TALTX vs. GAAVX

Last updated Jun 4, 2026

TALTX (Morgan Stanley Pathway Funds Alternative Strategies Fund) and GAAVX (GMO Alternative Allocation Fund) are both Multistrategy funds. With a 1.00 correlation, they move nearly in lockstep. TALTX charges 0.59%/yr vs 0.61%/yr for GAAVX.

Performance

TALTX vs. GAAVX - Performance Comparison

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

Returns By Period

TALTX

• 1D: 0.09%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GAAVX

• 1D: -0.05%
• 1M: -0.22%
• YTD: 1.26%
• 6M: 3.25%
• 1Y: 13.95%
• 3Y*: 5.68%
• 5Y*: 2.38%
• 10Y*: —

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

TALTX vs. GAAVX - Yearly Performance Comparison

	2026 (YTD)
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.27%
GAAVX GMO Alternative Allocation Fund	0.05%

Correlation

The correlation between TALTX and GAAVX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	1.00

Return for Risk

TALTX vs. GAAVX — Risk / Return Rank

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

GAAVX

GAAVX Risk / Return Rank: 66
GAAVX Sharpe Ratio Rank: 56
GAAVX Sortino Ratio Rank: 74
GAAVX Omega Ratio Rank: 56
GAAVX Calmar Ratio Rank: 87
GAAVX Martin Ratio Rank: 60

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.

TALTX vs. GAAVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX) and GMO Alternative Allocation Fund (GAAVX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TALTX	GAAVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.19	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	21.79	0.41	+21.38

Drawdowns

TALTX vs. GAAVX - Drawdown Comparison

The maximum TALTX drawdown since its inception was 0.00%, smaller than the maximum GAAVX drawdown of -9.59%. Use the drawdown chart below to compare losses from any high point for TALTX and GAAVX.

Drawdown Indicators

	TALTX	GAAVX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-9.59%	+9.59%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.39%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.59%	—
Current Drawdown Current decline from peak	0.00%	-3.18%	+3.18%
Average Drawdown Average peak-to-trough decline	0.00%	-3.08%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.20%	—

Volatility

Volatility by Period

	TALTX	GAAVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.43%	6.51%	-5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.43%	5.88%	-4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.43%	5.90%	-4.47%

TALTX vs. GAAVX - Expense Ratio Comparison

TALTX has a 0.59% expense ratio, which is lower than GAAVX's 0.61% expense ratio.

Dividends

TALTX vs. GAAVX - Dividend Comparison

TALTX has not paid dividends to shareholders, while GAAVX's dividend yield for the trailing twelve months is around 8.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GAAVX GMO Alternative Allocation Fund	8.67%	8.78%	0.00%	5.18%	0.91%	4.10%	2.41%	2.61%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TALTX and GAAVX in my portfolio?

With a correlation of 1.00, TALTX and GAAVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.