FCRIX vs. MSTVX

Last updated Apr 2, 2026

Compare and contrast key facts about FS Credit Income Fund Class I (FCRIX) and Morningstar Alternatives Fund (MSTVX).

FCRIX is an actively managed fund by FS Investments. It was launched on Nov 1, 2017. MSTVX is managed by Morningstar. It was launched on Nov 1, 2018.

Performance

FCRIX vs. MSTVX - Performance Comparison

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

FCRIX vs. MSTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FCRIX FS Credit Income Fund Class I	0.85%	7.88%	9.57%	11.96%	-10.70%	7.50%	8.27%	2.47%
MSTVX Morningstar Alternatives Fund	0.75%	6.42%	6.37%	6.86%	-2.69%	4.20%	3.81%	2.93%

Returns By Period

In the year-to-date period, FCRIX achieves a 0.85% return, which is significantly higher than MSTVX's 0.75% return.

FCRIX

• 1D: 0.00%
• 1M: -0.25%
• YTD: 0.85%
• 6M: 2.90%
• 1Y: 7.47%
• 3Y*: 9.04%
• 5Y*: 4.47%
• 10Y*: —

MSTVX

• 1D: 0.19%
• 1M: -1.29%
• YTD: 0.75%
• 6M: 2.55%
• 1Y: 4.68%
• 3Y*: 6.67%
• 5Y*: 3.93%
• 10Y*: —

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

FCRIX vs. MSTVX - Expense Ratio Comparison

FCRIX has a 2.37% expense ratio, which is higher than MSTVX's 1.15% expense ratio.

FCRIX

FS Credit Income Fund Class I

MSTVX

Morningstar Alternatives Fund

Return for Risk

FCRIX vs. MSTVX — Risk / Return Rank

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

FCRIX

FCRIX Risk / Return Rank: 98
FCRIX Sharpe Ratio Rank: 95
FCRIX Sortino Ratio Rank: 99
FCRIX Omega Ratio Rank: 99
FCRIX Calmar Ratio Rank: 98
FCRIX Martin Ratio Rank: 98

MSTVX

MSTVX Risk / Return Rank: 76
MSTVX Sharpe Ratio Rank: 65
MSTVX Sortino Ratio Rank: 61
MSTVX Omega Ratio Rank: 85
MSTVX Calmar Ratio Rank: 75
MSTVX Martin Ratio Rank: 93

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. MSTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FS Credit Income Fund Class I (FCRIX) and Morningstar Alternatives Fund (MSTVX). 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	MSTVX	Difference
Sharpe ratio Return per unit of total volatility	2.30	1.23	+1.07
Sortino ratio Return per unit of downside risk	5.70	1.67	+4.03
Omega ratio Gain probability vs. loss probability	2.26	1.36	+0.90
Calmar ratio Return relative to maximum drawdown	5.76	1.90	+3.86
Martin ratio Return relative to average drawdown	23.55	11.80	+11.75
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. MSTVX - Sharpe Ratio Comparison

The current FCRIX Sharpe Ratio is 2.30, which is higher than the MSTVX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FCRIX and MSTVX, 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

	FCRIX	MSTVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.23	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	1.31	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	1.38	-0.54

Correlation

The correlation between FCRIX and MSTVX is 0.40, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FCRIX vs. MSTVX - Dividend Comparison

FCRIX's dividend yield for the trailing twelve months is around 9.52%, more than MSTVX's 3.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FCRIX FS Credit Income Fund Class I	9.52%	10.54%	8.27%	5.56%	3.25%	5.62%	5.72%	2.91%	0.00%
MSTVX Morningstar Alternatives Fund	3.39%	3.41%	3.07%	3.86%	3.92%	4.99%	2.91%	1.74%	0.25%

Drawdowns

FCRIX vs. MSTVX - Drawdown Comparison

The maximum FCRIX drawdown since its inception was -26.74%, which is greater than MSTVX's maximum drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for FCRIX and MSTVX.

Drawdown Indicators

	FCRIX	MSTVX	Difference
Max Drawdown Largest peak-to-trough decline	-26.74%	-8.02%	-18.72%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-3.21%	+1.90%
Max Drawdown (5Y) Largest decline over 5 years	-15.33%	-5.89%	-9.44%
Current Drawdown Current decline from peak	-0.25%	-1.47%	+1.22%
Average Drawdown Average peak-to-trough decline	-3.28%	-1.17%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.53%	-0.19%

Volatility

FCRIX vs. MSTVX - Volatility Comparison

The current volatility for FS Credit Income Fund Class I (FCRIX) is 0.22%, while Morningstar Alternatives Fund (MSTVX) has a volatility of 0.87%. This indicates that FCRIX experiences smaller price fluctuations and is considered to be less risky than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCRIX	MSTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.87%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	1.53%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	4.70%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.20%	3.13%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.47%	3.15%	+3.32%