QSPIX vs. ATRFX

Last updated Jun 4, 2026

QSPIX (AQR Style Premia Alternative Fund) and ATRFX (Catalyst Systematic Alpha Class I) are both Multistrategy funds. Over the past 10 years, QSPIX returned 7.41%/yr vs 5.84%/yr for ATRFX. At a 0.05 correlation, their price movements are largely independent. QSPIX charges 1.49%/yr vs 1.77%/yr for ATRFX.

Performance

QSPIX vs. ATRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Style Premia Alternative Fund (QSPIX) and Catalyst Systematic Alpha Class I (ATRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QSPIX achieves a 12.83% return, which is significantly higher than ATRFX's 0.09% return. Over the past 10 years, QSPIX has outperformed ATRFX with an annualized return of 7.41%, while ATRFX has yielded a comparatively lower 5.84% annualized return.

QSPIX

• 1D: 0.00%
• 1M: 1.14%
• YTD: 12.83%
• 6M: 14.84%
• 1Y: 17.81%
• 3Y*: 21.40%
• 5Y*: 18.92%
• 10Y*: 7.41%

ATRFX

• 1D: 0.93%
• 1M: 9.53%
• YTD: 0.09%
• 6M: 2.57%
• 1Y: 16.49%
• 3Y*: 0.36%
• 5Y*: 5.27%
• 10Y*: 5.84%

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

QSPIX vs. ATRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QSPIX AQR Style Premia Alternative Fund	12.83%	14.82%	21.48%	12.46%	30.76%	24.93%	-21.96%	-8.22%	-12.35%	12.12%
ATRFX Catalyst Systematic Alpha Class I	0.09%	2.81%	-4.14%	24.60%	-4.33%	25.70%	15.32%	29.25%	-19.65%	2.00%

Correlation

The correlation between QSPIX and ATRFX is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Aug 4, 2014	0.05

The correlation between QSPIX and ATRFX shifts across timeframes, from -0.10 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QSPIX vs. ATRFX — Risk / Return Rank

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

QSPIX

QSPIX Risk / Return Rank: 50
QSPIX Sharpe Ratio Rank: 42
QSPIX Sortino Ratio Rank: 46
QSPIX Omega Ratio Rank: 38
QSPIX Calmar Ratio Rank: 78
QSPIX Martin Ratio Rank: 45

ATRFX

ATRFX Risk / Return Rank: 9
ATRFX Sharpe Ratio Rank: 11
ATRFX Sortino Ratio Rank: 10
ATRFX Omega Ratio Rank: 12
ATRFX Calmar Ratio Rank: 8
ATRFX Martin Ratio Rank: 8

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.

QSPIX vs. ATRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Style Premia Alternative Fund (QSPIX) and Catalyst Systematic Alpha Class I (ATRFX). 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.

	QSPIX	ATRFX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.84	+1.06
Sortino ratio: Return per unit of downside risk	2.84	1.22	+1.63
Omega ratio: Gain probability vs. loss probability	1.32	1.17	+0.16
Calmar ratio: Return relative to maximum drawdown	3.57	0.76	+2.81
Martin ratio: Return relative to average drawdown	9.50	2.26	+7.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QSPIX vs. ATRFX - Sharpe Ratio Comparison

The current QSPIX Sharpe Ratio is 1.89, which is higher than the ATRFX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of QSPIX and ATRFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QSPIX	ATRFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	0.84	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.20	0.31	+0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.38	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.33	+0.29

Drawdowns

QSPIX vs. ATRFX - Drawdown Comparison

The maximum QSPIX drawdown since its inception was -41.37%, which is greater than ATRFX's maximum drawdown of -35.17%. Use the drawdown chart below to compare losses from any high point for QSPIX and ATRFX.

Drawdown Indicators

	QSPIX	ATRFX	Difference
Max Drawdown Largest peak-to-trough decline	-41.37%	-35.17%	-6.20%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	-22.53%	+17.44%
Max Drawdown (3Y) Largest decline over 3 years	-9.31%	-35.17%	+25.86%
Max Drawdown (5Y) Largest decline over 5 years	-17.13%	-35.17%	+18.04%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-35.17%	-6.20%
Current Drawdown Current decline from peak	0.00%	-14.63%	+14.63%
Average Drawdown Average peak-to-trough decline	-9.43%	-8.76%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	7.61%	-5.70%

Volatility

QSPIX vs. ATRFX - Volatility Comparison

The current volatility for AQR Style Premia Alternative Fund (QSPIX) is 3.15%, while Catalyst Systematic Alpha Class I (ATRFX) has a volatility of 3.50%. This indicates that QSPIX experiences smaller price fluctuations and is considered to be less risky than ATRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QSPIX	ATRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	3.50%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	7.19%	17.55%	-10.36%
Volatility (1Y) Calculated over the trailing 1-year period	9.61%	20.50%	-10.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	17.35%	-1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.82%	15.54%	-2.72%

QSPIX vs. ATRFX - Expense Ratio Comparison

QSPIX has a 1.49% expense ratio, which is lower than ATRFX's 1.77% expense ratio.

Dividends

QSPIX vs. ATRFX - Dividend Comparison

QSPIX's dividend yield for the trailing twelve months is around 2.28%, more than ATRFX's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATRFX Catalyst Systematic Alpha Class I	0.49%	0.65%	11.89%	1.87%	4.98%	5.43%	20.92%	1.60%	1.37%	0.00%	0.91%	1.02%
QSPIX AQR Style Premia Alternative Fund	2.28%	2.57%	6.95%	23.77%	22.68%	12.78%	0.00%	1.62%	0.96%	7.08%	1.74%	5.83%

Frequently Asked Questions

Can I hold both QSPIX and ATRFX in my portfolio?

QSPIX and ATRFX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QSPIX or ATRFX?

ATRFX has higher volatility (3.50%) compared to QSPIX (3.15%). In terms of maximum drawdown, QSPIX dropped -41.37% vs ATRFX's -35.17%.

Which has better risk-adjusted returns?

QSPIX currently has the higher Sharpe Ratio (1.89 vs 0.84), 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.