CSQAX vs. QUAL

Last updated Apr 1, 2026

Compare and contrast key facts about Credit Suisse Multialternative Strategy Fund Class A Shares (CSQAX) and iShares MSCI USA Quality Factor ETF (QUAL).

CSQAX is a passively managed fund by Credit Suisse that tracks the performance of the Credit Suisse Liquid Alternative Beta Index. It was launched on Mar 30, 2012. QUAL is a passively managed fund by iShares that tracks the performance of the MSCI USA Sector Neutral Quality Index. It was launched on Jul 18, 2013. Both CSQAX and QUAL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CSQAX vs. QUAL - 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 iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

CSQAX vs. QUAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSQAX Credit Suisse Multialternative Strategy Fund Class A Shares	0.95%	0.73%	0.66%	1.72%	5.52%	9.98%	6.10%	2.88%	-4.31%	4.07%
QUAL iShares MSCI USA Quality Factor ETF	-3.22%	12.65%	22.29%	30.88%	-20.50%	26.94%	17.04%	33.89%	-5.70%	22.26%

Returns By Period

In the year-to-date period, CSQAX achieves a 0.95% return, which is significantly higher than QUAL's -3.22% return. Over the past 10 years, CSQAX has underperformed QUAL with an annualized return of 3.09%, while QUAL has yielded a comparatively higher 12.94% annualized return.

CSQAX

• 1D: -0.35%
• 1M: -4.69%
• YTD: 0.95%
• 6M: 1.62%
• 1Y: -1.45%
• 3Y*: 2.50%
• 5Y*: 2.91%
• 10Y*: 3.09%

QUAL

• 1D: 2.85%
• 1M: -6.17%
• YTD: -3.22%
• 6M: -0.87%
• 1Y: 13.35%
• 3Y*: 16.91%
• 5Y*: 10.60%
• 10Y*: 12.94%

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

CSQAX vs. QUAL - Expense Ratio Comparison

CSQAX has a 1.74% expense ratio, which is higher than QUAL's 0.15% expense ratio.

CSQAX

Credit Suisse Multialternative Strategy Fund Class A Shares

QUAL

iShares MSCI USA Quality Factor ETF

Return for Risk

CSQAX vs. QUAL — Risk / Return Rank

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

CSQAX

CSQAX Risk / Return Rank: 4
CSQAX Sharpe Ratio Rank: 4
CSQAX Sortino Ratio Rank: 3
CSQAX Omega Ratio Rank: 3
CSQAX Calmar Ratio Rank: 4
CSQAX Martin Ratio Rank: 4

QUAL

QUAL Risk / Return Rank: 51
QUAL Sharpe Ratio Rank: 45
QUAL Sortino Ratio Rank: 48
QUAL Omega Ratio Rank: 48
QUAL Calmar Ratio Rank: 54
QUAL Martin Ratio Rank: 62

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. QUAL - 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 iShares MSCI USA Quality Factor ETF (QUAL). 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	QUAL	Difference
Sharpe ratio Return per unit of total volatility	-0.15	0.77	-0.92
Sortino ratio Return per unit of downside risk	-0.15	1.22	-1.36
Omega ratio Gain probability vs. loss probability	0.98	1.17	-0.19
Calmar ratio Return relative to maximum drawdown	-0.24	1.23	-1.48
Martin ratio Return relative to average drawdown	-0.39	5.67	-6.06
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. QUAL - Sharpe Ratio Comparison

The current CSQAX Sharpe Ratio is -0.15, which is lower than the QUAL Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of CSQAX and QUAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CSQAX	QUAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	0.77	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.61	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.72	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.75	-0.26

Correlation

The correlation between CSQAX and QUAL is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CSQAX vs. QUAL - Dividend Comparison

CSQAX's dividend yield for the trailing twelve months is around 1.08%, more than QUAL's 0.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSQAX Credit Suisse Multialternative Strategy Fund Class A Shares	1.08%	1.09%	6.54%	2.73%	2.59%	9.06%	13.23%	4.77%	1.84%	5.27%	1.87%	0.24%
QUAL iShares MSCI USA Quality Factor ETF	0.98%	0.94%	1.02%	1.23%	1.59%	1.20%	1.39%	1.60%	2.00%	1.76%	1.96%	1.63%

Drawdowns

CSQAX vs. QUAL - Drawdown Comparison

The maximum CSQAX drawdown since its inception was -8.37%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for CSQAX and QUAL.

Drawdown Indicators

	CSQAX	QUAL	Difference
Max Drawdown Largest peak-to-trough decline	-8.37%	-34.06%	+25.69%
Max Drawdown (1Y) Largest decline over 1 year	-5.05%	-11.52%	+6.47%
Max Drawdown (5Y) Largest decline over 5 years	-7.28%	-28.23%	+20.95%
Max Drawdown (10Y) Largest decline over 10 years	-8.37%	-34.06%	+25.69%
Current Drawdown Current decline from peak	-4.69%	-6.44%	+1.75%
Average Drawdown Average peak-to-trough decline	-2.07%	-4.15%	+2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	2.50%	+0.66%

Volatility

CSQAX vs. QUAL - Volatility Comparison

The current volatility for Credit Suisse Multialternative Strategy Fund Class A Shares (CSQAX) is 3.03%, while iShares MSCI USA Quality Factor ETF (QUAL) has a volatility of 5.37%. This indicates that CSQAX experiences smaller price fluctuations and is considered to be less risky than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSQAX	QUAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	5.37%	-2.34%
Volatility (6M) Calculated over the trailing 6-month period	5.78%	9.30%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	7.60%	17.47%	-9.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.33%	17.34%	-11.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.98%	18.08%	-12.10%