ADANX vs. CZAMX
ADANX (AQR Diversified Arbitrage Fund Class N) and CZAMX (Multi-Manager Alternative Strategies Fund) are both Multistrategy funds. Over the past 5 years, ADANX returned 2.83%/yr vs 3.01%/yr for CZAMX. Their 0.18 correlation means their historical movements had little consistent relationship. ADANX charges 2.12%/yr vs 1.27%/yr for CZAMX.
Performance
ADANX vs. CZAMX - Performance Comparison
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Returns By Period
In the year-to-date period, ADANX achieves a 2.97% return, which is significantly lower than CZAMX's 3.37% return.
ADANX
- 1D
- 0.08%
- 1M
- -0.30%
- 6M
- 2.25%
- YTD
- 2.97%
- 1Y
- 5.54%
- 3Y*
- 5.29%
- 5Y*
- 2.83%
- 10Y*
- 6.39%
- ALL TIME*
- 4.11%
CZAMX
- 1D
- 0.00%
- 1M
- 0.11%
- 6M
- 1.60%
- YTD
- 3.37%
- 1Y
- 8.48%
- 3Y*
- 3.67%
- 5Y*
- 3.01%
- 10Y*
- —
- ALL TIME*
- 2.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ADANX vs. CZAMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ADANX AQR Diversified Arbitrage Fund Class N | 2.97% | 7.75% | 2.92% | 4.23% | -3.54% | 5.99% | 24.85% | 8.33% | 2.02% | 4.46% |
CZAMX Multi-Manager Alternative Strategies Fund | 3.37% | 4.59% | 1.99% | 3.07% | 2.85% | 0.80% | 5.78% | 6.09% | -3.16% | 0.44% |
Correlation
The correlation between ADANX and CZAMX is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.18 |
The correlation between ADANX and CZAMX shifts across timeframes, from 0.00 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ADANX vs. CZAMX — Risk / Return Rank
ADANX
CZAMX
ADANX vs. CZAMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Diversified Arbitrage Fund Class N (ADANX) and Multi-Manager Alternative Strategies Fund (CZAMX). 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 | CZAMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.45 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 9.36 | 4.62 | +4.74 |
| Martin ratioReturn relative to average drawdown | 37.41 | 12.56 | +24.85 |
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Drawdowns
ADANX vs. CZAMX - Drawdown Comparison
The maximum ADANX drawdown since its inception was -14.73%, which is greater than CZAMX's maximum drawdown of -7.16%. Use the drawdown chart below to compare losses from any high point for ADANX and CZAMX.
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Drawdown Indicators
| ADANX | CZAMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.73% | -7.16% | -7.57% |
Max Drawdown (1Y)Largest decline over 1 year | -0.60% | -1.79% | +1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -1.70% | -5.52% | +3.82% |
Max Drawdown (5Y)Largest decline over 5 years | -7.48% | -5.52% | -1.96% |
Max Drawdown (10Y)Largest decline over 10 years | -14.73% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -1.14% | +0.61% |
Average DrawdownAverage peak-to-trough decline | -3.00% | -1.53% | -1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.15% | 0.66% | -0.51% |
Volatility
ADANX vs. CZAMX - Volatility Comparison
AQR Diversified Arbitrage Fund Class N (ADANX) and Multi-Manager Alternative Strategies Fund (CZAMX) have volatilities of 0.61% and 0.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ADANX | CZAMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.63% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.16% | 2.35% | -1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.47% | 3.44% | -1.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.60% | 3.34% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 3.35% | +0.92% |
ADANX vs. CZAMX - Expense Ratio Comparison
ADANX has a 2.12% expense ratio, which is higher than CZAMX's 1.27% expense ratio.
Dividends
ADANX vs. CZAMX - Dividend Comparison
ADANX's dividend yield for the trailing twelve months is around 1.80%, less than CZAMX's 3.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
CZAMX Multi-Manager Alternative Strategies Fund | 3.10% | 3.20% | 2.11% | 2.60% | 7.74% | 1.44% | 0.89% | 2.11% | 1.48% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ADANX and CZAMX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CZAMX has higher volatility (0.63%) compared to ADANX (0.61%). In terms of maximum drawdown, ADANX dropped -14.73% vs CZAMX's -7.16%.
ADANX currently has the higher Sharpe Ratio (3.84 vs 2.41), 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.
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