FSMSX vs. LCSIX

Last updated Jun 23, 2026

FSMSX (FS Multi-Strategy Alternatives Fund) and LCSIX (LoCorr Long/Short Commodity Strategies Fund) are both mutual funds - FSMSX is a Multistrategy fund managed by FS Investments, while LCSIX is a Systematic Trend fund managed by LoCorr Funds. Over the past 5 years, FSMSX returned 5.34%/yr vs 0.84%/yr for LCSIX. At a 0.07 correlation, their price movements are largely independent. FSMSX charges 1.89%/yr vs 1.75%/yr for LCSIX.

Performance

FSMSX vs. LCSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FS Multi-Strategy Alternatives Fund (FSMSX) and LoCorr Long/Short Commodity Strategies Fund (LCSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMSX achieves a 3.86% return, which is significantly higher than LCSIX's 1.74% return.

FSMSX

• 1D: 0.61%
• 1M: 0.09%
• YTD: 3.86%
• 6M: 4.05%
• 1Y: 8.05%
• 3Y*: 5.22%
• 5Y*: 5.34%
• 10Y*: —

LCSIX

• 1D: -0.11%
• 1M: 0.34%
• YTD: 1.74%
• 6M: -0.23%
• 1Y: -0.75%
• 3Y*: -1.83%
• 5Y*: 0.84%
• 10Y*: 2.77%

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

FSMSX vs. LCSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMSX FS Multi-Strategy Alternatives Fund	3.86%	4.13%	4.63%	5.44%	3.17%	13.97%	-3.66%	7.77%	-3.82%	2.00%
LCSIX LoCorr Long/Short Commodity Strategies Fund	1.74%	1.13%	-8.29%	-3.07%	6.04%	14.90%	9.90%	-5.97%	15.16%	9.88%

Correlation

The correlation between FSMSX and LCSIX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since May 22, 2017	0.07

The correlation between FSMSX and LCSIX shifts across timeframes, from 0.07 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FSMSX vs. LCSIX — Risk / Return Rank

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

FSMSX

FSMSX Risk / Return Rank: 88
FSMSX Sharpe Ratio Rank: 84
FSMSX Sortino Ratio Rank: 84
FSMSX Omega Ratio Rank: 85
FSMSX Calmar Ratio Rank: 95
FSMSX Martin Ratio Rank: 90

LCSIX

LCSIX Risk / Return Rank: 2
LCSIX Sharpe Ratio Rank: 2
LCSIX Sortino Ratio Rank: 2
LCSIX Omega Ratio Rank: 2
LCSIX Calmar Ratio Rank: 2
LCSIX Martin Ratio Rank: 2

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. LCSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FS Multi-Strategy Alternatives Fund (FSMSX) and LoCorr Long/Short Commodity Strategies Fund (LCSIX). 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.

	FSMSX	LCSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.54	-0.07	+2.61
Sortino ratio: Return per unit of downside risk	3.66	-0.05	+3.71
Omega ratio: Gain probability vs. loss probability	1.54	0.99	+0.55
Calmar ratio: Return relative to maximum drawdown	5.46	-0.11	+5.56
Martin ratio: Return relative to average drawdown	16.48	-0.20	+16.68

FSMSX vs. LCSIX - Sharpe Ratio Comparison

The current FSMSX Sharpe Ratio is 2.54, which is higher than the LCSIX Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of FSMSX and LCSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSMSX vs. LCSIX - Drawdown Comparison

The maximum FSMSX drawdown since its inception was -8.94%, smaller than the maximum LCSIX drawdown of -25.13%. Use the drawdown chart below to compare losses from any high point for FSMSX and LCSIX.

Drawdown Indicators

	FSMSX	LCSIX	Difference
Max Drawdown Largest peak-to-trough decline	-8.94%	-25.13%	+16.19%
Max Drawdown (1Y) Largest decline over 1 year	-1.46%	-3.87%	+2.41%
Max Drawdown (3Y) Largest decline over 3 years	-4.06%	-11.60%	+7.54%
Max Drawdown (5Y) Largest decline over 5 years	-4.13%	-13.21%	+9.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.54%	—
Current Drawdown Current decline from peak	-0.34%	-9.67%	+9.33%
Average Drawdown Average peak-to-trough decline	-1.63%	-6.37%	+4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	2.08%	-1.60%

Volatility

FSMSX vs. LCSIX - Volatility Comparison

FS Multi-Strategy Alternatives Fund (FSMSX) has a higher volatility of 1.49% compared to LoCorr Long/Short Commodity Strategies Fund (LCSIX) at 1.18%. This indicates that FSMSX's price experiences larger fluctuations and is considered to be riskier than LCSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMSX	LCSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	1.18%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	4.88%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.15%	6.10%	-2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.65%	5.51%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.66%	6.66%	-2.00%

FSMSX vs. LCSIX - Expense Ratio Comparison

FSMSX has a 1.89% expense ratio, which is higher than LCSIX's 1.75% expense ratio.

Dividends

FSMSX vs. LCSIX - Dividend Comparison

FSMSX's dividend yield for the trailing twelve months is around 3.97%, more than LCSIX's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMSX FS Multi-Strategy Alternatives Fund	3.97%	4.12%	2.48%	3.61%	4.12%	3.22%	0.77%	2.20%	0.82%	0.00%	0.00%	0.00%
LCSIX LoCorr Long/Short Commodity Strategies Fund	2.28%	2.32%	2.75%	1.88%	10.75%	7.14%	2.94%	0.54%	12.36%	0.02%	3.21%	7.36%

Frequently Asked Questions

Can I hold both FSMSX and LCSIX in my portfolio?

FSMSX and LCSIX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMSX or LCSIX?

FSMSX has higher volatility (1.49%) compared to LCSIX (1.18%). In terms of maximum drawdown, FSMSX dropped -8.94% vs LCSIX's -25.13%.

Which has better risk-adjusted returns?

FSMSX currently has the higher Sharpe Ratio (2.54 vs -0.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.