TNMAX vs. MSTVX

Last updated Jul 18, 2026

TNMAX (1290 Multi-Alternative Strategies Fund Class A) and MSTVX (Morningstar Alternatives Fund) are both Multistrategy funds. Over the past 5 years, TNMAX returned 3.94%/yr vs 3.89%/yr for MSTVX. At a 0.47 correlation, their price movements are largely independent. TNMAX charges 1.52%/yr vs 1.15%/yr for MSTVX.

Performance

TNMAX vs. MSTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 1290 Multi-Alternative Strategies Fund Class A (TNMAX) and Morningstar Alternatives Fund (MSTVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNMAX achieves a 8.05% return, which is significantly higher than MSTVX's 1.69% return.

TNMAX

• 1D: -0.53%
• 1M: -0.70%
• 6M: 4.93%
• YTD: 8.05%
• 1Y: 15.33%
• 3Y*: 10.44%
• 5Y*: 3.94%
• 10Y*: 3.56%

MSTVX

• 1D: 0.09%
• 1M: 0.47%
• 6M: 1.31%
• YTD: 1.69%
• 1Y: 4.77%
• 3Y*: 6.57%
• 5Y*: 3.89%
• 10Y*: —

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

TNMAX vs. MSTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TNMAX 1290 Multi-Alternative Strategies Fund Class A	8.05%	13.21%	8.95%	5.08%	-11.31%	3.00%	4.28%	7.38%	-1.95%
MSTVX Morningstar Alternatives Fund	1.69%	6.42%	6.37%	6.86%	-2.69%	4.20%	3.81%	5.82%	-0.05%

Correlation

The correlation between TNMAX and MSTVX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018	0.47

Over the past year, the correlation between TNMAX and MSTVX has dropped to 0.23 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

TNMAX vs. MSTVX — Risk / Return Rank

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

TNMAX

TNMAX Risk / Return Rank: 79
TNMAX Sharpe Ratio Rank: 74
TNMAX Sortino Ratio Rank: 66
TNMAX Omega Ratio Rank: 77
TNMAX Calmar Ratio Rank: 94
TNMAX Martin Ratio Rank: 83

MSTVX

MSTVX Risk / Return Rank: 79
MSTVX Sharpe Ratio Rank: 91
MSTVX Sortino Ratio Rank: 91
MSTVX Omega Ratio Rank: 88
MSTVX Calmar Ratio Rank: 83
MSTVX Martin Ratio Rank: 45

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.

TNMAX vs. MSTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 1290 Multi-Alternative Strategies Fund Class A (TNMAX) and Morningstar Alternatives Fund (MSTVX). 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	MSTVX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.55	-0.56
Sortino ratio: Return per unit of downside risk	2.64	4.01	-1.38
Omega ratio: Gain probability vs. loss probability	1.39	1.52	-0.13
Calmar ratio: Return relative to maximum drawdown	4.30	3.18	+1.11
Martin ratio: Return relative to average drawdown	12.19	7.90	+4.29

TNMAX vs. MSTVX - Sharpe Ratio Comparison

The current TNMAX Sharpe Ratio is 1.98, which is comparable to the MSTVX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of TNMAX and MSTVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TNMAX vs. MSTVX - Drawdown Comparison

The maximum TNMAX drawdown since its inception was -17.29%, which is greater than MSTVX's maximum drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for TNMAX and MSTVX.

Drawdown Indicators

	TNMAX	MSTVX	Difference
Max Drawdown Largest peak-to-trough decline	-17.29%	-8.02%	-9.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-1.84%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-7.27%	-3.31%	-3.96%
Max Drawdown (5Y) Largest decline over 5 years	-16.24%	-5.89%	-10.35%
Max Drawdown (10Y) Largest decline over 10 years	-17.29%	—	—
Current Drawdown Current decline from peak	-2.84%	-0.55%	-2.29%
Average Drawdown Average peak-to-trough decline	-4.01%	-1.17%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	0.68%	+0.60%

Volatility

TNMAX vs. MSTVX - Volatility Comparison

1290 Multi-Alternative Strategies Fund Class A (TNMAX) has a higher volatility of 1.84% compared to Morningstar Alternatives Fund (MSTVX) at 0.67%. This indicates that TNMAX's price experiences larger fluctuations and is considered to be riskier than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNMAX	MSTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	0.67%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	1.79%	+4.77%
Volatility (1Y) Calculated over the trailing 1-year period	7.89%	2.31%	+5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.72%	3.17%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.15%	3.13%	+4.02%

TNMAX vs. MSTVX - Expense Ratio Comparison

TNMAX has a 1.52% expense ratio, which is higher than MSTVX's 1.15% expense ratio.

Dividends

TNMAX vs. MSTVX - Dividend Comparison

TNMAX's dividend yield for the trailing twelve months is around 1.79%, less than MSTVX's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MSTVX Morningstar Alternatives Fund	3.35%	3.41%	3.07%	3.86%	3.92%	4.99%	2.91%	1.74%	0.25%	0.00%	0.00%
TNMAX 1290 Multi-Alternative Strategies Fund Class A	1.79%	1.94%	1.33%	3.12%	2.59%	10.42%	0.55%	1.92%	0.97%	0.37%	0.37%

Frequently Asked Questions

Can I hold both TNMAX and MSTVX in my portfolio?

TNMAX and MSTVX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNMAX or MSTVX?

TNMAX has higher volatility (1.84%) compared to MSTVX (0.67%). In terms of maximum drawdown, TNMAX dropped -17.29% vs MSTVX's -8.02%.

Which has better risk-adjusted returns?

MSTVX currently has the higher Sharpe Ratio (2.55 vs 1.98), 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.