RPSIX vs. MSTMX

Last updated Jun 4, 2026

RPSIX (T. Rowe Price Spectrum Income Fund) and MSTMX (Morningstar Multisector Bond Fund) are both Multisector Bonds funds. Over the past 5 years, RPSIX returned 2.57%/yr vs 1.95%/yr for MSTMX. A 0.76 correlation means they provide meaningful diversification when combined. RPSIX charges 0.62%/yr vs 0.58%/yr for MSTMX.

Performance

RPSIX vs. MSTMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Spectrum Income Fund (RPSIX) and Morningstar Multisector Bond Fund (MSTMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPSIX achieves a 1.36% return, which is significantly lower than MSTMX's 1.80% return.

RPSIX

• 1D: 0.09%
• 1M: 0.64%
• YTD: 1.36%
• 6M: 2.23%
• 1Y: 8.35%
• 3Y*: 7.54%
• 5Y*: 2.57%
• 10Y*: 3.88%

MSTMX

• 1D: 0.21%
• 1M: 1.09%
• YTD: 1.80%
• 6M: 2.23%
• 1Y: 8.04%
• 3Y*: 7.97%
• 5Y*: 1.95%
• 10Y*: —

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

RPSIX vs. MSTMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
RPSIX T. Rowe Price Spectrum Income Fund	1.36%	9.91%	5.62%	8.55%	-11.40%	2.60%	6.07%	11.57%	0.00%
MSTMX Morningstar Multisector Bond Fund	1.80%	10.03%	4.60%	10.77%	-13.11%	-2.86%	6.45%	10.53%	-0.23%

Correlation

The correlation between RPSIX and MSTMX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018	0.76

The correlation between RPSIX and MSTMX shifts across timeframes, from 0.60 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

RPSIX vs. MSTMX — Risk / Return Rank

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

RPSIX

RPSIX Risk / Return Rank: 86
RPSIX Sharpe Ratio Rank: 87
RPSIX Sortino Ratio Rank: 94
RPSIX Omega Ratio Rank: 89
RPSIX Calmar Ratio Rank: 75
RPSIX Martin Ratio Rank: 85

MSTMX

MSTMX Risk / Return Rank: 57
MSTMX Sharpe Ratio Rank: 62
MSTMX Sortino Ratio Rank: 63
MSTMX Omega Ratio Rank: 70
MSTMX Calmar Ratio Rank: 44
MSTMX Martin Ratio Rank: 44

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.

RPSIX vs. MSTMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Spectrum Income Fund (RPSIX) and Morningstar Multisector Bond Fund (MSTMX). 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.

	RPSIX	MSTMX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	2.31	+0.50
Sortino ratio: Return per unit of downside risk	4.83	3.32	+1.51
Omega ratio: Gain probability vs. loss probability	1.63	1.47	+0.16
Calmar ratio: Return relative to maximum drawdown	3.39	2.53	+0.86
Martin ratio: Return relative to average drawdown	16.21	9.31	+6.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPSIX vs. MSTMX - Sharpe Ratio Comparison

The current RPSIX Sharpe Ratio is 2.81, which is comparable to the MSTMX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of RPSIX and MSTMX, 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

	RPSIX	MSTMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	2.31	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.37	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	0.60	+0.90

Drawdowns

RPSIX vs. MSTMX - Drawdown Comparison

The maximum RPSIX drawdown since its inception was -16.73%, smaller than the maximum MSTMX drawdown of -21.37%. Use the drawdown chart below to compare losses from any high point for RPSIX and MSTMX.

Drawdown Indicators

	RPSIX	MSTMX	Difference
Max Drawdown Largest peak-to-trough decline	-16.73%	-21.37%	+4.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-4.09%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	-5.79%	+0.87%
Max Drawdown (5Y) Largest decline over 5 years	-16.73%	-21.37%	+4.64%
Max Drawdown (10Y) Largest decline over 10 years	-16.73%	—	—
Current Drawdown Current decline from peak	0.00%	-0.33%	+0.33%
Average Drawdown Average peak-to-trough decline	-1.69%	-5.01%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	1.12%	-0.60%

Volatility

RPSIX vs. MSTMX - Volatility Comparison

The current volatility for T. Rowe Price Spectrum Income Fund (RPSIX) is 0.96%, while Morningstar Multisector Bond Fund (MSTMX) has a volatility of 1.49%. This indicates that RPSIX experiences smaller price fluctuations and is considered to be less risky than MSTMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPSIX	MSTMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	1.49%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	3.46%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.06%	4.50%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	5.50%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.54%	5.78%	-1.24%

RPSIX vs. MSTMX - Expense Ratio Comparison

RPSIX has a 0.62% expense ratio, which is higher than MSTMX's 0.58% expense ratio.

Dividends

RPSIX vs. MSTMX - Dividend Comparison

RPSIX's dividend yield for the trailing twelve months is around 7.52%, more than MSTMX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSTMX Morningstar Multisector Bond Fund	4.22%	4.00%	6.01%	5.26%	1.42%	4.17%	2.68%	6.18%	0.37%	0.00%	0.00%	0.00%
RPSIX T. Rowe Price Spectrum Income Fund	7.52%	7.45%	6.57%	4.83%	3.99%	3.92%	3.64%	3.79%	4.73%	3.91%	3.75%	4.71%

Frequently Asked Questions

Can I hold both RPSIX and MSTMX in my portfolio?

RPSIX and MSTMX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPSIX or MSTMX?

MSTMX has higher volatility (1.49%) compared to RPSIX (0.96%). In terms of maximum drawdown, RPSIX dropped -16.73% vs MSTMX's -21.37%.

Which has better risk-adjusted returns?

RPSIX currently has the higher Sharpe Ratio (2.81 vs 2.31), 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.