TNMAX vs. ADAIX
Compare and contrast key facts about 1290 Multi-Alternative Strategies Fund Class A (TNMAX) and AQR Diversified Arbitrage Fund Class I (ADAIX).
TNMAX is an actively managed fund by Equitable. It was launched on Jul 6, 2015. ADAIX is an actively managed fund by AQR Funds. It was launched on Jan 15, 2009.
Performance
TNMAX vs. ADAIX - Performance Comparison
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TNMAX vs. ADAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TNMAX 1290 Multi-Alternative Strategies Fund Class A | 4.02% | 13.21% | 8.95% | 5.08% | -11.31% | 3.00% | 4.28% | 7.38% | -4.34% | 3.91% |
ADAIX AQR Diversified Arbitrage Fund Class I | 0.78% | 8.03% | 3.19% | 4.51% | -3.30% | 6.27% | 25.24% | 8.53% | 2.19% | 5.93% |
Returns By Period
In the year-to-date period, TNMAX achieves a 4.02% return, which is significantly higher than ADAIX's 0.78% return. Over the past 10 years, TNMAX has underperformed ADAIX with an annualized return of 3.54%, while ADAIX has yielded a comparatively higher 6.75% annualized return.
TNMAX
- 1D
- -0.09%
- 1M
- -3.38%
- YTD
- 4.02%
- 6M
- 6.14%
- 1Y
- 15.92%
- 3Y*
- 10.18%
- 5Y*
- 3.81%
- 10Y*
- 3.54%
ADAIX
- 1D
- -0.15%
- 1M
- 0.08%
- YTD
- 0.78%
- 6M
- 2.60%
- 1Y
- 6.24%
- 3Y*
- 5.17%
- 5Y*
- 2.72%
- 10Y*
- 6.75%
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TNMAX vs. ADAIX - Expense Ratio Comparison
TNMAX has a 1.52% expense ratio, which is higher than ADAIX's 1.38% expense ratio.
Return for Risk
TNMAX vs. ADAIX — Risk / Return Rank
TNMAX
ADAIX
TNMAX vs. ADAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 1290 Multi-Alternative Strategies Fund Class A (TNMAX) and AQR Diversified Arbitrage Fund Class I (ADAIX). 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.
| TNMAX | ADAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.86 | 4.19 | -2.33 |
Sortino ratioReturn per unit of downside risk | 2.52 | 6.86 | -4.33 |
Omega ratioGain probability vs. loss probability | 1.40 | 2.06 | -0.66 |
Calmar ratioReturn relative to maximum drawdown | 2.71 | 9.83 | -7.11 |
Martin ratioReturn relative to average drawdown | 13.65 | 37.48 | -23.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TNMAX | ADAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.86 | 4.19 | -2.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 1.02 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 1.56 | -1.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 1.19 | -0.66 |
Correlation
The correlation between TNMAX and ADAIX is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TNMAX vs. ADAIX - Dividend Comparison
TNMAX's dividend yield for the trailing twelve months is around 1.86%, less than ADAIX's 2.10% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TNMAX 1290 Multi-Alternative Strategies Fund Class A | 1.86% | 1.94% | 1.33% | 3.12% | 2.59% | 10.42% | 0.55% | 1.92% | 0.97% | 0.37% | 0.37% | 0.00% |
ADAIX AQR Diversified Arbitrage Fund Class I | 2.10% | 2.12% | 1.23% | 2.74% | 0.10% | 0.65% | 1.60% | 2.11% | 6.53% | 7.17% | 7.18% | 4.93% |
Drawdowns
TNMAX vs. ADAIX - Drawdown Comparison
The maximum TNMAX drawdown since its inception was -17.29%, which is greater than ADAIX's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for TNMAX and ADAIX.
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Drawdown Indicators
| TNMAX | ADAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.29% | -14.75% | -2.54% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -0.64% | -5.09% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -7.40% | -9.06% |
Max Drawdown (10Y)Largest decline over 10 years | -17.29% | -14.75% | -2.54% |
Current DrawdownCurrent decline from peak | -3.64% | -0.31% | -3.33% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -2.85% | -1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.17% | +0.97% |
Volatility
TNMAX vs. ADAIX - Volatility Comparison
1290 Multi-Alternative Strategies Fund Class A (TNMAX) has a higher volatility of 2.86% compared to AQR Diversified Arbitrage Fund Class I (ADAIX) at 0.38%. This indicates that TNMAX's price experiences larger fluctuations and is considered to be riskier than ADAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNMAX | ADAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.86% | 0.38% | +2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 6.65% | 1.11% | +5.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.75% | 1.54% | +7.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 2.69% | +4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 4.33% | +2.78% |