FABZX vs. RMDFX

Last updated Jun 5, 2026

FABZX (Franklin K2 Alternative Strategies Fund) and RMDFX (Aspiriant Defensive Allocation Fund) are both Multistrategy funds. Over the past 10 years, FABZX returned 4.37%/yr vs 5.40%/yr for RMDFX. A 0.67 correlation means they provide meaningful diversification when combined. FABZX charges 1.95%/yr vs 0.18%/yr for RMDFX.

Performance

FABZX vs. RMDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin K2 Alternative Strategies Fund (FABZX) and Aspiriant Defensive Allocation Fund (RMDFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FABZX achieves a 5.40% return, which is significantly lower than RMDFX's 7.32% return. Over the past 10 years, FABZX has underperformed RMDFX with an annualized return of 4.37%, while RMDFX has yielded a comparatively higher 5.40% annualized return.

FABZX

• 1D: 0.09%
• 1M: 1.21%
• YTD: 5.40%
• 6M: 5.40%
• 1Y: 12.19%
• 3Y*: 9.28%
• 5Y*: 4.01%
• 10Y*: 4.37%

RMDFX

• 1D: 0.00%
• 1M: 1.35%
• YTD: 7.32%
• 6M: 8.65%
• 1Y: 19.87%
• 3Y*: 11.18%
• 5Y*: 5.21%
• 10Y*: 5.40%

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

FABZX vs. RMDFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FABZX Franklin K2 Alternative Strategies Fund	5.40%	8.48%	11.60%	2.86%	-7.86%	2.85%	7.36%	7.42%	-2.18%	6.85%
RMDFX Aspiriant Defensive Allocation Fund	7.32%	18.85%	1.45%	8.01%	-6.84%	4.20%	5.10%	11.50%	-4.89%	9.41%

Correlation

The correlation between FABZX and RMDFX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.67

The correlation between FABZX and RMDFX shifts across timeframes, from 0.53 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FABZX vs. RMDFX — Risk / Return Rank

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

FABZX

FABZX Risk / Return Rank: 94
FABZX Sharpe Ratio Rank: 92
FABZX Sortino Ratio Rank: 93
FABZX Omega Ratio Rank: 88
FABZX Calmar Ratio Rank: 98
FABZX Martin Ratio Rank: 97

RMDFX

RMDFX Risk / Return Rank: 95
RMDFX Sharpe Ratio Rank: 99
RMDFX Sortino Ratio Rank: 98
RMDFX Omega Ratio Rank: 97
RMDFX Calmar Ratio Rank: 91
RMDFX Martin Ratio Rank: 92

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.

FABZX vs. RMDFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin K2 Alternative Strategies Fund (FABZX) and Aspiriant Defensive Allocation Fund (RMDFX). 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.

	FABZX	RMDFX	Difference
Sharpe ratio: Return per unit of total volatility	3.13	4.33	-1.20
Sortino ratio: Return per unit of downside risk	4.76	6.13	-1.37
Omega ratio: Gain probability vs. loss probability	1.64	1.97	-0.33
Calmar ratio: Return relative to maximum drawdown	8.07	4.79	+3.27
Martin ratio: Return relative to average drawdown	28.24	18.77	+9.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FABZX vs. RMDFX - Sharpe Ratio Comparison

The current FABZX Sharpe Ratio is 3.13, which is comparable to the RMDFX Sharpe Ratio of 4.33. The chart below compares the historical Sharpe Ratios of FABZX and RMDFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FABZX	RMDFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	4.33	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	0.83	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.08	0.87	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.84	+0.15

Drawdowns

FABZX vs. RMDFX - Drawdown Comparison

The maximum FABZX drawdown since its inception was -11.03%, smaller than the maximum RMDFX drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for FABZX and RMDFX.

Drawdown Indicators

	FABZX	RMDFX	Difference
Max Drawdown Largest peak-to-trough decline	-11.03%	-15.96%	+4.93%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-4.19%	+2.70%
Max Drawdown (3Y) Largest decline over 3 years	-3.50%	-5.79%	+2.29%
Max Drawdown (5Y) Largest decline over 5 years	-11.03%	-14.63%	+3.60%
Max Drawdown (10Y) Largest decline over 10 years	-11.03%	-15.96%	+4.93%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.39%	-3.33%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	1.07%	-0.65%

Volatility

FABZX vs. RMDFX - Volatility Comparison

The current volatility for Franklin K2 Alternative Strategies Fund (FABZX) is 1.16%, while Aspiriant Defensive Allocation Fund (RMDFX) has a volatility of 1.41%. This indicates that FABZX experiences smaller price fluctuations and is considered to be less risky than RMDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FABZX	RMDFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	1.41%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	3.96%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	4.63%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	6.34%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.07%	6.22%	-2.15%

FABZX vs. RMDFX - Expense Ratio Comparison

FABZX has a 1.95% expense ratio, which is higher than RMDFX's 0.18% expense ratio.

Dividends

FABZX vs. RMDFX - Dividend Comparison

FABZX's dividend yield for the trailing twelve months is around 6.66%, more than RMDFX's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FABZX Franklin K2 Alternative Strategies Fund	6.66%	7.02%	11.80%	0.70%	3.10%	4.90%	0.80%	0.90%	2.33%	1.56%	0.77%	1.89%
RMDFX Aspiriant Defensive Allocation Fund	4.32%	4.63%	0.00%	3.69%	0.78%	5.37%	2.28%	3.78%	4.11%	2.16%	1.16%	0.00%

Frequently Asked Questions

Can I hold both FABZX and RMDFX in my portfolio?

FABZX and RMDFX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FABZX or RMDFX?

RMDFX has higher volatility (1.41%) compared to FABZX (1.16%). In terms of maximum drawdown, FABZX dropped -11.03% vs RMDFX's -15.96%.

Which has better risk-adjusted returns?

RMDFX currently has the higher Sharpe Ratio (4.33 vs 3.13), 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.