AQR MS Fusion HV Fund Fund Class N (QHFNX)

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The chart shows the growth of an initial investment of $10,000 in AQR MS Fusion HV Fund Fund Class N, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Based on dividend-adjusted daily data since Nov 6, 2025, QHFNX's average daily return is -0.08%, while the average monthly return is -1.49%.

Historically, 40% of months were positive and 60% were negative. The best month was Dec 2025 with a return of +4.6%, while the worst month was Mar 2026 at -9.2%. The longest winning streak lasted 2 consecutive months, and the longest losing streak was 3 months.

On a daily basis, QHFNX closed higher 52% of trading days. The best single day was Nov 10, 2025 with a return of +2.2%, while the worst single day was Jan 20, 2026 at -2.8%.

AQR MS Fusion HV Fund Fund Class N has an annualized alpha of -5.27%, beta of 1.00, and R² of 0.62 versus S&P 500 Index. Calculated based on daily prices since November 07, 2025.

• This fund participated in 71.32% of S&P 500 Index downside but only -51.35% of its upside — more exposed to losses than it benefited from rallies.
• This fund had an annualized alpha of -5.27% versus S&P 500 Index — delivering less than market exposure alone would predict.
• With beta of 1.00 and R² of 0.62, this fund moves broadly in line with S&P 500 Index — much of its variation is explained by market exposure rather than independent behavior.

QHFNX has a high expense ratio of 6.94%, indicating above-average management fees.

The table below present risk-adjusted performance metrics for AQR MS Fusion HV Fund Fund Class N (QHFNX) and compare them to a chosen benchmark (S&P 500 Index).

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the AQR MS Fusion HV Fund Fund Class N. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the AQR MS Fusion HV Fund Fund Class N was 13.87%, occurring on Mar 27, 2026. The portfolio has not yet recovered.

The current AQR MS Fusion HV Fund Fund Class N drawdown is 13.70%.

The chart below shows the rolling one-month volatility.