TNMAX vs. BXMIX
TNMAX (1290 Multi-Alternative Strategies Fund Class A) and BXMIX (Blackstone Alternative Multi-Strategy Fund) are both Multistrategy funds. Over the past 10 years, TNMAX returned 3.62%/yr vs 4.44%/yr for BXMIX. At a 0.47 correlation, their price movements are largely independent. TNMAX charges 1.52%/yr vs 2.33%/yr for BXMIX.
Performance
TNMAX vs. BXMIX - Performance Comparison
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Returns By Period
In the year-to-date period, TNMAX achieves a 8.62% return, which is significantly higher than BXMIX's 5.47% return. Over the past 10 years, TNMAX has underperformed BXMIX with an annualized return of 3.62%, while BXMIX has yielded a comparatively higher 4.44% annualized return.
TNMAX
- 1D
- -0.09%
- 1M
- -0.87%
- 6M
- 5.59%
- YTD
- 8.62%
- 1Y
- 16.17%
- 3Y*
- 10.68%
- 5Y*
- 4.05%
- 10Y*
- 3.62%
BXMIX
- 1D
- 0.00%
- 1M
- 1.22%
- 6M
- 4.52%
- YTD
- 5.47%
- 1Y
- 13.31%
- 3Y*
- 9.44%
- 5Y*
- 5.08%
- 10Y*
- 4.44%
TNMAX vs. BXMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TNMAX 1290 Multi-Alternative Strategies Fund Class A | 8.62% | 13.21% | 8.95% | 5.08% | -11.31% | 3.00% | 4.28% | 7.38% | -4.34% | 3.91% |
BXMIX Blackstone Alternative Multi-Strategy Fund | 5.47% | 10.45% | 7.45% | 7.92% | -4.62% | 5.27% | -1.10% | 6.78% | -1.51% | 7.20% |
Correlation
The correlation between TNMAX and BXMIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.47 |
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Return for Risk
TNMAX vs. BXMIX — Risk / Return Rank
TNMAX
BXMIX
TNMAX vs. BXMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 1290 Multi-Alternative Strategies Fund Class A (TNMAX) and Blackstone Alternative Multi-Strategy Fund (BXMIX). 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.
| TNMAX | BXMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.75 | ||
| Sortino ratioReturn per unit of downside risk | -5.31 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 2.09 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | 4.59 | 10.86 | -6.27 |
| Martin ratioReturn relative to average drawdown | 13.17 | 43.50 | -30.34 |
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Drawdowns
TNMAX vs. BXMIX - Drawdown Comparison
The maximum TNMAX drawdown since its inception was -17.29%, smaller than the maximum BXMIX drawdown of -19.28%. Use the drawdown chart below to compare losses from any high point for TNMAX and BXMIX.
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Drawdown Indicators
| TNMAX | BXMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.29% | -19.28% | +1.99% |
Max Drawdown (1Y)Largest decline over 1 year | -3.64% | -1.53% | -2.11% |
Max Drawdown (3Y)Largest decline over 3 years | -7.27% | -8.47% | +1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -8.56% | -7.68% |
Max Drawdown (10Y)Largest decline over 10 years | -17.29% | -19.28% | +1.99% |
Current DrawdownCurrent decline from peak | -2.33% | 0.00% | -2.33% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -2.49% | -1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.27% | 0.35% | +0.92% |
Volatility
TNMAX vs. BXMIX - Volatility Comparison
1290 Multi-Alternative Strategies Fund Class A (TNMAX) has a higher volatility of 1.97% compared to Blackstone Alternative Multi-Strategy Fund (BXMIX) at 1.11%. This indicates that TNMAX's price experiences larger fluctuations and is considered to be riskier than BXMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNMAX | BXMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 1.11% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 6.54% | 2.59% | +3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.88% | 3.43% | +4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.72% | 6.01% | +1.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.15% | 5.26% | +1.89% |
TNMAX vs. BXMIX - Expense Ratio Comparison
TNMAX has a 1.52% expense ratio, which is lower than BXMIX's 2.33% expense ratio.
Dividends
TNMAX vs. BXMIX - Dividend Comparison
TNMAX's dividend yield for the trailing twelve months is around 1.78%, less than BXMIX's 7.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BXMIX Blackstone Alternative Multi-Strategy Fund | 7.35% | 7.75% | 5.75% | 3.48% | 0.00% | 1.68% | 3.12% | 3.67% | 1.91% | 2.00% | 0.45% | 2.52% |
TNMAX 1290 Multi-Alternative Strategies Fund Class A | 1.78% | 1.94% | 1.33% | 3.12% | 2.59% | 10.42% | 0.55% | 1.92% | 0.97% | 0.37% | 0.37% | 0.00% |
Frequently Asked Questions
TNMAX and BXMIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNMAX has higher volatility (1.97%) compared to BXMIX (1.11%). In terms of maximum drawdown, TNMAX dropped -17.29% vs BXMIX's -19.28%.
BXMIX currently has the higher Sharpe Ratio (4.87 vs 2.12), 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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