ARCNX vs. QSMLX

Last updated Aug 1, 2026

ARCNX (AQR Risk-Balanced Commodities Strategy Fund Class N) and QSMLX (AQR Small Cap Multi-Style Fund) are both mutual funds - ARCNX is a Commodities fund managed by AQR, while QSMLX is a Small Cap Blend Equities fund managed by AQR. Over the past 10 years, ARCNX returned 11.32%/yr vs 11.77%/yr for QSMLX. Their 0.20 correlation means their historical movements had little consistent relationship. ARCNX charges 1.28%/yr vs 0.72%/yr for QSMLX.

Performance

ARCNX vs. QSMLX - 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 Small Cap Multi-Style Fund (QSMLX). 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 lower than QSMLX's 21.92% return. Both investments have delivered pretty close results over the past 10 years, with ARCNX having a 11.32% annualized return and QSMLX not far ahead at 11.77%.

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%

QSMLX

• 1D: 1.05%
• 1M: -1.91%
• 6M: 15.37%
• YTD: 21.92%
• 1Y: 41.48%
• 3Y*: 18.96%
• 5Y*: 11.41%
• 10Y*: 11.77%
• ALL TIME*: 10.05%

*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
QSMLX AQR Small Cap Multi-Style Fund	$0.00	$0.00	$0.00

ARCNX vs. QSMLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARCNX AQR Risk-Balanced Commodities Strategy Fund Class N	16.04%	20.76%	7.19%	-0.50%	20.97%	39.48%	8.11%	17.68%	-17.83%	10.20%
QSMLX AQR Small Cap Multi-Style Fund	21.92%	17.41%	11.02%	24.01%	-18.31%	26.54%	17.99%	20.42%	-14.26%	9.33%

Correlation

The correlation between ARCNX and QSMLX is 0.08, 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.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.17
Correlation (10Y) Provides a long-term view across more market conditions.	0.20
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.20

The correlation between ARCNX and QSMLX shifts across timeframes, from 0.08 (1 year) to 0.20 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

ARCNX vs. QSMLX — 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

QSMLX

QSMLX Risk / Return Rank: 83
QSMLX Sharpe Ratio Rank: 79
QSMLX Sortino Ratio Rank: 77
QSMLX Omega Ratio Rank: 73
QSMLX Calmar Ratio Rank: 94
QSMLX Martin Ratio Rank: 91

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. QSMLX - 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 Small Cap Multi-Style Fund (QSMLX). 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	QSMLX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.86	+0.12
Sortino ratio: Return per unit of downside risk	2.58	2.61	-0.03
Omega ratio: Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio: Return relative to maximum drawdown	2.17	3.97	-1.80
Martin ratio: Return relative to average drawdown	7.07	12.83	-5.76

ARCNX vs. QSMLX - Sharpe Ratio Comparison

The current ARCNX Sharpe Ratio is 1.98, which is comparable to the QSMLX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of ARCNX and QSMLX, 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. QSMLX - Drawdown Comparison

The maximum ARCNX drawdown since its inception was -55.17%, which is greater than QSMLX's maximum drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for ARCNX and QSMLX.

Drawdown Indicators

	ARCNX	QSMLX	Difference
Max Drawdown Largest peak-to-trough decline	-55.17%	-44.38%	-10.79%
Max Drawdown (1Y) Largest decline over 1 year	-14.52%	-9.33%	-5.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-23.69%	+9.17%
Max Drawdown (5Y) Largest decline over 5 years	-20.30%	-30.21%	+9.91%
Max Drawdown (10Y) Largest decline over 10 years	-32.80%	-44.38%	+11.58%
Current Drawdown Current decline from peak	-8.22%	-4.77%	-3.45%
Average Drawdown Average peak-to-trough decline	-25.77%	-8.10%	-17.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	2.89%	+1.56%

Volatility

ARCNX vs. QSMLX - Volatility Comparison

AQR Risk-Balanced Commodities Strategy Fund Class N (ARCNX) and AQR Small Cap Multi-Style Fund (QSMLX) have volatilities of 4.80% and 4.77%, 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.

Volatility by Period

	ARCNX	QSMLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.77%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	14.43%	-1.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	19.94%	-3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	22.46%	-3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	23.19%	-5.74%

ARCNX vs. QSMLX - Expense Ratio Comparison

ARCNX has a 1.28% expense ratio, which is higher than QSMLX's 0.72% expense ratio.

Dividends

ARCNX vs. QSMLX - Dividend Comparison

ARCNX's dividend yield for the trailing twelve months is around 11.69%, more than QSMLX's 8.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
QSMLX AQR Small Cap Multi-Style Fund	8.46%	10.31%	13.88%	6.74%	0.87%	6.13%	1.77%	0.97%	13.57%	10.71%	2.53%	0.22%

Frequently Asked Questions

Can I hold both ARCNX and QSMLX in my portfolio?

ARCNX and QSMLX have a correlation of 0.08, 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 QSMLX?

ARCNX has higher volatility (4.80%) compared to QSMLX (4.77%). In terms of maximum drawdown, ARCNX dropped -55.17% vs QSMLX's -44.38%.

Which has better risk-adjusted returns?

ARCNX currently has the higher Sharpe Ratio (1.98 vs 1.86), 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.