QIS vs. GAFYX

Last updated Jun 24, 2026

QIS (Simplify Multi-Qis Alternative ETF) and GAFYX (AlphaSimplex Global Alternatives Fund) are both Multistrategy funds. Over the past year, QIS returned -50.57% vs 16.90% for GAFYX. At a 0.03 correlation, their price movements are largely independent. QIS charges 1.00%/yr vs 1.24%/yr for GAFYX.

Performance

QIS vs. GAFYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Multi-Qis Alternative ETF (QIS) and AlphaSimplex Global Alternatives Fund (GAFYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QIS achieves a -30.59% return, which is significantly lower than GAFYX's 10.70% return.

QIS

• 1D: -2.72%
• 1M: -21.94%
• YTD: -30.59%
• 6M: -33.19%
• 1Y: -50.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GAFYX

• 1D: 0.32%
• 1M: 1.19%
• YTD: 10.70%
• 6M: 9.84%
• 1Y: 16.90%
• 3Y*: 9.49%
• 5Y*: 6.14%
• 10Y*: 5.00%

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

QIS vs. GAFYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QIS Simplify Multi-Qis Alternative ETF	-30.59%	-38.02%	0.19%	2.08%
GAFYX AlphaSimplex Global Alternatives Fund	10.70%	6.68%	9.66%	0.85%

Correlation

The correlation between QIS and GAFYX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	0.03

The correlation between QIS and GAFYX shifts across timeframes, from 0.03 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QIS vs. GAFYX — Risk / Return Rank

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

QIS

QIS Risk / Return Rank: 1
QIS Sharpe Ratio Rank: 0
QIS Sortino Ratio Rank: 0
QIS Omega Ratio Rank: 0
QIS Calmar Ratio Rank: 1
QIS Martin Ratio Rank: 1

GAFYX

GAFYX Risk / Return Rank: 71
GAFYX Sharpe Ratio Rank: 64
GAFYX Sortino Ratio Rank: 64
GAFYX Omega Ratio Rank: 70
GAFYX Calmar Ratio Rank: 78
GAFYX Martin Ratio Rank: 81

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.

QIS vs. GAFYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Multi-Qis Alternative ETF (QIS) and AlphaSimplex Global Alternatives Fund (GAFYX). 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	GAFYX	Difference
Sharpe ratio: Return per unit of total volatility	-1.30	2.16	-3.46
Sortino ratio: Return per unit of downside risk	-2.07	3.05	-5.12
Omega ratio: Gain probability vs. loss probability	0.76	1.43	-0.66
Calmar ratio: Return relative to maximum drawdown	-0.92	3.36	-4.28
Martin ratio: Return relative to average drawdown	-1.58	14.10	-15.68

QIS vs. GAFYX - Sharpe Ratio Comparison

The current QIS Sharpe Ratio is -1.30, which is lower than the GAFYX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of QIS and GAFYX, 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

QIS vs. GAFYX - Drawdown Comparison

The maximum QIS drawdown since its inception was -59.30%, which is greater than GAFYX's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for QIS and GAFYX.

Drawdown Indicators

	QIS	GAFYX	Difference
Max Drawdown Largest peak-to-trough decline	-59.30%	-19.49%	-39.81%
Max Drawdown (1Y) Largest decline over 1 year	-55.12%	-5.19%	-49.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.26%	—
Current Drawdown Current decline from peak	-59.30%	-0.39%	-58.91%
Average Drawdown Average peak-to-trough decline	-14.45%	-4.62%	-9.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.10%	1.23%	+30.87%

Volatility

QIS vs. GAFYX - Volatility Comparison

Simplify Multi-Qis Alternative ETF (QIS) has a higher volatility of 11.78% compared to AlphaSimplex Global Alternatives Fund (GAFYX) at 3.40%. This indicates that QIS's price experiences larger fluctuations and is considered to be riskier than GAFYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QIS	GAFYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.78%	3.40%	+8.38%
Volatility (6M) Calculated over the trailing 6-month period	30.41%	7.03%	+23.38%
Volatility (1Y) Calculated over the trailing 1-year period	38.95%	8.06%	+30.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.38%	7.27%	+22.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.38%	6.82%	+22.56%

QIS vs. GAFYX - Expense Ratio Comparison

QIS has a 1.00% expense ratio, which is lower than GAFYX's 1.24% expense ratio.

Dividends

QIS vs. GAFYX - Dividend Comparison

QIS's dividend yield for the trailing twelve months is around 1.94%, while GAFYX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAFYX AlphaSimplex Global Alternatives Fund	0.00%	0.00%	0.00%	5.24%	9.57%	0.00%	2.57%	1.16%	1.37%	0.74%	0.00%	3.53%
QIS Simplify Multi-Qis Alternative ETF	1.94%	3.37%	1.07%	3.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QIS and GAFYX in my portfolio?

QIS and GAFYX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QIS or GAFYX?

QIS has higher volatility (11.78%) compared to GAFYX (3.40%). In terms of maximum drawdown, QIS dropped -59.30% vs GAFYX's -19.49%.

Which has better risk-adjusted returns?

GAFYX currently has the higher Sharpe Ratio (2.16 vs -1.30), 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.