ADAIX vs. QMFRX

Last updated Jun 24, 2026

ADAIX (AQR Diversified Arbitrage Fund Class I) and QMFRX (AQR MS Fusion Fund Class R6) are both Multistrategy funds. Both are actively managed. At a 0.20 correlation, their price movements are largely independent. ADAIX charges 1.38%/yr vs 3.45%/yr for QMFRX.

Performance

ADAIX vs. QMFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Diversified Arbitrage Fund Class I (ADAIX) and AQR MS Fusion Fund Class R6 (QMFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADAIX achieves a 3.28% return, which is significantly lower than QMFRX's 8.72% return.

ADAIX

• 1D: 0.23%
• 1M: 0.23%
• YTD: 3.28%
• 6M: 3.36%
• 1Y: 6.55%
• 3Y*: 6.09%
• 5Y*: 2.97%
• 10Y*: 6.91%

QMFRX

• 1D: 0.32%
• 1M: 0.89%
• YTD: 8.72%
• 6M: 7.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ADAIX vs. QMFRX - Yearly Performance Comparison

	2026 (YTD)	2025
ADAIX AQR Diversified Arbitrage Fund Class I	3.28%	0.56%
QMFRX AQR MS Fusion Fund Class R6	8.72%	3.55%

Correlation

The correlation between ADAIX and QMFRX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.20

Return for Risk

ADAIX vs. QMFRX — Risk / Return Rank

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

ADAIX

ADAIX Risk / Return Rank: 99
ADAIX Sharpe Ratio Rank: 99
ADAIX Sortino Ratio Rank: 99
ADAIX Omega Ratio Rank: 98
ADAIX Calmar Ratio Rank: 99
ADAIX Martin Ratio Rank: 99

QMFRX

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.

ADAIX vs. QMFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Diversified Arbitrage Fund Class I (ADAIX) and AQR MS Fusion Fund Class R6 (QMFRX). 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.

	ADAIX	QMFRX	Difference
Sharpe ratio: Return per unit of total volatility	4.58	—	—
Sortino ratio: Return per unit of downside risk	7.66	—	—
Omega ratio: Gain probability vs. loss probability	2.15	—	—
Calmar ratio: Return relative to maximum drawdown	14.03	—	—
Martin ratio: Return relative to average drawdown	43.41	—	—

Drawdowns

ADAIX vs. QMFRX - Drawdown Comparison

The maximum ADAIX drawdown since its inception was -14.75%, which is greater than QMFRX's maximum drawdown of -10.27%. Use the drawdown chart below to compare losses from any high point for ADAIX and QMFRX.

Drawdown Indicators

	ADAIX	QMFRX	Difference
Max Drawdown Largest peak-to-trough decline	-14.75%	-10.27%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-7.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.75%	—	—
Current Drawdown Current decline from peak	0.00%	-2.65%	+2.65%
Average Drawdown Average peak-to-trough decline	-2.82%	-2.30%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	—	—

Volatility

Volatility by Period

	ADAIX	QMFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	14.92%	-13.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.61%	14.92%	-12.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.32%	14.92%	-10.60%

ADAIX vs. QMFRX - Expense Ratio Comparison

ADAIX has a 1.38% expense ratio, which is lower than QMFRX's 3.45% expense ratio.

Dividends

ADAIX vs. QMFRX - Dividend Comparison

ADAIX's dividend yield for the trailing twelve months is around 2.05%, more than QMFRX's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADAIX AQR Diversified Arbitrage Fund Class I	2.05%	2.12%	1.23%	2.74%	0.10%	0.65%	1.60%	2.11%	6.53%	7.17%	7.18%	4.93%
QMFRX AQR MS Fusion Fund Class R6	0.44%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ADAIX and QMFRX in my portfolio?

ADAIX and QMFRX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.