DVRIX vs. QMNIX

Last updated Jul 14, 2026

DVRIX (MFS Global Alternative Strategy Fund) and QMNIX (AQR Equity Market Neutral Fund Class I) are both mutual funds - DVRIX is a Macro Trading fund managed by MFS, while QMNIX is a Equity Market Neutral fund actively managed by AQR Funds. Over the past 10 years, DVRIX returned 5.09%/yr vs 6.04%/yr for QMNIX. At a correlation of -0.01, they often move in opposite directions. DVRIX charges 1.05%/yr vs 5.48%/yr for QMNIX.

Performance

DVRIX vs. QMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Global Alternative Strategy Fund (DVRIX) and AQR Equity Market Neutral Fund Class I (QMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVRIX achieves a 1.96% return, which is significantly higher than QMNIX's -8.25% return. Over the past 10 years, DVRIX has underperformed QMNIX with an annualized return of 5.09%, while QMNIX has yielded a comparatively higher 6.04% annualized return.

DVRIX

• 1D: 0.00%
• 1M: 1.32%
• 6M: 0.90%
• YTD: 1.96%
• 1Y: 5.28%
• 3Y*: 9.03%
• 5Y*: 5.32%
• 10Y*: 5.09%

QMNIX

• 1D: -0.52%
• 1M: -1.72%
• 6M: -6.45%
• YTD: -8.25%
• 1Y: 3.31%
• 3Y*: 17.26%
• 5Y*: 18.16%
• 10Y*: 6.04%

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

DVRIX vs. QMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVRIX MFS Global Alternative Strategy Fund	1.96%	10.87%	9.66%	9.22%	-5.10%	3.67%	4.66%	13.01%	-0.39%	6.40%
QMNIX AQR Equity Market Neutral Fund Class I	-8.25%	26.54%	25.85%	16.61%	27.26%	17.64%	-19.62%	-11.30%	-11.73%	5.85%

Correlation

The correlation between DVRIX and QMNIX is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	-0.01

The correlation between DVRIX and QMNIX shifts across timeframes, from -0.10 (5 years) to 0.03 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DVRIX vs. QMNIX — Risk / Return Rank

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

DVRIX

DVRIX Risk / Return Rank: 34
DVRIX Sharpe Ratio Rank: 38
DVRIX Sortino Ratio Rank: 37
DVRIX Omega Ratio Rank: 37
DVRIX Calmar Ratio Rank: 32
DVRIX Martin Ratio Rank: 29

QMNIX

QMNIX Risk / Return Rank: 7
QMNIX Sharpe Ratio Rank: 9
QMNIX Sortino Ratio Rank: 8
QMNIX Omega Ratio Rank: 8
QMNIX Calmar Ratio Rank: 6
QMNIX Martin Ratio Rank: 6

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.

DVRIX vs. QMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Global Alternative Strategy Fund (DVRIX) and AQR Equity Market Neutral Fund Class I (QMNIX). 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.

	DVRIX	QMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	0.48	+0.89
Sortino ratio: Return per unit of downside risk	1.96	0.71	+1.25
Omega ratio: Gain probability vs. loss probability	1.25	1.09	+0.16
Calmar ratio: Return relative to maximum drawdown	1.65	0.33	+1.32
Martin ratio: Return relative to average drawdown	5.09	0.75	+4.34

DVRIX vs. QMNIX - Sharpe Ratio Comparison

The current DVRIX Sharpe Ratio is 1.36, which is higher than the QMNIX Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of DVRIX and QMNIX, 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

DVRIX vs. QMNIX - Drawdown Comparison

The maximum DVRIX drawdown since its inception was -36.61%, smaller than the maximum QMNIX drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for DVRIX and QMNIX.

Drawdown Indicators

	DVRIX	QMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.61%	-38.80%	+2.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-9.82%	+6.74%
Max Drawdown (3Y) Largest decline over 3 years	-3.57%	-9.82%	+6.25%
Max Drawdown (5Y) Largest decline over 5 years	-9.88%	-13.86%	+3.98%
Max Drawdown (10Y) Largest decline over 10 years	-12.80%	-38.80%	+26.00%
Current Drawdown Current decline from peak	-0.48%	-8.54%	+8.06%
Average Drawdown Average peak-to-trough decline	-4.09%	-10.31%	+6.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	4.30%	-3.30%

Volatility

DVRIX vs. QMNIX - Volatility Comparison

The current volatility for MFS Global Alternative Strategy Fund (DVRIX) is 1.21%, while AQR Equity Market Neutral Fund Class I (QMNIX) has a volatility of 2.37%. This indicates that DVRIX experiences smaller price fluctuations and is considered to be less risky than QMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVRIX	QMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	2.37%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	5.47%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	6.82%	-3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.89%	9.27%	-4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	8.31%	-3.07%

DVRIX vs. QMNIX - Expense Ratio Comparison

DVRIX has a 1.05% expense ratio, which is lower than QMNIX's 5.48% expense ratio.

Dividends

DVRIX vs. QMNIX - Dividend Comparison

DVRIX's dividend yield for the trailing twelve months is around 1.12%, less than QMNIX's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVRIX MFS Global Alternative Strategy Fund	1.12%	1.15%	1.65%	1.15%	0.60%	0.60%	0.64%	1.14%	1.11%	2.17%	2.87%	1.15%
QMNIX AQR Equity Market Neutral Fund Class I	1.53%	1.41%	6.10%	21.48%	5.95%	1.39%	17.42%	3.83%	0.48%	3.48%	1.51%	2.57%

Frequently Asked Questions

Can I hold both DVRIX and QMNIX in my portfolio?

DVRIX and QMNIX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVRIX or QMNIX?

QMNIX has higher volatility (2.37%) compared to DVRIX (1.21%). In terms of maximum drawdown, DVRIX dropped -36.61% vs QMNIX's -38.80%.

Which has better risk-adjusted returns?

DVRIX currently has the higher Sharpe Ratio (1.36 vs 0.48), 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.