ABYAX vs. QNZIX

Last updated Aug 1, 2026

ABYAX (Abbey Capital Futures Strategy Fund Class A) and QNZIX (AQR Trend Total Return Fund Class I) are both Systematic Trend funds. Over the past 3 years, ABYAX returned 1.17%/yr vs 27.50%/yr for QNZIX. Their 0.33 correlation means their historical movements had little consistent relationship. ABYAX charges 2.04%/yr vs 1.27%/yr for QNZIX.

Performance

ABYAX vs. QNZIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Abbey Capital Futures Strategy Fund Class A (ABYAX) and AQR Trend Total Return Fund Class I (QNZIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ABYAX achieves a 4.10% return, which is significantly lower than QNZIX's 13.13% return.

ABYAX

• 1D: -0.70%
• 1M: -1.04%
• 6M: 1.06%
• YTD: 4.10%
• 1Y: 12.73%
• 3Y*: 1.17%
• 5Y*: 3.34%
• 10Y*: 2.66%
• ALL TIME*: 3.63%

QNZIX

• 1D: 1.06%
• 1M: 1.85%
• 6M: 6.57%
• YTD: 13.13%
• 1Y: 32.22%
• 3Y*: 27.50%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.67%

*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)
ABYAX Abbey Capital Futures Strategy Fund Class A	$0.00	$0.00	$0.00
QNZIX AQR Trend Total Return Fund Class I	$0.00	$0.00	$0.00

ABYAX vs. QNZIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ABYAX Abbey Capital Futures Strategy Fund Class A	4.10%	1.47%	0.77%	-3.55%	8.41%
QNZIX AQR Trend Total Return Fund Class I	13.13%	23.26%	35.22%	23.03%	1.57%

Correlation

The correlation between ABYAX and QNZIX is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.33

Over the past year, ABYAX and QNZIX have become more correlated (0.69) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

ABYAX vs. QNZIX — Risk / Return Rank

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

ABYAX

ABYAX Risk / Return Rank: 58
ABYAX Sharpe Ratio Rank: 53
ABYAX Sortino Ratio Rank: 49
ABYAX Omega Ratio Rank: 49
ABYAX Calmar Ratio Rank: 81
ABYAX Martin Ratio Rank: 58

QNZIX

QNZIX Risk / Return Rank: 91
QNZIX Sharpe Ratio Rank: 93
QNZIX Sortino Ratio Rank: 88
QNZIX Omega Ratio Rank: 86
QNZIX Calmar Ratio Rank: 96
QNZIX Martin Ratio Rank: 94

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.

ABYAX vs. QNZIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Abbey Capital Futures Strategy Fund Class A (ABYAX) and AQR Trend Total Return Fund Class I (QNZIX). 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.

	ABYAX	QNZIX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.43	-1.04
Sortino ratio: Return per unit of downside risk	1.94	3.20	-1.26
Omega ratio: Gain probability vs. loss probability	1.25	1.42	-0.17
Calmar ratio: Return relative to maximum drawdown	2.69	4.36	-1.68
Martin ratio: Return relative to average drawdown	7.70	14.17	-6.47

ABYAX vs. QNZIX - Sharpe Ratio Comparison

The current ABYAX Sharpe Ratio is 1.39, which is lower than the QNZIX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ABYAX and QNZIX, 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

ABYAX vs. QNZIX - Drawdown Comparison

The maximum ABYAX drawdown since its inception was -17.96%, roughly equal to the maximum QNZIX drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for ABYAX and QNZIX.

Drawdown Indicators

	ABYAX	QNZIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.96%	-18.35%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-4.11%	-6.61%	+2.50%
Max Drawdown (3Y) Largest decline over 3 years	-14.21%	-13.51%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-15.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.23%	—	—
Current Drawdown Current decline from peak	-4.26%	-4.67%	+0.41%
Average Drawdown Average peak-to-trough decline	-7.16%	-2.81%	-4.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	2.04%	-0.60%

Volatility

ABYAX vs. QNZIX - Volatility Comparison

The current volatility for Abbey Capital Futures Strategy Fund Class A (ABYAX) is 1.77%, while AQR Trend Total Return Fund Class I (QNZIX) has a volatility of 4.06%. This indicates that ABYAX experiences smaller price fluctuations and is considered to be less risky than QNZIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ABYAX	QNZIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	4.06%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	5.55%	8.21%	-2.66%
Volatility (1Y) Calculated over the trailing 1-year period	7.93%	11.85%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.88%	12.13%	-4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.96%	12.13%	-4.17%

ABYAX vs. QNZIX - Expense Ratio Comparison

ABYAX has a 2.04% expense ratio, which is higher than QNZIX's 1.27% expense ratio.

Dividends

ABYAX vs. QNZIX - Dividend Comparison

ABYAX's dividend yield for the trailing twelve months is around 1.22%, more than QNZIX's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ABYAX Abbey Capital Futures Strategy Fund Class A	1.22%	1.27%	1.68%	0.99%	15.33%	3.57%	1.36%	8.50%	0.00%	0.00%	0.00%	0.06%
QNZIX AQR Trend Total Return Fund Class I	0.94%	1.07%	16.81%	23.32%	2.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ABYAX and QNZIX in my portfolio?

ABYAX and QNZIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ABYAX or QNZIX?

QNZIX has higher volatility (4.06%) compared to ABYAX (1.77%). In terms of maximum drawdown, ABYAX dropped -17.96% vs QNZIX's -18.35%.

Which has better risk-adjusted returns?

QNZIX currently has the higher Sharpe Ratio (2.43 vs 1.39), 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.