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MSTVX vs. MSTQX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MSTVX vs. MSTQX

Last updated Jun 24, 2026

MSTVX (Morningstar Alternatives Fund) and MSTQX (Morningstar U.S. Equity Fund) are both mutual funds - MSTVX is a Multistrategy fund managed by Morningstar, while MSTQX is a Large Cap Blend Equities fund managed by Morningstar. Over the past 5 years, MSTVX returned 3.81%/yr vs 5.71%/yr for MSTQX. A 0.54 correlation means they provide meaningful diversification when combined. MSTVX charges 1.15%/yr vs 0.85%/yr for MSTQX.

Performance

MSTVX vs. MSTQX - Performance Comparison

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

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Returns By Period

In the year-to-date period, MSTVX achieves a 1.22% return, which is significantly lower than MSTQX's 4.35% return.

MSTVX

1D
-0.09%
1M
0.47%
YTD
1.22%
6M
1.34%
1Y
4.48%
3Y*
6.80%
5Y*
3.81%
10Y*
—

MSTQX

1D
-0.64%
1M
-0.16%
YTD
4.35%
6M
3.42%
1Y
-3.57%
3Y*
9.29%
5Y*
5.71%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MSTVX vs. MSTQX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MSTVX
Morningstar Alternatives Fund		1.22%6.42%6.37%6.86%-2.69%4.20%3.81%5.82%-0.05%
MSTQX
Morningstar U.S. Equity Fund		4.35%-5.56%18.94%25.24%-16.29%26.15%10.49%26.02%-10.45%

Correlation

The correlation between MSTVX and MSTQX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.39

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

0.45

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

0.54

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

0.54

The correlation between MSTVX and MSTQX shifts across timeframes, from 0.39 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.

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Morningstar Alternatives Fund

Morningstar U.S. Equity Fund

Often compared with MSTVX:
MSTVX vs. MSTRXMSTVX vs. DBCMSTVX vs. MSTMXMSTVX vs. QDSIXMSTVX vs. MSTFXMSTVX vs. MSTBXMSTVX vs. MSTPX
Often compared with MSTQX:
MSTQX vs. ICVTMSTQX vs. VOOMSTQX vs. MSTBXMSTQX vs. MSTSXMSTQX vs. MSCIMSTQX vs. MSTFXMSTQX vs. MSTMX

Return for Risk

MSTVX vs. MSTQX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MSTVX
MSTVX Risk / Return Rank: 7575
Overall Rank
MSTVX Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
MSTVX Sortino Ratio Rank: 9090
Sortino Ratio Rank
MSTVX Omega Ratio Rank: 8484
Omega Ratio Rank
MSTVX Calmar Ratio Rank: 7575
Calmar Ratio Rank
MSTVX Martin Ratio Rank: 4040
Martin Ratio Rank
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
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.

MSTVX vs. MSTQX - Risk-Adjusted Trends Comparison

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

MSTVXMSTQXDifference
Sharpe ratioReturn per unit of total volatility
2.57
-0.18

+2.74

Sortino ratioReturn per unit of downside risk
4.08
-0.08

+4.16

Omega ratioGain probability vs. loss probability

1.52

0.98

+0.54

Calmar ratioReturn relative to maximum drawdown

3.22

-0.17

+3.39

Martin ratioReturn relative to average drawdown

8.18

-0.33

+8.51

MSTVX vs. MSTQX - Sharpe Ratio Comparison

The current MSTVX Sharpe Ratio is 2.57, which is higher than the MSTQX Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of MSTVX and MSTQX, 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

MSTVX vs. MSTQX - Drawdown Comparison

The maximum MSTVX drawdown since its inception was -8.02%, smaller than the maximum MSTQX drawdown of -36.23%. Use the drawdown chart below to compare losses from any high point for MSTVX and MSTQX.

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Drawdown Indicators

MSTVXMSTQXDifference

Max Drawdown

Largest peak-to-trough decline

-8.02%

-36.23%

+28.21%

Max Drawdown (1Y)

Largest decline over 1 year

-1.84%

-21.58%

+19.74%

Max Drawdown (3Y)

Largest decline over 3 years

-3.31%

-21.58%

+18.27%

Max Drawdown (5Y)

Largest decline over 5 years

-5.89%

-23.61%

+17.72%

Current Drawdown

Current decline from peak

-1.01%

-13.00%

+11.99%

Average Drawdown

Average peak-to-trough decline

-1.17%

-6.28%

+5.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.68%

9.74%

-9.06%

Volatility

MSTVX vs. MSTQX - Volatility Comparison

The current volatility for Morningstar Alternatives Fund (MSTVX) is 0.65%, while Morningstar U.S. Equity Fund (MSTQX) has a volatility of 3.95%. This indicates that MSTVX experiences smaller price fluctuations and is considered to be less risky than MSTQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MSTVXMSTQXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.65%

3.95%

-3.30%

Volatility (6M)

Calculated over the trailing 6-month period

1.76%

18.44%

-16.68%

Volatility (1Y)

Calculated over the trailing 1-year period

2.32%

20.29%

-17.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.16%

18.63%

-15.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.14%

20.68%

-17.54%

MSTVX vs. MSTQX - Expense Ratio Comparison

MSTVX has a 1.15% expense ratio, which is higher than MSTQX's 0.85% expense ratio.

Dividends

MSTVX vs. MSTQX - Dividend Comparison

MSTVX's dividend yield for the trailing twelve months is around 3.37%, more than MSTQX's 0.66% yield.

PositionTTM20252024202320222021202020192018
MSTQX
Morningstar U.S. Equity Fund		0.66%0.69%10.80%4.21%9.79%15.98%2.15%2.04%0.17%
MSTVX
Morningstar Alternatives Fund		3.37%3.41%3.07%3.86%3.92%4.99%2.91%1.74%0.25%

Frequently Asked Questions

MSTVX and MSTQX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MSTQX has higher volatility (3.95%) compared to MSTVX (0.65%). In terms of maximum drawdown, MSTVX dropped -8.02% vs MSTQX's -36.23%.

MSTVX currently has the higher Sharpe Ratio (2.57 vs -0.18), 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.

Portfolio Optimizer

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