SGIIX vs. QSPIX

Last updated Jun 5, 2026

SGIIX (First Eagle Global Fund Class I) and QSPIX (AQR Style Premia Alternative Fund) are both mutual funds - SGIIX is a Global Equities fund managed by First Eagle, while QSPIX is a Multistrategy fund managed by AQR Funds. Over the past 10 years, SGIIX returned 10.43%/yr vs 7.50%/yr for QSPIX. At a correlation of -0.03, they often move in opposite directions. SGIIX charges 0.86%/yr vs 1.49%/yr for QSPIX.

Performance

SGIIX vs. QSPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, SGIIX achieves a 7.75% return, which is significantly lower than QSPIX's 13.76% return. Over the past 10 years, SGIIX has outperformed QSPIX with an annualized return of 10.43%, while QSPIX has yielded a comparatively lower 7.50% annualized return.

SGIIX

• 1D: -0.84%
• 1M: 1.82%
• YTD: 7.75%
• 6M: 9.29%
• 1Y: 26.45%
• 3Y*: 19.06%
• 5Y*: 10.86%
• 10Y*: 10.43%

QSPIX

• 1D: 0.82%
• 1M: 2.29%
• YTD: 13.76%
• 6M: 15.25%
• 1Y: 19.91%
• 3Y*: 21.73%
• 5Y*: 19.12%
• 10Y*: 7.50%

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

SGIIX vs. QSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGIIX First Eagle Global Fund Class I	7.75%	31.94%	12.03%	13.04%	-6.23%	12.49%	8.63%	20.47%	-8.20%	13.78%
QSPIX AQR Style Premia Alternative Fund	13.76%	14.82%	21.48%	12.46%	30.76%	24.93%	-21.96%	-8.22%	-12.35%	12.12%

Correlation

The correlation between SGIIX and QSPIX is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.15
Correlation (5Y) Calculated over the trailing 5-year period	-0.12
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	-0.03

Over the past year, the inverse relationship between SGIIX and QSPIX has strengthened: their correlation has moved from -0.03 to -0.23, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

SGIIX vs. QSPIX — Risk / Return Rank

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

SGIIX

SGIIX Risk / Return Rank: 55
SGIIX Sharpe Ratio Rank: 67
SGIIX Sortino Ratio Rank: 60
SGIIX Omega Ratio Rank: 62
SGIIX Calmar Ratio Rank: 45
SGIIX Martin Ratio Rank: 42

QSPIX

QSPIX Risk / Return Rank: 52
QSPIX Sharpe Ratio Rank: 45
QSPIX Sortino Ratio Rank: 48
QSPIX Omega Ratio Rank: 39
QSPIX Calmar Ratio Rank: 81
QSPIX Martin Ratio Rank: 48

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.

SGIIX vs. QSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Global Fund Class I (SGIIX) and AQR Style Premia Alternative Fund (QSPIX). 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.

	SGIIX	QSPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.96	+0.45
Sortino ratio: Return per unit of downside risk	3.24	2.94	+0.30
Omega ratio: Gain probability vs. loss probability	1.44	1.34	+0.10
Calmar ratio: Return relative to maximum drawdown	2.56	3.71	-1.14
Martin ratio: Return relative to average drawdown	9.02	9.88	-0.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGIIX vs. QSPIX - Sharpe Ratio Comparison

The current SGIIX Sharpe Ratio is 2.41, which is comparable to the QSPIX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SGIIX and QSPIX, 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

	SGIIX	QSPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.96	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	1.21	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.59	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.63	+0.29

Drawdowns

SGIIX vs. QSPIX - Drawdown Comparison

The maximum SGIIX drawdown since its inception was -37.03%, smaller than the maximum QSPIX drawdown of -41.37%. Use the drawdown chart below to compare losses from any high point for SGIIX and QSPIX.

Drawdown Indicators

	SGIIX	QSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.03%	-41.37%	+4.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.52%	-5.09%	-5.43%
Max Drawdown (3Y) Largest decline over 3 years	-10.52%	-9.31%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-19.42%	-17.13%	-2.29%
Max Drawdown (10Y) Largest decline over 10 years	-27.64%	-41.37%	+13.73%
Current Drawdown Current decline from peak	-3.02%	0.00%	-3.02%
Average Drawdown Average peak-to-trough decline	-3.71%	-9.42%	+5.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	1.91%	+1.07%

Volatility

SGIIX vs. QSPIX - Volatility Comparison

First Eagle Global Fund Class I (SGIIX) and AQR Style Premia Alternative Fund (QSPIX) have volatilities of 3.01% and 3.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGIIX	QSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	3.05%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.18%	7.21%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	11.17%	9.62%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	15.86%	-3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.50%	12.82%	-0.32%

SGIIX vs. QSPIX - Expense Ratio Comparison

SGIIX has a 0.86% expense ratio, which is lower than QSPIX's 1.49% expense ratio.

Dividends

SGIIX vs. QSPIX - Dividend Comparison

SGIIX's dividend yield for the trailing twelve months is around 8.92%, more than QSPIX's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QSPIX AQR Style Premia Alternative Fund	2.26%	2.57%	6.95%	23.77%	22.68%	12.78%	0.00%	1.62%	0.96%	7.08%	1.74%	5.83%
SGIIX First Eagle Global Fund Class I	8.92%	9.61%	5.68%	3.74%	4.41%	6.49%	2.61%	5.72%	6.66%	4.50%	4.96%	1.43%

Frequently Asked Questions

Can I hold both SGIIX and QSPIX in my portfolio?

SGIIX and QSPIX 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.

Which is riskier, SGIIX or QSPIX?

QSPIX has higher volatility (3.05%) compared to SGIIX (3.01%). In terms of maximum drawdown, SGIIX dropped -37.03% vs QSPIX's -41.37%.

Which has better risk-adjusted returns?

SGIIX currently has the higher Sharpe Ratio (2.41 vs 1.96), 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.