AAACX vs. MSTVX
AAACX (Alpha Alternative Assets Fund) and MSTVX (Morningstar Alternatives Fund) are both Multistrategy funds. Over the past 5 years, AAACX returned -1.24%/yr vs 3.87%/yr for MSTVX. At a 0.14 correlation, their price movements are largely independent.
Performance
AAACX vs. MSTVX - Performance Comparison
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Returns By Period
In the year-to-date period, AAACX achieves a 4.68% return, which is significantly higher than MSTVX's 1.69% return.
AAACX
- 1D
- 0.00%
- 1M
- 0.33%
- 6M
- 4.20%
- YTD
- 4.68%
- 1Y
- 7.11%
- 3Y*
- 6.26%
- 5Y*
- -1.24%
- 10Y*
- —
- ALL TIME*
- -0.13%
MSTVX
- 1D
- 0.00%
- 1M
- 0.19%
- 6M
- 1.31%
- YTD
- 1.69%
- 1Y
- 4.57%
- 3Y*
- 6.49%
- 5Y*
- 3.87%
- 10Y*
- —
- ALL TIME*
- 4.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
AAACX vs. MSTVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
AAACX Alpha Alternative Assets Fund | 4.68% | 6.27% | 5.85% | 3.75% | -20.30% | -6.20% | 4.86% | 3.51% |
MSTVX Morningstar Alternatives Fund | 1.69% | 6.42% | 6.37% | 6.86% | -2.69% | 4.20% | 3.81% | 2.14% |
Correlation
The correlation between AAACX and MSTVX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.14 |
The correlation between AAACX and MSTVX shifts across timeframes, from 0.04 (3 years) to 0.14 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AAACX vs. MSTVX — Risk / Return Rank
AAACX
MSTVX
AAACX vs. MSTVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alpha Alternative Assets Fund (AAACX) and Morningstar Alternatives Fund (MSTVX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| AAACX | MSTVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 2.12 | 1.49 | +0.63 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 3.04 | -1.39 |
| Martin ratioReturn relative to average drawdown | 4.00 | 7.49 | -3.49 |
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Drawdowns
AAACX vs. MSTVX - Drawdown Comparison
The maximum AAACX drawdown since its inception was -28.76%, which is greater than MSTVX's maximum drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for AAACX and MSTVX.
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Drawdown Indicators
| AAACX | MSTVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.76% | -8.02% | -20.74% |
Max Drawdown (1Y)Largest decline over 1 year | -4.44% | -1.84% | -2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -4.44% | -3.31% | -1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | -5.89% | -18.78% |
Current DrawdownCurrent decline from peak | -12.70% | -0.55% | -12.15% |
Average DrawdownAverage peak-to-trough decline | -16.36% | -1.17% | -15.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 0.69% | +1.13% |
Volatility
AAACX vs. MSTVX - Volatility Comparison
The current volatility for Alpha Alternative Assets Fund (AAACX) is 0.25%, while Morningstar Alternatives Fund (MSTVX) has a volatility of 0.59%. This indicates that AAACX experiences smaller price fluctuations and is considered to be less risky than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAACX | MSTVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.25% | 0.59% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 1.10% | 1.76% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.62% | 2.31% | +4.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.99% | 3.17% | +3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.37% | 3.13% | +5.24% |
Dividends
AAACX vs. MSTVX - Dividend Comparison
AAACX's dividend yield for the trailing twelve months is around 5.56%, more than MSTVX's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AAACX Alpha Alternative Assets Fund | 5.56% | 5.15% | 3.11% | 7.84% | 4.68% | 12.02% | 5.87% | 1.68% | 0.00% |
MSTVX Morningstar Alternatives Fund | 3.35% | 3.41% | 3.07% | 3.86% | 3.92% | 4.99% | 2.91% | 1.74% | 0.25% |
Frequently Asked Questions
AAACX and MSTVX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTVX has higher volatility (0.59%) compared to AAACX (0.25%). In terms of maximum drawdown, AAACX dropped -28.76% vs MSTVX's -8.02%.
MSTVX currently has the higher Sharpe Ratio (2.43 vs 1.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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