QSPIX vs. SMSAX
QSPIX (AQR Style Premia Alternative Fund - Class I) and SMSAX (SEI Institutional Managed Trust Multi-Strategy Alternative Fund) are both Multistrategy funds. Over the past 10 years, QSPIX returned 7.74%/yr vs 4.60%/yr for SMSAX. Their -0.07 correlation means they have often moved in opposite directions in the past. QSPIX charges 1.53%/yr vs 1.35%/yr for SMSAX.
Performance
QSPIX vs. SMSAX - Performance Comparison
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Returns By Period
In the year-to-date period, QSPIX achieves a 18.03% return, which is significantly higher than SMSAX's 6.12% return. Over the past 10 years, QSPIX has outperformed SMSAX with an annualized return of 7.74%, while SMSAX has yielded a comparatively lower 4.60% annualized return.
QSPIX
- 1D
- 0.29%
- 1M
- 6.91%
- 6M
- 13.70%
- YTD
- 18.03%
- 1Y
- 22.52%
- 3Y*
- 20.48%
- 5Y*
- 20.22%
- 10Y*
- 7.74%
- ALL TIME*
- 7.82%
SMSAX
- 1D
- 0.09%
- 1M
- -1.03%
- 6M
- 4.04%
- YTD
- 6.12%
- 1Y
- 12.51%
- 3Y*
- 9.12%
- 5Y*
- 5.07%
- 10Y*
- 4.60%
- ALL TIME*
- 3.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
QSPIX vs. SMSAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QSPIX AQR Style Premia Alternative Fund - Class I | 18.03% | 14.82% | 21.48% | 12.46% | 30.76% | 24.93% | -21.96% | -8.22% | -12.35% | 12.12% |
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund | 6.12% | 10.62% | 6.42% | 7.21% | -4.95% | 1.47% | 12.06% | 4.85% | -3.68% | 5.26% |
Correlation
The correlation between QSPIX and SMSAX is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | -0.07 |
The correlation between QSPIX and SMSAX shifts across timeframes, from -0.23 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QSPIX vs. SMSAX — Risk / Return Rank
QSPIX
SMSAX
QSPIX vs. SMSAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Style Premia Alternative Fund - Class I (QSPIX) and SEI Institutional Managed Trust Multi-Strategy Alternative Fund (SMSAX). 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.
| QSPIX | SMSAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.41 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.28 | 3.34 | +0.94 |
| Martin ratioReturn relative to average drawdown | 11.68 | 13.64 | -1.96 |
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Drawdowns
QSPIX vs. SMSAX - Drawdown Comparison
The maximum QSPIX drawdown since its inception was -41.37%, which is greater than SMSAX's maximum drawdown of -10.98%. Use the drawdown chart below to compare losses from any high point for QSPIX and SMSAX.
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Drawdown Indicators
| QSPIX | SMSAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.37% | -10.98% | -30.39% |
Max Drawdown (1Y)Largest decline over 1 year | -5.09% | -3.66% | -1.43% |
Max Drawdown (3Y)Largest decline over 3 years | -9.31% | -5.93% | -3.38% |
Max Drawdown (5Y)Largest decline over 5 years | -17.13% | -8.79% | -8.34% |
Max Drawdown (10Y)Largest decline over 10 years | -41.37% | -10.98% | -30.39% |
Current DrawdownCurrent decline from peak | 0.00% | -1.40% | +1.40% |
Average DrawdownAverage peak-to-trough decline | -9.32% | -2.09% | -7.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 0.89% | +0.97% |
Volatility
QSPIX vs. SMSAX - Volatility Comparison
AQR Style Premia Alternative Fund - Class I (QSPIX) has a higher volatility of 1.98% compared to SEI Institutional Managed Trust Multi-Strategy Alternative Fund (SMSAX) at 1.26%. This indicates that QSPIX's price experiences larger fluctuations and is considered to be riskier than SMSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QSPIX | SMSAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 1.26% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 7.06% | 4.61% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.61% | 5.69% | +3.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.84% | 4.74% | +11.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.84% | 4.65% | +8.19% |
QSPIX vs. SMSAX - Expense Ratio Comparison
QSPIX has a 1.53% expense ratio, which is higher than SMSAX's 1.35% expense ratio.
Dividends
QSPIX vs. SMSAX - Dividend Comparison
QSPIX's dividend yield for the trailing twelve months is around 2.18%, less than SMSAX's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QSPIX AQR Style Premia Alternative Fund - Class I | 2.18% | 2.57% | 6.95% | 23.77% | 22.68% | 12.78% | 0.00% | 1.62% | 0.96% | 7.08% | 1.74% | 5.83% |
SMSAX SEI Institutional Managed Trust Multi-Strategy Alternative Fund | 4.79% | 5.08% | 5.54% | 4.35% | 2.13% | 7.61% | 2.79% | 1.01% | 4.94% | 2.20% | 0.07% | 2.66% |
Frequently Asked Questions
QSPIX and SMSAX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QSPIX has higher volatility (1.98%) compared to SMSAX (1.26%). In terms of maximum drawdown, QSPIX dropped -41.37% vs SMSAX's -10.98%.
QSPIX currently has the higher Sharpe Ratio (2.27 vs 2.16), 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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