ASFYX vs. AMFAX

Last updated Jun 24, 2026

ASFYX (AlphaSimplex Managed Futures Strategy Fund Class Y) and AMFAX (AlphaSimplex Managed Futures Strategy Fund Class A) are both Systematic Trend funds from BlackRock. Over the past 10 years, ASFYX returned 2.59%/yr vs 2.26%/yr for AMFAX. With a 0.99 correlation, they move nearly in lockstep. ASFYX charges 1.47%/yr vs 1.72%/yr for AMFAX.

Performance

ASFYX vs. AMFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX) and AlphaSimplex Managed Futures Strategy Fund Class A (AMFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ASFYX having a 11.89% return and AMFAX slightly lower at 11.68%. Over the past 10 years, ASFYX has outperformed AMFAX with an annualized return of 2.59%, while AMFAX has yielded a comparatively lower 2.26% annualized return.

ASFYX

• 1D: 0.58%
• 1M: -2.48%
• YTD: 11.89%
• 6M: 11.07%
• 1Y: 23.67%
• 3Y*: -2.24%
• 5Y*: 2.89%
• 10Y*: 2.59%

AMFAX

• 1D: 0.59%
• 1M: -2.52%
• YTD: 11.68%
• 6M: 10.99%
• 1Y: 23.30%
• 3Y*: -2.47%
• 5Y*: 2.64%
• 10Y*: 2.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ASFYX vs. AMFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASFYX AlphaSimplex Managed Futures Strategy Fund Class Y	11.89%	-9.67%	-3.22%	-10.33%	35.67%	3.52%	13.59%	8.99%	-12.59%	6.78%
AMFAX AlphaSimplex Managed Futures Strategy Fund Class A	11.68%	-9.75%	-3.56%	-10.59%	35.38%	3.28%	13.29%	8.03%	-12.87%	6.54%

Correlation

The correlation between ASFYX and AMFAX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 3, 2010	0.99

The correlation between ASFYX and AMFAX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

ASFYX vs. AMFAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ASFYX

ASFYX Risk / Return Rank: 64
ASFYX Sharpe Ratio Rank: 54
ASFYX Sortino Ratio Rank: 47
ASFYX Omega Ratio Rank: 50
ASFYX Calmar Ratio Rank: 91
ASFYX Martin Ratio Rank: 80

AMFAX

AMFAX Risk / Return Rank: 63
AMFAX Sharpe Ratio Rank: 53
AMFAX Sortino Ratio Rank: 45
AMFAX Omega Ratio Rank: 49
AMFAX Calmar Ratio Rank: 91
AMFAX Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ASFYX vs. AMFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX) and AlphaSimplex Managed Futures Strategy Fund Class A (AMFAX). 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.

	ASFYX	AMFAX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.98	+0.03
Sortino ratio: Return per unit of downside risk	2.65	2.60	+0.05
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	4.45	4.39	+0.06
Martin ratio: Return relative to average drawdown	13.89	13.71	+0.18

ASFYX vs. AMFAX - Sharpe Ratio Comparison

The current ASFYX Sharpe Ratio is 2.01, which is comparable to the AMFAX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of ASFYX and AMFAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ASFYX vs. AMFAX - Drawdown Comparison

The maximum ASFYX drawdown since its inception was -36.43%, roughly equal to the maximum AMFAX drawdown of -36.84%. Use the drawdown chart below to compare losses from any high point for ASFYX and AMFAX.

Drawdown Indicators

	ASFYX	AMFAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.43%	-36.84%	+0.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.43%	-5.41%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-30.32%	-30.49%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-36.43%	-36.84%	+0.41%
Max Drawdown (10Y) Largest decline over 10 years	-36.43%	-36.84%	+0.41%
Current Drawdown Current decline from peak	-20.61%	-21.34%	+0.73%
Average Drawdown Average peak-to-trough decline	-13.20%	-13.65%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.73%	0.00%

Volatility

ASFYX vs. AMFAX - Volatility Comparison

AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX) and AlphaSimplex Managed Futures Strategy Fund Class A (AMFAX) have volatilities of 3.71% and 3.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASFYX	AMFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	3.72%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	9.91%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	12.05%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.77%	13.77%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.73%	12.72%	+0.01%

ASFYX vs. AMFAX - Expense Ratio Comparison

ASFYX has a 1.47% expense ratio, which is lower than AMFAX's 1.72% expense ratio.

Dividends

ASFYX vs. AMFAX - Dividend Comparison

ASFYX's dividend yield for the trailing twelve months is around 1.36%, less than AMFAX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMFAX AlphaSimplex Managed Futures Strategy Fund Class A	1.65%	1.84%	1.28%	0.30%	32.70%	5.74%	3.14%	4.71%	1.31%	0.00%	0.00%	4.92%
ASFYX AlphaSimplex Managed Futures Strategy Fund Class Y	1.36%	1.52%	1.46%	0.99%	32.48%	6.07%	3.40%	5.51%	1.30%	0.07%	0.01%	5.06%

Frequently Asked Questions

Can I hold both ASFYX and AMFAX in my portfolio?

With a correlation of 0.99, ASFYX and AMFAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ASFYX or AMFAX?

AMFAX has higher volatility (3.72%) compared to ASFYX (3.71%). In terms of maximum drawdown, ASFYX dropped -36.43% vs AMFAX's -36.84%.

Which has better risk-adjusted returns?

ASFYX currently has the higher Sharpe Ratio (2.00 vs 1.98), 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.