BUI vs. AQMNX

Last updated Jun 9, 2026

BUI (BlackRock Utilities, Infrastructure & Power Opportunities Trust) is a stock, while AQMNX (AQR Managed Futures Strategy Fund Class N) is Systematic Trend fund actively managed by AQR Funds. Over the past 10 years, BUI returned 11.23%/yr vs 4.71%/yr for AQMNX. At a correlation of -0.01, they often move in opposite directions.

Performance

BUI vs. AQMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) and AQR Managed Futures Strategy Fund Class N (AQMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BUI having a 11.75% return and AQMNX slightly higher at 12.24%. Over the past 10 years, BUI has outperformed AQMNX with an annualized return of 11.23%, while AQMNX has yielded a comparatively lower 4.71% annualized return.

BUI

• 1D: 0.00%
• 1M: 0.12%
• YTD: 11.75%
• 6M: 15.59%
• 1Y: 26.50%
• 3Y*: 15.62%
• 5Y*: 8.51%
• 10Y*: 11.23%

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)

BUI vs. AQMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUI BlackRock Utilities, Infrastructure & Power Opportunities Trust	11.75%	21.79%	14.62%	12.29%	-16.77%	12.48%	20.30%	20.60%	-1.81%	26.06%
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 BUI and AQMNX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Nov 23, 2011	-0.01

The correlation between BUI and AQMNX shifts across timeframes, from -0.10 (5 years) to 0.09 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BUI vs. AQMNX — Risk / Return Rank

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

BUI

BUI Risk / Return Rank: 82
BUI Sharpe Ratio Rank: 86
BUI Sortino Ratio Rank: 84
BUI Omega Ratio Rank: 84
BUI Calmar Ratio Rank: 75
BUI Martin Ratio Rank: 78

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.

BUI vs. AQMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) 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.

	BUI	AQMNX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.84	-1.08
Sortino ratio: Return per unit of downside risk	2.52	3.85	-1.33
Omega ratio: Gain probability vs. loss probability	1.34	1.50	-0.17
Calmar ratio: Return relative to maximum drawdown	1.96	7.83	-5.87
Martin ratio: Return relative to average drawdown	5.62	26.39	-20.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUI vs. AQMNX - Sharpe Ratio Comparison

The current BUI Sharpe Ratio is 1.76, which is lower than the AQMNX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of BUI 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

	BUI	AQMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.84	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	1.07	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.46	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.38	+0.13

Drawdowns

BUI vs. AQMNX - Drawdown Comparison

The maximum BUI drawdown since its inception was -46.49%, which is greater than AQMNX's maximum drawdown of -27.50%. Use the drawdown chart below to compare losses from any high point for BUI and AQMNX.

Drawdown Indicators

	BUI	AQMNX	Difference
Max Drawdown Largest peak-to-trough decline	-46.49%	-27.50%	-18.99%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-3.15%	-10.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.27%	-13.70%	-4.57%
Max Drawdown (5Y) Largest decline over 5 years	-27.41%	-13.70%	-13.71%
Max Drawdown (10Y) Largest decline over 10 years	-46.49%	-24.13%	-22.36%
Current Drawdown Current decline from peak	-7.16%	-1.12%	-6.04%
Average Drawdown Average peak-to-trough decline	-6.02%	-10.39%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	0.99%	+3.73%

Volatility

BUI vs. AQMNX - Volatility Comparison

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) has a higher volatility of 3.67% compared to AQR Managed Futures Strategy Fund Class N (AQMNX) at 2.61%. This indicates that BUI's price experiences larger fluctuations and is considered to be riskier than AQMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUI	AQMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	2.61%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	6.70%	+5.58%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	8.69%	+6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	11.55%	+5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	10.33%	+11.49%

Dividends

BUI vs. AQMNX - Dividend Comparison

BUI's dividend yield for the trailing twelve months is around 9.57%, 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%
BUI BlackRock Utilities, Infrastructure & Power Opportunities Trust	9.57%	10.39%	6.26%	6.65%	6.99%	5.45%	5.80%	6.51%	7.35%	6.72%	7.89%	8.65%

Frequently Asked Questions

Can I hold both BUI and AQMNX in my portfolio?

BUI and AQMNX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUI or AQMNX?

BUI has higher volatility (3.67%) compared to AQMNX (2.61%). In terms of maximum drawdown, BUI dropped -46.49% vs AQMNX's -27.50%.

Which has better risk-adjusted returns?

AQMNX currently has the higher Sharpe Ratio (2.84 vs 1.76), 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.