TNXIX vs. TNMAX

Last updated Aug 1, 2026

TNXIX (1290 Retirement 2060 Fund) and TNMAX (1290 Multi-Alternative Strategies Fund Class A) are both mutual funds - TNXIX is a Target Retirement Date fund managed by 1290 Funds, while TNMAX is a Multistrategy fund actively managed by 1290 Funds. Over the past 5 years, TNXIX returned 10.62%/yr vs 4.03%/yr for TNMAX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. TNXIX charges 0.52%/yr vs 1.52%/yr for TNMAX.

Performance

TNXIX vs. TNMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 1290 Retirement 2060 Fund (TNXIX) and 1290 Multi-Alternative Strategies Fund Class A (TNMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNXIX achieves a 5.47% return, which is significantly lower than TNMAX's 8.52% return.

TNXIX

• 1D: 2.22%
• 1M: -0.57%
• 6M: 4.98%
• YTD: 5.47%
• 1Y: 16.26%
• 3Y*: 18.14%
• 5Y*: 10.62%
• 10Y*: —
• ALL TIME*: 10.87%

TNMAX

• 1D: 0.80%
• 1M: 0.71%
• 6M: 4.23%
• YTD: 8.52%
• 1Y: 16.77%
• 3Y*: 10.27%
• 5Y*: 4.03%
• 10Y*: 3.64%
• ALL TIME*: 4.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TNMAX 1290 Multi-Alternative Strategies Fund Class A	$0.00	$0.00	$0.00
TNXIX 1290 Retirement 2060 Fund	$0.00	$0.00	$0.00

TNXIX vs. TNMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNXIX 1290 Retirement 2060 Fund	5.47%	16.99%	30.13%	13.71%	-13.94%	19.21%	6.93%	25.04%	-5.65%	11.87%
TNMAX 1290 Multi-Alternative Strategies Fund Class A	8.52%	13.21%	8.95%	5.08%	-11.31%	3.00%	4.28%	7.38%	-4.34%	1.96%

Correlation

The correlation between TNXIX and TNMAX is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.62
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (All Time) Calculated using the full available price history since Feb 27, 2017	0.72

The correlation between TNXIX and TNMAX shifts across timeframes, from 0.56 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TNXIX vs. TNMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TNXIX

TNXIX Risk / Return Rank: 24
TNXIX Sharpe Ratio Rank: 23
TNXIX Sortino Ratio Rank: 22
TNXIX Omega Ratio Rank: 23
TNXIX Calmar Ratio Rank: 24
TNXIX Martin Ratio Rank: 28

TNMAX

TNMAX Risk / Return Rank: 85
TNMAX Sharpe Ratio Rank: 83
TNMAX Sortino Ratio Rank: 78
TNMAX Omega Ratio Rank: 83
TNMAX Calmar Ratio Rank: 96
TNMAX Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TNXIX vs. TNMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 1290 Retirement 2060 Fund (TNXIX) and 1290 Multi-Alternative Strategies Fund Class A (TNMAX). 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.

	TNXIX	TNMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	2.01	-1.15
Sortino ratio: Return per unit of downside risk	1.25	2.69	-1.44
Omega ratio: Gain probability vs. loss probability	1.16	1.39	-0.24
Calmar ratio: Return relative to maximum drawdown	1.14	4.40	-3.27
Martin ratio: Return relative to average drawdown	4.11	11.82	-7.71

TNXIX vs. TNMAX - Sharpe Ratio Comparison

The current TNXIX Sharpe Ratio is 0.85, which is lower than the TNMAX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of TNXIX and TNMAX, 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

TNXIX vs. TNMAX - Drawdown Comparison

The maximum TNXIX drawdown since its inception was -32.31%, which is greater than TNMAX's maximum drawdown of -17.29%. Use the drawdown chart below to compare losses from any high point for TNXIX and TNMAX.

Drawdown Indicators

	TNXIX	TNMAX	Difference
Max Drawdown Largest peak-to-trough decline	-32.31%	-17.29%	-15.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.24%	-3.64%	-8.60%
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	-7.27%	-15.20%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-16.24%	-6.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.29%	—
Current Drawdown Current decline from peak	-4.04%	-2.41%	-1.63%
Average Drawdown Average peak-to-trough decline	-4.79%	-4.00%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	1.35%	+2.02%

Volatility

TNXIX vs. TNMAX - Volatility Comparison

1290 Retirement 2060 Fund (TNXIX) has a higher volatility of 4.38% compared to 1290 Multi-Alternative Strategies Fund Class A (TNMAX) at 1.90%. This indicates that TNXIX's price experiences larger fluctuations and is considered to be riskier than TNMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNXIX	TNMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	1.90%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	6.60%	+6.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	8.01%	+8.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	7.70%	+9.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	7.17%	+10.09%

TNXIX vs. TNMAX - Expense Ratio Comparison

TNXIX has a 0.52% expense ratio, which is lower than TNMAX's 1.52% expense ratio.

Dividends

TNXIX vs. TNMAX - Dividend Comparison

TNXIX's dividend yield for the trailing twelve months is around 1.60%, less than TNMAX's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
TNXIX 1290 Retirement 2060 Fund	1.60%	1.69%	0.45%	0.54%	4.17%	2.04%	2.95%	1.87%	2.42%	0.06%	0.00%

Frequently Asked Questions

Can I hold both TNXIX and TNMAX in my portfolio?

TNXIX and TNMAX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNXIX or TNMAX?

TNXIX has higher volatility (4.38%) compared to TNMAX (1.90%). In terms of maximum drawdown, TNXIX dropped -32.31% vs TNMAX's -17.29%.

Which has better risk-adjusted returns?

TNMAX currently has the higher Sharpe Ratio (2.01 vs 0.85), 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.