ARCNX vs. QNZNX

Last updated Aug 1, 2026

ARCNX (AQR Risk-Balanced Commodities Strategy Fund Class N) and QNZNX (AQR Trend Total Return Fund) are both mutual funds - ARCNX is a Commodities fund managed by AQR, while QNZNX is a Systematic Trend fund actively managed by AQR. Over the past 3 years, ARCNX returned 13.01%/yr vs 27.20%/yr for QNZNX. Their 0.31 correlation means their historical movements had little consistent relationship. ARCNX charges 1.28%/yr vs 1.52%/yr for QNZNX.

Performance

ARCNX vs. QNZNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Risk-Balanced Commodities Strategy Fund Class N (ARCNX) and AQR Trend Total Return Fund (QNZNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARCNX achieves a 16.04% return, which is significantly higher than QNZNX's 13.04% return.

ARCNX

• 1D: 0.29%
• 1M: 5.32%
• 6M: 7.37%
• YTD: 16.04%
• 1Y: 33.40%
• 3Y*: 13.01%
• 5Y*: 14.23%
• 10Y*: 11.32%
• ALL TIME*: 4.59%

QNZNX

• 1D: 1.06%
• 1M: 1.85%
• 6M: 6.46%
• YTD: 13.04%
• 1Y: 31.98%
• 3Y*: 27.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARCNX AQR Risk-Balanced Commodities Strategy Fund Class N	$0.00	$0.00	$0.00
QNZNX AQR Trend Total Return Fund	$0.00	$0.00	$0.00

ARCNX vs. QNZNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ARCNX AQR Risk-Balanced Commodities Strategy Fund Class N	16.04%	20.76%	7.19%	-0.50%	-4.34%
QNZNX AQR Trend Total Return Fund	13.04%	22.88%	34.96%	22.73%	1.37%

Correlation

The correlation between ARCNX and QNZNX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.31

Over the past year, ARCNX and QNZNX have become more correlated (0.53) than their long-term average of 0.31, meaning their price movements have been converging.

Return for Risk

ARCNX vs. QNZNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ARCNX

ARCNX Risk / Return Rank: 70
ARCNX Sharpe Ratio Rank: 82
ARCNX Sortino Ratio Rank: 75
ARCNX Omega Ratio Rank: 77
ARCNX Calmar Ratio Rank: 65
ARCNX Martin Ratio Rank: 52

QNZNX

QNZNX Risk / Return Rank: 91
QNZNX Sharpe Ratio Rank: 93
QNZNX Sortino Ratio Rank: 87
QNZNX Omega Ratio Rank: 85
QNZNX Calmar Ratio Rank: 95
QNZNX Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ARCNX vs. QNZNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Risk-Balanced Commodities Strategy Fund Class N (ARCNX) and AQR Trend Total Return Fund (QNZNX). 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.

	ARCNX	QNZNX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.41	-0.43
Sortino ratio: Return per unit of downside risk	2.58	3.16	-0.58
Omega ratio: Gain probability vs. loss probability	1.34	1.42	-0.07
Calmar ratio: Return relative to maximum drawdown	2.17	4.35	-2.18
Martin ratio: Return relative to average drawdown	7.07	13.97	-6.89

ARCNX vs. QNZNX - Sharpe Ratio Comparison

The current ARCNX Sharpe Ratio is 1.98, which is comparable to the QNZNX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of ARCNX and QNZNX, 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

ARCNX vs. QNZNX - Drawdown Comparison

The maximum ARCNX drawdown since its inception was -55.17%, which is greater than QNZNX's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for ARCNX and QNZNX.

Drawdown Indicators

	ARCNX	QNZNX	Difference
Max Drawdown Largest peak-to-trough decline	-55.17%	-18.38%	-36.79%
Max Drawdown (1Y) Largest decline over 1 year	-14.52%	-6.58%	-7.94%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-13.48%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	-20.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.80%	—	—
Current Drawdown Current decline from peak	-8.22%	-4.68%	-3.54%
Average Drawdown Average peak-to-trough decline	-25.77%	-2.82%	-22.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	2.05%	+2.40%

Volatility

ARCNX vs. QNZNX - Volatility Comparison

AQR Risk-Balanced Commodities Strategy Fund Class N (ARCNX) has a higher volatility of 4.80% compared to AQR Trend Total Return Fund (QNZNX) at 4.06%. This indicates that ARCNX's price experiences larger fluctuations and is considered to be riskier than QNZNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARCNX	QNZNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.06%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	8.23%	+4.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	11.87%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	12.15%	+6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	12.15%	+5.30%

ARCNX vs. QNZNX - Expense Ratio Comparison

ARCNX has a 1.28% expense ratio, which is lower than QNZNX's 1.52% expense ratio.

Dividends

ARCNX vs. QNZNX - Dividend Comparison

ARCNX's dividend yield for the trailing twelve months is around 11.69%, more than QNZNX's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ARCNX AQR Risk-Balanced Commodities Strategy Fund Class N	11.69%	13.57%	1.89%	7.45%	9.45%	18.31%	0.09%	4.98%	0.29%	0.01%	4.69%
QNZNX AQR Trend Total Return Fund	0.76%	0.86%	16.46%	23.14%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARCNX and QNZNX in my portfolio?

ARCNX and QNZNX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARCNX or QNZNX?

ARCNX has higher volatility (4.80%) compared to QNZNX (4.06%). In terms of maximum drawdown, ARCNX dropped -55.17% vs QNZNX's -18.38%.

Which has better risk-adjusted returns?

QNZNX currently has the higher Sharpe Ratio (2.41 vs 1.98), 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.