BSV vs. AQMNX

Last updated Jun 9, 2026

BSV (Vanguard Short-Term Bond Index Fund ETF Shares) and AQMNX (AQR Managed Futures Strategy Fund Class N) are both funds - BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while AQMNX is a Systematic Trend fund actively managed by AQR Funds. BSV is passively managed, while AQMNX is actively managed. Over the past 10 years, BSV returned 1.91%/yr vs 4.71%/yr for AQMNX. At a correlation of -0.12, they often move in opposite directions. BSV charges 0.03%/yr vs 2.97%/yr for AQMNX.

Performance

BSV vs. AQMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Bond Index Fund ETF Shares (BSV) and AQR Managed Futures Strategy Fund Class N (AQMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSV achieves a 0.10% return, which is significantly lower than AQMNX's 12.24% return. Over the past 10 years, BSV has underperformed AQMNX with an annualized return of 1.91%, while AQMNX has yielded a comparatively higher 4.71% annualized return.

BSV

• 1D: -0.01%
• 1M: -0.38%
• YTD: 0.10%
• 6M: 0.53%
• 1Y: 3.66%
• 3Y*: 4.42%
• 5Y*: 1.57%
• 10Y*: 1.91%

AQMNX

• 1D: -0.56%
• 1M: 1.24%
• YTD: 12.24%
• 6M: 14.33%
• 1Y: 24.98%
• 3Y*: 12.16%
• 5Y*: 12.32%
• 10Y*: 4.71%

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

BSV vs. AQMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BSV Vanguard Short-Term Bond Index Fund ETF Shares	0.10%	6.00%	3.78%	4.90%	-5.49%	-1.09%	4.70%	4.98%	1.34%	1.20%
AQMNX AQR Managed Futures Strategy Fund Class N	12.24%	14.38%	7.96%	1.79%	35.16%	-1.31%	-0.62%	1.57%	-9.12%	-1.19%

Correlation

The correlation between BSV and AQMNX is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.26
Correlation (5Y) Calculated over the trailing 5-year period	-0.42
Correlation (10Y) Calculated over the trailing 10-year period	-0.22
Correlation (All Time) Calculated using the full available price history since Jan 6, 2010	-0.12

The correlation between BSV and AQMNX shifts across timeframes, from -0.42 (5 years) to -0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BSV vs. AQMNX — Risk / Return Rank

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

BSV

BSV Risk / Return Rank: 70
BSV Sharpe Ratio Rank: 70
BSV Sortino Ratio Rank: 82
BSV Omega Ratio Rank: 74
BSV Calmar Ratio Rank: 63
BSV Martin Ratio Rank: 61

AQMNX

AQMNX Risk / Return Rank: 90
AQMNX Sharpe Ratio Rank: 89
AQMNX Sortino Ratio Rank: 84
AQMNX Omega Ratio Rank: 80
AQMNX Calmar Ratio Rank: 98
AQMNX Martin Ratio Rank: 97

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.

BSV vs. AQMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) and AQR Managed Futures Strategy Fund Class N (AQMNX). 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.

	BSV	AQMNX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.84	-0.78
Sortino ratio: Return per unit of downside risk	3.30	3.85	-0.55
Omega ratio: Gain probability vs. loss probability	1.39	1.50	-0.11
Calmar ratio: Return relative to maximum drawdown	2.85	7.83	-4.98
Martin ratio: Return relative to average drawdown	9.83	26.39	-16.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSV vs. AQMNX - Sharpe Ratio Comparison

The current BSV Sharpe Ratio is 2.06, which is comparable to the AQMNX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of BSV and AQMNX, 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

	BSV	AQMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.84	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	1.07	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.46	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.38	+0.47

Drawdowns

BSV vs. AQMNX - Drawdown Comparison

The maximum BSV drawdown since its inception was -8.54%, smaller than the maximum AQMNX drawdown of -27.50%. Use the drawdown chart below to compare losses from any high point for BSV and AQMNX.

Drawdown Indicators

	BSV	AQMNX	Difference
Max Drawdown Largest peak-to-trough decline	-8.54%	-27.50%	+18.96%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-3.15%	+1.86%
Max Drawdown (3Y) Largest decline over 3 years	-1.53%	-13.70%	+12.17%
Max Drawdown (5Y) Largest decline over 5 years	-8.54%	-13.70%	+5.16%
Max Drawdown (10Y) Largest decline over 10 years	-8.54%	-24.13%	+15.59%
Current Drawdown Current decline from peak	-0.82%	-1.12%	+0.30%
Average Drawdown Average peak-to-trough decline	-0.97%	-10.39%	+9.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.99%	-0.62%

Volatility

BSV vs. AQMNX - Volatility Comparison

The current volatility for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) is 0.54%, while AQR Managed Futures Strategy Fund Class N (AQMNX) has a volatility of 2.61%. This indicates that BSV experiences smaller price fluctuations and is considered to be less risky than AQMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSV	AQMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	2.61%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	6.70%	-5.42%
Volatility (1Y) Calculated over the trailing 1-year period	1.79%	8.69%	-6.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	11.55%	-8.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	10.33%	-7.95%

BSV vs. AQMNX - Expense Ratio Comparison

BSV has a 0.03% expense ratio, which is lower than AQMNX's 2.97% expense ratio.

Dividends

BSV vs. AQMNX - Dividend Comparison

BSV's dividend yield for the trailing twelve months is around 4.00%, more than AQMNX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQMNX AQR Managed Futures Strategy Fund Class N	1.83%	2.05%	3.61%	8.15%	12.59%	6.59%	4.17%	2.92%	0.00%	0.00%	0.02%	6.30%
BSV Vanguard Short-Term Bond Index Fund ETF Shares	4.00%	3.83%	3.38%	2.46%	1.50%	1.45%	1.79%	2.29%	1.99%	1.65%	1.48%	1.40%

Frequently Asked Questions

Can I hold both BSV and AQMNX in my portfolio?

BSV and AQMNX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSV or AQMNX?

AQMNX has higher volatility (2.61%) compared to BSV (0.54%). In terms of maximum drawdown, BSV dropped -8.54% vs AQMNX's -27.50%.

Which has better risk-adjusted returns?

AQMNX currently has the higher Sharpe Ratio (2.84 vs 2.06), 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.