MSTVX vs. SPATX

Last updated Jun 4, 2026

MSTVX (Morningstar Alternatives Fund) and SPATX (Symmetry Panoramic Alternatives Fund) are both Multistrategy funds. Over the past 5 years, MSTVX returned 3.68%/yr vs 8.84%/yr for SPATX. At a 0.04 correlation, their price movements are largely independent. MSTVX charges 1.15%/yr vs 0.50%/yr for SPATX.

Performance

MSTVX vs. SPATX - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTVX achieves a 0.75% return, which is significantly lower than SPATX's 8.21% return.

MSTVX

• 1D: 0.00%
• 1M: 0.09%
• YTD: 0.75%
• 6M: 1.70%
• 1Y: 4.29%
• 3Y*: 6.71%
• 5Y*: 3.68%
• 10Y*: —

SPATX

• 1D: 0.15%
• 1M: 1.06%
• YTD: 8.21%
• 6M: 9.20%
• 1Y: 14.30%
• 3Y*: 11.14%
• 5Y*: 8.84%
• 10Y*: —

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

MSTVX vs. SPATX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MSTVX Morningstar Alternatives Fund	0.75%	6.42%	6.37%	6.86%	-2.69%	4.20%	3.81%	5.82%	-0.05%
SPATX Symmetry Panoramic Alternatives Fund	8.21%	11.09%	1.50%	11.90%	12.80%	5.86%	3.42%	-0.00%	0.64%

Correlation

The correlation between MSTVX and SPATX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Nov 13, 2018	0.04

Return for Risk

MSTVX vs. SPATX — Risk / Return Rank

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

MSTVX

MSTVX Risk / Return Rank: 63
MSTVX Sharpe Ratio Rank: 67
MSTVX Sortino Ratio Rank: 80
MSTVX Omega Ratio Rank: 74
MSTVX Calmar Ratio Rank: 59
MSTVX Martin Ratio Rank: 37

SPATX

SPATX Risk / Return Rank: 97
SPATX Sharpe Ratio Rank: 98
SPATX Sortino Ratio Rank: 97
SPATX Omega Ratio Rank: 95
SPATX Calmar Ratio Rank: 99
SPATX Martin Ratio Rank: 98

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. SPATX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Alternatives Fund (MSTVX) and Symmetry Panoramic Alternatives Fund (SPATX). 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.

	MSTVX	SPATX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	3.89	-1.50
Sortino ratio: Return per unit of downside risk	3.80	5.99	-2.19
Omega ratio: Gain probability vs. loss probability	1.49	1.80	-0.31
Calmar ratio: Return relative to maximum drawdown	2.94	9.95	-7.01
Martin ratio: Return relative to average drawdown	8.10	35.92	-27.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTVX vs. SPATX - Sharpe Ratio Comparison

The current MSTVX Sharpe Ratio is 2.39, which is lower than the SPATX Sharpe Ratio of 3.89. The chart below compares the historical Sharpe Ratios of MSTVX and SPATX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSTVX	SPATX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	3.89	-1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	1.42	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	1.20	+0.15

Drawdowns

MSTVX vs. SPATX - Drawdown Comparison

The maximum MSTVX drawdown since its inception was -8.02%, smaller than the maximum SPATX drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for MSTVX and SPATX.

Drawdown Indicators

	MSTVX	SPATX	Difference
Max Drawdown Largest peak-to-trough decline	-8.02%	-11.67%	+3.65%
Max Drawdown (1Y) Largest decline over 1 year	-1.84%	-1.45%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-3.31%	-5.89%	+2.58%
Max Drawdown (5Y) Largest decline over 5 years	-5.89%	-5.89%	0.00%
Current Drawdown Current decline from peak	-1.47%	0.00%	-1.47%
Average Drawdown Average peak-to-trough decline	-1.17%	-1.70%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.40%	+0.31%

Volatility

MSTVX vs. SPATX - Volatility Comparison

The current volatility for Morningstar Alternatives Fund (MSTVX) is 0.54%, while Symmetry Panoramic Alternatives Fund (SPATX) has a volatility of 1.27%. This indicates that MSTVX experiences smaller price fluctuations and is considered to be less risky than SPATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTVX	SPATX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	1.27%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	2.85%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	3.73%	-1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.15%	6.27%	-3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.14%	6.05%	-2.91%

MSTVX vs. SPATX - Expense Ratio Comparison

MSTVX has a 1.15% expense ratio, which is higher than SPATX's 0.50% expense ratio.

Dividends

MSTVX vs. SPATX - Dividend Comparison

MSTVX's dividend yield for the trailing twelve months is around 3.39%, more than SPATX's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSTVX Morningstar Alternatives Fund	3.39%	3.41%	3.07%	3.86%	3.92%	4.99%	2.91%	1.74%	0.25%
SPATX Symmetry Panoramic Alternatives Fund	2.82%	3.05%	2.65%	6.16%	6.22%	2.08%	0.00%	1.87%	2.33%

Frequently Asked Questions

Can I hold both MSTVX and SPATX in my portfolio?

MSTVX and SPATX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTVX or SPATX?

SPATX has higher volatility (1.27%) compared to MSTVX (0.54%). In terms of maximum drawdown, MSTVX dropped -8.02% vs SPATX's -11.67%.

Which has better risk-adjusted returns?

SPATX currently has the higher Sharpe Ratio (3.89 vs 2.39), 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.