QDSIX vs. FSMSX
QDSIX (AQR Diversifying Strategies Fund) and FSMSX (FS Multi-Strategy Alternatives Fund) are both Multistrategy funds. Over the past 5 years, QDSIX returned 11.58%/yr vs 5.34%/yr for FSMSX. At a 0.26 correlation, their price movements are largely independent. QDSIX charges 0.20%/yr vs 1.89%/yr for FSMSX.
Performance
QDSIX vs. FSMSX - Performance Comparison
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Returns By Period
In the year-to-date period, QDSIX achieves a 5.07% return, which is significantly higher than FSMSX's 3.86% return.
QDSIX
- 1D
- -0.07%
- 1M
- 0.00%
- YTD
- 5.07%
- 6M
- 5.44%
- 1Y
- 13.58%
- 3Y*
- 12.64%
- 5Y*
- 11.58%
- 10Y*
- —
FSMSX
- 1D
- 0.61%
- 1M
- 0.09%
- YTD
- 3.86%
- 6M
- 4.05%
- 1Y
- 8.05%
- 3Y*
- 5.22%
- 5Y*
- 5.34%
- 10Y*
- —
QDSIX vs. FSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QDSIX AQR Diversifying Strategies Fund | 5.07% | 16.36% | 9.71% | 8.88% | 14.69% | 10.64% | 5.50% |
FSMSX FS Multi-Strategy Alternatives Fund | 3.86% | 4.13% | 4.63% | 5.44% | 3.17% | 13.97% | 0.46% |
Correlation
The correlation between QDSIX and FSMSX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2020 | 0.26 |
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Return for Risk
QDSIX vs. FSMSX — Risk / Return Rank
QDSIX
FSMSX
QDSIX vs. FSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Diversifying Strategies Fund (QDSIX) and FS Multi-Strategy Alternatives Fund (FSMSX). 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.
| QDSIX | FSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.54 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 6.76 | 5.46 | +1.30 |
| Martin ratioReturn relative to average drawdown | 18.57 | 16.48 | +2.09 |
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Drawdowns
QDSIX vs. FSMSX - Drawdown Comparison
The maximum QDSIX drawdown since its inception was -7.06%, smaller than the maximum FSMSX drawdown of -8.94%. Use the drawdown chart below to compare losses from any high point for QDSIX and FSMSX.
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Drawdown Indicators
| QDSIX | FSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.06% | -8.94% | +1.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.96% | -1.46% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -6.90% | -4.06% | -2.84% |
Max Drawdown (5Y)Largest decline over 5 years | -7.06% | -4.13% | -2.93% |
Current DrawdownCurrent decline from peak | -1.34% | -0.34% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -1.63% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.48% | +0.23% |
Volatility
QDSIX vs. FSMSX - Volatility Comparison
AQR Diversifying Strategies Fund (QDSIX) has a higher volatility of 1.76% compared to FS Multi-Strategy Alternatives Fund (FSMSX) at 1.49%. This indicates that QDSIX's price experiences larger fluctuations and is considered to be riskier than FSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QDSIX | FSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 1.49% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 3.64% | 2.56% | +1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.13% | 3.15% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.62% | 4.65% | +2.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.31% | 4.66% | +2.65% |
QDSIX vs. FSMSX - Expense Ratio Comparison
QDSIX has a 0.20% expense ratio, which is lower than FSMSX's 1.89% expense ratio.
Dividends
QDSIX vs. FSMSX - Dividend Comparison
QDSIX's dividend yield for the trailing twelve months is around 2.12%, less than FSMSX's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FSMSX FS Multi-Strategy Alternatives Fund | 3.97% | 4.12% | 2.48% | 3.61% | 4.12% | 3.22% | 0.77% | 2.20% | 0.82% |
QDSIX AQR Diversifying Strategies Fund | 2.12% | 2.23% | 0.00% | 11.35% | 8.22% | 6.07% | 1.93% | 0.00% | 0.00% |
Frequently Asked Questions
QDSIX and FSMSX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QDSIX has higher volatility (1.76%) compared to FSMSX (1.49%). In terms of maximum drawdown, QDSIX dropped -7.06% vs FSMSX's -8.94%.
QDSIX currently has the higher Sharpe Ratio (2.58 vs 2.54), 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.
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