FARYX vs. TALTX

Last updated Aug 1, 2026

FARYX (Fulcrum Diversified Absolute Return Fund) and TALTX (Morgan Stanley Pathway Funds Alternative Strategies Fund) are both Multistrategy funds. Their 0.77 correlation means they have sometimes moved together and sometimes differently. FARYX charges 1.04%/yr vs 0.59%/yr for TALTX.

Performance

FARYX vs. TALTX - Performance Comparison

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

Returns By Period

FARYX

• 1D: 0.00%
• 1M: -1.08%
• 6M: -4.74%
• YTD: 1.82%
• 1Y: 10.10%
• 3Y*: 8.03%
• 5Y*: 4.93%
• 10Y*: 4.83%
• ALL TIME*: 4.44%

TALTX

• 1D: 0.27%
• 1M: 0.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
FARYX Fulcrum Diversified Absolute Return Fund	$0.00	$0.00	$0.00
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	$0.00	$0.00	$0.00

FARYX vs. TALTX - Yearly Performance Comparison

	2026 (YTD)
FARYX Fulcrum Diversified Absolute Return Fund	-4.38%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	-0.18%

Correlation

The correlation between FARYX and TALTX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.77

Return for Risk

FARYX vs. TALTX — Risk / Return Rank

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

FARYX

FARYX Risk / Return Rank: 39
FARYX Sharpe Ratio Rank: 45
FARYX Sortino Ratio Rank: 46
FARYX Omega Ratio Rank: 40
FARYX Calmar Ratio Rank: 34
FARYX Martin Ratio Rank: 29

TALTX

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

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.

FARYX vs. TALTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fulcrum Diversified Absolute Return Fund (FARYX) 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.

	FARYX	TALTX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	—	—
Sortino ratio: Return per unit of downside risk	1.87	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.48	—	—
Martin ratio: Return relative to average drawdown	4.32	—	—

Drawdowns

FARYX vs. TALTX - Drawdown Comparison

The maximum FARYX drawdown since its inception was -7.41%, which is greater than TALTX's maximum drawdown of -0.99%. Use the drawdown chart below to compare losses from any high point for FARYX and TALTX.

Drawdown Indicators

	FARYX	TALTX	Difference
Max Drawdown Largest peak-to-trough decline	-7.41%	-0.99%	-6.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.77%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-7.41%	—	—
Current Drawdown Current decline from peak	-6.77%	-0.45%	-6.32%
Average Drawdown Average peak-to-trough decline	-1.89%	-0.44%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	—	—

Volatility

Volatility by Period

	FARYX	TALTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.88%	3.19%	+4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.31%	3.19%	+3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	3.19%	+2.65%

FARYX vs. TALTX - Expense Ratio Comparison

FARYX has a 1.04% expense ratio, which is higher than TALTX's 0.59% expense ratio.

Dividends

FARYX vs. TALTX - Dividend Comparison

FARYX's dividend yield for the trailing twelve months is around 7.05%, while TALTX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FARYX Fulcrum Diversified Absolute Return Fund	7.05%	7.18%	4.39%	0.89%	1.28%	8.96%	7.79%	0.63%	8.88%	3.39%	0.40%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FARYX and TALTX in my portfolio?

FARYX and TALTX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.