relative to average drawdown	1.28	3.68	-2.40

MSTSX vs. MSTBX - Sharpe Ratio Comparison

The current MSTSX Sharpe Ratio is 0.54, which is lower than the MSTBX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of MSTSX 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.

Drawdowns

MSTSX vs. MSTBX - Drawdown Comparison

The maximum MSTSX drawdown since its inception was -27.44%, which is greater than MSTBX's maximum drawdown of -6.31%. Use the drawdown chart below to compare losses from any high point for MSTSX and MSTBX.

Drawdown Indicators

	MSTSX	MSTBX	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-6.31%	-21.13%
Max Drawdown (1Y) Largest decline over 1 year	-14.10%	-1.41%	-12.69%
Max Drawdown (3Y) Largest decline over 3 years	-14.10%	-1.42%	-12.68%
Max Drawdown (5Y) Largest decline over 5 years	-21.16%	-6.31%	-14.85%
Current Drawdown Current decline from peak	-1.07%	-0.67%	-0.40%
Average Drawdown Average peak-to-trough decline	-4.09%	-1.02%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	0.55%	+4.98%

Volatility

MSTSX vs. MSTBX - Volatility Comparison

Morningstar Global Opportunistic Equity Fund (MSTSX) has a higher volatility of 2.85% compared to Morningstar Defensive Bond Fund (MSTBX) at 0.47%. This indicates that MSTSX'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

	MSTSX	MSTBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	0.47%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	1.44%	+7.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	2.11%	+12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	2.40%	+12.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	2.09%	+13.41%

MSTSX vs. MSTBX - Expense Ratio Comparison

MSTSX has a 0.78% expense ratio, which is higher than MSTBX's 0.52% expense ratio.

Dividends

MSTSX vs. MSTBX - Dividend Comparison

MSTSX's dividend yield for the trailing twelve months is around 2.20%, more than MSTBX's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTBX Morningstar Defensive Bond Fund	2.08%	2.79%	4.23%	3.80%	2.64%	2.64%	3.17%	2.69%	0.29%
MSTSX Morningstar Global Opportunistic Equity Fund	2.20%	2.44%	9.41%	2.68%	2.99%	22.24%	2.94%	3.93%	1.13%

Frequently Asked Questions

Can I hold both MSTSX and MSTBX in my portfolio?

MSTSX and MSTBX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTSX or MSTBX?

MSTSX has higher volatility (2.85%) compared to MSTBX (0.47%). In terms of maximum drawdown, MSTSX dropped -27.44% vs MSTBX's -6.31%.

Which has better risk-adjusted returns?

MSTBX currently has the higher Sharpe Ratio (1.05 vs 0.54), 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.