CSAAX vs. AQMNX

Last updated Jun 23, 2026

CSAAX (Manteio Managed Futures Fund A) and AQMNX (AQR Managed Futures Strategy Fund Class N) are both Systematic Trend funds. Both are actively managed. Over the past 10 years, CSAAX returned 0.21%/yr vs 4.42%/yr for AQMNX. A 0.69 correlation means they provide meaningful diversification when combined. CSAAX charges 1.58%/yr vs 2.97%/yr for AQMNX.

Performance

CSAAX vs. AQMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manteio Managed Futures Fund A (CSAAX) 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, CSAAX achieves a 4.42% return, which is significantly lower than AQMNX's 10.44% return. Over the past 10 years, CSAAX has underperformed AQMNX with an annualized return of 0.21%, while AQMNX has yielded a comparatively higher 4.42% annualized return.

CSAAX

• 1D: 0.63%
• 1M: -1.95%
• YTD: 4.42%
• 6M: 4.69%
• 1Y: 13.28%
• 3Y*: -4.13%
• 5Y*: 0.73%
• 10Y*: 0.21%

AQMNX

• 1D: -0.57%
• 1M: -1.51%
• YTD: 10.44%
• 6M: 11.03%
• 1Y: 24.13%
• 3Y*: 11.77%
• 5Y*: 13.17%
• 10Y*: 4.42%

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

CSAAX vs. AQMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSAAX Manteio Managed Futures Fund A	4.42%	-6.15%	-5.81%	-6.29%	20.93%	7.18%	1.57%	-4.58%	-4.32%	-1.57%
AQMNX AQR Managed Futures Strategy Fund Class N	10.44%	14.38%	7.96%	1.79%	35.16%	-1.31%	-0.62%	1.57%	-9.12%	-1.19%

Correlation

The correlation between CSAAX and AQMNX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 3, 2012	0.69

The correlation between CSAAX and AQMNX has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.

Return for Risk

CSAAX vs. AQMNX — Risk / Return Rank

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

CSAAX

CSAAX Risk / Return Rank: 19
CSAAX Sharpe Ratio Rank: 17
CSAAX Sortino Ratio Rank: 14
CSAAX Omega Ratio Rank: 22
CSAAX Calmar Ratio Rank: 23
CSAAX Martin Ratio Rank: 18

AQMNX

AQMNX Risk / Return Rank: 89
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.

CSAAX vs. AQMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manteio Managed Futures Fund A (CSAAX) 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.

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.

	CSAAX	AQMNX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.71	-1.59
Sortino ratio: Return per unit of downside risk	1.45	3.68	-2.23
Omega ratio: Gain probability vs. loss probability	1.23	1.48	-0.24
Calmar ratio: Return relative to maximum drawdown	1.65	7.55	-5.90
Martin ratio: Return relative to average drawdown	4.36	23.40	-19.05

CSAAX vs. AQMNX - Sharpe Ratio Comparison

The current CSAAX Sharpe Ratio is 1.11, which is lower than the AQMNX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of CSAAX 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.

Drawdowns

CSAAX vs. AQMNX - Drawdown Comparison

The maximum CSAAX drawdown since its inception was -29.18%, which is greater than AQMNX's maximum drawdown of -27.50%. Use the drawdown chart below to compare losses from any high point for CSAAX and AQMNX.

Drawdown Indicators

	CSAAX	AQMNX	Difference
Max Drawdown Largest peak-to-trough decline	-29.18%	-27.50%	-1.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-3.15%	-4.56%
Max Drawdown (3Y) Largest decline over 3 years	-22.20%	-13.70%	-8.50%
Max Drawdown (5Y) Largest decline over 5 years	-29.18%	-13.70%	-15.48%
Max Drawdown (10Y) Largest decline over 10 years	-29.18%	-24.13%	-5.05%
Current Drawdown Current decline from peak	-19.66%	-2.70%	-16.96%
Average Drawdown Average peak-to-trough decline	-10.69%	-10.37%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	1.01%	+1.90%

Volatility

CSAAX vs. AQMNX - Volatility Comparison

Manteio Managed Futures Fund A (CSAAX) and AQR Managed Futures Strategy Fund Class N (AQMNX) have volatilities of 2.77% and 2.65%, 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

	CSAAX	AQMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	2.65%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	6.75%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	11.43%	8.78%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.38%	11.52%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.09%	10.33%	-0.24%

CSAAX vs. AQMNX - Expense Ratio Comparison

CSAAX has a 1.58% expense ratio, which is lower than AQMNX's 2.97% expense ratio.

Dividends

CSAAX vs. AQMNX - Dividend Comparison

CSAAX's dividend yield for the trailing twelve months is around 2.70%, more than AQMNX's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQMNX AQR Managed Futures Strategy Fund Class N	1.86%	2.05%	3.61%	8.15%	12.59%	6.59%	4.17%	2.92%	0.00%	0.00%	0.02%	6.30%
CSAAX Manteio Managed Futures Fund A	2.70%	2.13%	1.76%	0.27%	18.83%	8.69%	0.00%	1.51%	0.00%	0.00%	2.66%	8.46%

Frequently Asked Questions

Can I hold both CSAAX and AQMNX in my portfolio?

CSAAX and AQMNX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSAAX or AQMNX?

CSAAX has higher volatility (2.77%) compared to AQMNX (2.65%). In terms of maximum drawdown, CSAAX dropped -29.18% vs AQMNX's -27.50%.

Which has better risk-adjusted returns?

AQMNX currently has the higher Sharpe Ratio (2.71 vs 1.11), 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.