Market Total Return (Monthly) YTD, 1 Month, 3 Month, 12 Month, 3 Year Annualized, 5 Year Annualized, 10 Year Annualized
Morningstar calculates the market-price return by taking the change in the fund's market price, reinvesting all income and capital-gains distributions during the period, and dividing by the starting market price.
NAV Return (Monthly) YTD, 1 Month, 3 Month, 12 Month, 3 Year Annualized, 5 Year Annualized, 10 Year Annualized
Morningstar calculates NAV total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV.
Morningstar Category
While the investment objective stated in a fund's prospectus may or may not reflect how the fund actually invests, the Morningstar Category is assigned based on the underlying securities in each portfolio. Morningstar Categories are designed to help investors and investment professionals make meaningful comparisons between funds. The Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. The following is a list and explanation of the Morningstar Categories. We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio.
% Rank Category Market Return YTD, 1 Month, 3 Month, 12 Month, 3 Year Annualized, 5 Year Annualized, 10 Year Annualized
This is the fund's total-return percentile rank for the specified time period relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within Categories are most useful in those categories that have a large number of funds.
Expense Ratio %
The annual expense ratio, taken from the fund's annual report, expresses the percentage of assets deducted each fiscal year for fund expenses, including management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. Portfolio transaction fees or brokerage costs are not included in the expense ratio.
The expense ratio, which is deducted from the fund's average net assets, is accrued on a daily basis. If the fund's assets are small, its expense ratio can be quite high because the fund must meet its expenses from a restricted asset base. Conversely, as the net assets of the fund grow, the expense percentage should ideally diminish as expenses are spread across the wider base. Funds may also opt to waive all or a portion of the expenses that make up their overall expense ratio.
12-Month Yield
Expressed as a percentage, this figure represents a fund’s income return on capital investment for the past 12 months. It refers only to interest distributions from fixed-income securities, dividends from stocks, and realized gains from currency transactions.