CSQAX vs. PFFA

Last updated Jun 4, 2026

CSQAX (Credit Suisse Multialternative Strategy Fund Class A Shares) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both funds - CSQAX is a Multistrategy fund tracking the Credit Suisse Liquid Alternative Beta Index, while PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners. CSQAX is passively managed, while PFFA is actively managed. Over the past 5 years, CSQAX returned 3.20%/yr vs 6.57%/yr for PFFA. At a 0.16 correlation, their price movements are largely independent. CSQAX charges 1.74%/yr vs 1.47%/yr for PFFA.

Performance

CSQAX vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Credit Suisse Multialternative Strategy Fund Class A Shares (CSQAX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSQAX achieves a 4.50% return, which is significantly higher than PFFA's 3.08% return.

CSQAX

• 1D: 0.34%
• 1M: -0.23%
• YTD: 4.50%
• 6M: 3.73%
• 1Y: 3.67%
• 3Y*: 4.29%
• 5Y*: 3.20%
• 10Y*: 3.41%

PFFA

• 1D: -0.70%
• 1M: -0.26%
• YTD: 3.08%
• 6M: 4.03%
• 1Y: 14.79%
• 3Y*: 14.46%
• 5Y*: 6.57%
• 10Y*: —

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

CSQAX vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CSQAX Credit Suisse Multialternative Strategy Fund Class A Shares	4.50%	0.73%	0.66%	1.72%	5.52%	9.98%	6.10%	2.88%	-2.67%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	3.08%	8.22%	16.11%	26.45%	-20.91%	23.53%	-7.87%	31.99%	-7.10%

Correlation

The correlation between CSQAX and PFFA is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since May 17, 2018	0.16

The correlation between CSQAX and PFFA shifts across timeframes, from 0.15 (5 years) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CSQAX vs. PFFA — Risk / Return Rank

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

CSQAX

CSQAX Risk / Return Rank: 7
CSQAX Sharpe Ratio Rank: 7
CSQAX Sortino Ratio Rank: 6
CSQAX Omega Ratio Rank: 6
CSQAX Calmar Ratio Rank: 8
CSQAX Martin Ratio Rank: 7

PFFA

PFFA Risk / Return Rank: 56
PFFA Sharpe Ratio Rank: 61
PFFA Sortino Ratio Rank: 63
PFFA Omega Ratio Rank: 64
PFFA Calmar Ratio Rank: 45
PFFA Martin Ratio Rank: 46

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.

CSQAX vs. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Credit Suisse Multialternative Strategy Fund Class A Shares (CSQAX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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.

	CSQAX	PFFA	Difference
Sharpe ratio: Return per unit of total volatility	0.53	2.12	-1.59
Sortino ratio: Return per unit of downside risk	0.77	3.00	-2.23
Omega ratio: Gain probability vs. loss probability	1.09	1.40	-0.30
Calmar ratio: Return relative to maximum drawdown	0.77	2.29	-1.51
Martin ratio: Return relative to average drawdown	1.94	7.79	-5.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSQAX vs. PFFA - Sharpe Ratio Comparison

The current CSQAX Sharpe Ratio is 0.53, which is lower than the PFFA Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of CSQAX and PFFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CSQAX	PFFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	2.12	-1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.57	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.24	+0.29

Drawdowns

CSQAX vs. PFFA - Drawdown Comparison

The maximum CSQAX drawdown since its inception was -8.37%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for CSQAX and PFFA.

Drawdown Indicators

	CSQAX	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-8.37%	-70.52%	+62.15%
Max Drawdown (1Y) Largest decline over 1 year	-4.92%	-6.49%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	-5.27%	-12.15%	+6.88%
Max Drawdown (5Y) Largest decline over 5 years	-7.28%	-22.70%	+15.42%
Max Drawdown (10Y) Largest decline over 10 years	-8.37%	—	—
Current Drawdown Current decline from peak	-1.34%	-1.50%	+0.16%
Average Drawdown Average peak-to-trough decline	-2.07%	-6.65%	+4.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.90%	+0.06%

Volatility

CSQAX vs. PFFA - Volatility Comparison

Credit Suisse Multialternative Strategy Fund Class A Shares (CSQAX) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA) have volatilities of 1.90% and 1.87%, 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

	CSQAX	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	1.87%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	5.60%	5.68%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	7.02%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	11.51%	-5.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.03%	31.84%	-25.81%

CSQAX vs. PFFA - Expense Ratio Comparison

CSQAX has a 1.74% expense ratio, which is higher than PFFA's 1.47% expense ratio.

Dividends

CSQAX vs. PFFA - Dividend Comparison

CSQAX's dividend yield for the trailing twelve months is around 1.04%, less than PFFA's 9.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSQAX Credit Suisse Multialternative Strategy Fund Class A Shares	1.04%	1.09%	6.54%	2.73%	2.59%	9.06%	13.23%	4.77%	1.84%	5.27%	1.87%	0.24%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.62%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSQAX and PFFA in my portfolio?

CSQAX and PFFA have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSQAX or PFFA?

CSQAX has higher volatility (1.90%) compared to PFFA (1.87%). In terms of maximum drawdown, CSQAX dropped -8.37% vs PFFA's -70.52%.

Which has better risk-adjusted returns?

PFFA currently has the higher Sharpe Ratio (2.12 vs 0.53), 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.