- ISIN
- US00203H4873
- CUSIP
- 00203H487
- Issuer
- AQR Funds
- Inception Date
- Mar 26, 2013
- Category
- Small Cap Blend Equities
- Min. Investment
- $5,000,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
QSMLX Performance Chart
AQR Small Cap Multi-Style Fund (QSMLX) is up 20.9% since the beginning of the year. QSMLX is currently trading at $22 per share. Investors who bought $1,000 worth of QSMLX shares 5 years ago would now be looking at an investment worth $1,660.
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Returns By Period
AQR Small Cap Multi-Style Fund (QSMLX) has returned 20.87% so far this year and 44.28% over the past 12 months. Over the last ten years, QSMLX has returned 12.28% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
AQR Small Cap Multi-Style Fund
- 1D
- -0.36%
- 1M
- 3.54%
- YTD
- 20.87%
- 6M
- 21.32%
- 1Y
- 44.28%
- 3Y*
- 23.25%
- 5Y*
- 10.67%
- 10Y*
- 12.28%
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
QSMLX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2014, QSMLX's average daily return is +0.05%, while the average monthly return is +0.96%. At this rate, an investment would double in approximately 6.0 years.
Historically, 60% of months were positive and 40% were negative. The best month was Nov 2020 with a return of +15.6%, while the worst month was Mar 2020 at -22.3%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 4 months.
On a daily basis, QSMLX closed higher 52% of trading days. The best single day was Apr 6, 2020 with a return of +8.7%, while the worst single day was Mar 16, 2020 at -13.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.67% | 1.88% | -4.40% | 12.63% | 4.66% | -0.36% | 20.87% | ||||||
| 2025 | 2.35% | -4.70% | -4.15% | -1.57% | 6.76% | 5.68% | -0.23% | 8.56% | 3.13% | 1.11% | 0.75% | -0.62% | 17.41% |
| 2024 | -1.79% | 4.58% | 2.98% | -7.03% | 5.87% | -1.94% | 11.41% | -2.94% | 0.31% | -2.45% | 11.53% | -7.85% | 11.02% |
| 2023 | 8.43% | -0.99% | -5.67% | -2.38% | 0.95% | 10.05% | 6.58% | -3.66% | -4.39% | -6.08% | 7.99% | 13.39% | 24.01% |
| 2022 | -9.05% | 1.61% | -0.47% | -7.54% | 1.21% | -9.44% | 10.77% | -3.95% | -10.19% | 12.87% | 3.87% | -6.45% | -18.31% |
| 2021 | 4.58% | 7.83% | 4.06% | 1.65% | 1.31% | 0.59% | -2.39% | 2.72% | -2.70% | 4.90% | -1.82% | 3.60% | 26.54% |
Benchmark Metrics
AQR Small Cap Multi-Style Fund has an annualized alpha of -1.97%, beta of 1.09, and R2 of 0.72 versus S&P 500 Index. Calculated based on daily prices since January 03, 2014.
- This fund participated in 112.71% of S&P 500 Index downside but only 102.62% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 1.09 and R2 of 0.72, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -1.97%
- Beta
- 1.09
- R²
- 0.72
- Upside Capture
- 102.62%
- Downside Capture
- 112.71%
Expense Ratio
QSMLX has an expense ratio of 0.72%, placing it in the medium range.
Return for Risk
Risk / Return Rank
QSMLX ranks 68 for risk / return — better than 68% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for AQR Small Cap Multi-Style Fund (QSMLX) and compare them to S&P 500 Index.
| QSMLX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.29 | 2.39 | -0.10 |
Sortino ratioReturn per unit of downside risk | 3.13 | 3.25 | -0.13 |
Omega ratioGain probability vs. loss probability | 1.38 | 1.43 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 4.79 | 3.11 | +1.67 |
Martin ratioReturn relative to average drawdown | 16.32 | 14.38 | +1.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
AQR Small Cap Multi-Style Fund provided a 8.53% dividend yield over the last twelve months, with an annual payout of $1.87 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.87 | $1.87 | $2.36 | $1.17 | $0.13 | $1.13 | $0.27 | $0.13 | $1.52 | $1.59 | $0.38 | $0.03 |
Dividend yield | 8.53% | 10.31% | 13.88% | 6.74% | 0.87% | 6.13% | 1.77% | 0.97% | 13.57% | 10.71% | 2.53% | 0.22% |
Monthly Dividends
The table displays the monthly dividend distributions for AQR Small Cap Multi-Style Fund. 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 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.87 | $1.87 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.36 | $2.36 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.17 | $1.17 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.13 | $0.13 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.13 | $1.13 |
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 Small Cap Multi-Style Fund. 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 Small Cap Multi-Style Fund was 44.38%, occurring on Mar 18, 2020. Recovery took 169 trading sessions.
The current AQR Small Cap Multi-Style Fund drawdown is 0.45%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -44.38%Mar 2020 | 1y 6mo | 8mo 3d | 2y 2moSep 2018 - Nov 2020 |
Bear market2022 | -30.21%Sep 2022 | 10mo 21d | 1y 5mo | 2y 4moNov 2021 - Mar 2024 |
2025 selloff2025 | -23.69%Apr 2025 | 4mo 27d | 4mo 7d | 9mo 4dNov 2024 - Aug 2025 |
2016 bear market2016 | -21.88%Feb 2016 | 7mo 22d | 6mo 28d | 1y 2moJun 2015 - Sep 2016 |
2014 correction2014 | -13.10%Oct 2014 | 3mo 8d | 2mo 17d | 5mo 25dJul 2014 - Dec 2014 |
Drawdown Indicators
| QSMLX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.38% | -56.78% | +12.40% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -9.10% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -23.69% | -18.90% | -4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -30.21% | -25.43% | -4.78% |
Max Drawdown (10Y)Largest decline over 10 years | -44.38% | -33.92% | -10.46% |
Current DrawdownCurrent decline from peak | -0.45% | 0.00% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -8.18% | -10.72% | +2.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 1.97% | +0.76% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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