SRRIX vs. FCRIX

Last updated Jun 24, 2026

SRRIX (Stone Ridge Reinsurance Risk Premium Interval Fund) and FCRIX (FS Credit Income Fund Class I) are both Multistrategy funds. Both are actively managed. Over the past 5 years, SRRIX returned 22.11%/yr vs 4.36%/yr for FCRIX. At a correlation of -0.03, they often move in opposite directions. SRRIX charges 2.35%/yr vs 2.37%/yr for FCRIX.

Performance

SRRIX vs. FCRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) and FS Credit Income Fund Class I (FCRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRRIX achieves a 9.62% return, which is significantly higher than FCRIX's 2.72% return.

SRRIX

• 1D: 0.21%
• 1M: 1.54%
• YTD: 9.62%
• 6M: 10.18%
• 1Y: 36.43%
• 3Y*: 32.50%
• 5Y*: 22.11%
• 10Y*: 8.95%

FCRIX

• 1D: -0.08%
• 1M: 0.59%
• YTD: 2.72%
• 6M: 3.59%
• 1Y: 8.18%
• 3Y*: 8.91%
• 5Y*: 4.36%
• 10Y*: —

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

SRRIX vs. FCRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	9.62%	29.63%	33.14%	44.73%	5.10%	-6.47%	4.30%	-3.53%
FCRIX FS Credit Income Fund Class I	2.72%	7.88%	9.57%	11.96%	-10.70%	7.50%	8.27%	2.47%

Correlation

The correlation between SRRIX and FCRIX is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jul 11, 2019	-0.03

The correlation between SRRIX and FCRIX shifts across timeframes, from -0.12 (1 year) to -0.01 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SRRIX vs. FCRIX — Risk / Return Rank

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

SRRIX

SRRIX Risk / Return Rank: 100
SRRIX Sharpe Ratio Rank: 100
SRRIX Sortino Ratio Rank: 100
SRRIX Omega Ratio Rank: 100
SRRIX Calmar Ratio Rank: 100
SRRIX Martin Ratio Rank: 100

FCRIX

FCRIX Risk / Return Rank: 97
FCRIX Sharpe Ratio Rank: 90
FCRIX Sortino Ratio Rank: 100
FCRIX Omega Ratio Rank: 99
FCRIX Calmar Ratio Rank: 98
FCRIX Martin Ratio Rank: 99

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.

SRRIX vs. FCRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) and FS Credit Income Fund Class I (FCRIX). 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.

	SRRIX	FCRIX	Difference
Sharpe ratio: Return per unit of total volatility	14.28	2.75	+11.53
Sortino ratio: Return per unit of downside risk	48.07	11.77	+36.30
Omega ratio: Gain probability vs. loss probability	29.87	2.83	+27.04
Calmar ratio: Return relative to maximum drawdown	66.50	9.14	+57.36
Martin ratio: Return relative to average drawdown	697.21	40.46	+656.75

SRRIX vs. FCRIX - Sharpe Ratio Comparison

The current SRRIX Sharpe Ratio is 14.28, which is higher than the FCRIX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of SRRIX and FCRIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SRRIX vs. FCRIX - Drawdown Comparison

The maximum SRRIX drawdown since its inception was -27.22%, roughly equal to the maximum FCRIX drawdown of -26.74%. Use the drawdown chart below to compare losses from any high point for SRRIX and FCRIX.

Drawdown Indicators

	SRRIX	FCRIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.22%	-26.74%	-0.48%
Max Drawdown (1Y) Largest decline over 1 year	-0.55%	-0.90%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-17.26%	-3.01%	-14.25%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-15.33%	-1.93%
Max Drawdown (10Y) Largest decline over 10 years	-27.22%	—	—
Current Drawdown Current decline from peak	0.00%	-0.17%	+0.17%
Average Drawdown Average peak-to-trough decline	-9.86%	-3.18%	-6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.20%	-0.15%

Volatility

SRRIX vs. FCRIX - Volatility Comparison

The current volatility for Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) is 0.31%, while FS Credit Income Fund Class I (FCRIX) has a volatility of 0.71%. This indicates that SRRIX experiences smaller price fluctuations and is considered to be less risky than FCRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRRIX	FCRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.71%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	1.95%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	3.01%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	4.22%	+9.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.01%	6.38%	+4.63%

SRRIX vs. FCRIX - Expense Ratio Comparison

SRRIX has a 2.35% expense ratio, which is lower than FCRIX's 2.37% expense ratio.

Dividends

SRRIX vs. FCRIX - Dividend Comparison

SRRIX's dividend yield for the trailing twelve months is around 18.37%, more than FCRIX's 10.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCRIX FS Credit Income Fund Class I	10.12%	10.54%	8.27%	5.56%	3.25%	5.62%	5.72%	2.91%	0.00%	0.00%	0.00%	0.00%
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	18.37%	20.14%	21.58%	20.02%	0.00%	0.00%	0.38%	1.06%	2.32%	0.10%	6.16%	8.41%

Frequently Asked Questions

Can I hold both SRRIX and FCRIX in my portfolio?

SRRIX and FCRIX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRRIX or FCRIX?

FCRIX has higher volatility (0.71%) compared to SRRIX (0.31%). In terms of maximum drawdown, SRRIX dropped -27.22% vs FCRIX's -26.74%.

Which has better risk-adjusted returns?

SRRIX currently has the higher Sharpe Ratio (14.28 vs 2.75), 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.