FSMSX vs. QIS
FSMSX (FS Multi-Strategy Alternatives Fund) and QIS (Simplify Multi-Qis Alternative ETF) are both Multistrategy funds. Over the past 3 years, FSMSX returned 5.19%/yr vs -24.38%/yr for QIS. At a 0.02 correlation, their price movements are largely independent. FSMSX charges 1.89%/yr vs 1.00%/yr for QIS.
Performance
FSMSX vs. QIS - Performance Comparison
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Returns By Period
In the year-to-date period, FSMSX achieves a 3.68% return, which is significantly higher than QIS's -31.60% return.
FSMSX
- 1D
- 0.17%
- 1M
- -0.17%
- 6M
- 3.22%
- YTD
- 3.68%
- 1Y
- 6.72%
- 3Y*
- 5.19%
- 5Y*
- 5.20%
- 10Y*
- —
QIS
- 1D
- 3.48%
- 1M
- -7.74%
- 6M
- -33.04%
- YTD
- -31.60%
- 1Y
- -52.16%
- 3Y*
- -24.38%
- 5Y*
- —
- 10Y*
- —
FSMSX vs. QIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FSMSX FS Multi-Strategy Alternatives Fund | 3.68% | 4.13% | 4.63% | 3.13% |
QIS Simplify Multi-Qis Alternative ETF | -31.60% | -38.02% | 0.19% | 2.08% |
Correlation
The correlation between FSMSX and QIS is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.02 |
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Return for Risk
FSMSX vs. QIS — Risk / Return Rank
FSMSX
QIS
FSMSX vs. QIS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FS Multi-Strategy Alternatives Fund (FSMSX) and Simplify Multi-Qis Alternative ETF (QIS). 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 | QIS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.50 | ||
| Sortino ratioReturn per unit of downside risk | +5.26 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 0.75 | +0.69 |
| Calmar ratioReturn relative to maximum drawdown | 4.61 | -0.97 | +5.58 |
| Martin ratioReturn relative to average drawdown | 13.24 | -1.72 | +14.96 |
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Drawdowns
FSMSX vs. QIS - Drawdown Comparison
The maximum FSMSX drawdown since its inception was -8.94%, smaller than the maximum QIS drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for FSMSX and QIS.
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Drawdown Indicators
| FSMSX | QIS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.94% | -61.25% | +52.31% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -53.92% | +52.46% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | -61.25% | +57.19% |
Max Drawdown (5Y)Largest decline over 5 years | -4.13% | — | — |
Current DrawdownCurrent decline from peak | -0.52% | -59.90% | +59.38% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -15.25% | +13.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 30.37% | -29.86% |
Volatility
FSMSX vs. QIS - Volatility Comparison
The current volatility for FS Multi-Strategy Alternatives Fund (FSMSX) is 1.41%, while Simplify Multi-Qis Alternative ETF (QIS) has a volatility of 9.32%. This indicates that FSMSX experiences smaller price fluctuations and is considered to be less risky than QIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMSX | QIS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 9.32% | -7.91% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 30.98% | -28.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.16% | 38.25% | -35.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.65% | 29.44% | -24.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 29.44% | -24.79% |
FSMSX vs. QIS - Expense Ratio Comparison
FSMSX has a 1.89% expense ratio, which is higher than QIS's 1.00% expense ratio.
Dividends
FSMSX vs. QIS - Dividend Comparison
FSMSX's dividend yield for the trailing twelve months is around 3.97%, more than QIS's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FSMSX FS Multi-Strategy Alternatives Fund | 3.97% | 4.12% | 2.48% | 3.61% | 4.12% | 3.22% | 0.77% | 2.20% | 0.82% |
QIS Simplify Multi-Qis Alternative ETF | 1.99% | 3.37% | 1.07% | 3.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSMSX and QIS have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QIS has higher volatility (9.32%) compared to FSMSX (1.41%). In terms of maximum drawdown, FSMSX dropped -8.94% vs QIS's -61.25%.
FSMSX currently has the higher Sharpe Ratio (2.13 vs -1.37), 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.
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