RMDFX vs. MSTVX
RMDFX (Aspiriant Defensive Allocation Fund) and MSTVX (Morningstar Alternatives Fund) are both Multistrategy funds. Over the past 5 years, RMDFX returned 5.43%/yr vs 3.87%/yr for MSTVX. At a 0.48 correlation, their price movements are largely independent. RMDFX charges 0.18%/yr vs 1.15%/yr for MSTVX.
Performance
RMDFX vs. MSTVX - Performance Comparison
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Returns By Period
In the year-to-date period, RMDFX achieves a 6.57% return, which is significantly higher than MSTVX's 1.69% return.
RMDFX
- 1D
- 0.24%
- 1M
- 0.08%
- 6M
- 4.71%
- YTD
- 6.57%
- 1Y
- 17.24%
- 3Y*
- 10.37%
- 5Y*
- 5.43%
- 10Y*
- 5.23%
MSTVX
- 1D
- 0.00%
- 1M
- 0.47%
- 6M
- 1.60%
- YTD
- 1.69%
- 1Y
- 4.57%
- 3Y*
- 6.67%
- 5Y*
- 3.87%
- 10Y*
- —
RMDFX vs. MSTVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
RMDFX Aspiriant Defensive Allocation Fund | 6.57% | 18.85% | 1.45% | 8.01% | -6.84% | 4.20% | 5.10% | 11.50% | -1.50% |
MSTVX Morningstar Alternatives Fund | 1.69% | 6.42% | 6.37% | 6.86% | -2.69% | 4.20% | 3.81% | 5.82% | -0.05% |
Correlation
The correlation between RMDFX and MSTVX 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 | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.48 |
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Return for Risk
RMDFX vs. MSTVX — Risk / Return Rank
RMDFX
MSTVX
RMDFX vs. MSTVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aspiriant Defensive Allocation Fund (RMDFX) and Morningstar Alternatives Fund (MSTVX). 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.
| RMDFX | MSTVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.49 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 4.11 | 3.07 | +1.04 |
| Martin ratioReturn relative to average drawdown | 15.24 | 7.64 | +7.60 |
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Drawdowns
RMDFX vs. MSTVX - Drawdown Comparison
The maximum RMDFX drawdown since its inception was -15.96%, which is greater than MSTVX's maximum drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for RMDFX and MSTVX.
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Drawdown Indicators
| RMDFX | MSTVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.96% | -8.02% | -7.94% |
Max Drawdown (1Y)Largest decline over 1 year | -4.19% | -1.84% | -2.35% |
Max Drawdown (3Y)Largest decline over 3 years | -5.79% | -3.31% | -2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -14.63% | -5.89% | -8.74% |
Max Drawdown (10Y)Largest decline over 10 years | -15.96% | — | — |
Current DrawdownCurrent decline from peak | -0.78% | -0.55% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -3.31% | -1.17% | -2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 0.68% | +0.45% |
Volatility
RMDFX vs. MSTVX - Volatility Comparison
Aspiriant Defensive Allocation Fund (RMDFX) has a higher volatility of 1.22% compared to Morningstar Alternatives Fund (MSTVX) at 0.68%. This indicates that RMDFX's price experiences larger fluctuations and is considered to be riskier than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RMDFX | MSTVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 0.68% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 4.13% | 1.78% | +2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.83% | 2.32% | +2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.34% | 3.16% | +3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.22% | 3.13% | +3.09% |
RMDFX vs. MSTVX - Expense Ratio Comparison
RMDFX has a 0.18% expense ratio, which is lower than MSTVX's 1.15% expense ratio.
Dividends
RMDFX vs. MSTVX - Dividend Comparison
RMDFX's dividend yield for the trailing twelve months is around 4.35%, more than MSTVX's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MSTVX Morningstar Alternatives Fund | 3.35% | 3.41% | 3.07% | 3.86% | 3.92% | 4.99% | 2.91% | 1.74% | 0.25% | 0.00% | 0.00% |
RMDFX Aspiriant Defensive Allocation Fund | 4.35% | 4.63% | 0.00% | 3.69% | 0.78% | 5.37% | 2.28% | 3.78% | 4.11% | 2.16% | 1.16% |
Frequently Asked Questions
RMDFX and MSTVX 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.
RMDFX has higher volatility (1.22%) compared to MSTVX (0.68%). In terms of maximum drawdown, RMDFX dropped -15.96% vs MSTVX's -8.02%.
RMDFX currently has the higher Sharpe Ratio (3.56 vs 2.44), 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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