TSDLX vs. MSTBX

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price Short Duration Income Fund (TSDLX) and Morningstar Defensive Bond Fund (MSTBX).

TSDLX is managed by T. Rowe Price. It was launched on Dec 7, 2020. MSTBX is managed by Morningstar. It was launched on Nov 2, 2018.

Performance

TSDLX vs. MSTBX - Performance Comparison

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

TSDLX vs. MSTBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TSDLX T. Rowe Price Short Duration Income Fund	-0.02%	10.34%	6.30%	6.07%	-5.69%	0.77%	0.10%
MSTBX Morningstar Defensive Bond Fund	-0.20%	5.19%	4.52%	7.16%	-4.73%	0.84%	0.19%

Returns By Period

In the year-to-date period, TSDLX achieves a -0.02% return, which is significantly higher than MSTBX's -0.20% return.

TSDLX

• 1D: 0.11%
• 1M: -1.15%
• YTD: -0.02%
• 6M: 2.61%
• 1Y: 8.51%
• 3Y*: 6.90%
• 5Y*: 3.29%
• 10Y*: —

MSTBX

• 1D: 0.41%
• 1M: -1.01%
• YTD: -0.20%
• 6M: 0.32%
• 1Y: 2.85%
• 3Y*: 4.89%
• 5Y*: 2.48%
• 10Y*: —

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

TSDLX vs. MSTBX - Expense Ratio Comparison

TSDLX has a 0.40% expense ratio, which is lower than MSTBX's 0.52% expense ratio.

MSTBX

Morningstar Defensive Bond Fund

TSDLX

T. Rowe Price Short Duration Income Fund

Return for Risk

TSDLX vs. MSTBX — Risk / Return Rank

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

TSDLX

TSDLX Risk / Return Rank: 99
TSDLX Sharpe Ratio Rank: 99
TSDLX Sortino Ratio Rank: 99
TSDLX Omega Ratio Rank: 98
TSDLX Calmar Ratio Rank: 99
TSDLX Martin Ratio Rank: 99

MSTBX

MSTBX Risk / Return Rank: 89
MSTBX Sharpe Ratio Rank: 84
MSTBX Sortino Ratio Rank: 89
MSTBX Omega Ratio Rank: 82
MSTBX Calmar Ratio Rank: 94
MSTBX Martin Ratio Rank: 94

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.

TSDLX vs. MSTBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Short Duration Income Fund (TSDLX) and Morningstar Defensive Bond Fund (MSTBX). 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.

	TSDLX	MSTBX	Difference
Sharpe ratio Return per unit of total volatility	3.85	1.60	+2.25
Sortino ratio Return per unit of downside risk	8.30	2.48	+5.83
Omega ratio Gain probability vs. loss probability	2.18	1.33	+0.85
Calmar ratio Return relative to maximum drawdown	7.19	3.19	+4.00
Martin ratio Return relative to average drawdown	29.70	12.16	+17.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSDLX vs. MSTBX - Sharpe Ratio Comparison

The current TSDLX Sharpe Ratio is 3.85, which is higher than the MSTBX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of TSDLX and MSTBX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSDLX	MSTBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.85	1.60	+2.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.44	1.10	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	1.40	+0.06

Correlation

The correlation between TSDLX and MSTBX is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TSDLX vs. MSTBX - Dividend Comparison

TSDLX's dividend yield for the trailing twelve months is around 8.42%, more than MSTBX's 1.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
TSDLX T. Rowe Price Short Duration Income Fund	8.42%	8.51%	5.44%	4.21%	1.82%	1.69%	0.00%	0.00%	0.00%
MSTBX Morningstar Defensive Bond Fund	1.99%	2.79%	4.23%	3.80%	2.64%	2.64%	3.17%	2.69%	0.29%

Drawdowns

TSDLX vs. MSTBX - Drawdown Comparison

The maximum TSDLX drawdown since its inception was -7.86%, which is greater than MSTBX's maximum drawdown of -6.31%. Use the drawdown chart below to compare losses from any high point for TSDLX and MSTBX.

Drawdown Indicators

	TSDLX	MSTBX	Difference
Max Drawdown Largest peak-to-trough decline	-7.86%	-6.31%	-1.55%
Max Drawdown (1Y) Largest decline over 1 year	-1.26%	-1.42%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-7.86%	-6.31%	-1.55%
Current Drawdown Current decline from peak	-1.15%	-1.01%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.83%	-1.02%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.37%	-0.07%

Volatility

TSDLX vs. MSTBX - Volatility Comparison

The current volatility for T. Rowe Price Short Duration Income Fund (TSDLX) is 0.52%, while Morningstar Defensive Bond Fund (MSTBX) has a volatility of 0.78%. This indicates that TSDLX experiences smaller price fluctuations and is considered to be less risky than MSTBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSDLX	MSTBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.78%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	1.52%	1.44%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	2.51%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.30%	2.35%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.24%	2.09%	+0.15%