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MSTVX vs. QSPIX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

MSTVX vs. QSPIX

Last updated Apr 1, 2026

Compare and contrast key facts about Morningstar Alternatives Fund (MSTVX) and AQR Style Premia Alternative Fund (QSPIX).

MSTVX is managed by Morningstar. It was launched on Nov 1, 2018. QSPIX is managed by AQR Funds. It was launched on Oct 29, 2013.

Performance

MSTVX vs. QSPIX - Performance Comparison

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

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MSTVX vs. QSPIX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MSTVX
Morningstar Alternatives Fund		0.56%6.42%6.37%6.86%-2.69%4.20%3.81%5.82%-0.05%
QSPIX
AQR Style Premia Alternative Fund		9.94%14.82%21.48%12.46%30.76%24.93%-21.96%-8.22%-2.39%

Returns By Period

In the year-to-date period, MSTVX achieves a 0.56% return, which is significantly lower than QSPIX's 9.94% return.

MSTVX

1D
0.19%
1M
-1.66%
YTD
0.56%
6M
2.36%
1Y
4.49%
3Y*
6.60%
5Y*
3.95%
10Y*
—

QSPIX

1D
-0.21%
1M
3.82%
YTD
9.94%
6M
12.16%
1Y
13.99%
3Y*
19.92%
5Y*
18.65%
10Y*
7.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Morningstar Alternatives Fund

AQR Style Premia Alternative Fund

Often compared with MSTVX:
MSTVX vs. DBCMSTVX vs. qdsixMSTVX vs. QDSIXMSTVX vs. MSTFXMSTVX vs. MSTMXMSTVX vs. MSTRXMSTVX vs. MSTBX
Often compared with QSPIX:
QSPIX vs. QDSIXQSPIX vs. QRPIXQSPIX vs. AQMIXQSPIX vs. SPYQSPIX vs. GAFYXQSPIX vs. AQRIXQSPIX vs. GFSYX

MSTVX vs. QSPIX - Expense Ratio Comparison

MSTVX has a 1.15% expense ratio, which is lower than QSPIX's 1.49% expense ratio.

QSPIX
AQR Style Premia Alternative Fund
MSTVX
Morningstar Alternatives Fund

Return for Risk

MSTVX vs. QSPIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MSTVX
MSTVX Risk / Return Rank: 7979
Overall Rank
MSTVX Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
MSTVX Sortino Ratio Rank: 6969
Sortino Ratio Rank
MSTVX Omega Ratio Rank: 8787
Omega Ratio Rank
MSTVX Calmar Ratio Rank: 7676
Calmar Ratio Rank
MSTVX Martin Ratio Rank: 9292
Martin Ratio Rank
QSPIX
QSPIX Risk / Return Rank: 7272
Overall Rank
QSPIX Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
QSPIX Sortino Ratio Rank: 7878
Sortino Ratio Rank
QSPIX Omega Ratio Rank: 7070
Omega Ratio Rank
QSPIX Calmar Ratio Rank: 7676
Calmar Ratio Rank
QSPIX Martin Ratio Rank: 5555
Martin Ratio Rank
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.

MSTVX vs. QSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar Alternatives Fund (MSTVX) 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.

MSTVXQSPIXDifference

Sharpe ratio

Return per unit of total volatility

1.25

1.42

-0.16

Sortino ratio

Return per unit of downside risk

1.71

1.94

-0.23

Omega ratio

Gain probability vs. loss probability

1.37

1.26

+0.11

Calmar ratio

Return relative to maximum drawdown

1.78

1.76

+0.02

Martin ratio

Return relative to average drawdown

11.22

5.29

+5.93

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTVX vs. QSPIX - Sharpe Ratio Comparison

The current MSTVX Sharpe Ratio is 1.25, which is comparable to the QSPIX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of MSTVX and QSPIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

MSTVXQSPIXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.25

1.42

-0.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.32

1.18

+0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.55

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.37

0.61

+0.76

Correlation

The correlation between MSTVX and QSPIX is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MSTVX vs. QSPIX - Dividend Comparison

MSTVX's dividend yield for the trailing twelve months is around 3.39%, more than QSPIX's 2.34% yield.

TTM20252024202320222021202020192018201720162015
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%
QSPIX
AQR Style Premia Alternative Fund		2.34%2.57%6.95%23.77%22.68%12.78%0.00%1.62%0.96%7.08%1.74%5.83%

Drawdowns

MSTVX vs. QSPIX - Drawdown Comparison

The maximum MSTVX drawdown since its inception was -8.02%, smaller than the maximum QSPIX drawdown of -41.37%. Use the drawdown chart below to compare losses from any high point for MSTVX and QSPIX.

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Drawdown Indicators

MSTVXQSPIXDifference

Max Drawdown

Largest peak-to-trough decline

-8.02%

-41.37%

+33.35%

Max Drawdown (1Y)

Largest decline over 1 year

-3.21%

-8.11%

+4.90%

Max Drawdown (5Y)

Largest decline over 5 years

-5.89%

-17.13%

+11.24%

Max Drawdown (10Y)

Largest decline over 10 years

—

-41.37%

—

Current Drawdown

Current decline from peak

-1.66%

-0.21%

-1.45%

Average Drawdown

Average peak-to-trough decline

-1.17%

-9.54%

+8.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.52%

2.70%

-2.18%

Volatility

MSTVX vs. QSPIX - Volatility Comparison

The current volatility for Morningstar Alternatives Fund (MSTVX) is 0.87%, while AQR Style Premia Alternative Fund (QSPIX) has a volatility of 2.61%. This indicates that MSTVX experiences smaller price fluctuations and is considered to be less risky than QSPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MSTVXQSPIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.87%

2.61%

-1.74%

Volatility (6M)

Calculated over the trailing 6-month period

1.53%

6.62%

-5.09%

Volatility (1Y)

Calculated over the trailing 1-year period

4.70%

10.12%

-5.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.13%

15.98%

-12.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.15%

12.76%

-9.61%