TMSRX vs. ADANX
TMSRX (T. Rowe Price Multi-Strategy Total Return Fund) and ADANX (AQR Diversified Arbitrage Fund Class N) are both Multistrategy funds. Over the past 5 years, TMSRX returned 0.74%/yr vs 2.83%/yr for ADANX. Their 0.15 correlation means their historical movements had little consistent relationship. TMSRX charges 1.19%/yr vs 2.12%/yr for ADANX.
Performance
TMSRX vs. ADANX - Performance Comparison
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Returns By Period
In the year-to-date period, TMSRX achieves a -1.37% return, which is significantly lower than ADANX's 2.97% return.
TMSRX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- -1.37%
- 1Y
- 0.56%
- 3Y*
- 3.19%
- 5Y*
- 0.74%
- 10Y*
- —
- ALL TIME*
- 2.44%
ADANX
- 1D
- 0.08%
- 1M
- -0.30%
- 6M
- 2.25%
- YTD
- 2.97%
- 1Y
- 5.54%
- 3Y*
- 5.29%
- 5Y*
- 2.83%
- 10Y*
- 6.39%
- ALL TIME*
- 4.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TMSRX vs. ADANX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMSRX T. Rowe Price Multi-Strategy Total Return Fund | -1.37% | 2.95% | 5.36% | 5.09% | -4.69% | -2.08% | 13.21% | 7.59% | -4.11% |
ADANX AQR Diversified Arbitrage Fund Class N | 2.97% | 7.75% | 2.92% | 4.23% | -3.54% | 5.99% | 24.85% | 8.33% | 2.02% |
Correlation
The correlation between TMSRX and ADANX is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2018 | 0.15 |
The correlation between TMSRX and ADANX shifts across timeframes, from -0.11 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMSRX vs. ADANX — Risk / Return Rank
TMSRX
ADANX
TMSRX vs. ADANX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) and AQR Diversified Arbitrage Fund Class N (ADANX). 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.
| TMSRX | ADANX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.56 | ||
| Sortino ratioReturn per unit of downside risk | -6.05 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.89 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 9.36 | -9.01 |
| Martin ratioReturn relative to average drawdown | 0.48 | 37.41 | -36.93 |
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Drawdowns
TMSRX vs. ADANX - Drawdown Comparison
The maximum TMSRX drawdown since its inception was -10.67%, smaller than the maximum ADANX drawdown of -14.73%. Use the drawdown chart below to compare losses from any high point for TMSRX and ADANX.
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Drawdown Indicators
| TMSRX | ADANX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.67% | -14.73% | +4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -1.92% | -0.60% | -1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -2.79% | -1.70% | -1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -10.59% | -7.48% | -3.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.73% | — |
Current DrawdownCurrent decline from peak | -1.92% | -0.53% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -3.00% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 0.15% | +1.25% |
Volatility
TMSRX vs. ADANX - Volatility Comparison
The current volatility for T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) is 0.00%, while AQR Diversified Arbitrage Fund Class N (ADANX) has a volatility of 0.61%. This indicates that TMSRX experiences smaller price fluctuations and is considered to be less risky than ADANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMSRX | ADANX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.61% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 0.00% | 1.16% | -1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.40% | 1.47% | +0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.84% | 2.60% | +0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 4.27% | -0.96% |
TMSRX vs. ADANX - Expense Ratio Comparison
TMSRX has a 1.19% expense ratio, which is lower than ADANX's 2.12% expense ratio.
Dividends
TMSRX vs. ADANX - Dividend Comparison
TMSRX's dividend yield for the trailing twelve months is around 7.69%, more than ADANX's 1.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ADANX AQR Diversified Arbitrage Fund Class N | 1.80% | 1.86% | 0.96% | 2.47% | 0.10% | 0.40% | 1.33% | 1.81% | 6.22% | 6.84% | 6.83% | 4.43% |
TMSRX T. Rowe Price Multi-Strategy Total Return Fund | 7.69% | 7.59% | 6.72% | 5.95% | 2.29% | 2.88% | 3.35% | 3.00% | 3.56% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMSRX and ADANX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ADANX has higher volatility (0.61%) compared to TMSRX (0.00%). In terms of maximum drawdown, TMSRX dropped -10.67% vs ADANX's -14.73%.
ADANX currently has the higher Sharpe Ratio (3.84 vs 0.28), 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.
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