QRPIX vs. FSMSX

Last updated Apr 1, 2026

Compare and contrast key facts about AQR Alternative Risk Premia Fund (QRPIX) and FS Multi-Strategy Alternatives Fund (FSMSX).

QRPIX is managed by AQR Funds. It was launched on Sep 18, 2017. FSMSX is managed by FS Investments. It was launched on May 15, 2017.

Performance

QRPIX vs. FSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Alternative Risk Premia Fund (QRPIX) and FS Multi-Strategy Alternatives Fund (FSMSX). The values are adjusted to include any dividend payments, if applicable.

QRPIX vs. FSMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QRPIX AQR Alternative Risk Premia Fund	8.52%	23.39%	18.85%	7.23%	25.26%	14.27%	-21.04%	-2.98%	-4.46%
FSMSX FS Multi-Strategy Alternatives Fund	0.90%	4.13%	4.63%	5.44%	3.17%	13.97%	-3.66%	7.77%	-3.06%

Returns By Period

In the year-to-date period, QRPIX achieves a 8.52% return, which is significantly higher than FSMSX's 0.90% return.

QRPIX

• 1D: 0.00%
• 1M: -0.80%
• YTD: 8.52%
• 6M: 13.42%
• 1Y: 20.08%
• 3Y*: 19.92%
• 5Y*: 17.54%
• 10Y*: —

FSMSX

• 1D: 0.18%
• 1M: -0.53%
• YTD: 0.90%
• 6M: 2.31%
• 1Y: 4.69%
• 3Y*: 4.46%
• 5Y*: 4.95%
• 10Y*: —

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

QRPIX vs. FSMSX - Expense Ratio Comparison

QRPIX has a 1.40% expense ratio, which is lower than FSMSX's 1.89% expense ratio.

FSMSX

FS Multi-Strategy Alternatives Fund

QRPIX

AQR Alternative Risk Premia Fund

Return for Risk

QRPIX vs. FSMSX — Risk / Return Rank

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

QRPIX

QRPIX Risk / Return Rank: 82
QRPIX Sharpe Ratio Rank: 89
QRPIX Sortino Ratio Rank: 85
QRPIX Omega Ratio Rank: 87
QRPIX Calmar Ratio Rank: 79
QRPIX Martin Ratio Rank: 68

FSMSX

FSMSX Risk / Return Rank: 80
FSMSX Sharpe Ratio Rank: 82
FSMSX Sortino Ratio Rank: 82
FSMSX Omega Ratio Rank: 80
FSMSX Calmar Ratio Rank: 85
FSMSX Martin Ratio Rank: 74

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.

QRPIX vs. FSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Alternative Risk Premia Fund (QRPIX) 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.

	QRPIX	FSMSX	Difference
Sharpe ratio Return per unit of total volatility	1.82	1.51	+0.30
Sortino ratio Return per unit of downside risk	2.23	2.09	+0.15
Omega ratio Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio Return relative to maximum drawdown	1.88	2.10	-0.22
Martin ratio Return relative to average drawdown	6.37	6.99	-0.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QRPIX vs. FSMSX - Sharpe Ratio Comparison

The current QRPIX Sharpe Ratio is 1.82, which is comparable to the FSMSX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of QRPIX and FSMSX, 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

	QRPIX	FSMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	1.51	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.50	1.08	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.81	-0.07

Correlation

The correlation between QRPIX and FSMSX is 0.20, 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

QRPIX vs. FSMSX - Dividend Comparison

QRPIX's dividend yield for the trailing twelve months is around 1.33%, less than FSMSX's 4.08% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QRPIX AQR Alternative Risk Premia Fund	1.33%	1.45%	2.24%	4.52%	0.00%	4.08%	1.98%	0.85%	0.09%
FSMSX FS Multi-Strategy Alternatives Fund	4.08%	4.12%	2.48%	3.61%	4.12%	3.22%	0.77%	2.20%	0.82%

Drawdowns

QRPIX vs. FSMSX - Drawdown Comparison

The maximum QRPIX drawdown since its inception was -28.45%, which is greater than FSMSX's maximum drawdown of -8.94%. Use the drawdown chart below to compare losses from any high point for QRPIX and FSMSX.

Drawdown Indicators

	QRPIX	FSMSX	Difference
Max Drawdown Largest peak-to-trough decline	-28.45%	-8.94%	-19.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-2.32%	-8.75%
Max Drawdown (5Y) Largest decline over 5 years	-11.29%	-4.13%	-7.16%
Current Drawdown Current decline from peak	-0.93%	-0.62%	-0.31%
Average Drawdown Average peak-to-trough decline	-7.80%	-1.66%	-6.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	0.70%	+2.56%

Volatility

QRPIX vs. FSMSX - Volatility Comparison

AQR Alternative Risk Premia Fund (QRPIX) has a higher volatility of 2.51% compared to FS Multi-Strategy Alternatives Fund (FSMSX) at 1.28%. This indicates that QRPIX'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.

Volatility by Period

	QRPIX	FSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	1.28%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	6.47%	2.00%	+4.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	3.24%	+8.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.74%	4.63%	+7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.36%	4.67%	+5.69%