FCRIX vs. ADAIX

Last updated Jun 4, 2026

FCRIX (FS Credit Income Fund Class I) and ADAIX (AQR Diversified Arbitrage Fund Class I) are both Multistrategy funds. Both are actively managed. Over the past 5 years, FCRIX returned 4.50%/yr vs 2.99%/yr for ADAIX. At a 0.33 correlation, their price movements are largely independent. FCRIX charges 2.37%/yr vs 1.38%/yr for ADAIX.

Performance

FCRIX vs. ADAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FS Credit Income Fund Class I (FCRIX) and AQR Diversified Arbitrage Fund Class I (ADAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FCRIX having a 2.90% return and ADAIX slightly higher at 2.96%.

FCRIX

• 1D: 0.08%
• 1M: 0.76%
• YTD: 2.90%
• 6M: 3.68%
• 1Y: 8.18%
• 3Y*: 9.15%
• 5Y*: 4.50%
• 10Y*: —

ADAIX

• 1D: -0.08%
• 1M: 0.69%
• YTD: 2.96%
• 6M: 3.46%
• 1Y: 6.74%
• 3Y*: 6.25%
• 5Y*: 2.99%
• 10Y*: 6.85%

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

FCRIX vs. ADAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FCRIX FS Credit Income Fund Class I	2.90%	7.88%	9.57%	11.96%	-10.70%	7.50%	8.27%	2.47%
ADAIX AQR Diversified Arbitrage Fund Class I	2.96%	8.03%	3.19%	4.51%	-3.30%	6.27%	25.24%	2.77%

Correlation

The correlation between FCRIX and ADAIX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jul 12, 2019	0.33

Over the past year, the correlation between FCRIX and ADAIX has dropped to 0.06 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Return for Risk

FCRIX vs. ADAIX — Risk / Return Rank

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

FCRIX

FCRIX Risk / Return Rank: 96
FCRIX Sharpe Ratio Rank: 84
FCRIX Sortino Ratio Rank: 100
FCRIX Omega Ratio Rank: 99
FCRIX Calmar Ratio Rank: 98
FCRIX Martin Ratio Rank: 99

ADAIX

ADAIX Risk / Return Rank: 99
ADAIX Sharpe Ratio Rank: 99
ADAIX Sortino Ratio Rank: 99
ADAIX Omega Ratio Rank: 98
ADAIX Calmar Ratio Rank: 99
ADAIX Martin Ratio Rank: 99

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.

FCRIX vs. ADAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FS Credit Income Fund Class I (FCRIX) and AQR Diversified Arbitrage Fund Class I (ADAIX). 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.

	FCRIX	ADAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	4.84	-2.09
Sortino ratio: Return per unit of downside risk	11.88	8.18	+3.70
Omega ratio: Gain probability vs. loss probability	2.87	2.26	+0.61
Calmar ratio: Return relative to maximum drawdown	9.15	14.61	-5.47
Martin ratio: Return relative to average drawdown	40.39	44.38	-3.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCRIX vs. ADAIX - Sharpe Ratio Comparison

The current FCRIX Sharpe Ratio is 2.75, which is lower than the ADAIX Sharpe Ratio of 4.84. The chart below compares the historical Sharpe Ratios of FCRIX and ADAIX, 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

	FCRIX	ADAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	4.84	-2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	1.15	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.21	-0.35

Drawdowns

FCRIX vs. ADAIX - Drawdown Comparison

The maximum FCRIX drawdown since its inception was -26.74%, which is greater than ADAIX's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for FCRIX and ADAIX.

Drawdown Indicators

	FCRIX	ADAIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.74%	-14.75%	-11.99%
Max Drawdown (1Y) Largest decline over 1 year	-0.90%	-0.46%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-3.01%	-1.78%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	-15.33%	-7.40%	-7.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.75%	—
Current Drawdown Current decline from peak	0.00%	-0.15%	+0.15%
Average Drawdown Average peak-to-trough decline	-3.20%	-2.82%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.15%	+0.05%

Volatility

FCRIX vs. ADAIX - Volatility Comparison

FS Credit Income Fund Class I (FCRIX) has a higher volatility of 0.68% compared to AQR Diversified Arbitrage Fund Class I (ADAIX) at 0.37%. This indicates that FCRIX's price experiences larger fluctuations and is considered to be riskier than ADAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCRIX	ADAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.37%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.07%	1.06%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	3.00%	1.40%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.22%	2.62%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	4.32%	+2.09%

FCRIX vs. ADAIX - Expense Ratio Comparison

FCRIX has a 2.37% expense ratio, which is higher than ADAIX's 1.38% expense ratio.

Dividends

FCRIX vs. ADAIX - Dividend Comparison

FCRIX's dividend yield for the trailing twelve months is around 10.10%, more than ADAIX's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADAIX AQR Diversified Arbitrage Fund Class I	2.06%	2.12%	1.23%	2.74%	0.10%	0.65%	1.60%	2.11%	6.53%	7.17%	7.18%	4.93%
FCRIX FS Credit Income Fund Class I	10.10%	10.54%	8.27%	5.56%	3.25%	5.62%	5.72%	2.91%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCRIX and ADAIX in my portfolio?

FCRIX and ADAIX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCRIX or ADAIX?

FCRIX has higher volatility (0.68%) compared to ADAIX (0.37%). In terms of maximum drawdown, FCRIX dropped -26.74% vs ADAIX's -14.75%.

Which has better risk-adjusted returns?

ADAIX currently has the higher Sharpe Ratio (4.84 vs 2.75), 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.