- Issuer
- Fidelity
- Inception Date
- Jul 12, 2022
- Category
- Multistrategy
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
FSLTX Performance Chart
Strategic Advisers Alternatives Fund (FSLTX) is up 5.3% since the beginning of the year. FSLTX is currently trading at $10 per share.
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Returns By Period
Strategic Advisers Alternatives Fund (FSLTX) has returned 5.28% so far this year and 9.85% over the past 12 months.
Strategic Advisers Alternatives Fund
- 1D
- 0.10%
- 1M
- -0.29%
- 6M
- 3.39%
- YTD
- 5.28%
- 1Y
- 9.85%
- 3Y*
- 8.39%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.07%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
FSLTX Monthly Returns History
Based on dividend-adjusted daily data since Feb 1, 2023, FSLTX's average daily return is +0.03%, while the average monthly return is +0.57%. At this rate, an investment would double in approximately 10.2 years.
Historically, 71% of months were positive and 29% were negative. The best month was Dec 2024 with a return of +4.7%, while the worst month was Mar 2023 at -1.3%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 2 months.
On a daily basis, FSLTX closed higher 42% of trading days. The best single day was Dec 30, 2024 with a return of +3.9%, while the worst single day was Dec 29, 2023 at -3.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.83% | 1.00% | 0.20% | 0.99% | 1.07% | 0.19% | -0.10% | 5.28% | |||||
| 2025 | 1.66% | -0.92% | 1.44% | -0.20% | 1.12% | 0.40% | -0.30% | 0.80% | 1.59% | 0.49% | 0.49% | 0.89% | 7.69% |
| 2024 | 0.53% | 0.74% | 1.57% | 0.00% | -0.00% | 0.31% | 0.51% | -0.41% | 1.02% | -0.00% | 0.81% | 4.67% | 10.10% |
| 2023 | 0.10% | -1.34% | 0.31% | 0.00% | 0.21% | 0.41% | -0.00% | 1.36% | -0.00% | -0.21% | 0.85% | 1.68% |
Benchmark Metrics
Strategic Advisers Alternatives Fund has an annualized alpha of 7.22%, beta of 0.02, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since February 01, 2023.
- This fund captured 12.96% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -30.16%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.02 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 7.22%
- Beta
- 0.02
- R²
- 0.00
- Upside Capture
- 12.96%
- Downside Capture
- -30.16%
Expense Ratio
FSLTX has a high expense ratio of 1.56%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
FSLTX ranks 99 for risk / return — above 99% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Strategic Advisers Alternatives Fund (FSLTX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FSLTX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.66 | ||
| Sortino ratioReturn per unit of downside risk | +5.87 | ||
| Omega ratioGain probability vs. loss probability | 2.46 | 1.25 | +1.21 |
| Calmar ratioReturn relative to maximum drawdown | 13.23 | 2.00 | +11.22 |
| Martin ratioReturn relative to average drawdown | 55.37 | 8.49 | +46.87 |
Dividends
Dividend History
Strategic Advisers Alternatives Fund provided a 5.23% dividend yield over the last twelve months, with an annual payout of $0.54 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.54 | $0.54 | $0.73 | $0.37 |
Dividend yield | 5.23% | 5.50% | 7.52% | 3.94% |
Monthly Dividends
The table displays the monthly dividend distributions for Strategic Advisers Alternatives Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.54 | $0.54 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.73 | $0.73 |
| 2023 | $0.04 | $0.00 | $0.00 | $0.00 | $0.00 | $0.33 | $0.37 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Strategic Advisers Alternatives Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Strategic Advisers Alternatives Fund was 3.78%, occurring on Jan 4, 2024. Recovery took 131 trading sessions.
The current Strategic Advisers Alternatives Fund drawdown is 0.58%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-3.78%Jan 2024 | 6d | 6mo 13d | 6mo 19dDec 2023 - Jul 2024 | — |
-2.64%Apr 2025 | 8d | 14d | 22dApr 2025 - Apr 2025 | 2025 selloff2025 |
-1.96%Mar 2023 | 8d | 5mo 29d | 6mo 7dMar 2023 - Sep 2023 | — |
-1.62%Mar 2025 | 17d | 24d | 1mo 11dFeb 2025 - Mar 2025 | 2025 selloff2025 |
-1.12%Aug 2024 | 5d | 1mo 11d | 1mo 16dAug 2024 - Sep 2024 | — |
Drawdown Indicators
| FSLTX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.78% | -56.78% | +53.00% |
Max Drawdown (1Y)Largest decline over 1 year | -0.86% | -9.10% | +8.24% |
Max Drawdown (3Y)Largest decline over 3 years | -3.78% | -18.90% | +15.12% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.58% | -1.58% | +1.00% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -10.70% | +10.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 2.14% | -1.88% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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