FSLTX vs. TALTX

Last updated Jun 3, 2026

FSLTX (Strategic Advisers Alternatives Fund) and TALTX (Morgan Stanley Pathway Funds Alternative Strategies Fund) are both Multistrategy funds. With a 1.00 correlation, they move nearly in lockstep. FSLTX charges 1.56%/yr vs 0.59%/yr for TALTX.

Performance

FSLTX vs. TALTX - Performance Comparison

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

Returns By Period

FSLTX

• 1D: 0.29%
• 1M: 1.37%
• YTD: 5.48%
• 6M: 6.43%
• 1Y: 10.06%
• 3Y*: 8.68%
• 5Y*: —
• 10Y*: —

TALTX

• 1D: 0.18%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSLTX vs. TALTX - Yearly Performance Comparison

	2026 (YTD)
FSLTX Strategic Advisers Alternatives Fund	0.39%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.18%

Correlation

The correlation between FSLTX and TALTX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	1.00

Return for Risk

FSLTX vs. TALTX — Risk / Return Rank

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

FSLTX

FSLTX Risk / Return Rank: 96
FSLTX Sharpe Ratio Rank: 100
FSLTX Sortino Ratio Rank: 99
FSLTX Omega Ratio Rank: 99
FSLTX Calmar Ratio Rank: 87
FSLTX Martin Ratio Rank: 98

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. TALTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Alternatives Fund (FSLTX) 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.

	FSLTX	TALTX	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	4.24	—	—
Martin ratio Return relative to average drawdown	29.30	—	—
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	TALTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	17.80	-16.17

Drawdowns

FSLTX vs. TALTX - Drawdown Comparison

The maximum FSLTX drawdown since its inception was -3.78%, which is greater than TALTX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FSLTX and TALTX.

Drawdown Indicators

	FSLTX	TALTX	Difference
Max Drawdown Largest peak-to-trough decline	-3.78%	0.00%	-3.78%
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%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.60%	0.00%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	—	—

Volatility

Volatility by Period

	FSLTX	TALTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.18%	2.02%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.89%	2.02%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.89%	2.02%	+2.87%

FSLTX vs. TALTX - Expense Ratio Comparison

FSLTX has a 1.56% expense ratio, which is higher than TALTX's 0.59% expense ratio.

Dividends

FSLTX vs. TALTX - Dividend Comparison

FSLTX's dividend yield for the trailing twelve months is around 5.22%, while TALTX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FSLTX Strategic Advisers Alternatives Fund	5.22%	5.50%	7.52%	3.94%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSLTX and TALTX in my portfolio?

With a correlation of 1.00, FSLTX and TALTX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.