AQMIX vs. SLV
AQMIX (AQR Managed Futures Strategy Fund) and SLV (iShares Silver Trust) are both funds - AQMIX is a Systematic Trend fund managed by AQR Funds, while SLV is a Silver fund tracking the LBMA Silver Price. Over the past 10 years, AQMIX returned 4.69%/yr vs 13.99%/yr for SLV. At a 0.01 correlation, their price movements are largely independent. AQMIX charges 1.25%/yr vs 0.50%/yr for SLV.
Performance
AQMIX vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, AQMIX achieves a 11.18% return, which is significantly higher than SLV's -4.86% return. Over the past 10 years, AQMIX has underperformed SLV with an annualized return of 4.69%, while SLV has yielded a comparatively higher 13.99% annualized return.
AQMIX
- 1D
- -0.37%
- 1M
- -1.94%
- YTD
- 11.18%
- 6M
- 13.01%
- 1Y
- 24.52%
- 3Y*
- 12.13%
- 5Y*
- 12.71%
- 10Y*
- 4.69%
SLV
- 1D
- 0.77%
- 1M
- -18.83%
- YTD
- -4.86%
- 6M
- 9.25%
- 1Y
- 85.90%
- 3Y*
- 41.27%
- 5Y*
- 18.83%
- 10Y*
- 13.99%
AQMIX vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AQMIX AQR Managed Futures Strategy Fund | 11.18% | 14.62% | 8.13% | 2.08% | 35.47% | -1.04% | -0.43% | 1.92% | -8.88% | -0.97% |
SLV iShares Silver Trust | -4.86% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between AQMIX and SLV is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010 | 0.01 |
Over the past year, AQMIX and SLV have become more correlated (0.25) than their long-term average of 0.01, meaning their price movements have been converging.
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Return for Risk
AQMIX vs. SLV — Risk / Return Rank
AQMIX
SLV
AQMIX vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Managed Futures Strategy Fund (AQMIX) and iShares Silver Trust (SLV). 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.
| AQMIX | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.29 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 8.20 | 1.89 | +6.30 |
| Martin ratioReturn relative to average drawdown | 26.10 | 4.10 | +22.00 |
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Drawdowns
AQMIX vs. SLV - Drawdown Comparison
The maximum AQMIX drawdown since its inception was -26.52%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for AQMIX and SLV.
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Drawdown Indicators
| AQMIX | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.52% | -76.28% | +49.76% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -45.40% | +42.38% |
Max Drawdown (3Y)Largest decline over 3 years | -13.57% | -45.40% | +31.83% |
Max Drawdown (5Y)Largest decline over 5 years | -13.57% | -45.40% | +31.83% |
Max Drawdown (10Y)Largest decline over 10 years | -23.34% | -45.40% | +22.06% |
Current DrawdownCurrent decline from peak | -2.30% | -41.96% | +39.66% |
Average DrawdownAverage peak-to-trough decline | -9.99% | -44.66% | +34.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 20.88% | -19.94% |
Volatility
AQMIX vs. SLV - Volatility Comparison
The current volatility for AQR Managed Futures Strategy Fund (AQMIX) is 2.41%, while iShares Silver Trust (SLV) has a volatility of 16.34%. This indicates that AQMIX experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AQMIX | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 16.34% | -13.93% |
Volatility (6M)Calculated over the trailing 6-month period | 6.72% | 59.10% | -52.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.74% | 59.82% | -51.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.62% | 36.46% | -24.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.37% | 32.00% | -21.63% |
AQMIX vs. SLV - Expense Ratio Comparison
AQMIX has a 1.25% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
AQMIX vs. SLV - Dividend Comparison
AQMIX's dividend yield for the trailing twelve months is around 2.03%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AQMIX AQR Managed Futures Strategy Fund | 2.03% | 2.26% | 3.83% | 8.39% | 12.76% | 6.94% | 5.31% | 3.13% | 0.00% | 0.00% | 0.02% | 6.51% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AQMIX and SLV have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (16.34%) compared to AQMIX (2.41%). In terms of maximum drawdown, AQMIX dropped -26.52% vs SLV's -76.28%.
AQMIX currently has the higher Sharpe Ratio (2.83 vs 1.44), 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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