HECA vs. QNZNX

Last updated Jun 24, 2026

HECA (Hedgeye Capital Allocation ETF) and QNZNX (AQR Trend Total Return Fund) are both funds - HECA is a Global Allocation fund actively managed by Hedgeye, while QNZNX is a Systematic Trend fund actively managed by AQR Funds. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. HECA charges 1.02%/yr vs 1.52%/yr for QNZNX.

Performance

HECA vs. QNZNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) 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, HECA achieves a -1.95% return, which is significantly lower than QNZNX's 15.35% return.

HECA

• 1D: 0.22%
• 1M: -1.60%
• YTD: -1.95%
• 6M: -2.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

HECA vs. QNZNX - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-1.95%	12.83%
QNZNX AQR Trend Total Return Fund	15.35%	15.67%

Correlation

The correlation between HECA and QNZNX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.51

Return for Risk

HECA vs. QNZNX — Risk / Return Rank

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

HECA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

HECA vs. QNZNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) 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.

	HECA	QNZNX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.42	—
Sortino ratio: Return per unit of downside risk	—	4.39	—
Omega ratio: Gain probability vs. loss probability	—	1.61	—
Calmar ratio: Return relative to maximum drawdown	—	7.71	—
Martin ratio: Return relative to average drawdown	—	27.56	—

Drawdowns

HECA vs. QNZNX - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, smaller than the maximum QNZNX drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for HECA and QNZNX.

Drawdown Indicators

	HECA	QNZNX	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-18.38%	+5.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.48%	—
Current Drawdown Current decline from peak	-12.04%	-2.74%	-9.30%
Average Drawdown Average peak-to-trough decline	-3.61%	-2.77%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.36%	—

Volatility

Volatility by Period

	HECA	QNZNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	11.02%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	12.06%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.59%	12.06%	+0.53%

HECA vs. QNZNX - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is lower than QNZNX's 1.52% expense ratio.

Dividends

HECA vs. QNZNX - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.06%, more than QNZNX's 0.74% yield.

Position	TTM	2025	2024	2023	2022
HECA Hedgeye Capital Allocation ETF	2.06%	2.02%	0.00%	0.00%	0.00%
QNZNX AQR Trend Total Return Fund	0.74%	0.86%	16.46%	23.14%	2.04%

Frequently Asked Questions

Can I hold both HECA and QNZNX in my portfolio?

HECA and QNZNX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.