FSMSX vs. QIS
FSMSX (FS Multi-Strategy Alternatives Fund) and QIS (Simplify Multi-Qis Alternative ETF) are both Multistrategy funds. Over the past year, FSMSX returned 7.96% vs -50.57% 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
Loading charts...
Returns By Period
In the year-to-date period, FSMSX achieves a 3.77% return, which is significantly higher than QIS's -30.59% return.
FSMSX
- 1D
- -0.09%
- 1M
- 0.00%
- YTD
- 3.77%
- 6M
- 3.86%
- 1Y
- 7.96%
- 3Y*
- 5.22%
- 5Y*
- 5.22%
- 10Y*
- —
QIS
- 1D
- -2.72%
- 1M
- -21.94%
- YTD
- -30.59%
- 6M
- -33.19%
- 1Y
- -50.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FSMSX vs. QIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FSMSX FS Multi-Strategy Alternatives Fund | 3.77% | 4.13% | 4.63% | 3.13% |
QIS Simplify Multi-Qis Alternative ETF | -30.59% | -38.02% | 0.19% | 2.08% |
Correlation
The correlation between FSMSX and QIS is -0.02, 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 | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.02 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +3.84 | ||
| Sortino ratioReturn per unit of downside risk | +5.73 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 0.76 | +0.77 |
| Calmar ratioReturn relative to maximum drawdown | 5.46 | -0.92 | +6.38 |
| Martin ratioReturn relative to average drawdown | 16.46 | -1.58 | +18.04 |
Loading charts...
Drawdowns
FSMSX vs. QIS - Drawdown Comparison
The maximum FSMSX drawdown since its inception was -8.94%, smaller than the maximum QIS drawdown of -59.30%. Use the drawdown chart below to compare losses from any high point for FSMSX and QIS.
Loading charts...
Drawdown Indicators
| FSMSX | QIS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.94% | -59.30% | +50.36% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -55.12% | +53.66% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -4.13% | — | — |
Current DrawdownCurrent decline from peak | -0.43% | -59.30% | +58.87% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -14.45% | +12.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 32.10% | -31.62% |
Volatility
FSMSX vs. QIS - Volatility Comparison
The current volatility for FS Multi-Strategy Alternatives Fund (FSMSX) is 1.49%, while Simplify Multi-Qis Alternative ETF (QIS) has a volatility of 11.78%. 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.
Loading charts...
Volatility by Period
| FSMSX | QIS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 11.78% | -10.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 30.41% | -27.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 38.95% | -35.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.65% | 29.38% | -24.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 29.38% | -24.73% |
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 1.94% 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 | 1.94% | 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 -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QIS has higher volatility (11.78%) compared to FSMSX (1.49%). In terms of maximum drawdown, FSMSX dropped -8.94% vs QIS's -59.30%.
FSMSX currently has the higher Sharpe Ratio (2.54 vs -1.30), 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.
Find the right allocation for FSMSX and QIS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer