FSMSX vs. SRDAX
FSMSX (FS Multi-Strategy Alternatives Fund) and SRDAX (Stone Ridge Diversified Alternatives Fund) are both Multistrategy funds. Over the past 5 years, FSMSX returned 5.34%/yr vs 8.17%/yr for SRDAX. At a correlation of -0.00, they often move in opposite directions. FSMSX charges 1.89%/yr vs 1.27%/yr for SRDAX.
Performance
FSMSX vs. SRDAX - Performance Comparison
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Returns By Period
In the year-to-date period, FSMSX achieves a 3.86% return, which is significantly lower than SRDAX's 4.36% return.
FSMSX
- 1D
- 0.61%
- 1M
- 0.09%
- YTD
- 3.86%
- 6M
- 4.05%
- 1Y
- 8.05%
- 3Y*
- 5.22%
- 5Y*
- 5.34%
- 10Y*
- —
SRDAX
- 1D
- 0.00%
- 1M
- -0.19%
- YTD
- 4.36%
- 6M
- 4.04%
- 1Y
- 8.83%
- 3Y*
- 7.72%
- 5Y*
- 8.17%
- 10Y*
- —
FSMSX vs. SRDAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FSMSX FS Multi-Strategy Alternatives Fund | 3.86% | 4.13% | 4.63% | 5.44% | 3.17% | 13.97% | -2.13% |
SRDAX Stone Ridge Diversified Alternatives Fund | 4.36% | 0.37% | 8.46% | 19.56% | 2.03% | 10.62% | 1.97% |
Correlation
The correlation between FSMSX and SRDAX is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020 | -0.00 |
The correlation between FSMSX and SRDAX shifts across timeframes, from -0.11 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FSMSX vs. SRDAX — Risk / Return Rank
FSMSX
SRDAX
FSMSX vs. SRDAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FS Multi-Strategy Alternatives Fund (FSMSX) and Stone Ridge Diversified Alternatives Fund (SRDAX). 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 | SRDAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.54 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 5.46 | 3.35 | +2.10 |
| Martin ratioReturn relative to average drawdown | 16.48 | 12.97 | +3.51 |
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Drawdowns
FSMSX vs. SRDAX - Drawdown Comparison
The maximum FSMSX drawdown since its inception was -8.94%, smaller than the maximum SRDAX drawdown of -11.90%. Use the drawdown chart below to compare losses from any high point for FSMSX and SRDAX.
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Drawdown Indicators
| FSMSX | SRDAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.94% | -11.90% | +2.96% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -2.67% | +1.21% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | -6.15% | +2.09% |
Max Drawdown (5Y)Largest decline over 5 years | -4.13% | -11.90% | +7.77% |
Current DrawdownCurrent decline from peak | -0.34% | -0.77% | +0.43% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -2.32% | +0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.69% | -0.21% |
Volatility
FSMSX vs. SRDAX - Volatility Comparison
FS Multi-Strategy Alternatives Fund (FSMSX) has a higher volatility of 1.49% compared to Stone Ridge Diversified Alternatives Fund (SRDAX) at 0.72%. This indicates that FSMSX's price experiences larger fluctuations and is considered to be riskier than SRDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMSX | SRDAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 0.72% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 2.43% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 3.28% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.65% | 6.98% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.66% | 6.76% | -2.10% |
FSMSX vs. SRDAX - Expense Ratio Comparison
FSMSX has a 1.89% expense ratio, which is higher than SRDAX's 1.27% expense ratio.
Dividends
FSMSX vs. SRDAX - Dividend Comparison
FSMSX's dividend yield for the trailing twelve months is around 3.97%, less than SRDAX's 8.18% 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% |
SRDAX Stone Ridge Diversified Alternatives Fund | 8.18% | 8.53% | 8.16% | 14.97% | 3.22% | 8.99% | 3.07% | 0.00% | 0.00% |
Frequently Asked Questions
FSMSX and SRDAX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMSX has higher volatility (1.49%) compared to SRDAX (0.72%). In terms of maximum drawdown, FSMSX dropped -8.94% vs SRDAX's -11.90%.
SRDAX currently has the higher Sharpe Ratio (2.74 vs 2.54), 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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