ATRFX vs. TALTX

Last updated Jun 4, 2026

ATRFX (Catalyst Systematic Alpha Class I) and TALTX (Morgan Stanley Pathway Funds Alternative Strategies Fund) are both Multistrategy funds. With a 1.00 correlation, they move nearly in lockstep. ATRFX charges 1.77%/yr vs 0.59%/yr for TALTX.

Performance

ATRFX vs. TALTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Catalyst Systematic Alpha Class I (ATRFX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ATRFX

• 1D: 0.93%
• 1M: 9.53%
• YTD: 0.09%
• 6M: 2.57%
• 1Y: 16.49%
• 3Y*: 0.36%
• 5Y*: 5.27%
• 10Y*: 5.84%

TALTX

• 1D: 0.09%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ATRFX vs. TALTX - Yearly Performance Comparison

	2026 (YTD)
ATRFX Catalyst Systematic Alpha Class I	1.98%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.27%

Correlation

The correlation between ATRFX and TALTX is 1.00 - 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 (All Time) Calculated using the full available price history since May 29, 2026	1.00

Return for Risk

ATRFX vs. TALTX — Risk / Return Rank

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

ATRFX

ATRFX Risk / Return Rank: 9
ATRFX Sharpe Ratio Rank: 11
ATRFX Sortino Ratio Rank: 10
ATRFX Omega Ratio Rank: 12
ATRFX Calmar Ratio Rank: 8
ATRFX Martin Ratio Rank: 8

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.

ATRFX vs. TALTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst Systematic Alpha Class I (ATRFX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). 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.

	ATRFX	TALTX	Difference
Sharpe ratio: Return per unit of total volatility	0.84	—	—
Sortino ratio: Return per unit of downside risk	1.22	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	0.76	—	—
Martin ratio: Return relative to average drawdown	2.26	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ATRFX	TALTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	21.79	-21.46

Drawdowns

ATRFX vs. TALTX - Drawdown Comparison

The maximum ATRFX drawdown since its inception was -35.17%, which is greater than TALTX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ATRFX and TALTX.

Drawdown Indicators

	ATRFX	TALTX	Difference
Max Drawdown Largest peak-to-trough decline	-35.17%	0.00%	-35.17%
Max Drawdown (1Y) Largest decline over 1 year	-22.53%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-35.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.17%	—	—
Current Drawdown Current decline from peak	-14.63%	0.00%	-14.63%
Average Drawdown Average peak-to-trough decline	-8.76%	0.00%	-8.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	—	—

Volatility

Volatility by Period

	ATRFX	TALTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.50%	1.43%	+19.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	1.43%	+15.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	1.43%	+14.11%

ATRFX vs. TALTX - Expense Ratio Comparison

ATRFX has a 1.77% expense ratio, which is higher than TALTX's 0.59% expense ratio.

Dividends

ATRFX vs. TALTX - Dividend Comparison

ATRFX's dividend yield for the trailing twelve months is around 0.49%, while TALTX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATRFX Catalyst Systematic Alpha Class I	0.49%	0.65%	11.89%	1.87%	4.98%	5.43%	20.92%	1.60%	1.37%	0.00%	0.91%	1.02%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ATRFX and TALTX in my portfolio?

With a correlation of 1.00, ATRFX and TALTX 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.