ADANX vs. ADAIX

Last updated Jun 24, 2026

ADANX (AQR Diversified Arbitrage Fund Class N) and ADAIX (AQR Diversified Arbitrage Fund Class I) are both Multistrategy funds from AQR Funds. Both are actively managed. Over the past 10 years, ADANX returned 6.64%/yr vs 6.91%/yr for ADAIX. Their correlation of 0.91 suggests significant overlap in exposure. ADANX charges 2.12%/yr vs 1.38%/yr for ADAIX.

Performance

ADANX vs. ADAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, ADANX achieves a 3.12% return, which is significantly lower than ADAIX's 3.28% return. Both investments have delivered pretty close results over the past 10 years, with ADANX having a 6.64% annualized return and ADAIX not far ahead at 6.91%.

ADANX

• 1D: 0.15%
• 1M: 0.23%
• YTD: 3.12%
• 6M: 3.12%
• 1Y: 6.20%
• 3Y*: 5.79%
• 5Y*: 2.69%
• 10Y*: 6.64%

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%

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

ADANX vs. ADAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADANX AQR Diversified Arbitrage Fund Class N	3.12%	7.75%	2.92%	4.23%	-3.54%	5.99%	24.85%	8.33%	2.02%	5.59%
ADAIX AQR Diversified Arbitrage Fund Class I	3.28%	8.03%	3.19%	4.51%	-3.30%	6.27%	25.24%	8.53%	2.19%	5.93%

Correlation

The correlation between ADANX and ADAIX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 15, 2009	0.91

The correlation between ADANX and ADAIX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

ADANX vs. ADAIX — Risk / Return Rank

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

ADANX

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

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

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.

ADANX vs. ADAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Diversified Arbitrage Fund Class N (ADANX) and AQR Diversified Arbitrage Fund Class I (ADAIX). 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.

	ADANX	ADAIX	Difference
Sharpe ratio: Return per unit of total volatility	4.33	4.58	-0.25
Sortino ratio: Return per unit of downside risk	7.41	7.66	-0.25
Omega ratio: Gain probability vs. loss probability	2.04	2.15	-0.11
Calmar ratio: Return relative to maximum drawdown	15.90	14.03	+1.87
Martin ratio: Return relative to average drawdown	44.26	43.41	+0.85

ADANX vs. ADAIX - Sharpe Ratio Comparison

The current ADANX Sharpe Ratio is 4.33, which is comparable to the ADAIX Sharpe Ratio of 4.58. The chart below compares the historical Sharpe Ratios of ADANX and ADAIX, 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

ADANX vs. ADAIX - Drawdown Comparison

The maximum ADANX drawdown since its inception was -14.73%, roughly equal to the maximum ADAIX drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for ADANX and ADAIX.

Drawdown Indicators

	ADANX	ADAIX	Difference
Max Drawdown Largest peak-to-trough decline	-14.73%	-14.75%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.46%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-1.70%	-1.78%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-7.48%	-7.40%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-14.73%	-14.75%	+0.02%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.02%	-2.82%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.14%	0.15%	-0.01%

Volatility

ADANX vs. ADAIX - Volatility Comparison

The current volatility for AQR Diversified Arbitrage Fund Class N (ADANX) is 0.32%, while AQR Diversified Arbitrage Fund Class I (ADAIX) has a volatility of 0.39%. This indicates that ADANX experiences smaller price fluctuations and is considered to be less risky than ADAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADANX	ADAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	0.39%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	1.06%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	1.42%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.61%	2.61%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.28%	4.32%	-0.04%

ADANX vs. ADAIX - Expense Ratio Comparison

ADANX has a 2.12% expense ratio, which is higher than ADAIX's 1.38% expense ratio.

Dividends

ADANX vs. ADAIX - Dividend Comparison

ADANX's dividend yield for the trailing twelve months is around 1.80%, less than ADAIX's 2.05% 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%
ADANX AQR Diversified Arbitrage Fund Class N	1.80%	1.86%	0.96%	2.47%	0.10%	0.40%	1.33%	1.81%	6.22%	6.84%	6.83%	4.43%

Frequently Asked Questions

Can I hold both ADANX and ADAIX in my portfolio?

ADANX and ADAIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADANX or ADAIX?

ADAIX has higher volatility (0.39%) compared to ADANX (0.32%). In terms of maximum drawdown, ADANX dropped -14.73% vs ADAIX's -14.75%.

Which has better risk-adjusted returns?

ADAIX currently has the higher Sharpe Ratio (4.58 vs 4.33), 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.