CSAAX vs. QNZNX

Last updated Jun 24, 2026

CSAAX (Manteio Managed Futures Fund A) and QNZNX (AQR Trend Total Return Fund) are both Systematic Trend funds. Both are actively managed. Over the past 3 years, CSAAX returned -3.45%/yr vs 30.04%/yr for QNZNX. At a 0.23 correlation, their price movements are largely independent. CSAAX charges 1.58%/yr vs 1.52%/yr for QNZNX.

Performance

CSAAX vs. QNZNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manteio Managed Futures Fund A (CSAAX) and AQR Trend Total Return Fund (QNZNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSAAX achieves a 5.20% return, which is significantly lower than QNZNX's 15.35% return.

CSAAX

• 1D: 0.75%
• 1M: -1.22%
• YTD: 5.20%
• 6M: 5.07%
• 1Y: 14.11%
• 3Y*: -3.45%
• 5Y*: 0.55%
• 10Y*: 0.26%

QNZNX

• 1D: 0.71%
• 1M: -0.75%
• YTD: 15.35%
• 6M: 15.35%
• 1Y: 36.55%
• 3Y*: 30.04%
• 5Y*: —
• 10Y*: —

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

CSAAX vs. QNZNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSAAX Manteio Managed Futures Fund A	5.20%	-6.15%	-5.81%	-6.29%	6.31%
QNZNX AQR Trend Total Return Fund	15.35%	22.88%	34.96%	22.73%	1.37%

Correlation

The correlation between CSAAX and QNZNX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.23

Over the past year, CSAAX and QNZNX have become more correlated (0.56) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

CSAAX vs. QNZNX — Risk / Return Rank

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

CSAAX

CSAAX Risk / Return Rank: 23
CSAAX Sharpe Ratio Rank: 22
CSAAX Sortino Ratio Rank: 17
CSAAX Omega Ratio Rank: 28
CSAAX Calmar Ratio Rank: 27
CSAAX Martin Ratio Rank: 22

QNZNX

QNZNX Risk / Return Rank: 95
QNZNX Sharpe Ratio Rank: 97
QNZNX Sortino Ratio Rank: 93
QNZNX Omega Ratio Rank: 90
QNZNX Calmar Ratio Rank: 98
QNZNX Martin Ratio Rank: 98

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. QNZNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manteio Managed Futures Fund A (CSAAX) and AQR Trend Total Return Fund (QNZNX). 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	QNZNX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	3.42	-2.18
Sortino ratio: Return per unit of downside risk	1.60	4.39	-2.79
Omega ratio: Gain probability vs. loss probability	1.26	1.61	-0.35
Calmar ratio: Return relative to maximum drawdown	1.84	7.71	-5.87
Martin ratio: Return relative to average drawdown	4.85	27.56	-22.71

CSAAX vs. QNZNX - Sharpe Ratio Comparison

The current CSAAX Sharpe Ratio is 1.24, which is lower than the QNZNX Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of CSAAX and QNZNX, 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. QNZNX - Drawdown Comparison

The maximum CSAAX drawdown since its inception was -29.18%, which is greater than QNZNX's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for CSAAX and QNZNX.

Drawdown Indicators

	CSAAX	QNZNX	Difference
Max Drawdown Largest peak-to-trough decline	-29.18%	-18.38%	-10.80%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-4.88%	-2.83%
Max Drawdown (3Y) Largest decline over 3 years	-22.20%	-13.48%	-8.72%
Max Drawdown (5Y) Largest decline over 5 years	-29.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.18%	—	—
Current Drawdown Current decline from peak	-19.07%	-2.74%	-16.33%
Average Drawdown Average peak-to-trough decline	-10.70%	-2.77%	-7.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	1.36%	+1.56%

Volatility

CSAAX vs. QNZNX - Volatility Comparison

The current volatility for Manteio Managed Futures Fund A (CSAAX) is 2.66%, while AQR Trend Total Return Fund (QNZNX) has a volatility of 3.42%. This indicates that CSAAX experiences smaller price fluctuations and is considered to be less risky than QNZNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSAAX	QNZNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	3.42%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	7.51%	+3.19%
Volatility (1Y) Calculated over the trailing 1-year period	11.45%	11.02%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.38%	12.06%	-1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.09%	12.06%	-1.97%

CSAAX vs. QNZNX - Expense Ratio Comparison

CSAAX has a 1.58% expense ratio, which is higher than QNZNX's 1.52% expense ratio.

Dividends

CSAAX vs. QNZNX - Dividend Comparison

CSAAX's dividend yield for the trailing twelve months is around 2.42%, more than QNZNX's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSAAX Manteio Managed Futures Fund A	2.42%	2.13%	1.76%	0.27%	18.83%	8.69%	0.00%	1.51%	0.00%	0.00%	2.66%	8.46%
QNZNX AQR Trend Total Return Fund	0.74%	0.86%	16.46%	23.14%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSAAX and QNZNX in my portfolio?

CSAAX and QNZNX have a correlation of 0.56, 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 QNZNX?

QNZNX has higher volatility (3.42%) compared to CSAAX (2.66%). In terms of maximum drawdown, CSAAX dropped -29.18% vs QNZNX's -18.38%.

Which has better risk-adjusted returns?

QNZNX currently has the higher Sharpe Ratio (3.42 vs 1.24), 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.