FSLTX vs. QMFIX

Last updated Jun 24, 2026

FSLTX (Strategic Advisers Alternatives Fund) and QMFIX (AQR MS Fusion Fund Class I) are both Multistrategy funds. Both are actively managed. At a 0.34 correlation, their price movements are largely independent. FSLTX charges 1.56%/yr vs 3.55%/yr for QMFIX.

Performance

FSLTX vs. QMFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Alternatives Fund (FSLTX) and AQR MS Fusion Fund Class I (QMFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSLTX achieves a 5.69% return, which is significantly lower than QMFIX's 8.63% return.

FSLTX

• 1D: 0.10%
• 1M: 0.68%
• YTD: 5.69%
• 6M: 5.71%
• 1Y: 10.27%
• 3Y*: 8.75%
• 5Y*: —
• 10Y*: —

QMFIX

• 1D: 0.32%
• 1M: 0.89%
• YTD: 8.63%
• 6M: 7.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSLTX vs. QMFIX - Yearly Performance Comparison

	2026 (YTD)	2025
FSLTX Strategic Advisers Alternatives Fund	5.69%	1.29%
QMFIX AQR MS Fusion Fund Class I	8.63%	3.63%

Correlation

The correlation between FSLTX and QMFIX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.34

Return for Risk

FSLTX vs. QMFIX — Risk / Return Rank

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

FSLTX

FSLTX Risk / Return Rank: 99
FSLTX Sharpe Ratio Rank: 100
FSLTX Sortino Ratio Rank: 99
FSLTX Omega Ratio Rank: 99
FSLTX Calmar Ratio Rank: 99
FSLTX Martin Ratio Rank: 99

QMFIX

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.

FSLTX vs. QMFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Alternatives Fund (FSLTX) and AQR MS Fusion Fund Class I (QMFIX). 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.

	FSLTX	QMFIX	Difference
Sharpe ratio: Return per unit of total volatility	5.58	—	—
Sortino ratio: Return per unit of downside risk	9.07	—	—
Omega ratio: Gain probability vs. loss probability	2.63	—	—
Calmar ratio: Return relative to maximum drawdown	12.15	—	—
Martin ratio: Return relative to average drawdown	56.37	—	—

Drawdowns

FSLTX vs. QMFIX - Drawdown Comparison

The maximum FSLTX drawdown since its inception was -3.78%, smaller than the maximum QMFIX drawdown of -10.27%. Use the drawdown chart below to compare losses from any high point for FSLTX and QMFIX.

Drawdown Indicators

	FSLTX	QMFIX	Difference
Max Drawdown Largest peak-to-trough decline	-3.78%	-10.27%	+6.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.00%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.78%	—	—
Current Drawdown Current decline from peak	0.00%	-2.58%	+2.58%
Average Drawdown Average peak-to-trough decline	-0.59%	-2.28%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	—	—

Volatility

Volatility by Period

	FSLTX	QMFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.18%	14.90%	-12.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.85%	14.90%	-10.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	14.90%	-10.05%

FSLTX vs. QMFIX - Expense Ratio Comparison

FSLTX has a 1.56% expense ratio, which is lower than QMFIX's 3.55% expense ratio.

Dividends

FSLTX vs. QMFIX - Dividend Comparison

FSLTX's dividend yield for the trailing twelve months is around 5.21%, more than QMFIX's 0.42% yield.

Position	TTM	2025	2024	2023
FSLTX Strategic Advisers Alternatives Fund	5.21%	5.50%	7.52%	3.94%
QMFIX AQR MS Fusion Fund Class I	0.42%	0.46%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSLTX and QMFIX in my portfolio?

FSLTX and QMFIX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.