QIS vs. FSMSX
QIS (Simplify Multi-Qis Alternative ETF) and FSMSX (FS Multi-Strategy Alternatives Fund) are both Multistrategy funds. Over the past 3 years, QIS returned -24.55%/yr vs 4.84%/yr for FSMSX. Their 0.01 correlation means their historical movements had little consistent relationship. QIS charges 1.00%/yr vs 1.89%/yr for FSMSX.
Performance
QIS vs. FSMSX - Performance Comparison
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Returns By Period
In the year-to-date period, QIS achieves a -31.94% return, which is significantly lower than FSMSX's 3.59% return.
QIS
- 1D
- 2.58%
- 1M
- 2.94%
- 6M
- -34.00%
- YTD
- -31.94%
- 1Y
- -48.32%
- 3Y*
- -24.55%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -24.05%
FSMSX
- 1D
- 0.52%
- 1M
- 0.00%
- 6M
- 2.40%
- YTD
- 3.59%
- 1Y
- 5.41%
- 3Y*
- 4.84%
- 5Y*
- 5.17%
- 10Y*
- —
- ALL TIME*
- 3.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $8.01K | $6.87K | $26.74K |
QIS vs. FSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
QIS Simplify Multi-Qis Alternative ETF | -31.94% | -38.02% | 0.19% | 2.08% |
FSMSX FS Multi-Strategy Alternatives Fund | 3.59% | 4.13% | 4.63% | 3.13% |
Correlation
The correlation between QIS and FSMSX is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.01 |
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Return for Risk
QIS vs. FSMSX — Risk / Return Rank
QIS
FSMSX
QIS vs. FSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Multi-Qis Alternative ETF (QIS) 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.
| QIS | FSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.04 | ||
| Sortino ratioReturn per unit of downside risk | -4.50 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.35 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 4.09 | -5.02 |
| Martin ratioReturn relative to average drawdown | -1.62 | 11.33 | -12.95 |
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Drawdowns
QIS vs. FSMSX - Drawdown Comparison
The maximum QIS drawdown since its inception was -62.82%, which is greater than FSMSX's maximum drawdown of -8.94%. Use the drawdown chart below to compare losses from any high point for QIS and FSMSX.
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Drawdown Indicators
| QIS | FSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.82% | -8.94% | -53.88% |
Max Drawdown (1Y)Largest decline over 1 year | -54.47% | -1.46% | -53.01% |
Max Drawdown (3Y)Largest decline over 3 years | -62.82% | -4.06% | -58.76% |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.13% | — |
Current DrawdownCurrent decline from peak | -60.09% | -0.60% | -59.49% |
Average DrawdownAverage peak-to-trough decline | -16.05% | -1.62% | -14.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.13% | 0.53% | +30.60% |
Volatility
QIS vs. FSMSX - Volatility Comparison
Simplify Multi-Qis Alternative ETF (QIS) has a higher volatility of 14.48% compared to FS Multi-Strategy Alternatives Fund (FSMSX) at 1.35%. This indicates that QIS'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
| QIS | FSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.48% | 1.35% | +13.13% |
Volatility (6M)Calculated over the trailing 6-month period | 32.96% | 2.78% | +30.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.15% | 3.36% | +36.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.10% | 4.64% | +25.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.10% | 4.65% | +25.45% |
QIS vs. FSMSX - Expense Ratio Comparison
QIS has a 1.00% expense ratio, which is lower than FSMSX's 1.89% expense ratio.
Dividends
QIS vs. FSMSX - Dividend Comparison
QIS's dividend yield for the trailing twelve months is around 2.00%, less than FSMSX's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FSMSX FS Multi-Strategy Alternatives Fund | 3.98% | 4.12% | 2.48% | 3.61% | 4.12% | 3.22% | 0.77% | 2.20% | 0.82% |
QIS Simplify Multi-Qis Alternative ETF | 2.00% | 3.37% | 1.07% | 3.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QIS and FSMSX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QIS has higher volatility (14.48%) compared to FSMSX (1.35%). In terms of maximum drawdown, QIS dropped -62.82% vs FSMSX's -8.94%.
FSMSX currently has the higher Sharpe Ratio (1.78 vs -1.26), 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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