ARBIX vs. QMFNX

Last updated Jun 3, 2026

ARBIX (Absolute Convertible Arbitrage Fund Institutional Shares) and QMFNX (AQR MS Fusion Fund Class N) are both Multistrategy funds. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. ARBIX charges 1.47%/yr vs 3.80%/yr for QMFNX.

Performance

ARBIX vs. QMFNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) and AQR MS Fusion Fund Class N (QMFNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARBIX achieves a 4.60% return, which is significantly lower than QMFNX's 11.26% return.

ARBIX

• 1D: 0.17%
• 1M: 1.26%
• YTD: 4.60%
• 6M: 5.12%
• 1Y: 9.47%
• 3Y*: 7.79%
• 5Y*: 5.34%
• 10Y*: —

QMFNX

• 1D: 1.35%
• 1M: 8.33%
• YTD: 11.26%
• 6M: 13.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARBIX vs. QMFNX - Yearly Performance Comparison

	2026 (YTD)	2025
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	4.60%	0.66%
QMFNX AQR MS Fusion Fund Class N	11.26%	3.54%

Correlation

The correlation between ARBIX and QMFNX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 7, 2025	0.51

Return for Risk

ARBIX vs. QMFNX — Risk / Return Rank

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

ARBIX

ARBIX Risk / Return Rank: 100
ARBIX Sharpe Ratio Rank: 100
ARBIX Sortino Ratio Rank: 100
ARBIX Omega Ratio Rank: 99
ARBIX Calmar Ratio Rank: 100
ARBIX Martin Ratio Rank: 100

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.

ARBIX vs. QMFNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) and AQR MS Fusion Fund Class N (QMFNX). 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.

	ARBIX	QMFNX	Difference
Sharpe ratio Return per unit of total volatility	7.84	—	—
Sortino ratio Return per unit of downside risk	14.97	—	—
Omega ratio Gain probability vs. loss probability	3.82	—	—
Calmar ratio Return relative to maximum drawdown	18.69	—	—
Martin ratio Return relative to average drawdown	105.56	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ARBIX	QMFNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.84	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	2.12	-2.02

Drawdowns

ARBIX vs. QMFNX - Drawdown Comparison

The maximum ARBIX drawdown since its inception was -4.31%, smaller than the maximum QMFNX drawdown of -10.37%. Use the drawdown chart below to compare losses from any high point for ARBIX and QMFNX.

Drawdown Indicators

	ARBIX	QMFNX	Difference
Max Drawdown Largest peak-to-trough decline	-4.31%	-10.37%	+6.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-4.02%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.39%	-2.30%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	—	—

Volatility

Volatility by Period

	ARBIX	QMFNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.23%	14.41%	-13.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.83%	14.41%	-12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	738.81%	14.41%	+724.40%

ARBIX vs. QMFNX - Expense Ratio Comparison

ARBIX has a 1.47% expense ratio, which is lower than QMFNX's 3.80% expense ratio.

Dividends

ARBIX vs. QMFNX - Dividend Comparison

ARBIX's dividend yield for the trailing twelve months is around 5.10%, more than QMFNX's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	5.10%	5.34%	4.87%	3.62%	3.33%	3.12%	2.92%	2.83%	1.97%	0.24%
QMFNX AQR MS Fusion Fund Class N	0.34%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARBIX and QMFNX in my portfolio?

ARBIX and QMFNX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.