LSEIX vs. CDAZX

Last updated Jun 25, 2026

LSEIX (Persimmon Long/Short Fund) and CDAZX (Multi-Manager Directional Alternative Strategies Fund) are both Long-Short funds. Over the past 5 years, LSEIX returned 9.48%/yr vs 11.96%/yr for CDAZX. A 0.70 correlation means they provide meaningful diversification when combined. LSEIX charges 1.91%/yr vs 1.84%/yr for CDAZX.

Performance

LSEIX vs. CDAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Persimmon Long/Short Fund (LSEIX) and Multi-Manager Directional Alternative Strategies Fund (CDAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LSEIX achieves a 6.69% return, which is significantly lower than CDAZX's 9.26% return.

LSEIX

• 1D: -1.12%
• 1M: 0.93%
• YTD: 6.69%
• 6M: 5.59%
• 1Y: 18.74%
• 3Y*: 15.62%
• 5Y*: 9.48%
• 10Y*: 7.32%

CDAZX

• 1D: -0.13%
• 1M: 4.28%
• YTD: 9.26%
• 6M: 8.04%
• 1Y: 24.97%
• 3Y*: 18.23%
• 5Y*: 11.96%
• 10Y*: —

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

LSEIX vs. CDAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LSEIX Persimmon Long/Short Fund	6.69%	12.02%	17.36%	15.70%	-9.95%	14.67%	8.13%	5.28%	-6.10%	12.28%
CDAZX Multi-Manager Directional Alternative Strategies Fund	9.26%	19.20%	19.75%	3.90%	1.31%	20.14%	-6.39%	8.17%	-12.03%	10.32%

Correlation

The correlation between LSEIX and CDAZX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017	0.70

The correlation between LSEIX and CDAZX has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

Return for Risk

LSEIX vs. CDAZX — Risk / Return Rank

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

LSEIX

LSEIX Risk / Return Rank: 84
LSEIX Sharpe Ratio Rank: 78
LSEIX Sortino Ratio Rank: 75
LSEIX Omega Ratio Rank: 76
LSEIX Calmar Ratio Rank: 95
LSEIX Martin Ratio Rank: 96

CDAZX

CDAZX Risk / Return Rank: 85
CDAZX Sharpe Ratio Rank: 90
CDAZX Sortino Ratio Rank: 88
CDAZX Omega Ratio Rank: 84
CDAZX Calmar Ratio Rank: 84
CDAZX Martin Ratio Rank: 79

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.

LSEIX vs. CDAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Persimmon Long/Short Fund (LSEIX) and Multi-Manager Directional Alternative Strategies Fund (CDAZX). 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.

	LSEIX	CDAZX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.69	-0.40
Sortino ratio: Return per unit of downside risk	3.17	3.80	-0.63
Omega ratio: Gain probability vs. loss probability	1.43	1.50	-0.08
Calmar ratio: Return relative to maximum drawdown	5.16	3.60	+1.56
Martin ratio: Return relative to average drawdown	20.15	13.31	+6.84

LSEIX vs. CDAZX - Sharpe Ratio Comparison

The current LSEIX Sharpe Ratio is 2.29, which is comparable to the CDAZX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of LSEIX and CDAZX, 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

LSEIX vs. CDAZX - Drawdown Comparison

The maximum LSEIX drawdown since its inception was -19.92%, smaller than the maximum CDAZX drawdown of -30.94%. Use the drawdown chart below to compare losses from any high point for LSEIX and CDAZX.

Drawdown Indicators

	LSEIX	CDAZX	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-30.94%	+11.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-7.32%	+3.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.63%	-8.54%	-5.09%
Max Drawdown (5Y) Largest decline over 5 years	-13.63%	-10.91%	-2.72%
Max Drawdown (10Y) Largest decline over 10 years	-19.92%	—	—
Current Drawdown Current decline from peak	-1.39%	-0.13%	-1.26%
Average Drawdown Average peak-to-trough decline	-4.03%	-6.11%	+2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.97%	-0.97%

Volatility

LSEIX vs. CDAZX - Volatility Comparison

The current volatility for Persimmon Long/Short Fund (LSEIX) is 2.68%, while Multi-Manager Directional Alternative Strategies Fund (CDAZX) has a volatility of 3.48%. This indicates that LSEIX experiences smaller price fluctuations and is considered to be less risky than CDAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSEIX	CDAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	3.48%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	7.65%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	9.80%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.93%	9.21%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.68%	10.06%	+0.62%

LSEIX vs. CDAZX - Expense Ratio Comparison

LSEIX has a 1.91% expense ratio, which is higher than CDAZX's 1.84% expense ratio.

Dividends

LSEIX vs. CDAZX - Dividend Comparison

LSEIX has not paid dividends to shareholders, while CDAZX's dividend yield for the trailing twelve months is around 21.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDAZX Multi-Manager Directional Alternative Strategies Fund	21.30%	23.28%	10.21%	1.58%	11.48%	6.28%	0.00%	0.79%	50.33%	3.97%	0.00%	0.00%
LSEIX Persimmon Long/Short Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.23%	3.49%	6.18%	0.00%	4.88%

Frequently Asked Questions

Can I hold both LSEIX and CDAZX in my portfolio?

LSEIX and CDAZX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSEIX or CDAZX?

CDAZX has higher volatility (3.48%) compared to LSEIX (2.68%). In terms of maximum drawdown, LSEIX dropped -19.92% vs CDAZX's -30.94%.

Which has better risk-adjusted returns?

CDAZX currently has the higher Sharpe Ratio (2.69 vs 2.29), 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.