SRDAX vs. QSPIX

Last updated Jun 4, 2026

SRDAX (Stone Ridge Diversified Alternatives Fund) and QSPIX (AQR Style Premia Alternative Fund) are both Multistrategy funds. Over the past 5 years, SRDAX returned 8.28%/yr vs 18.92%/yr for QSPIX. At a 0.14 correlation, their price movements are largely independent. SRDAX charges 1.27%/yr vs 1.49%/yr for QSPIX.

Performance

SRDAX vs. QSPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stone Ridge Diversified Alternatives Fund (SRDAX) 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, SRDAX achieves a 5.17% return, which is significantly lower than QSPIX's 12.83% return.

SRDAX

• 1D: 0.39%
• 1M: 1.27%
• YTD: 5.17%
• 6M: 4.97%
• 1Y: 10.42%
• 3Y*: 7.93%
• 5Y*: 8.28%
• 10Y*: —

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%

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

SRDAX vs. QSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SRDAX Stone Ridge Diversified Alternatives Fund	5.17%	0.37%	8.46%	19.56%	2.03%	10.62%	1.97%
QSPIX AQR Style Premia Alternative Fund	12.83%	14.82%	21.48%	12.46%	30.76%	24.93%	-0.63%

Correlation

The correlation between SRDAX and QSPIX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.14

The correlation between SRDAX and QSPIX shifts across timeframes, from 0.14 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SRDAX vs. QSPIX — Risk / Return Rank

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

SRDAX

SRDAX Risk / Return Rank: 89
SRDAX Sharpe Ratio Rank: 94
SRDAX Sortino Ratio Rank: 94
SRDAX Omega Ratio Rank: 92
SRDAX Calmar Ratio Rank: 85
SRDAX Martin Ratio Rank: 83

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

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.

SRDAX vs. QSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stone Ridge Diversified Alternatives Fund (SRDAX) 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.

	SRDAX	QSPIX	Difference
Sharpe ratio: Return per unit of total volatility	3.30	1.89	+1.40
Sortino ratio: Return per unit of downside risk	4.76	2.84	+1.91
Omega ratio: Gain probability vs. loss probability	1.67	1.32	+0.35
Calmar ratio: Return relative to maximum drawdown	4.00	3.57	+0.43
Martin ratio: Return relative to average drawdown	15.69	9.50	+6.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRDAX vs. QSPIX - Sharpe Ratio Comparison

The current SRDAX Sharpe Ratio is 3.30, which is higher than the QSPIX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SRDAX 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

	SRDAX	QSPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.30	1.89	+1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	1.20	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.62	+0.62

Drawdowns

SRDAX vs. QSPIX - Drawdown Comparison

The maximum SRDAX drawdown since its inception was -11.90%, smaller than the maximum QSPIX drawdown of -41.37%. Use the drawdown chart below to compare losses from any high point for SRDAX and QSPIX.

Drawdown Indicators

	SRDAX	QSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.90%	-41.37%	+29.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-5.09%	+2.42%
Max Drawdown (3Y) Largest decline over 3 years	-6.15%	-9.31%	+3.16%
Max Drawdown (5Y) Largest decline over 5 years	-11.90%	-17.13%	+5.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.37%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.34%	-9.43%	+7.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	1.91%	-1.23%

Volatility

SRDAX vs. QSPIX - Volatility Comparison

The current volatility for Stone Ridge Diversified Alternatives Fund (SRDAX) is 0.92%, while AQR Style Premia Alternative Fund (QSPIX) has a volatility of 3.15%. This indicates that SRDAX experiences smaller price fluctuations and is considered to be less risky than QSPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRDAX	QSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	3.15%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	7.19%	-4.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	9.61%	-6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.99%	15.87%	-8.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.79%	12.82%	-6.03%

SRDAX vs. QSPIX - Expense Ratio Comparison

SRDAX has a 1.27% expense ratio, which is lower than QSPIX's 1.49% expense ratio.

Dividends

SRDAX vs. QSPIX - Dividend Comparison

SRDAX's dividend yield for the trailing twelve months is around 8.11%, more than QSPIX's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SRDAX Stone Ridge Diversified Alternatives Fund	8.11%	8.53%	8.16%	14.97%	3.22%	8.99%	3.07%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SRDAX and QSPIX in my portfolio?

SRDAX and QSPIX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRDAX or QSPIX?

QSPIX has higher volatility (3.15%) compared to SRDAX (0.92%). In terms of maximum drawdown, SRDAX dropped -11.90% vs QSPIX's -41.37%.

Which has better risk-adjusted returns?

SRDAX currently has the higher Sharpe Ratio (3.30 vs 1.89), 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.