DYMIX vs. ADANX

Last updated Aug 1, 2026

DYMIX (Dynamic Alpha Macro Fund Institutional) and ADANX (AQR Diversified Arbitrage Fund Class N) are both Multistrategy funds. Both are actively managed. Over the past year, DYMIX returned 22.35% vs 5.54% for ADANX. Their 0.08 correlation means their historical movements had little consistent relationship. DYMIX charges 1.98%/yr vs 2.12%/yr for ADANX.

Performance

DYMIX vs. ADANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dynamic Alpha Macro Fund Institutional (DYMIX) and AQR Diversified Arbitrage Fund Class N (ADANX). 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 DYMIX having a 2.86% return and ADANX slightly higher at 2.97%.

DYMIX

• 1D: 0.64%
• 1M: -0.71%
• 6M: -10.11%
• YTD: 2.86%
• 1Y: 22.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.03%

ADANX

• 1D: 0.08%
• 1M: -0.30%
• 6M: 2.25%
• YTD: 2.97%
• 1Y: 5.54%
• 3Y*: 5.29%
• 5Y*: 2.83%
• 10Y*: 6.39%
• ALL TIME*: 4.11%

*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)
ADANX AQR Diversified Arbitrage Fund Class N	$0.00	$0.00	$0.00
DYMIX Dynamic Alpha Macro Fund Institutional	$0.00	$0.00	$0.00

DYMIX vs. ADANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DYMIX Dynamic Alpha Macro Fund Institutional	2.86%	25.51%	18.38%	11.33%
ADANX AQR Diversified Arbitrage Fund Class N	2.97%	7.75%	2.92%	1.62%

Correlation

The correlation between DYMIX and ADANX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (All Time) Calculated using the full available price history since Oct 17, 2023	0.08

Return for Risk

DYMIX vs. ADANX — Risk / Return Rank

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

DYMIX

DYMIX Risk / Return Rank: 33
DYMIX Sharpe Ratio Rank: 40
DYMIX Sortino Ratio Rank: 39
DYMIX Omega Ratio Rank: 40
DYMIX Calmar Ratio Rank: 30
DYMIX Martin Ratio Rank: 18

ADANX

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

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.

DYMIX vs. ADANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynamic Alpha Macro Fund Institutional (DYMIX) and AQR Diversified Arbitrage Fund Class N (ADANX). 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.

	DYMIX	ADANX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	3.84	-2.64
Sortino ratio: Return per unit of downside risk	1.71	6.38	-4.67
Omega ratio: Gain probability vs. loss probability	1.22	1.89	-0.67
Calmar ratio: Return relative to maximum drawdown	1.32	9.36	-8.04
Martin ratio: Return relative to average drawdown	2.52	37.41	-34.89

DYMIX vs. ADANX - Sharpe Ratio Comparison

The current DYMIX Sharpe Ratio is 1.20, which is lower than the ADANX Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of DYMIX and ADANX, 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

DYMIX vs. ADANX - Drawdown Comparison

The maximum DYMIX drawdown since its inception was -13.88%, smaller than the maximum ADANX drawdown of -14.73%. Use the drawdown chart below to compare losses from any high point for DYMIX and ADANX.

Drawdown Indicators

	DYMIX	ADANX	Difference
Max Drawdown Largest peak-to-trough decline	-13.88%	-14.73%	+0.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-0.60%	-13.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.70%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-7.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.73%	—
Current Drawdown Current decline from peak	-13.33%	-0.53%	-12.80%
Average Drawdown Average peak-to-trough decline	-4.25%	-3.00%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.30%	0.15%	+7.15%

Volatility

DYMIX vs. ADANX - Volatility Comparison

Dynamic Alpha Macro Fund Institutional (DYMIX) has a higher volatility of 2.55% compared to AQR Diversified Arbitrage Fund Class N (ADANX) at 0.61%. This indicates that DYMIX's price experiences larger fluctuations and is considered to be riskier than ADANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DYMIX	ADANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	0.61%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	1.16%	+7.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.43%	1.47%	+13.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.26%	2.60%	+11.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.26%	4.27%	+9.99%

DYMIX vs. ADANX - Expense Ratio Comparison

DYMIX has a 1.98% expense ratio, which is lower than ADANX's 2.12% expense ratio.

Dividends

DYMIX vs. ADANX - Dividend Comparison

DYMIX's dividend yield for the trailing twelve months is around 6.63%, more than ADANX's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADANX AQR Diversified Arbitrage Fund Class N	1.80%	1.86%	0.96%	2.47%	0.10%	0.40%	1.33%	1.81%	6.22%	6.84%	6.83%	4.43%
DYMIX Dynamic Alpha Macro Fund Institutional	6.63%	6.82%	7.12%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DYMIX and ADANX in my portfolio?

DYMIX and ADANX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DYMIX or ADANX?

DYMIX has higher volatility (2.55%) compared to ADANX (0.61%). In terms of maximum drawdown, DYMIX dropped -13.88% vs ADANX's -14.73%.

Which has better risk-adjusted returns?

ADANX currently has the higher Sharpe Ratio (3.84 vs 1.20), 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.