CSQIX vs. CSAAX

Last updated Jun 23, 2026

CSQIX (Manteio Multialternative Strategy Fund I) and CSAAX (Manteio Managed Futures Fund A) are both mutual funds - CSQIX is a Multistrategy fund actively managed by Investment Managers Series Trust III, while CSAAX is a Systematic Trend fund actively managed by Investment Managers Series Trust III. Both are actively managed. Over the past 10 years, CSQIX returned 3.35%/yr vs 0.21%/yr for CSAAX. At a 0.24 correlation, their price movements are largely independent. CSQIX charges 0.90%/yr vs 1.58%/yr for CSAAX.

Performance

CSQIX vs. CSAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manteio Multialternative Strategy Fund I (CSQIX) and Manteio Managed Futures Fund A (CSAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSQIX achieves a 2.35% return, which is significantly lower than CSAAX's 4.42% return. Over the past 10 years, CSQIX has outperformed CSAAX with an annualized return of 3.35%, while CSAAX has yielded a comparatively lower 0.21% annualized return.

CSQIX

• 1D: 0.00%
• 1M: -1.78%
• YTD: 2.35%
• 6M: 1.35%
• 1Y: 2.02%
• 3Y*: 3.74%
• 5Y*: 2.91%
• 10Y*: 3.35%

CSAAX

• 1D: 0.63%
• 1M: -1.95%
• YTD: 4.42%
• 6M: 4.69%
• 1Y: 13.28%
• 3Y*: -4.13%
• 5Y*: 0.73%
• 10Y*: 0.21%

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

CSQIX vs. CSAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSQIX Manteio Multialternative Strategy Fund I	2.35%	0.90%	0.87%	1.95%	5.82%	10.23%	6.39%	4.30%	-5.08%	3.85%
CSAAX Manteio Managed Futures Fund A	4.42%	-6.15%	-5.81%	-6.29%	20.93%	7.18%	1.57%	-4.58%	-4.32%	-1.57%

Correlation

The correlation between CSQIX and CSAAX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Oct 3, 2012	0.24

Return for Risk

CSQIX vs. CSAAX — Risk / Return Rank

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

CSQIX

CSQIX Risk / Return Rank: 5
CSQIX Sharpe Ratio Rank: 5
CSQIX Sortino Ratio Rank: 4
CSQIX Omega Ratio Rank: 4
CSQIX Calmar Ratio Rank: 6
CSQIX Martin Ratio Rank: 5

CSAAX

CSAAX Risk / Return Rank: 19
CSAAX Sharpe Ratio Rank: 17
CSAAX Sortino Ratio Rank: 14
CSAAX Omega Ratio Rank: 22
CSAAX Calmar Ratio Rank: 23
CSAAX Martin Ratio Rank: 18

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.

CSQIX vs. CSAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manteio Multialternative Strategy Fund I (CSQIX) and Manteio Managed Futures Fund A (CSAAX). 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	CSAAX	Difference
Sharpe ratio: Return per unit of total volatility	0.31	1.11	-0.80
Sortino ratio: Return per unit of downside risk	0.47	1.45	-0.98
Omega ratio: Gain probability vs. loss probability	1.06	1.23	-0.17
Calmar ratio: Return relative to maximum drawdown	0.48	1.65	-1.17
Martin ratio: Return relative to average drawdown	1.16	4.36	-3.20

CSQIX vs. CSAAX - Sharpe Ratio Comparison

The current CSQIX Sharpe Ratio is 0.31, which is lower than the CSAAX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of CSQIX and CSAAX, 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. CSAAX - Drawdown Comparison

The maximum CSQIX drawdown since its inception was -13.33%, smaller than the maximum CSAAX drawdown of -29.18%. Use the drawdown chart below to compare losses from any high point for CSQIX and CSAAX.

Drawdown Indicators

	CSQIX	CSAAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.33%	-29.18%	+15.85%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-7.71%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-13.33%	-22.20%	+8.87%
Max Drawdown (5Y) Largest decline over 5 years	-13.33%	-29.18%	+15.85%
Max Drawdown (10Y) Largest decline over 10 years	-13.33%	-29.18%	+15.85%
Current Drawdown Current decline from peak	-9.26%	-19.66%	+10.40%
Average Drawdown Average peak-to-trough decline	-2.80%	-10.69%	+7.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.91%	-0.84%

Volatility

CSQIX vs. CSAAX - Volatility Comparison

Manteio Multialternative Strategy Fund I (CSQIX) and Manteio Managed Futures Fund A (CSAAX) have volatilities of 2.65% and 2.77%, 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

	CSQIX	CSAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	2.77%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	6.08%	10.68%	-4.60%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	11.43%	-3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.40%	10.38%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.42%	10.09%	-1.67%

CSQIX vs. CSAAX - Expense Ratio Comparison

CSQIX has a 0.90% expense ratio, which is lower than CSAAX's 1.58% expense ratio.

Dividends

CSQIX vs. CSAAX - Dividend Comparison

CSQIX's dividend yield for the trailing twelve months is around 1.25%, less than CSAAX's 2.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSAAX Manteio Managed Futures Fund A	2.70%	2.13%	1.76%	0.27%	18.83%	8.69%	0.00%	1.51%	0.00%	0.00%	2.66%	8.46%
CSQIX Manteio Multialternative Strategy Fund I	1.25%	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 CSAAX in my portfolio?

CSQIX and CSAAX have a correlation of 0.20, 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 CSAAX?

CSAAX has higher volatility (2.77%) compared to CSQIX (2.65%). In terms of maximum drawdown, CSQIX dropped -13.33% vs CSAAX's -29.18%.

Which has better risk-adjusted returns?

CSAAX currently has the higher Sharpe Ratio (1.11 vs 0.31), 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.