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EVNT vs. QMNNX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EVNT vs. QMNNX

Last updated Jun 24, 2026

EVNT (AltShares Event-Driven ETF) and QMNNX (AQR Equity Market Neutral Fund N) are both funds - EVNT is a Event Driven fund actively managed by AltShares, while QMNNX is a Equity Market Neutral fund managed by AQR Funds. Over the past 3 years, EVNT returned 10.66%/yr vs 18.14%/yr for QMNNX. At a correlation of -0.14, they often move in opposite directions. EVNT charges 1.30%/yr vs 5.28%/yr for QMNNX.

Performance

EVNT vs. QMNNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AltShares Event-Driven ETF (EVNT) and AQR Equity Market Neutral Fund N (QMNNX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EVNT achieves a 4.68% return, which is significantly higher than QMNNX's -6.48% return.

EVNT

1D
0.29%
1M
1.68%
YTD
4.68%
6M
4.48%
1Y
11.02%
3Y*
10.66%
5Y*
—
10Y*
—

QMNNX

1D
0.53%
1M
0.97%
YTD
-6.48%
6M
-6.55%
1Y
3.81%
3Y*
18.14%
5Y*
18.59%
10Y*
5.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EVNT vs. QMNNX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EVNT
AltShares Event-Driven ETF		4.68%13.72%5.13%13.28%-8.62%-3.40%
QMNNX
AQR Equity Market Neutral Fund N		-6.48%26.19%25.43%16.30%27.07%8.50%

Correlation

The correlation between EVNT and QMNNX is -0.00, 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

-0.00

Correlation (3Y)
Calculated over the trailing 3-year period

-0.10

Correlation (All Time)
Calculated using the full available price history since Sep 20, 2021

-0.14

The correlation between EVNT and QMNNX shifts across timeframes, from -0.14 (all time) to -0.00 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

AltShares Event-Driven ETF

AQR Equity Market Neutral Fund N

Often compared with EVNT:
EVNT vs. ARBEVNT vs. HDGEVNT vs. CBYYXEVNT vs. QQQEVNT vs. VOOEVNT vs. SPYEVNT vs. MOOD
Often compared with QMNNX:
QMNNX vs. QLENXQMNNX vs. EICQMNNX vs. QRPIXQMNNX vs. CPIEXQMNNX vs. CCORQMNNX vs. QNZNXQMNNX vs. ^GSPC

Return for Risk

EVNT vs. QMNNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EVNT
EVNT Risk / Return Rank: 5555
Overall Rank
EVNT Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EVNT Sortino Ratio Rank: 4747
Sortino Ratio Rank
EVNT Omega Ratio Rank: 5252
Omega Ratio Rank
EVNT Calmar Ratio Rank: 7070
Calmar Ratio Rank
EVNT Martin Ratio Rank: 6262
Martin Ratio Rank
QMNNX
QMNNX Risk / Return Rank: 66
Overall Rank
QMNNX Sharpe Ratio Rank: 77
Sharpe Ratio Rank
QMNNX Sortino Ratio Rank: 77
Sortino Ratio Rank
QMNNX Omega Ratio Rank: 77
Omega Ratio Rank
QMNNX Calmar Ratio Rank: 55
Calmar Ratio Rank
QMNNX Martin Ratio Rank: 55
Martin Ratio Rank
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.

EVNT vs. QMNNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltShares Event-Driven ETF (EVNT) and AQR Equity Market Neutral Fund N (QMNNX). 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.

EVNTQMNNXDifference
Sharpe ratioReturn per unit of total volatility
1.45
0.56

+0.89

Sortino ratioReturn per unit of downside risk
2.18
0.82

+1.36

Omega ratioGain probability vs. loss probability

1.31

1.10

+0.21

Calmar ratioReturn relative to maximum drawdown

3.31

0.44

+2.86

Martin ratioReturn relative to average drawdown

10.54

0.95

+9.60

EVNT vs. QMNNX - Sharpe Ratio Comparison

The current EVNT Sharpe Ratio is 1.45, which is higher than the QMNNX Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of EVNT and QMNNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EVNT vs. QMNNX - Drawdown Comparison

The maximum EVNT drawdown since its inception was -13.85%, smaller than the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for EVNT and QMNNX.

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Drawdown Indicators

EVNTQMNNXDifference

Max Drawdown

Largest peak-to-trough decline

-13.85%

-39.22%

+25.37%

Max Drawdown (1Y)

Largest decline over 1 year

-3.35%

-8.41%

+5.06%

Max Drawdown (3Y)

Largest decline over 3 years

-5.15%

-8.41%

+3.26%

Max Drawdown (5Y)

Largest decline over 5 years

—

-13.98%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.22%

—

Current Drawdown

Current decline from peak

0.00%

-6.86%

+6.86%

Average Drawdown

Average peak-to-trough decline

-3.76%

-10.59%

+6.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

3.93%

-2.88%

Volatility

EVNT vs. QMNNX - Volatility Comparison

The current volatility for AltShares Event-Driven ETF (EVNT) is 1.75%, while AQR Equity Market Neutral Fund N (QMNNX) has a volatility of 2.47%. This indicates that EVNT experiences smaller price fluctuations and is considered to be less risky than QMNNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EVNTQMNNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.75%

2.47%

-0.72%

Volatility (6M)

Calculated over the trailing 6-month period

3.81%

5.15%

-1.34%

Volatility (1Y)

Calculated over the trailing 1-year period

7.65%

6.68%

+0.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.23%

9.31%

-0.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.23%

8.31%

+0.92%

EVNT vs. QMNNX - Expense Ratio Comparison

EVNT has a 1.30% expense ratio, which is lower than QMNNX's 5.28% expense ratio.

Dividends

EVNT vs. QMNNX - Dividend Comparison

EVNT's dividend yield for the trailing twelve months is around 4.57%, more than QMNNX's 1.34% yield.

PositionTTM20252024202320222021202020192018201720162015
EVNT
AltShares Event-Driven ETF		4.57%4.78%0.66%0.59%2.61%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
QMNNX
AQR Equity Market Neutral Fund N		1.34%1.26%6.06%21.67%5.77%1.41%17.64%3.86%0.49%3.37%1.19%2.51%

Frequently Asked Questions

EVNT and QMNNX have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QMNNX has higher volatility (2.47%) compared to EVNT (1.75%). In terms of maximum drawdown, EVNT dropped -13.85% vs QMNNX's -39.22%.

EVNT currently has the higher Sharpe Ratio (1.45 vs 0.56), 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.

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