GAFYX vs. QSPIX

Last updated Jun 23, 2026

GAFYX (AlphaSimplex Global Alternatives Fund) and QSPIX (AQR Style Premia Alternative Fund) are both Multistrategy funds. Over the past 10 years, GAFYX returned 4.94%/yr vs 7.34%/yr for QSPIX. At a 0.06 correlation, their price movements are largely independent. GAFYX charges 1.24%/yr vs 1.49%/yr for QSPIX.

Performance

GAFYX vs. QSPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AlphaSimplex Global Alternatives Fund (GAFYX) and AQR Style Premia Alternative Fund (QSPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAFYX achieves a 10.35% return, which is significantly lower than QSPIX's 11.56% return. Over the past 10 years, GAFYX has underperformed QSPIX with an annualized return of 4.94%, while QSPIX has yielded a comparatively higher 7.34% annualized return.

GAFYX

• 1D: 0.55%
• 1M: 0.87%
• YTD: 10.35%
• 6M: 9.97%
• 1Y: 16.96%
• 3Y*: 8.81%
• 5Y*: 6.29%
• 10Y*: 4.94%

QSPIX

• 1D: -0.21%
• 1M: 0.94%
• YTD: 11.56%
• 6M: 12.47%
• 1Y: 16.08%
• 3Y*: 19.14%
• 5Y*: 19.63%
• 10Y*: 7.34%

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

GAFYX vs. QSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAFYX AlphaSimplex Global Alternatives Fund	10.35%	6.68%	9.66%	3.77%	-0.49%	1.29%	-2.12%	10.49%	-6.21%	11.12%
QSPIX AQR Style Premia Alternative Fund	11.56%	14.82%	21.48%	12.46%	30.76%	24.93%	-21.96%	-8.22%	-12.35%	12.12%

Correlation

The correlation between GAFYX and QSPIX is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.06

The correlation between GAFYX and QSPIX shifts across timeframes, from -0.09 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GAFYX vs. QSPIX — Risk / Return Rank

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

GAFYX

GAFYX Risk / Return Rank: 68
GAFYX Sharpe Ratio Rank: 59
GAFYX Sortino Ratio Rank: 59
GAFYX Omega Ratio Rank: 66
GAFYX Calmar Ratio Rank: 75
GAFYX Martin Ratio Rank: 78

QSPIX

QSPIX Risk / Return Rank: 44
QSPIX Sharpe Ratio Rank: 36
QSPIX Sortino Ratio Rank: 39
QSPIX Omega Ratio Rank: 32
QSPIX Calmar Ratio Rank: 71
QSPIX Martin Ratio Rank: 41

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.

GAFYX vs. QSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AlphaSimplex Global Alternatives Fund (GAFYX) and AQR Style Premia Alternative Fund (QSPIX). 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.

	GAFYX	QSPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.61	+0.48
Sortino ratio: Return per unit of downside risk	2.95	2.43	+0.53
Omega ratio: Gain probability vs. loss probability	1.41	1.28	+0.13
Calmar ratio: Return relative to maximum drawdown	3.24	3.09	+0.15
Martin ratio: Return relative to average drawdown	13.63	8.32	+5.31

GAFYX vs. QSPIX - Sharpe Ratio Comparison

The current GAFYX Sharpe Ratio is 2.09, which is comparable to the QSPIX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of GAFYX and QSPIX, 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

GAFYX vs. QSPIX - Drawdown Comparison

The maximum GAFYX drawdown since its inception was -19.49%, smaller than the maximum QSPIX drawdown of -41.37%. Use the drawdown chart below to compare losses from any high point for GAFYX and QSPIX.

Drawdown Indicators

	GAFYX	QSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.49%	-41.37%	+21.88%
Max Drawdown (1Y) Largest decline over 1 year	-5.19%	-5.09%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-9.74%	-9.31%	-0.43%
Max Drawdown (5Y) Largest decline over 5 years	-9.74%	-17.13%	+7.39%
Max Drawdown (10Y) Largest decline over 10 years	-13.26%	-41.37%	+28.11%
Current Drawdown Current decline from peak	-0.70%	-2.13%	+1.43%
Average Drawdown Average peak-to-trough decline	-4.62%	-9.39%	+4.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.92%	-0.69%

Volatility

GAFYX vs. QSPIX - Volatility Comparison

AlphaSimplex Global Alternatives Fund (GAFYX) and AQR Style Premia Alternative Fund (QSPIX) have volatilities of 3.44% and 3.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAFYX	QSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	3.48%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	7.11%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	8.05%	9.75%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.28%	15.86%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.82%	12.83%	-6.01%

GAFYX vs. QSPIX - Expense Ratio Comparison

GAFYX has a 1.24% expense ratio, which is lower than QSPIX's 1.49% expense ratio.

Dividends

GAFYX vs. QSPIX - Dividend Comparison

GAFYX has not paid dividends to shareholders, while QSPIX's dividend yield for the trailing twelve months is around 2.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAFYX AlphaSimplex Global Alternatives Fund	0.00%	0.00%	0.00%	5.24%	9.57%	0.00%	2.57%	1.16%	1.37%	0.74%	0.00%	3.53%
QSPIX AQR Style Premia Alternative Fund	2.30%	2.57%	6.95%	23.77%	22.68%	12.78%	0.00%	1.62%	0.96%	7.08%	1.74%	5.83%

Frequently Asked Questions

Can I hold both GAFYX and QSPIX in my portfolio?

GAFYX and QSPIX have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAFYX or QSPIX?

QSPIX has higher volatility (3.48%) compared to GAFYX (3.44%). In terms of maximum drawdown, GAFYX dropped -19.49% vs QSPIX's -41.37%.

Which has better risk-adjusted returns?

GAFYX currently has the higher Sharpe Ratio (2.09 vs 1.61), 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.