FSMSX vs. ^GSPC

Last updated Apr 1, 2026

Compare and contrast key facts about FS Multi-Strategy Alternatives Fund (FSMSX) and S&P 500 Index (^GSPC).

FSMSX is managed by FS Investments. It was launched on May 15, 2017.

Performance

FSMSX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FS Multi-Strategy Alternatives Fund (FSMSX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

FSMSX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMSX FS Multi-Strategy Alternatives Fund	0.90%	4.13%	4.63%	5.44%	3.17%	13.97%	-3.66%	7.77%	-3.82%	2.00%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	11.68%

Returns By Period

In the year-to-date period, FSMSX achieves a 0.90% return, which is significantly higher than ^GSPC's -3.95% return.

FSMSX

• 1D: 0.18%
• 1M: -0.53%
• YTD: 0.90%
• 6M: 2.31%
• 1Y: 4.69%
• 3Y*: 4.46%
• 5Y*: 4.95%
• 10Y*: —

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

FSMSX vs. ^GSPC — Risk / Return Rank

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

FSMSX

FSMSX Risk / Return Rank: 80
FSMSX Sharpe Ratio Rank: 82
FSMSX Sortino Ratio Rank: 82
FSMSX Omega Ratio Rank: 80
FSMSX Calmar Ratio Rank: 85
FSMSX Martin Ratio Rank: 74

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

FSMSX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FS Multi-Strategy Alternatives Fund (FSMSX) and S&P 500 Index (^GSPC). 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.

	FSMSX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.51	0.92	+0.60
Sortino ratio Return per unit of downside risk	2.09	1.41	+0.67
Omega ratio Gain probability vs. loss probability	1.31	1.21	+0.09
Calmar ratio Return relative to maximum drawdown	2.10	1.41	+0.68
Martin ratio Return relative to average drawdown	6.99	6.61	+0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMSX vs. ^GSPC - Sharpe Ratio Comparison

The current FSMSX Sharpe Ratio is 1.51, which is higher than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of FSMSX and ^GSPC, 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

	FSMSX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	0.92	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	0.61	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.46	+0.35

Correlation

The correlation between FSMSX and ^GSPC is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

FSMSX vs. ^GSPC - Drawdown Comparison

The maximum FSMSX drawdown since its inception was -8.94%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for FSMSX and ^GSPC.

Drawdown Indicators

	FSMSX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-8.94%	-56.78%	+47.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.32%	-12.14%	+9.82%
Max Drawdown (5Y) Largest decline over 5 years	-4.13%	-25.43%	+21.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-0.62%	-5.78%	+5.16%
Average Drawdown Average peak-to-trough decline	-1.66%	-10.75%	+9.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	2.60%	-1.90%

Volatility

FSMSX vs. ^GSPC - Volatility Comparison

The current volatility for FS Multi-Strategy Alternatives Fund (FSMSX) is 1.28%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that FSMSX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMSX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	5.37%	-4.09%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	9.55%	-7.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	18.33%	-15.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	16.90%	-12.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.67%	18.05%	-13.38%