FSLTX vs. QMFRX

Last updated Jun 6, 2026

FSLTX (Strategic Advisers Alternatives Fund) and QMFRX (AQR MS Fusion Fund Class R6) 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 3.45%/yr for QMFRX.

Performance

FSLTX vs. QMFRX - 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 R6 (QMFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSLTX achieves a 5.58% return, which is significantly lower than QMFRX's 11.25% return.

FSLTX

• 1D: 0.00%
• 1M: 1.17%
• YTD: 5.58%
• 6M: 6.22%
• 1Y: 10.16%
• 3Y*: 8.72%
• 5Y*: —
• 10Y*: —

QMFRX

• 1D: -0.16%
• 1M: 5.80%
• YTD: 11.25%
• 6M: 12.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSLTX vs. QMFRX - Yearly Performance Comparison

	2026 (YTD)	2025
FSLTX Strategic Advisers Alternatives Fund	5.58%	1.29%
QMFRX AQR MS Fusion Fund Class R6	11.25%	3.55%

Correlation

The correlation between FSLTX and QMFRX 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 7, 2025	0.34

Return for Risk

FSLTX vs. QMFRX — 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

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. QMFRX - 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 R6 (QMFRX). 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.

	FSLTX	QMFRX	Difference
Sharpe ratio: Return per unit of total volatility	5.59	—	—
Sortino ratio: Return per unit of downside risk	9.08	—	—
Omega ratio: Gain probability vs. loss probability	2.66	—	—
Calmar ratio: Return relative to maximum drawdown	12.15	—	—
Martin ratio: Return relative to average drawdown	56.32	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FSLTX	QMFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	2.10	-0.47

Drawdowns

FSLTX vs. QMFRX - Drawdown Comparison

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

Drawdown Indicators

	FSLTX	QMFRX	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%	-0.39%	+0.39%
Average Drawdown Average peak-to-trough decline	-0.60%	-2.23%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	FSLTX	QMFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.17%	14.21%	-12.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	14.21%	-9.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	14.21%	-9.33%

FSLTX vs. QMFRX - Expense Ratio Comparison

FSLTX has a 1.56% expense ratio, which is lower than QMFRX's 3.45% expense ratio.

Dividends

FSLTX vs. QMFRX - Dividend Comparison

FSLTX's dividend yield for the trailing twelve months is around 5.21%, more than QMFRX's 0.43% yield.

Position	TTM	2025	2024	2023
FSLTX Strategic Advisers Alternatives Fund	5.21%	5.50%	7.52%	3.94%
QMFRX AQR MS Fusion Fund Class R6	0.43%	0.47%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSLTX and QMFRX in my portfolio?

FSLTX and QMFRX 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.