MSTVX vs. MSTRX
MSTVX (Morningstar Alternatives Fund) and MSTRX (Morningstar Total Return Bond Fund) are both mutual funds - MSTVX is a Multistrategy fund managed by Morningstar, while MSTRX is a Intermediate Core Bond fund managed by Morningstar. Over the past 5 years, MSTVX returned 3.81%/yr vs -0.98%/yr for MSTRX. At a 0.30 correlation, their price movements are largely independent. MSTVX charges 1.15%/yr vs 0.55%/yr for MSTRX.
Performance
MSTVX vs. MSTRX - Performance Comparison
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Returns By Period
In the year-to-date period, MSTVX achieves a 1.22% return, which is significantly higher than MSTRX's -0.37% return.
MSTVX
- 1D
- -0.09%
- 1M
- 0.47%
- YTD
- 1.22%
- 6M
- 1.34%
- 1Y
- 4.48%
- 3Y*
- 6.80%
- 5Y*
- 3.81%
- 10Y*
- —
MSTRX
- 1D
- -0.34%
- 1M
- 0.62%
- YTD
- -0.37%
- 6M
- -0.17%
- 1Y
- 2.50%
- 3Y*
- 2.96%
- 5Y*
- -0.98%
- 10Y*
- —
MSTVX vs. MSTRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MSTVX Morningstar Alternatives Fund | 1.22% | 6.42% | 6.37% | 6.86% | -2.69% | 4.20% | 3.81% | 5.82% | -0.05% |
MSTRX Morningstar Total Return Bond Fund | -0.37% | 4.87% | 1.75% | 5.54% | -15.53% | -1.56% | 9.57% | 9.34% | 2.40% |
Correlation
The correlation between MSTVX and MSTRX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.30 |
Over the past year, MSTVX and MSTRX have become more correlated (0.59) than their long-term average of 0.30, meaning their price movements have been converging.
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Return for Risk
MSTVX vs. MSTRX — Risk / Return Rank
MSTVX
MSTRX
MSTVX vs. MSTRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morningstar Alternatives Fund (MSTVX) and Morningstar Total Return Bond Fund (MSTRX). 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.
| MSTVX | MSTRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.15 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 1.10 | +2.12 |
| Martin ratioReturn relative to average drawdown | 8.18 | 2.86 | +5.32 |
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Drawdowns
MSTVX vs. MSTRX - Drawdown Comparison
The maximum MSTVX drawdown since its inception was -8.02%, smaller than the maximum MSTRX drawdown of -20.97%. Use the drawdown chart below to compare losses from any high point for MSTVX and MSTRX.
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Drawdown Indicators
| MSTVX | MSTRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.02% | -20.97% | +12.95% |
Max Drawdown (1Y)Largest decline over 1 year | -1.84% | -3.06% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.31% | -6.67% | +3.36% |
Max Drawdown (5Y)Largest decline over 5 years | -5.89% | -20.77% | +14.88% |
Current DrawdownCurrent decline from peak | -1.01% | -6.71% | +5.70% |
Average DrawdownAverage peak-to-trough decline | -1.17% | -7.11% | +5.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 1.32% | -0.64% |
Volatility
MSTVX vs. MSTRX - Volatility Comparison
The current volatility for Morningstar Alternatives Fund (MSTVX) is 0.65%, while Morningstar Total Return Bond Fund (MSTRX) has a volatility of 1.24%. This indicates that MSTVX experiences smaller price fluctuations and is considered to be less risky than MSTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTVX | MSTRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 1.24% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 2.83% | -1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.32% | 4.13% | -1.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.16% | 6.25% | -3.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.14% | 5.65% | -2.51% |
MSTVX vs. MSTRX - Expense Ratio Comparison
MSTVX has a 1.15% expense ratio, which is higher than MSTRX's 0.55% expense ratio.
Dividends
MSTVX vs. MSTRX - Dividend Comparison
MSTVX's dividend yield for the trailing twelve months is around 3.37%, more than MSTRX's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSTRX Morningstar Total Return Bond Fund | 2.60% | 2.60% | 4.02% | 3.42% | 2.50% | 2.13% | 4.93% | 5.23% | 0.29% |
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 MSTRX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTRX has higher volatility (1.24%) compared to MSTVX (0.65%). In terms of maximum drawdown, MSTVX dropped -8.02% vs MSTRX's -20.97%.
MSTVX currently has the higher Sharpe Ratio (2.57 vs 0.82), 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.
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