QDSIX vs. MSTVX

Last updated Apr 1, 2026

Compare and contrast key facts about AQR Diversifying Strategies Fund (QDSIX) and Morningstar Alternatives Fund (MSTVX).

QDSIX is managed by AQR Funds. It was launched on Jun 7, 2020. MSTVX is managed by Morningstar. It was launched on Nov 1, 2018.

Performance

QDSIX vs. MSTVX - Performance Comparison

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

QDSIX vs. MSTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QDSIX AQR Diversifying Strategies Fund	2.86%	16.36%	9.71%	8.88%	14.69%	10.64%	5.50%
MSTVX Morningstar Alternatives Fund	0.56%	6.42%	6.37%	6.86%	-2.69%	4.20%	4.01%

Returns By Period

In the year-to-date period, QDSIX achieves a 2.86% return, which is significantly higher than MSTVX's 0.56% return.

QDSIX

• 1D: 0.21%
• 1M: -1.30%
• YTD: 2.86%
• 6M: 5.69%
• 1Y: 12.12%
• 3Y*: 12.66%
• 5Y*: 11.13%
• 10Y*: —

MSTVX

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

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

QDSIX vs. MSTVX - Expense Ratio Comparison

QDSIX has a 0.20% expense ratio, which is lower than MSTVX's 1.15% expense ratio.

MSTVX

Morningstar Alternatives Fund

QDSIX

AQR Diversifying Strategies Fund

Return for Risk

QDSIX vs. MSTVX — Risk / Return Rank

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

QDSIX

QDSIX Risk / Return Rank: 89
QDSIX Sharpe Ratio Rank: 92
QDSIX Sortino Ratio Rank: 89
QDSIX Omega Ratio Rank: 90
QDSIX Calmar Ratio Rank: 87
QDSIX Martin Ratio Rank: 88

MSTVX

MSTVX Risk / Return Rank: 79
MSTVX Sharpe Ratio Rank: 71
MSTVX Sortino Ratio Rank: 69
MSTVX Omega Ratio Rank: 87
MSTVX Calmar Ratio Rank: 76
MSTVX Martin Ratio Rank: 92

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.

QDSIX vs. MSTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Diversifying Strategies Fund (QDSIX) and Morningstar Alternatives Fund (MSTVX). 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.

	QDSIX	MSTVX	Difference
Sharpe ratio Return per unit of total volatility	1.96	1.25	+0.70
Sortino ratio Return per unit of downside risk	2.47	1.71	+0.77
Omega ratio Gain probability vs. loss probability	1.41	1.37	+0.04
Calmar ratio Return relative to maximum drawdown	2.24	1.78	+0.46
Martin ratio Return relative to average drawdown	9.64	11.22	-1.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QDSIX vs. MSTVX - Sharpe Ratio Comparison

The current QDSIX Sharpe Ratio is 1.96, which is higher than the MSTVX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of QDSIX and MSTVX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QDSIX	MSTVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.25	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.46	1.32	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	1.37	+0.24

Correlation

The correlation between QDSIX and MSTVX is 0.17, 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

QDSIX vs. MSTVX - Dividend Comparison

QDSIX's dividend yield for the trailing twelve months is around 2.17%, less than MSTVX's 3.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QDSIX AQR Diversifying Strategies Fund	2.17%	2.23%	0.00%	11.35%	8.22%	6.07%	1.93%	0.00%	0.00%
MSTVX Morningstar Alternatives Fund	3.39%	3.41%	3.07%	3.86%	3.92%	4.99%	2.91%	1.74%	0.25%

Drawdowns

QDSIX vs. MSTVX - Drawdown Comparison

The maximum QDSIX drawdown since its inception was -7.06%, smaller than the maximum MSTVX drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for QDSIX and MSTVX.

Drawdown Indicators

	QDSIX	MSTVX	Difference
Max Drawdown Largest peak-to-trough decline	-7.06%	-8.02%	+0.96%
Max Drawdown (1Y) Largest decline over 1 year	-5.53%	-3.21%	-2.32%
Max Drawdown (5Y) Largest decline over 5 years	-7.06%	-5.89%	-1.17%
Current Drawdown Current decline from peak	-1.30%	-1.66%	+0.36%
Average Drawdown Average peak-to-trough decline	-1.48%	-1.17%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	0.52%	+0.76%

Volatility

QDSIX vs. MSTVX - Volatility Comparison

AQR Diversifying Strategies Fund (QDSIX) has a higher volatility of 1.56% compared to Morningstar Alternatives Fund (MSTVX) at 0.87%. This indicates that QDSIX's price experiences larger fluctuations and is considered to be riskier than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDSIX	MSTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	0.87%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	3.73%	1.53%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	6.36%	4.70%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.64%	3.13%	+4.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.39%	3.15%	+4.24%