CZAMX vs. TALTX

Last updated Jun 25, 2026

CZAMX (Multi-Manager Alternative Strategies Fund) and TALTX (Morgan Stanley Pathway Funds Alternative Strategies Fund) are both Multistrategy funds. Their correlation of 0.85 suggests significant overlap in exposure. CZAMX charges 1.27%/yr vs 0.59%/yr for TALTX.

Performance

CZAMX vs. TALTX - Performance Comparison

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

Returns By Period

CZAMX

• 1D: -0.52%
• 1M: -0.73%
• YTD: 3.26%
• 6M: 3.15%
• 1Y: 9.09%
• 3Y*: 4.09%
• 5Y*: 2.82%
• 10Y*: —

TALTX

• 1D: -0.36%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CZAMX vs. TALTX - Yearly Performance Comparison

	2026 (YTD)
CZAMX Multi-Manager Alternative Strategies Fund	-0.73%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	-0.45%

Correlation

The correlation between CZAMX and TALTX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.85

Return for Risk

CZAMX vs. TALTX — Risk / Return Rank

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

CZAMX

CZAMX Risk / Return Rank: 91
CZAMX Sharpe Ratio Rank: 91
CZAMX Sortino Ratio Rank: 90
CZAMX Omega Ratio Rank: 86
CZAMX Calmar Ratio Rank: 95
CZAMX Martin Ratio Rank: 91

TALTX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TALTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Alternative Strategies Fund (CZAMX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). 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.

	CZAMX	TALTX	Difference
Sharpe ratio: Return per unit of total volatility	2.72	—	—
Sortino ratio: Return per unit of downside risk	3.96	—	—
Omega ratio: Gain probability vs. loss probability	1.52	—	—
Calmar ratio: Return relative to maximum drawdown	5.24	—	—
Martin ratio: Return relative to average drawdown	16.38	—	—

Drawdowns

CZAMX vs. TALTX - Drawdown Comparison

The maximum CZAMX drawdown since its inception was -7.16%, which is greater than TALTX's maximum drawdown of -0.99%. Use the drawdown chart below to compare losses from any high point for CZAMX and TALTX.

Drawdown Indicators

	CZAMX	TALTX	Difference
Max Drawdown Largest peak-to-trough decline	-7.16%	-0.99%	-6.17%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.52%	—	—
Current Drawdown Current decline from peak	-1.25%	-0.72%	-0.53%
Average Drawdown Average peak-to-trough decline	-1.54%	-0.39%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	—	—

Volatility

Volatility by Period

	CZAMX	TALTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	3.91%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.37%	3.91%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.36%	3.91%	-0.55%

CZAMX vs. TALTX - Expense Ratio Comparison

CZAMX has a 1.27% expense ratio, which is higher than TALTX's 0.59% expense ratio.

Dividends

CZAMX vs. TALTX - Dividend Comparison

CZAMX's dividend yield for the trailing twelve months is around 3.10%, while TALTX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CZAMX Multi-Manager Alternative Strategies Fund	3.10%	3.20%	2.11%	2.60%	7.74%	1.44%	0.89%	2.11%	1.48%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CZAMX and TALTX in my portfolio?

CZAMX and TALTX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.