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 4.84%/yr vs -24.55%/yr for QIS. Their 0.01 correlation means their historical movements had little consistent relationship. 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 3.59% return, which is significantly higher than QIS's -31.94% return.
FSMSX
- 1D
- 0.52%
- 1M
- 0.00%
- 6M
- 2.40%
- YTD
- 3.59%
- 1Y
- 5.41%
- 3Y*
- 4.84%
- 5Y*
- 5.17%
- 10Y*
- —
- ALL TIME*
- 3.93%
QIS
- 1D
- 2.58%
- 1M
- 2.94%
- 6M
- -34.00%
- YTD
- -31.94%
- 1Y
- -48.32%
- 3Y*
- -24.55%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -24.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $8.01K | $6.87K | $26.74K |
FSMSX vs. QIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FSMSX FS Multi-Strategy Alternatives Fund | 3.59% | 4.13% | 4.63% | 3.13% |
QIS Simplify Multi-Qis Alternative ETF | -31.94% | -38.02% | 0.19% | 2.08% |
Correlation
The correlation between FSMSX and QIS is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.01 |
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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 | +3.04 | ||
| Sortino ratioReturn per unit of downside risk | +4.50 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.77 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | -0.93 | +5.02 |
| Martin ratioReturn relative to average drawdown | 11.33 | -1.62 | +12.95 |
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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 -62.82%. 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% | -62.82% | +53.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -54.47% | +53.01% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | -62.82% | +58.76% |
Max Drawdown (5Y)Largest decline over 5 years | -4.13% | — | — |
Current DrawdownCurrent decline from peak | -0.60% | -60.09% | +59.49% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -16.05% | +14.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 31.13% | -30.60% |
Volatility
FSMSX vs. QIS - Volatility Comparison
The current volatility for FS Multi-Strategy Alternatives Fund (FSMSX) is 1.35%, while Simplify Multi-Qis Alternative ETF (QIS) has a volatility of 14.48%. 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 | 1.35% | 14.48% | -13.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 32.96% | -30.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 40.15% | -36.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.64% | 30.10% | -25.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 30.10% | -25.45% |
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 3.98%, more than QIS's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FSMSX FS Multi-Strategy Alternatives Fund | 3.98% | 4.12% | 2.48% | 3.61% | 4.12% | 3.22% | 0.77% | 2.20% | 0.82% |
QIS Simplify Multi-Qis Alternative ETF | 2.00% | 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 -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QIS has higher volatility (14.48%) compared to FSMSX (1.35%). In terms of maximum drawdown, FSMSX dropped -8.94% vs QIS's -62.82%.
FSMSX currently has the higher Sharpe Ratio (1.78 vs -1.26), 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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