PASIX vs. ADAIX

Last updated Jun 4, 2026

PASIX (PACE Alternative Strategies Investments) and ADAIX (AQR Diversified Arbitrage Fund Class I) are both Multistrategy funds. Over the past 10 years, PASIX returned 3.95%/yr vs 6.85%/yr for ADAIX. At a 0.10 correlation, their price movements are largely independent. PASIX charges 1.88%/yr vs 1.38%/yr for ADAIX.

Performance

PASIX vs. ADAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Alternative Strategies Investments (PASIX) and AQR Diversified Arbitrage Fund Class I (ADAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PASIX achieves a 4.04% return, which is significantly higher than ADAIX's 2.96% return. Over the past 10 years, PASIX has underperformed ADAIX with an annualized return of 3.95%, while ADAIX has yielded a comparatively higher 6.85% annualized return.

PASIX

• 1D: 0.48%
• 1M: 1.64%
• YTD: 4.04%
• 6M: 4.07%
• 1Y: 8.80%
• 3Y*: 8.02%
• 5Y*: 4.53%
• 10Y*: 3.95%

ADAIX

• 1D: -0.08%
• 1M: 0.69%
• YTD: 2.96%
• 6M: 3.46%
• 1Y: 6.74%
• 3Y*: 6.25%
• 5Y*: 2.99%
• 10Y*: 6.85%

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

PASIX vs. ADAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PASIX PACE Alternative Strategies Investments	4.04%	7.47%	6.56%	4.97%	0.22%	2.60%	9.48%	6.08%	-5.41%	3.71%
ADAIX AQR Diversified Arbitrage Fund Class I	2.96%	8.03%	3.19%	4.51%	-3.30%	6.27%	25.24%	8.53%	2.19%	5.93%

Correlation

The correlation between PASIX and ADAIX is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 16, 2009	0.10

The correlation between PASIX and ADAIX shifts across timeframes, from 0.08 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PASIX vs. ADAIX — Risk / Return Rank

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

PASIX

PASIX Risk / Return Rank: 53
PASIX Sharpe Ratio Rank: 49
PASIX Sortino Ratio Rank: 52
PASIX Omega Ratio Rank: 57
PASIX Calmar Ratio Rank: 52
PASIX Martin Ratio Rank: 53

ADAIX

ADAIX Risk / Return Rank: 99
ADAIX Sharpe Ratio Rank: 99
ADAIX Sortino Ratio Rank: 99
ADAIX Omega Ratio Rank: 98
ADAIX Calmar Ratio Rank: 99
ADAIX Martin Ratio Rank: 99

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.

PASIX vs. ADAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Alternative Strategies Investments (PASIX) 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.

	PASIX	ADAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	4.84	-2.78
Sortino ratio: Return per unit of downside risk	3.02	8.18	-5.16
Omega ratio: Gain probability vs. loss probability	1.42	2.26	-0.84
Calmar ratio: Return relative to maximum drawdown	2.76	14.61	-11.85
Martin ratio: Return relative to average drawdown	10.77	44.38	-33.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PASIX vs. ADAIX - Sharpe Ratio Comparison

The current PASIX Sharpe Ratio is 2.06, which is lower than the ADAIX Sharpe Ratio of 4.84. The chart below compares the historical Sharpe Ratios of PASIX and ADAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PASIX	ADAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	4.84	-2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	1.15	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	1.59	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.21	-0.83

Drawdowns

PASIX vs. ADAIX - Drawdown Comparison

The maximum PASIX drawdown since its inception was -32.27%, which is greater than ADAIX's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for PASIX and ADAIX.

Drawdown Indicators

	PASIX	ADAIX	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-14.75%	-17.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-0.46%	-2.90%
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	-1.78%	-2.23%
Max Drawdown (5Y) Largest decline over 5 years	-4.81%	-7.40%	+2.59%
Max Drawdown (10Y) Largest decline over 10 years	-10.50%	-14.75%	+4.25%
Current Drawdown Current decline from peak	0.00%	-0.15%	+0.15%
Average Drawdown Average peak-to-trough decline	-6.32%	-2.82%	-3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.15%	+0.70%

Volatility

PASIX vs. ADAIX - Volatility Comparison

PACE Alternative Strategies Investments (PASIX) has a higher volatility of 1.53% compared to AQR Diversified Arbitrage Fund Class I (ADAIX) at 0.37%. This indicates that PASIX'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.

Volatility by Period

	PASIX	ADAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	0.37%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	3.84%	1.06%	+2.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.50%	1.40%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.06%	2.62%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	4.32%	+0.72%

PASIX vs. ADAIX - Expense Ratio Comparison

PASIX has a 1.88% expense ratio, which is higher than ADAIX's 1.38% expense ratio.

Dividends

PASIX vs. ADAIX - Dividend Comparison

PASIX's dividend yield for the trailing twelve months is around 10.51%, more than ADAIX's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADAIX AQR Diversified Arbitrage Fund Class I	2.06%	2.12%	1.23%	2.74%	0.10%	0.65%	1.60%	2.11%	6.53%	7.17%	7.18%	4.93%
PASIX PACE Alternative Strategies Investments	10.51%	10.93%	7.96%	3.57%	2.42%	6.45%	4.82%	0.00%	2.89%	0.00%	0.00%	2.14%

Frequently Asked Questions

Can I hold both PASIX and ADAIX in my portfolio?

PASIX and ADAIX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PASIX or ADAIX?

PASIX has higher volatility (1.53%) compared to ADAIX (0.37%). In terms of maximum drawdown, PASIX dropped -32.27% vs ADAIX's -14.75%.

Which has better risk-adjusted returns?

ADAIX currently has the higher Sharpe Ratio (4.84 vs 2.06), 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.