BRCAX vs. ARCNX

Last updated Aug 1, 2026

BRCAX (Invesco Balanced-Risk Commodity Strategy Fund Class A) and ARCNX (AQR Risk-Balanced Commodities Strategy Fund Class N) are both Commodities funds. Over the past 10 years, BRCAX returned 7.37%/yr vs 11.32%/yr for ARCNX. Their correlation of 0.89 means they have usually moved in the same direction. BRCAX charges 1.40%/yr vs 1.28%/yr for ARCNX.

Performance

BRCAX vs. ARCNX - Performance Comparison

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

Returns By Period

In the year-to-date period, BRCAX achieves a 26.41% return, which is significantly higher than ARCNX's 16.04% return. Over the past 10 years, BRCAX has underperformed ARCNX with an annualized return of 7.37%, while ARCNX has yielded a comparatively higher 11.32% annualized return.

BRCAX

• 1D: -0.24%
• 1M: 7.39%
• 6M: 16.62%
• YTD: 26.41%
• 1Y: 42.90%
• 3Y*: 14.98%
• 5Y*: 10.87%
• 10Y*: 7.37%
• ALL TIME*: 2.18%

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%

*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
BRCAX Invesco Balanced-Risk Commodity Strategy Fund Class A	$0.00	$0.00	$0.00

BRCAX vs. ARCNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRCAX Invesco Balanced-Risk Commodity Strategy Fund Class A	26.41%	18.41%	5.47%	-3.44%	7.77%	19.18%	7.75%	4.20%	-12.18%	4.49%
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%

Correlation

The correlation between BRCAX and ARCNX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Jul 9, 2012	0.89

The correlation between BRCAX and ARCNX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

BRCAX vs. ARCNX — Risk / Return Rank

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

BRCAX

BRCAX Risk / Return Rank: 77
BRCAX Sharpe Ratio Rank: 89
BRCAX Sortino Ratio Rank: 80
BRCAX Omega Ratio Rank: 82
BRCAX Calmar Ratio Rank: 74
BRCAX Martin Ratio Rank: 62

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

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.

BRCAX vs. ARCNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Balanced-Risk Commodity Strategy Fund Class A (BRCAX) and AQR Risk-Balanced Commodities Strategy Fund Class N (ARCNX). 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.

	BRCAX	ARCNX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.98	+0.25
Sortino ratio: Return per unit of downside risk	2.76	2.58	+0.18
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	2.40	2.17	+0.23
Martin ratio: Return relative to average drawdown	7.92	7.07	+0.84

BRCAX vs. ARCNX - Sharpe Ratio Comparison

The current BRCAX Sharpe Ratio is 2.23, which is comparable to the ARCNX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of BRCAX and ARCNX, 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

BRCAX vs. ARCNX - Drawdown Comparison

The maximum BRCAX drawdown since its inception was -60.98%, which is greater than ARCNX's maximum drawdown of -55.17%. Use the drawdown chart below to compare losses from any high point for BRCAX and ARCNX.

Drawdown Indicators

	BRCAX	ARCNX	Difference
Max Drawdown Largest peak-to-trough decline	-60.98%	-55.17%	-5.81%
Max Drawdown (1Y) Largest decline over 1 year	-17.00%	-14.52%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-17.00%	-14.52%	-2.48%
Max Drawdown (5Y) Largest decline over 5 years	-20.66%	-20.30%	-0.36%
Max Drawdown (10Y) Largest decline over 10 years	-38.44%	-32.80%	-5.64%
Current Drawdown Current decline from peak	-9.21%	-8.22%	-0.99%
Average Drawdown Average peak-to-trough decline	-28.32%	-25.77%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	4.45%	+0.69%

Volatility

BRCAX vs. ARCNX - Volatility Comparison

The current volatility for Invesco Balanced-Risk Commodity Strategy Fund Class A (BRCAX) is 4.16%, while AQR Risk-Balanced Commodities Strategy Fund Class N (ARCNX) has a volatility of 4.80%. This indicates that BRCAX experiences smaller price fluctuations and is considered to be less risky than ARCNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRCAX	ARCNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	4.80%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	15.67%	13.19%	+2.48%
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	15.96%	+2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	18.92%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.38%	17.45%	-3.07%

BRCAX vs. ARCNX - Expense Ratio Comparison

BRCAX has a 1.40% expense ratio, which is higher than ARCNX's 1.28% expense ratio.

Dividends

BRCAX vs. ARCNX - Dividend Comparison

BRCAX's dividend yield for the trailing twelve months is around 11.09%, less than ARCNX's 11.69% 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%
BRCAX Invesco Balanced-Risk Commodity Strategy Fund Class A	11.09%	14.02%	4.85%	3.80%	9.98%	16.92%	0.00%	0.89%	0.17%	0.00%	2.58%

Frequently Asked Questions

Can I hold both BRCAX and ARCNX in my portfolio?

With a correlation of 0.91, BRCAX and ARCNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BRCAX or ARCNX?

ARCNX has higher volatility (4.80%) compared to BRCAX (4.16%). In terms of maximum drawdown, BRCAX dropped -60.98% vs ARCNX's -55.17%.

Which has better risk-adjusted returns?

BRCAX currently has the higher Sharpe Ratio (2.23 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.