CSQIX vs. ADANX

Last updated Aug 1, 2026

CSQIX (Mast Multialternative Strategy Fund Class I) and ADANX (AQR Diversified Arbitrage Fund Class N) are both Multistrategy funds. Both are actively managed. Over the past 10 years, CSQIX returned 3.32%/yr vs 6.39%/yr for ADANX. Their 0.07 correlation means their historical movements had little consistent relationship. CSQIX charges 0.90%/yr vs 2.12%/yr for ADANX.

Performance

CSQIX vs. ADANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mast Multialternative Strategy Fund Class I (CSQIX) and AQR Diversified Arbitrage Fund Class N (ADANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSQIX achieves a 3.30% return, which is significantly higher than ADANX's 2.97% return. Over the past 10 years, CSQIX has underperformed ADANX with an annualized return of 3.32%, while ADANX has yielded a comparatively higher 6.39% annualized return.

CSQIX

• 1D: 0.73%
• 1M: 1.09%
• 6M: 3.05%
• YTD: 3.30%
• 1Y: 5.41%
• 3Y*: 3.36%
• 5Y*: 2.93%
• 10Y*: 3.32%
• ALL TIME*: 3.05%

ADANX

• 1D: 0.08%
• 1M: -0.30%
• 6M: 2.25%
• YTD: 2.97%
• 1Y: 5.54%
• 3Y*: 5.29%
• 5Y*: 2.83%
• 10Y*: 6.39%
• ALL TIME*: 4.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ADANX AQR Diversified Arbitrage Fund Class N	$0.00	$0.00	$0.00
CSQIX Mast Multialternative Strategy Fund Class I	$0.00	$0.00	$0.00

CSQIX vs. ADANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSQIX Mast Multialternative Strategy Fund Class I	3.30%	0.90%	0.87%	1.95%	5.82%	10.23%	6.39%	4.30%	-5.08%	3.85%
ADANX AQR Diversified Arbitrage Fund Class N	2.97%	7.75%	2.92%	4.23%	-3.54%	5.99%	24.85%	8.33%	2.02%	5.59%

Correlation

The correlation between CSQIX and ADANX is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (3Y) Balances recent behavior with more history.	0.08
Correlation (5Y) Shows whether the relationship held over a longer period.	0.10
Correlation (10Y) Provides a long-term view across more market conditions.	0.10
Correlation (All Time) Calculated using the full available price history since Mar 30, 2012	0.07

Return for Risk

CSQIX vs. ADANX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CSQIX

CSQIX Risk / Return Rank: 15
CSQIX Sharpe Ratio Rank: 15
CSQIX Sortino Ratio Rank: 13
CSQIX Omega Ratio Rank: 14
CSQIX Calmar Ratio Rank: 18
CSQIX Martin Ratio Rank: 16

ADANX

ADANX Risk / Return Rank: 99
ADANX Sharpe Ratio Rank: 99
ADANX Sortino Ratio Rank: 98
ADANX Omega Ratio Rank: 98
ADANX Calmar Ratio Rank: 99
ADANX Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CSQIX vs. ADANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mast Multialternative Strategy Fund Class I (CSQIX) and AQR Diversified Arbitrage Fund Class N (ADANX). 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.

	CSQIX	ADANX	Difference
Sharpe ratio: Return per unit of total volatility	0.58	3.84	-3.26
Sortino ratio: Return per unit of downside risk	0.83	6.38	-5.55
Omega ratio: Gain probability vs. loss probability	1.10	1.89	-0.79
Calmar ratio: Return relative to maximum drawdown	0.90	9.36	-8.46
Martin ratio: Return relative to average drawdown	2.24	37.41	-35.17

CSQIX vs. ADANX - Sharpe Ratio Comparison

The current CSQIX Sharpe Ratio is 0.58, which is lower than the ADANX Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of CSQIX and ADANX, 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

CSQIX vs. ADANX - Drawdown Comparison

The maximum CSQIX drawdown since its inception was -13.33%, smaller than the maximum ADANX drawdown of -14.73%. Use the drawdown chart below to compare losses from any high point for CSQIX and ADANX.

Drawdown Indicators

	CSQIX	ADANX	Difference
Max Drawdown Largest peak-to-trough decline	-13.33%	-14.73%	+1.40%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-0.60%	-4.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.33%	-1.70%	-11.63%
Max Drawdown (5Y) Largest decline over 5 years	-13.33%	-7.48%	-5.85%
Max Drawdown (10Y) Largest decline over 10 years	-13.33%	-14.73%	+1.40%
Current Drawdown Current decline from peak	-8.41%	-0.53%	-7.88%
Average Drawdown Average peak-to-trough decline	-2.85%	-3.00%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	0.15%	+1.86%

Volatility

CSQIX vs. ADANX - Volatility Comparison

Mast Multialternative Strategy Fund Class I (CSQIX) has a higher volatility of 2.30% compared to AQR Diversified Arbitrage Fund Class N (ADANX) at 0.61%. This indicates that CSQIX's price experiences larger fluctuations and is considered to be riskier than ADANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSQIX	ADANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	0.61%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	6.24%	1.16%	+5.08%
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	1.47%	+6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.46%	2.60%	+7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.46%	4.27%	+4.19%

CSQIX vs. ADANX - Expense Ratio Comparison

CSQIX has a 0.90% expense ratio, which is lower than ADANX's 2.12% expense ratio.

Dividends

CSQIX vs. ADANX - Dividend Comparison

CSQIX's dividend yield for the trailing twelve months is around 1.56%, less than ADANX's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADANX AQR Diversified Arbitrage Fund Class N	1.80%	1.86%	0.96%	2.47%	0.10%	0.40%	1.33%	1.81%	6.22%	6.84%	6.83%	4.43%
CSQIX Mast Multialternative Strategy Fund Class I	1.56%	1.28%	13.42%	2.95%	2.80%	9.19%	13.34%	4.97%	1.84%	4.76%	2.11%	0.24%

Frequently Asked Questions

Can I hold both CSQIX and ADANX in my portfolio?

CSQIX and ADANX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSQIX or ADANX?

CSQIX has higher volatility (2.30%) compared to ADANX (0.61%). In terms of maximum drawdown, CSQIX dropped -13.33% vs ADANX's -14.73%.

Which has better risk-adjusted returns?

ADANX currently has the higher Sharpe Ratio (3.84 vs 0.58), 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.