CZAMX vs. MSFT

Last updated Apr 1, 2026

Compare and contrast key facts about Multi-Manager Alternative Strategies Fund (CZAMX) and Microsoft Corporation (MSFT).

CZAMX is managed by Columbia. It was launched on Jan 2, 2017.

Performance

CZAMX vs. MSFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Multi-Manager Alternative Strategies Fund (CZAMX) and Microsoft Corporation (MSFT). The values are adjusted to include any dividend payments, if applicable.

CZAMX vs. MSFT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CZAMX Multi-Manager Alternative Strategies Fund	1.63%	4.59%	1.99%	3.07%	2.85%	0.80%	5.78%	6.09%	-3.16%	0.44%
MSFT Microsoft Corporation	-23.28%	15.58%	12.93%	58.19%	-28.02%	52.48%	42.53%	57.56%	20.80%	37.54%

Returns By Period

In the year-to-date period, CZAMX achieves a 1.63% return, which is significantly higher than MSFT's -23.28% return.

CZAMX

• 1D: 0.11%
• 1M: -1.68%
• YTD: 1.63%
• 6M: 3.67%
• 1Y: 6.41%
• 3Y*: 3.81%
• 5Y*: 2.73%
• 10Y*: —

MSFT

• 1D: 3.12%
• 1M: -5.75%
• YTD: -23.28%
• 6M: -28.23%
• 1Y: -0.64%
• 3Y*: 9.54%
• 5Y*: 9.74%
• 10Y*: 22.44%

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

Return for Risk

CZAMX vs. MSFT — Risk / Return Rank

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

CZAMX

CZAMX Risk / Return Rank: 78
CZAMX Sharpe Ratio Rank: 85
CZAMX Sortino Ratio Rank: 86
CZAMX Omega Ratio Rank: 79
CZAMX Calmar Ratio Rank: 82
CZAMX Martin Ratio Rank: 60

MSFT

MSFT Risk / Return Rank: 38
MSFT Sharpe Ratio Rank: 41
MSFT Sortino Ratio Rank: 34
MSFT Omega Ratio Rank: 35
MSFT Calmar Ratio Rank: 41
MSFT Martin Ratio Rank: 40

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.

CZAMX vs. MSFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Alternative Strategies Fund (CZAMX) and Microsoft Corporation (MSFT). 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.

	CZAMX	MSFT	Difference
Sharpe ratio Return per unit of total volatility	1.66	-0.02	+1.68
Sortino ratio Return per unit of downside risk	2.27	0.15	+2.11
Omega ratio Gain probability vs. loss probability	1.31	1.02	+0.29
Calmar ratio Return relative to maximum drawdown	2.00	-0.05	+2.05
Martin ratio Return relative to average drawdown	5.67	-0.12	+5.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CZAMX vs. MSFT - Sharpe Ratio Comparison

The current CZAMX Sharpe Ratio is 1.66, which is higher than the MSFT Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of CZAMX and MSFT, 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

	CZAMX	MSFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	-0.02	+1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.37	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.74	+0.04

Correlation

The correlation between CZAMX and MSFT is 0.24, 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

CZAMX vs. MSFT - Dividend Comparison

CZAMX's dividend yield for the trailing twelve months is around 3.15%, more than MSFT's 0.94% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CZAMX Multi-Manager Alternative Strategies Fund	3.15%	3.20%	2.11%	2.60%	7.74%	1.44%	0.89%	2.11%	1.48%	0.00%	0.00%	0.00%
MSFT Microsoft Corporation	0.94%	0.70%	0.73%	0.74%	1.06%	0.68%	0.94%	1.20%	1.69%	1.86%	2.37%	2.33%

Drawdowns

CZAMX vs. MSFT - Drawdown Comparison

The maximum CZAMX drawdown since its inception was -7.16%, smaller than the maximum MSFT drawdown of -69.38%. Use the drawdown chart below to compare losses from any high point for CZAMX and MSFT.

Drawdown Indicators

	CZAMX	MSFT	Difference
Max Drawdown Largest peak-to-trough decline	-7.16%	-69.38%	+62.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-33.91%	+30.93%
Max Drawdown (5Y) Largest decline over 5 years	-5.52%	-37.15%	+31.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.15%	—
Current Drawdown Current decline from peak	-1.68%	-31.43%	+29.75%
Average Drawdown Average peak-to-trough decline	-1.57%	-21.77%	+20.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	12.46%	-11.37%

Volatility

CZAMX vs. MSFT - Volatility Comparison

The current volatility for Multi-Manager Alternative Strategies Fund (CZAMX) is 1.00%, while Microsoft Corporation (MSFT) has a volatility of 6.48%. This indicates that CZAMX experiences smaller price fluctuations and is considered to be less risky than MSFT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CZAMX	MSFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	6.48%	-5.48%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	19.15%	-16.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	26.46%	-22.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.37%	26.19%	-22.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.37%	26.89%	-23.52%