DNAVX vs. QRPIX

Last updated Aug 5, 2026

DNAVX (Dunham Dynamic Macro Fund) and QRPIX (AQR Alternative Risk Premia Fund - Class I) are both Multistrategy funds. Over the past 5 years, DNAVX returned 3.14%/yr vs 19.82%/yr for QRPIX. Their 0.03 correlation means their historical movements had little consistent relationship. DNAVX charges 1.88%/yr vs 1.48%/yr for QRPIX.

Performance

DNAVX vs. QRPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Dynamic Macro Fund (DNAVX) and AQR Alternative Risk Premia Fund - Class I (QRPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNAVX achieves a 0.62% return, which is significantly lower than QRPIX's 21.98% return.

DNAVX

• 1D: 0.27%
• 1M: -0.35%
• 6M: -0.96%
• YTD: 0.62%
• 1Y: 0.88%
• 3Y*: 5.98%
• 5Y*: 3.14%
• 10Y*: 3.51%
• ALL TIME*: 2.58%

QRPIX

• 1D: -0.59%
• 1M: 5.67%
• 6M: 17.04%
• YTD: 21.98%
• 1Y: 35.41%
• 3Y*: 22.22%
• 5Y*: 19.82%
• 10Y*: —
• ALL TIME*: 8.88%

*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)
DNAVX Dunham Dynamic Macro Fund	$0.00	$0.00	$0.00
QRPIX AQR Alternative Risk Premia Fund - Class I	$0.00	$0.00	$0.00

DNAVX vs. QRPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DNAVX Dunham Dynamic Macro Fund	0.62%	5.12%	6.13%	18.70%	-14.02%	9.29%	1.63%	13.99%	-6.50%
QRPIX AQR Alternative Risk Premia Fund - Class I	21.98%	23.39%	18.85%	7.23%	25.26%	14.27%	-21.04%	-2.98%	-4.46%

Correlation

The correlation between DNAVX and QRPIX is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (3Y) Balances recent behavior with more history.	0.28
Correlation (5Y) Shows whether the relationship held over a longer period.	0.03
Correlation (All Time) Calculated using the full available price history since May 21, 2018	0.03

Over the past year, DNAVX and QRPIX have become more correlated (0.42) than their long-term average of 0.03, meaning their price movements have been converging.

Return for Risk

DNAVX vs. QRPIX — Risk / Return Rank

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

DNAVX

DNAVX Risk / Return Rank: 6
DNAVX Sharpe Ratio Rank: 6
DNAVX Sortino Ratio Rank: 6
DNAVX Omega Ratio Rank: 6
DNAVX Calmar Ratio Rank: 6
DNAVX Martin Ratio Rank: 7

QRPIX

QRPIX Risk / Return Rank: 98
QRPIX Sharpe Ratio Rank: 99
QRPIX Sortino Ratio Rank: 98
QRPIX Omega Ratio Rank: 97
QRPIX Calmar Ratio Rank: 99
QRPIX Martin Ratio Rank: 98

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.

DNAVX vs. QRPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Dynamic Macro Fund (DNAVX) and AQR Alternative Risk Premia Fund - Class I (QRPIX). 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.

	DNAVX	QRPIX	Difference
Sharpe ratio: Return per unit of total volatility	0.27	3.99	-3.72
Sortino ratio: Return per unit of downside risk	0.40	5.80	-5.40
Omega ratio: Gain probability vs. loss probability	1.05	1.71	-0.66
Calmar ratio: Return relative to maximum drawdown	0.28	10.44	-10.16
Martin ratio: Return relative to average drawdown	0.82	28.25	-27.42

DNAVX vs. QRPIX - Sharpe Ratio Comparison

The current DNAVX Sharpe Ratio is 0.27, which is lower than the QRPIX Sharpe Ratio of 3.99. The chart below compares the historical Sharpe Ratios of DNAVX and QRPIX, 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

DNAVX vs. QRPIX - Drawdown Comparison

The maximum DNAVX drawdown since its inception was -17.73%, smaller than the maximum QRPIX drawdown of -28.45%. Use the drawdown chart below to compare losses from any high point for DNAVX and QRPIX.

Drawdown Indicators

	DNAVX	QRPIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.73%	-28.45%	+10.72%
Max Drawdown (1Y) Largest decline over 1 year	-4.26%	-3.59%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-8.05%	-11.29%	+3.24%
Max Drawdown (5Y) Largest decline over 5 years	-17.12%	-11.29%	-5.83%
Max Drawdown (10Y) Largest decline over 10 years	-17.73%	—	—
Current Drawdown Current decline from peak	-3.49%	-0.59%	-2.90%
Average Drawdown Average peak-to-trough decline	-3.87%	-7.51%	+3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.32%	+0.14%

Volatility

DNAVX vs. QRPIX - Volatility Comparison

The current volatility for Dunham Dynamic Macro Fund (DNAVX) is 1.72%, while AQR Alternative Risk Premia Fund - Class I (QRPIX) has a volatility of 2.33%. This indicates that DNAVX experiences smaller price fluctuations and is considered to be less risky than QRPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNAVX	QRPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	2.33%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	3.93%	6.72%	-2.79%
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	9.40%	-4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.62%	11.87%	-3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.41%	10.34%	-1.93%

DNAVX vs. QRPIX - Expense Ratio Comparison

DNAVX has a 1.88% expense ratio, which is higher than QRPIX's 1.48% expense ratio.

Dividends

DNAVX vs. QRPIX - Dividend Comparison

DNAVX's dividend yield for the trailing twelve months is around 11.49%, more than QRPIX's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DNAVX Dunham Dynamic Macro Fund	11.49%	11.56%	0.00%	3.41%	0.00%	0.00%	0.75%	0.00%	2.42%
QRPIX AQR Alternative Risk Premia Fund - Class I	1.19%	1.45%	2.24%	4.52%	0.00%	4.08%	1.98%	0.85%	0.09%

Frequently Asked Questions

Can I hold both DNAVX and QRPIX in my portfolio?

DNAVX and QRPIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DNAVX or QRPIX?

QRPIX has higher volatility (2.33%) compared to DNAVX (1.72%). In terms of maximum drawdown, DNAVX dropped -17.73% vs QRPIX's -28.45%.

Which has better risk-adjusted returns?

QRPIX currently has the higher Sharpe Ratio (3.99 vs 0.27), 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.