PASIX vs. RMDFX

Last updated Jun 25, 2026

PASIX (PACE Alternative Strategies Investments) and RMDFX (Aspiriant Defensive Allocation Fund) are both Multistrategy funds. Over the past 10 years, PASIX returned 4.03%/yr vs 5.34%/yr for RMDFX. A 0.67 correlation means they provide meaningful diversification when combined. PASIX charges 1.88%/yr vs 0.18%/yr for RMDFX.

Performance

PASIX vs. RMDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Alternative Strategies Investments (PASIX) and Aspiriant Defensive Allocation Fund (RMDFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PASIX achieves a 3.45% return, which is significantly lower than RMDFX's 5.81% return. Over the past 10 years, PASIX has underperformed RMDFX with an annualized return of 4.03%, while RMDFX has yielded a comparatively higher 5.34% annualized return.

PASIX

• 1D: -0.38%
• 1M: 0.38%
• YTD: 3.45%
• 6M: 3.24%
• 1Y: 7.58%
• 3Y*: 7.71%
• 5Y*: 4.57%
• 10Y*: 4.03%

RMDFX

• 1D: -0.48%
• 1M: -0.63%
• YTD: 5.81%
• 6M: 5.63%
• 1Y: 17.55%
• 3Y*: 10.32%
• 5Y*: 5.32%
• 10Y*: 5.34%

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

PASIX vs. RMDFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PASIX PACE Alternative Strategies Investments	3.45%	7.47%	6.56%	4.97%	0.22%	2.60%	9.48%	6.08%	-5.41%	3.71%
RMDFX Aspiriant Defensive Allocation Fund	5.81%	18.85%	1.45%	8.01%	-6.84%	4.20%	5.10%	11.50%	-4.89%	9.41%

Correlation

The correlation between PASIX and RMDFX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.67

The correlation between PASIX and RMDFX has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.

Return for Risk

PASIX vs. RMDFX — Risk / Return Rank

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

PASIX

PASIX Risk / Return Rank: 47
PASIX Sharpe Ratio Rank: 44
PASIX Sortino Ratio Rank: 46
PASIX Omega Ratio Rank: 50
PASIX Calmar Ratio Rank: 48
PASIX Martin Ratio Rank: 50

RMDFX

RMDFX Risk / Return Rank: 94
RMDFX Sharpe Ratio Rank: 98
RMDFX Sortino Ratio Rank: 97
RMDFX Omega Ratio Rank: 96
RMDFX Calmar Ratio Rank: 89
RMDFX Martin Ratio Rank: 90

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. RMDFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Alternative Strategies Investments (PASIX) and Aspiriant Defensive Allocation Fund (RMDFX). 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.

	PASIX	RMDFX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	3.70	-1.97
Sortino ratio: Return per unit of downside risk	2.51	5.11	-2.60
Omega ratio: Gain probability vs. loss probability	1.34	1.79	-0.45
Calmar ratio: Return relative to maximum drawdown	2.45	4.23	-1.79
Martin ratio: Return relative to average drawdown	9.36	16.26	-6.90

PASIX vs. RMDFX - Sharpe Ratio Comparison

The current PASIX Sharpe Ratio is 1.73, which is lower than the RMDFX Sharpe Ratio of 3.70. The chart below compares the historical Sharpe Ratios of PASIX and RMDFX, 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

PASIX vs. RMDFX - Drawdown Comparison

The maximum PASIX drawdown since its inception was -32.27%, which is greater than RMDFX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for PASIX and RMDFX.

Drawdown Indicators

	PASIX	RMDFX	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-15.96%	-16.31%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-4.19%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	-5.79%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-4.57%	-14.63%	+10.06%
Max Drawdown (10Y) Largest decline over 10 years	-10.50%	-15.96%	+5.46%
Current Drawdown Current decline from peak	-0.57%	-1.49%	+0.92%
Average Drawdown Average peak-to-trough decline	-6.30%	-3.32%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	1.09%	-0.22%

Volatility

PASIX vs. RMDFX - Volatility Comparison

PACE Alternative Strategies Investments (PASIX) has a higher volatility of 1.81% compared to Aspiriant Defensive Allocation Fund (RMDFX) at 1.39%. This indicates that PASIX's price experiences larger fluctuations and is considered to be riskier than RMDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PASIX	RMDFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	1.39%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	4.05%	4.15%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.76%	4.79%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	6.35%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	6.23%	-1.17%

PASIX vs. RMDFX - Expense Ratio Comparison

PASIX has a 1.88% expense ratio, which is higher than RMDFX's 0.18% expense ratio.

Dividends

PASIX vs. RMDFX - Dividend Comparison

PASIX's dividend yield for the trailing twelve months is around 10.57%, more than RMDFX's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PASIX PACE Alternative Strategies Investments	10.57%	10.93%	7.96%	3.57%	2.42%	6.45%	4.82%	0.00%	2.89%	0.00%	0.00%	2.14%
RMDFX Aspiriant Defensive Allocation Fund	4.38%	4.63%	0.00%	3.69%	0.78%	5.37%	2.28%	3.78%	4.11%	2.16%	1.16%	0.00%

Frequently Asked Questions

Can I hold both PASIX and RMDFX in my portfolio?

PASIX and RMDFX have a correlation of 0.61, 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 RMDFX?

PASIX has higher volatility (1.81%) compared to RMDFX (1.39%). In terms of maximum drawdown, PASIX dropped -32.27% vs RMDFX's -15.96%.

Which has better risk-adjusted returns?

RMDFX currently has the higher Sharpe Ratio (3.70 vs 1.73), 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.