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TMSRX vs. RMDFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TMSRX vs. RMDFX

Last updated Jun 23, 2026

TMSRX (T. Rowe Price Multi-Strategy Total Return Fund) and RMDFX (Aspiriant Defensive Allocation Fund) are both Multistrategy funds. Over the past 5 years, TMSRX returned 1.05%/yr vs 5.51%/yr for RMDFX. At a 0.17 correlation, their price movements are largely independent. TMSRX charges 1.19%/yr vs 0.18%/yr for RMDFX.

Performance

TMSRX vs. RMDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) and Aspiriant Defensive Allocation Fund (RMDFX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TMSRX achieves a 0.41% return, which is significantly lower than RMDFX's 6.40% return.

TMSRX

1D
0.00%
1M
0.00%
YTD
0.41%
6M
0.64%
1Y
3.49%
3Y*
4.09%
5Y*
1.05%
10Y*
—

RMDFX

1D
0.08%
1M
-0.08%
YTD
6.40%
6M
6.58%
1Y
18.52%
3Y*
10.42%
5Y*
5.51%
10Y*
5.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TMSRX vs. RMDFX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
TMSRX
T. Rowe Price Multi-Strategy Total Return Fund		0.41%2.95%5.36%5.09%-4.69%-2.08%13.21%7.59%-4.11%
RMDFX
Aspiriant Defensive Allocation Fund		6.40%18.85%1.45%8.01%-6.84%4.20%5.10%11.50%-5.59%

Correlation

The correlation between TMSRX and RMDFX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.21

Correlation (3Y)
Calculated over the trailing 3-year period

0.19

Correlation (5Y)
Calculated over the trailing 5-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Feb 23, 2018

0.17

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

T. Rowe Price Multi-Strategy Total Return Fund

Aspiriant Defensive Allocation Fund

Often compared with TMSRX:
TMSRX vs. RPIDXTMSRX vs. PSMIXTMSRX vs. QSPIXTMSRX vs. PSFFTMSRX vs. SYMIXTMSRX vs. ADANXTMSRX vs. CSQIX
Often compared with RMDFX:
RMDFX vs. FSHNXRMDFX vs. TALTXRMDFX vs. BINCRMDFX vs. EGRIXRMDFX vs. RMEAXRMDFX vs. QMNNXRMDFX vs. ARBIX

Return for Risk

TMSRX vs. RMDFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TMSRX
TMSRX Risk / Return Rank: 7979
Overall Rank
TMSRX Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
TMSRX Sortino Ratio Rank: 6565
Sortino Ratio Rank
TMSRX Omega Ratio Rank: 9393
Omega Ratio Rank
TMSRX Calmar Ratio Rank: 8989
Calmar Ratio Rank
TMSRX Martin Ratio Rank: 9191
Martin Ratio Rank
RMDFX
RMDFX Risk / Return Rank: 9595
Overall Rank
RMDFX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
RMDFX Sortino Ratio Rank: 9797
Sortino Ratio Rank
RMDFX Omega Ratio Rank: 9797
Omega Ratio Rank
RMDFX Calmar Ratio Rank: 9191
Calmar Ratio Rank
RMDFX Martin Ratio Rank: 9191
Martin Ratio Rank
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.

TMSRX vs. RMDFX - 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 Aspiriant Defensive Allocation Fund (RMDFX). 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.

TMSRXRMDFXDifference
Sharpe ratioReturn per unit of total volatility
2.10
3.88

-1.79

Sortino ratioReturn per unit of downside risk
3.06
5.37

-2.31

Omega ratioGain probability vs. loss probability

1.67

1.84

-0.17

Calmar ratioReturn relative to maximum drawdown

4.22

4.42

-0.20

Martin ratioReturn relative to average drawdown

17.07

17.05

+0.02

TMSRX vs. RMDFX - Sharpe Ratio Comparison

The current TMSRX Sharpe Ratio is 2.10, which is lower than the RMDFX Sharpe Ratio of 3.88. The chart below compares the historical Sharpe Ratios of TMSRX and RMDFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TMSRX vs. RMDFX - Drawdown Comparison

The maximum TMSRX drawdown since its inception was -10.67%, smaller than the maximum RMDFX drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for TMSRX and RMDFX.

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Drawdown Indicators

TMSRXRMDFXDifference

Max Drawdown

Largest peak-to-trough decline

-10.67%

-15.96%

+5.29%

Max Drawdown (1Y)

Largest decline over 1 year

-0.83%

-4.19%

+3.36%

Max Drawdown (3Y)

Largest decline over 3 years

-2.79%

-5.79%

+3.00%

Max Drawdown (5Y)

Largest decline over 5 years

-10.59%

-14.63%

+4.04%

Max Drawdown (10Y)

Largest decline over 10 years

—

-15.96%

—

Current Drawdown

Current decline from peak

-0.16%

-0.94%

+0.78%

Average Drawdown

Average peak-to-trough decline

-2.71%

-3.32%

+0.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.20%

1.08%

-0.88%

Volatility

TMSRX vs. RMDFX - Volatility Comparison

The current volatility for T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) is 0.00%, while Aspiriant Defensive Allocation Fund (RMDFX) has a volatility of 1.38%. This indicates that TMSRX experiences smaller price fluctuations and is considered to be less risky than RMDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TMSRXRMDFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

1.38%

-1.38%

Volatility (6M)

Calculated over the trailing 6-month period

0.75%

4.12%

-3.37%

Volatility (1Y)

Calculated over the trailing 1-year period

1.67%

4.76%

-3.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.75%

6.34%

-3.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.27%

6.23%

-2.96%

TMSRX vs. RMDFX - Expense Ratio Comparison

TMSRX has a 1.19% expense ratio, which is higher than RMDFX's 0.18% expense ratio.

Dividends

TMSRX vs. RMDFX - Dividend Comparison

TMSRX's dividend yield for the trailing twelve months is around 9.49%, more than RMDFX's 4.36% yield.

PositionTTM2025202420232022202120202019201820172016
RMDFX
Aspiriant Defensive Allocation Fund		4.36%4.63%0.00%3.69%0.78%5.37%2.28%3.78%4.11%2.16%1.16%
TMSRX
T. Rowe Price Multi-Strategy Total Return Fund		9.49%7.59%6.72%5.95%2.29%2.88%3.35%3.00%3.56%0.00%0.00%

Frequently Asked Questions

TMSRX and RMDFX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RMDFX has higher volatility (1.38%) compared to TMSRX (0.00%). In terms of maximum drawdown, TMSRX dropped -10.67% vs RMDFX's -15.96%.

RMDFX currently has the higher Sharpe Ratio (3.88 vs 2.10), 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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