FS Multi-Strategy Alternatives Fund (FSMSX) belongs to the Multistrategy category. Below you'll find alternative mutual funds from the same category, ranked by key criteria, plus funds that investors commonly compare with FSMSX. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FSMSX
FSMSX charges 1.89% annually. There are 46 mutual funds in the Multistrategy category with lower expense ratios, going as low as 0.18%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aspiriant Defensive Allocation Fund | 0.18% | — | Dec 2015 | FSMSX vs RMDFX | |
| Symmetry Panoramic Alternatives Fund | 0.50% | — | Nov 2018 | FSMSX vs SPATX | |
| Morgan Stanley Pathway Funds Alternative Strategie... | 0.59% | — | Feb 2018 | FSMSX vs TALTX | |
| GMO Alternative Allocation Fund | 0.61% | — | May 2019 | FSMSX vs GAAVX | |
| Allspring Alternative Risk Premia Fund | 0.72% | — | Jan 2019 | FSMSX vs WRPIX |
Best Risk-Adjusted Alternatives to FSMSX
FSMSX has a PortfoliosLab risk / return rank of 83. There are 34 mutual funds in the Multistrategy category with higher risk-adjusted ranks, going as high as 100.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Stone Ridge Reinsurance Risk Premium Interval Fund | 100 | — | Dec 2013 | FSMSX vs SRRIX | |
| Absolute Convertible Arbitrage Fund Institutional ... | 100 | — | Aug 2017 | FSMSX vs ARBIX | |
| Strategic Advisers Alternatives Fund | 99 | — | Jul 2022 | FSMSX vs FSLTX | |
| Blackstone Alternative Multi-Strategy Fund | 99 | — | Jun 2014 | FSMSX vs BXMIX | |
| AQR Diversified Arbitrage Fund Class I | 99 | — | Jan 2009 | FSMSX vs ADAIX |
Top Performing FSMSX Alternatives (YTD)
FSMSX is at 3.59% YTD. There are 44 mutual funds in the Multistrategy category with higher YTD returns, going as high as 22.10%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| AQR Alternative Risk Premia R6 | 22.10% | — | Sep 2017 | FSMSX vs QRPRX | |
| AQR Alternative Risk Premia Fund - Class I | 21.98% | — | Sep 2017 | FSMSX vs QRPIX | |
| AQR Alternative Risk Premia Fund Class N | 21.85% | — | Sep 2017 | FSMSX vs QRPNX | |
| AQR Style Premia Alternative Fund - Class I | 17.69% | — | Oct 2013 | FSMSX vs QSPIX | |
| AQR Style Premia Alternative R6 | 17.68% | — | Sep 2014 | FSMSX vs QSPRX |
Lowest Volatility Alternatives to FSMSX
FSMSX has 3.36% 1-year volatility. There are 14 mutual funds in the Multistrategy category with lower 1-year volatility, going as low as 1.25%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Absolute Convertible Arbitrage Fund Institutional ... | 1.25% | — | Aug 2017 | FSMSX vs ARBIX | |
| AQR Diversified Arbitrage Fund Class N | 1.47% | — | Jan 2009 | FSMSX vs ADANX | |
| AQR Diversified Arbitrage Fund Class I | 1.48% | — | Jan 2009 | FSMSX vs ADAIX | |
| Strategic Advisers Alternatives Fund | 2.25% | — | Jul 2022 | FSMSX vs FSLTX | |
| Morningstar Alternatives Fund | 2.29% | — | Nov 2018 | FSMSX vs MSTVX |
Lowest Drawdown Alternatives to FSMSX
FSMSX has a 1-year max drawdown of -1.46%. There are 7 mutual funds in the Multistrategy category with shallower 1-year drawdowns, going as shallow as -0.51%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Absolute Convertible Arbitrage Fund Institutional ... | -0.51% | — | Aug 2017 | FSMSX vs ARBIX | |
| Stone Ridge Reinsurance Risk Premium Interval Fund | -0.55% | — | Dec 2013 | FSMSX vs SRRIX | |
| AQR Diversified Arbitrage Fund Class N | -0.60% | — | Jan 2009 | FSMSX vs ADANX | |
| AQR Diversified Arbitrage Fund Class I | -0.60% | — | Jan 2009 | FSMSX vs ADAIX | |
| Strategic Advisers Alternatives Fund | -0.86% | — | Jul 2022 | FSMSX vs FSLTX |
Other Mutual Funds from FS Investments
The 1 most viewed FS Investments mutual funds shown here include FCRIX and span 1 categories.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| FS Credit Income Fund Class I | Multistrategy | 98 | 3.24% | — | Nov 2017 | FSMSX vs FCRIX |
Often Compared With FSMSX
Investors most often compare FSMSX with FSMDX, QDSIX, SRDAX. These 20 comparison targets span 7 categories, based on PortfoliosLab usage data.
Compare FSMSX with Any Fund or Stock
Compare FSMSX with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FSMSX with funds that move differently
FS Multi-Strategy Alternatives Fund alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FSMSX.
Explore FSMSX Diversifiers