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Best Free Alternatives to Morningstar Direct
Stop paying $17,000+ per user/yr. Discover professional-grade tools that won't break your budget.
Category: Fund Research / Portfolio AnalysisVerified for 2025
Top Recommended Replacements
YCharts
Best Professional Alternative
Why we like it
The modern replacement for Morningstar; beautiful, client-ready PDF reports; excellent fundamental charting; deep fund/ETF data; widely used by RIAs who find Morningstar's interface clunky.
Keep in mind
Still expensive compared to retail tools ( ~$4,000/yr), but 75% cheaper than Direct.
Testfol.io
FREEBest for Backtesting
Why we like it
The new gold standard for free portfolio backtesting (replacing Portfolio Visualizer after their 2024 paywall update); solves 'Overfitting' by allowing advanced rebalancing logic; completely free and fast.
Keep in mind
Steeper learning curve; data is strictly for backtesting (no 'Forward P/E' estimates for funds).
Morningstar Investor
Best for X-Ray
Why we like it
If you just need the famous 'Portfolio X-Ray' to see your asset allocation overlap, this retail version is all you need; includes the same star ratings and analyst reports as Direct.
Keep in mind
Lacks the 'Presentation Studio' and custom peer group creation of Direct.
Koyfin
FREEBest for Market Data
Why we like it
Excellent for visualizing macro trends and ETF performance; 'Model Portfolios' feature allows you to track hypothetical performance against benchmarks.
Keep in mind
Fund data depth (e.g., manager tenure, fees) is shallower than Morningstar.
ETF.com / ETFdb
FREEBest for ETF Screening
Why we like it
The best free databases for finding ETFs; screen by expense ratio, AUM, and sector exposure; robust comparison tools.
Keep in mind
Ad-supported; covers ETFs only (no mutual funds).
Portseido
FREEBest for Tracking
Why we like it
Tracks your *actual* performance (Time Weighted Return) across all your brokerages; benchmarking against S&P 500 or custom indexes.
Keep in mind
It is a tracker, not a research tool (you can't 'screen' for new stocks).
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