- Issuer
- AQR
- Inception Date
- Dec 16, 2021
- Category
- Systematic Trend
- Min. Investment
- $5,000,000
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
Share Price Chart
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Performance
QNZIX Performance Chart
AQR Trend Total Return Fund Class I (QNZIX) is up 13.1% since the beginning of the year. QNZIX is currently trading at $18 per share.
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Returns By Period
AQR Trend Total Return Fund Class I (QNZIX) has returned 13.13% so far this year and 32.22% over the past 12 months.
AQR Trend Total Return Fund Class I
- 1D
- 1.06%
- 1M
- 1.85%
- 6M
- 6.57%
- YTD
- 13.13%
- 1Y
- 32.22%
- 3Y*
- 27.50%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.67%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.36%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
QNZIX Monthly Returns History
Based on dividend-adjusted daily data since Mar 17, 2022, QNZIX's average daily return is +0.08%, while the average monthly return is +1.69%. At this rate, an investment would double in approximately 3.4 years.
Historically, 74% of months were positive and 26% were negative. The best month was Oct 2022 with a return of +9.2%, while the worst month was Jun 2022 at -8.4%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, QNZIX closed higher 55% of trading days. The best single day was Apr 9, 2025 with a return of +3.9%, while the worst single day was Apr 4, 2025 at -5.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.16% | 1.70% | -0.92% | 5.99% | 2.20% | -2.95% | 0.61% | 13.13% | |||||
| 2025 | 1.97% | 2.53% | -1.45% | -1.84% | 2.70% | 2.41% | 1.43% | 1.76% | 7.19% | 2.00% | 0.38% | 2.31% | 23.26% |
| 2024 | 6.34% | 1.57% | 7.74% | 0.83% | 5.25% | -0.36% | 1.07% | 0.85% | 3.65% | -3.32% | 5.25% | 2.20% | 35.22% |
| 2023 | 5.09% | 1.50% | -2.80% | 1.19% | -2.76% | 5.77% | 3.74% | 1.80% | 2.93% | 0.07% | 5.24% | -0.40% | 23.03% |
| 2022 | -2.53% | 2.86% | 5.57% | -8.41% | -0.54% | -4.43% | -5.21% | 9.19% | 6.40% | 0.08% | 1.57% |
Benchmark Metrics
AQR Trend Total Return Fund Class I has an annualized alpha of 15.87%, beta of 0.42, and R2 of 0.34 versus S&P 500 Index. Calculated based on daily prices since March 17, 2022.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (70.80%) than losses (16.38%) - typical of diversified or defensive assets.
- Beta of 0.42 may look defensive, but with R2 of 0.34 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.34 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 15.87%
- Beta
- 0.42
- R²
- 0.34
- Upside Capture
- 70.80%
- Downside Capture
- 16.38%
Expense Ratio
QNZIX has a high expense ratio of 1.27%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
QNZIX ranks 91 for risk / return — above 91% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for AQR Trend Total Return Fund Class I (QNZIX) and compare them to S&P 500 Index.
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.
| QNZIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.25 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.36 | 2.00 | +2.36 |
| Martin ratioReturn relative to average drawdown | 14.17 | 8.49 | +5.68 |
Dividends
Dividend History
AQR Trend Total Return Fund Class I provided a 0.94% dividend yield over the last twelve months, with an annual payout of $0.17 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $0.17 | $0.17 | $2.22 | $2.65 | $0.24 |
Dividend yield | 0.94% | 1.07% | 16.81% | 23.32% | 2.14% |
Monthly Dividends
The table displays the monthly dividend distributions for AQR Trend Total Return Fund Class I. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.17 | $0.17 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.22 | $2.22 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.65 | $2.65 |
| 2022 | $0.24 | $0.24 |
Drawdowns
Drawdowns Chart
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the AQR Trend Total Return Fund Class I. 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 Trend Total Return Fund Class I was 18.35%, occurring on Sep 30, 2022. Recovery took 91 trading sessions.
The current AQR Trend Total Return Fund Class I drawdown is 4.67%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-18.35%Sep 2022 | 3mo 24d | 4mo 13d | 8mo 7dJun 2022 - Feb 2023 | Bear market2022 |
-13.51%Apr 2025 | 1mo 16d | 3mo 15d | 5mo 1dFeb 2025 - Jul 2025 | 2025 selloff2025 |
-7.94%Mar 2023 | 17d | 3mo 11d | 3mo 28dMar 2023 - Jul 2023 | — |
-6.63%Aug 2024 | 20d | 15d | 1mo 5dJul 2024 - Aug 2024 | — |
-6.61%Jun 2026 | 22d | — | 2mo 1dJun 2026 - now | — |
Drawdown Indicators
| QNZIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.35% | -56.78% | +38.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.61% | -9.10% | +2.49% |
Max Drawdown (3Y)Largest decline over 3 years | -13.51% | -18.90% | +5.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -4.67% | -1.58% | -3.09% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -10.70% | +7.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 2.14% | -0.10% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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