XPMIX vs. TALTX

Last updated Jun 19, 2026

XPMIX (StepStone Private Markets Fund Class I) and TALTX (Morgan Stanley Pathway Funds Alternative Strategies Fund) are both Multistrategy funds. Their correlation of 0.87 suggests significant overlap in exposure. XPMIX charges 2.34%/yr vs 0.59%/yr for TALTX.

Performance

XPMIX vs. TALTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in StepStone Private Markets Fund Class I (XPMIX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XPMIX

• 1D: -0.34%
• 1M: 0.97%
• YTD: 5.39%
• 6M: 6.07%
• 1Y: 11.07%
• 3Y*: 12.58%
• 5Y*: 13.02%
• 10Y*: —

TALTX

• 1D: -0.27%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XPMIX vs. TALTX - Yearly Performance Comparison

	2026 (YTD)
XPMIX StepStone Private Markets Fund Class I	0.03%
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	-0.27%

Correlation

The correlation between XPMIX and TALTX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.87

Return for Risk

XPMIX vs. TALTX — Risk / Return Rank

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

XPMIX

XPMIX Risk / Return Rank: 91
XPMIX Sharpe Ratio Rank: 90
XPMIX Sortino Ratio Rank: 93
XPMIX Omega Ratio Rank: 87
XPMIX Calmar Ratio Rank: 91
XPMIX Martin Ratio Rank: 92

TALTX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

XPMIX vs. TALTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for StepStone Private Markets Fund Class I (XPMIX) and Morgan Stanley Pathway Funds Alternative Strategies Fund (TALTX). 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.

	XPMIX	TALTX	Difference
Sharpe ratio: Return per unit of total volatility	2.68	—	—
Sortino ratio: Return per unit of downside risk	4.39	—	—
Omega ratio: Gain probability vs. loss probability	1.56	—	—
Calmar ratio: Return relative to maximum drawdown	4.32	—	—
Martin ratio: Return relative to average drawdown	16.93	—	—

Drawdowns

XPMIX vs. TALTX - Drawdown Comparison

The maximum XPMIX drawdown since its inception was -3.71%, which is greater than TALTX's maximum drawdown of -0.99%. Use the drawdown chart below to compare losses from any high point for XPMIX and TALTX.

Drawdown Indicators

	XPMIX	TALTX	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-0.99%	-2.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-3.13%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.54%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.44%	-0.37%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	—	—

Volatility

Volatility by Period

	XPMIX	TALTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.42%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	3.97%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	3.97%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.95%	3.97%	+5.98%

XPMIX vs. TALTX - Expense Ratio Comparison

XPMIX has a 2.34% expense ratio, which is higher than TALTX's 0.59% expense ratio.

Dividends

XPMIX vs. TALTX - Dividend Comparison

XPMIX's dividend yield for the trailing twelve months is around 0.80%, while TALTX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
TALTX Morgan Stanley Pathway Funds Alternative Strategies Fund	0.00%	0.00%	0.00%	0.00%
XPMIX StepStone Private Markets Fund Class I	0.80%	0.85%	1.31%	0.33%

Frequently Asked Questions

Can I hold both XPMIX and TALTX in my portfolio?

XPMIX and TALTX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.