MSTVX vs. ADAIX
Compare and contrast key facts about Morningstar Alternatives Fund (MSTVX) and AQR Diversified Arbitrage Fund Class I (ADAIX).
MSTVX is managed by Morningstar. It was launched on Nov 1, 2018. ADAIX is an actively managed fund by AQR Funds. It was launched on Jan 15, 2009.
Performance
MSTVX vs. ADAIX - Performance Comparison
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MSTVX vs. ADAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MSTVX Morningstar Alternatives Fund | 0.56% | 6.42% | 6.37% | 6.86% | -2.69% | 4.20% | 3.81% | 5.82% | -0.05% |
ADAIX AQR Diversified Arbitrage Fund Class I | 0.78% | 8.03% | 3.19% | 4.51% | -3.30% | 6.27% | 25.24% | 8.53% | -1.79% |
Returns By Period
In the year-to-date period, MSTVX achieves a 0.56% return, which is significantly lower than ADAIX's 0.78% return.
MSTVX
- 1D
- 0.19%
- 1M
- -1.66%
- YTD
- 0.56%
- 6M
- 2.36%
- 1Y
- 4.49%
- 3Y*
- 6.60%
- 5Y*
- 3.95%
- 10Y*
- —
ADAIX
- 1D
- -0.15%
- 1M
- 0.08%
- YTD
- 0.78%
- 6M
- 2.60%
- 1Y
- 6.24%
- 3Y*
- 5.17%
- 5Y*
- 2.72%
- 10Y*
- 6.75%
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MSTVX vs. ADAIX - Expense Ratio Comparison
MSTVX has a 1.15% expense ratio, which is lower than ADAIX's 1.38% expense ratio.
Return for Risk
MSTVX vs. ADAIX — Risk / Return Rank
MSTVX
ADAIX
MSTVX vs. ADAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morningstar Alternatives Fund (MSTVX) and AQR Diversified Arbitrage Fund Class I (ADAIX). 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.
| MSTVX | ADAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.25 | 4.19 | -2.93 |
Sortino ratioReturn per unit of downside risk | 1.71 | 6.86 | -5.15 |
Omega ratioGain probability vs. loss probability | 1.37 | 2.06 | -0.70 |
Calmar ratioReturn relative to maximum drawdown | 1.78 | 9.83 | -8.04 |
Martin ratioReturn relative to average drawdown | 11.22 | 37.48 | -26.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSTVX | ADAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 4.19 | -2.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.32 | 1.02 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.37 | 1.19 | +0.18 |
Correlation
The correlation between MSTVX and ADAIX is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MSTVX vs. ADAIX - Dividend Comparison
MSTVX's dividend yield for the trailing twelve months is around 3.39%, more than ADAIX's 2.10% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSTVX Morningstar Alternatives Fund | 3.39% | 3.41% | 3.07% | 3.86% | 3.92% | 4.99% | 2.91% | 1.74% | 0.25% | 0.00% | 0.00% | 0.00% |
ADAIX AQR Diversified Arbitrage Fund Class I | 2.10% | 2.12% | 1.23% | 2.74% | 0.10% | 0.65% | 1.60% | 2.11% | 6.53% | 7.17% | 7.18% | 4.93% |
Drawdowns
MSTVX vs. ADAIX - Drawdown Comparison
The maximum MSTVX drawdown since its inception was -8.02%, smaller than the maximum ADAIX drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for MSTVX and ADAIX.
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Drawdown Indicators
| MSTVX | ADAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.02% | -14.75% | +6.73% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -0.64% | -2.57% |
Max Drawdown (5Y)Largest decline over 5 years | -5.89% | -7.40% | +1.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.75% | — |
Current DrawdownCurrent decline from peak | -1.66% | -0.31% | -1.35% |
Average DrawdownAverage peak-to-trough decline | -1.17% | -2.85% | +1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.17% | +0.35% |
Volatility
MSTVX vs. ADAIX - Volatility Comparison
Morningstar Alternatives Fund (MSTVX) has a higher volatility of 0.87% compared to AQR Diversified Arbitrage Fund Class I (ADAIX) at 0.38%. This indicates that MSTVX's price experiences larger fluctuations and is considered to be riskier than ADAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTVX | ADAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.38% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 1.53% | 1.11% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.70% | 1.54% | +3.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.13% | 2.69% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.15% | 4.33% | -1.18% |