AQRIX vs. ADAIX

Last updated Jun 4, 2026

AQRIX (AQR Multi-Asset Fund) and ADAIX (AQR Diversified Arbitrage Fund Class I) are both mutual funds - AQRIX is a Tactical Allocation fund managed by AQR Funds, while ADAIX is a Multistrategy fund actively managed by AQR Funds. Over the past 10 years, AQRIX returned 8.58%/yr vs 6.85%/yr for ADAIX. At a 0.13 correlation, their price movements are largely independent. AQRIX charges 0.80%/yr vs 1.38%/yr for ADAIX.

Performance

AQRIX vs. ADAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Multi-Asset Fund (AQRIX) 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, AQRIX achieves a 10.80% return, which is significantly higher than ADAIX's 2.96% return. Over the past 10 years, AQRIX has outperformed ADAIX with an annualized return of 8.58%, while ADAIX has yielded a comparatively lower 6.85% annualized return.

AQRIX

• 1D: 0.23%
• 1M: 3.20%
• YTD: 10.80%
• 6M: 11.21%
• 1Y: 23.61%
• 3Y*: 16.30%
• 5Y*: 8.88%
• 10Y*: 8.58%

ADAIX

• 1D: -0.08%
• 1M: 0.69%
• YTD: 2.96%
• 6M: 3.46%
• 1Y: 6.74%
• 3Y*: 6.25%
• 5Y*: 2.99%
• 10Y*: 6.85%

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

AQRIX vs. ADAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AQRIX AQR Multi-Asset Fund	10.80%	18.71%	10.45%	11.59%	-10.54%	14.35%	2.68%	21.03%	-6.95%	16.34%
ADAIX AQR Diversified Arbitrage Fund Class I	2.96%	8.03%	3.19%	4.51%	-3.30%	6.27%	25.24%	8.53%	2.19%	5.93%

Correlation

The correlation between AQRIX and ADAIX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Oct 1, 2010	0.13

The correlation between AQRIX and ADAIX shifts across timeframes, from 0.07 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AQRIX vs. ADAIX — Risk / Return Rank

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

AQRIX

AQRIX Risk / Return Rank: 70
AQRIX Sharpe Ratio Rank: 75
AQRIX Sortino Ratio Rank: 69
AQRIX Omega Ratio Rank: 66
AQRIX Calmar Ratio Rank: 69
AQRIX Martin Ratio Rank: 72

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.

AQRIX vs. ADAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Multi-Asset Fund (AQRIX) 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.

	AQRIX	ADAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	4.84	-2.33
Sortino ratio: Return per unit of downside risk	3.45	8.18	-4.73
Omega ratio: Gain probability vs. loss probability	1.45	2.26	-0.81
Calmar ratio: Return relative to maximum drawdown	3.22	14.61	-11.39
Martin ratio: Return relative to average drawdown	13.70	44.38	-30.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AQRIX vs. ADAIX - Sharpe Ratio Comparison

The current AQRIX Sharpe Ratio is 2.51, which is lower than the ADAIX Sharpe Ratio of 4.84. The chart below compares the historical Sharpe Ratios of AQRIX 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.

Sharpe Ratios by Period

	AQRIX	ADAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	4.84	-2.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	1.15	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	1.59	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.21	-0.41

Drawdowns

AQRIX vs. ADAIX - Drawdown Comparison

The maximum AQRIX drawdown since its inception was -19.37%, which is greater than ADAIX's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for AQRIX and ADAIX.

Drawdown Indicators

	AQRIX	ADAIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.37%	-14.75%	-4.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.48%	-0.46%	-7.02%
Max Drawdown (3Y) Largest decline over 3 years	-11.05%	-1.78%	-9.27%
Max Drawdown (5Y) Largest decline over 5 years	-19.37%	-7.40%	-11.97%
Max Drawdown (10Y) Largest decline over 10 years	-19.37%	-14.75%	-4.62%
Current Drawdown Current decline from peak	0.00%	-0.15%	+0.15%
Average Drawdown Average peak-to-trough decline	-4.82%	-2.82%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	0.15%	+1.60%

Volatility

AQRIX vs. ADAIX - Volatility Comparison

AQR Multi-Asset Fund (AQRIX) has a higher volatility of 2.70% compared to AQR Diversified Arbitrage Fund Class I (ADAIX) at 0.37%. This indicates that AQRIX's price experiences larger fluctuations and is considered to be riskier than ADAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AQRIX	ADAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	0.37%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	1.06%	+6.56%
Volatility (1Y) Calculated over the trailing 1-year period	9.59%	1.40%	+8.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.67%	2.62%	+8.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.79%	4.32%	+5.47%

AQRIX vs. ADAIX - Expense Ratio Comparison

AQRIX has a 0.80% expense ratio, which is lower than ADAIX's 1.38% expense ratio.

Dividends

AQRIX vs. ADAIX - Dividend Comparison

AQRIX's dividend yield for the trailing twelve months is around 3.48%, more than ADAIX's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADAIX AQR Diversified Arbitrage Fund Class I	2.06%	2.12%	1.23%	2.74%	0.10%	0.65%	1.60%	2.11%	6.53%	7.17%	7.18%	4.93%
AQRIX AQR Multi-Asset Fund	3.48%	3.85%	1.72%	2.40%	6.82%	6.39%	1.09%	6.65%	7.36%	10.49%	7.08%	2.51%

Frequently Asked Questions

Can I hold both AQRIX and ADAIX in my portfolio?

AQRIX and ADAIX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AQRIX or ADAIX?

AQRIX has higher volatility (2.70%) compared to ADAIX (0.37%). In terms of maximum drawdown, AQRIX dropped -19.37% vs ADAIX's -14.75%.

Which has better risk-adjusted returns?

ADAIX currently has the higher Sharpe Ratio (4.84 vs 2.51), 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.