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Morningstar Indexes

The Morningstar Index family consists of 16 U.S. equity indexes. The Morningstar US Market Index targets 97% U.S. market coverage. Its nine sub-indexes mirror the nine segments of the Morningstar Style Box, which are also combined to create aggregate market capitalization (large, mid-, and small-cap) and style (value, core, and growth) indexes.

The returns we publish for the index are total returns, which include reinvestment of dividends. For more information, see the Morningstar Indexes Web site.

Morningstar® U.S. Market Index™

The Morningstar US Market Index is a rule-based, float-weighted index that tracks the performance of the U.S. stock market. The index targets 97% of the market capitalization of the U.S. stock market.

Market Cap Indexes

The Morningstar US Large Cap, Mid Cap, and Small Cap Indexes are aggregates of the large-cap, mid-cap, and small-cap Morningstar Style Box Indexes. Large-cap stocks represent the top 70% of the capitalization of the U.S. stock market, mid-cap stocks represent the next 20%, and small-cap stocks represent the remaining 7%.  

Style Indexes

The Morningstar US Value, Core, and Growth Indexes are aggregates of the value, core, and growth Style Box Indexes, which are defined using a 10-factor style box methodology that categorizes stocks by their growth and value orientations.

Growth orientation (as measured by long-term projected earnings growth, sales growth, historical-earnings growth, cash-flow growth, and book-value growth) is determined separately from value orientation (as measured by price/earnings, price/book, price/sales, price/cash flow, and dividend yield). When neither orientation dominates, stocks are categorized as core.

Over 36-month rolling cycles, each of these indexes represents 1/3 of the overall U.S. stock market.

Morningstar Style Box Indexes

The nine Morningstar Style Box Indexes represent the nine segments of the Morningstar Style Box, specified by style and market capitalization, based on Morningstar's 10-factor style-box methodology.

The returns we publish for Morningstar indexes are total returns, which include reinvestment of dividends.

 


 

See Also

Morningstar Indexes Fact Sheet (PDF)

Morningstar Indexes Methodology (PDF)