SPATX vs. TALTX

Last updated Apr 1, 2026

Compare and contrast key facts about Symmetry Panoramic Alternatives Fund (SPATX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX).

SPATX is managed by Symmetry Partners. It was launched on Nov 11, 2018. TALTX is managed by Morgan Stanley. It was launched on Feb 14, 2018.

Performance

SPATX vs. TALTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Symmetry Panoramic Alternatives Fund (SPATX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). The values are adjusted to include any dividend payments, if applicable.

SPATX vs. TALTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPATX Symmetry Panoramic Alternatives Fund	5.61%	11.09%	1.50%	11.90%	12.80%	5.86%	3.42%	-0.00%	0.64%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.75%	5.51%	3.53%	8.27%	-2.29%	5.33%	5.20%	6.53%	1.69%

Returns By Period

In the year-to-date period, SPATX achieves a 5.61% return, which is significantly higher than TALTX's 0.75% return.

SPATX

• 1D: -0.08%
• 1M: 1.80%
• YTD: 5.61%
• 6M: 7.78%
• 1Y: 12.02%
• 3Y*: 10.44%
• 5Y*: 8.54%
• 10Y*: —

TALTX

• 1D: 0.00%
• 1M: -2.09%
• YTD: 0.75%
• 6M: 2.15%
• 1Y: 5.40%
• 3Y*: 5.84%
• 5Y*: 3.73%
• 10Y*: —

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

SPATX vs. TALTX - Expense Ratio Comparison

SPATX has a 0.50% expense ratio, which is lower than TALTX's 0.59% expense ratio.

TALTX

Morgan Stanley Pathway Funds Alternative Strategies Fund

SPATX

Symmetry Panoramic Alternatives Fund

Return for Risk

SPATX vs. TALTX — Risk / Return Rank

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

SPATX

SPATX Risk / Return Rank: 97
SPATX Sharpe Ratio Rank: 98
SPATX Sortino Ratio Rank: 97
SPATX Omega Ratio Rank: 97
SPATX Calmar Ratio Rank: 97
SPATX Martin Ratio Rank: 97

TALTX

TALTX Risk / Return Rank: 49
TALTX Sharpe Ratio Rank: 65
TALTX Sortino Ratio Rank: 60
TALTX Omega Ratio Rank: 72
TALTX Calmar Ratio Rank: 24
TALTX Martin Ratio Rank: 27

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.

SPATX vs. TALTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Symmetry Panoramic Alternatives Fund (SPATX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). 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.

	SPATX	TALTX	Difference
Sharpe ratio Return per unit of total volatility	3.00	1.16	+1.84
Sortino ratio Return per unit of downside risk	3.92	1.56	+2.35
Omega ratio Gain probability vs. loss probability	1.66	1.27	+0.39
Calmar ratio Return relative to maximum drawdown	3.88	0.69	+3.18
Martin ratio Return relative to average drawdown	16.81	2.86	+13.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPATX vs. TALTX - Sharpe Ratio Comparison

The current SPATX Sharpe Ratio is 3.00, which is higher than the TALTX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of SPATX and TALTX, 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

	SPATX	TALTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	1.16	+1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.38	0.82	+0.56
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.91	+0.26

Correlation

The correlation between SPATX and TALTX is 0.23, 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

SPATX vs. TALTX - Dividend Comparison

SPATX's dividend yield for the trailing twelve months is around 2.88%, less than TALTX's 4.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPATX Symmetry Panoramic Alternatives Fund	2.88%	3.05%	2.65%	6.16%	6.22%	2.08%	0.00%	1.87%	2.33%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	4.30%	4.34%	2.45%	3.11%	6.63%	0.69%	0.85%	3.12%	0.74%

Drawdowns

SPATX vs. TALTX - Drawdown Comparison

The maximum SPATX drawdown since its inception was -11.67%, smaller than the maximum TALTX drawdown of -14.24%. Use the drawdown chart below to compare losses from any high point for SPATX and TALTX.

Drawdown Indicators

	SPATX	TALTX	Difference
Max Drawdown Largest peak-to-trough decline	-11.67%	-14.24%	+2.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-5.15%	+1.98%
Max Drawdown (5Y) Largest decline over 5 years	-5.89%	-6.38%	+0.49%
Current Drawdown Current decline from peak	-0.08%	-2.09%	+2.01%
Average Drawdown Average peak-to-trough decline	-1.73%	-1.37%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	1.54%	-0.81%

Volatility

SPATX vs. TALTX - Volatility Comparison

Symmetry Panoramic Alternatives Fund (SPATX) has a higher volatility of 1.26% compared to Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX) at 0.96%. This indicates that SPATX's price experiences larger fluctuations and is considered to be riskier than TALTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPATX	TALTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	0.96%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	2.56%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	5.36%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.23%	4.68%	+1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.08%	4.73%	+1.35%