HFSAX vs. QDSNX

Last updated Jun 4, 2026

HFSAX (Hundredfold Select Alternative Fund Investor Class) and QDSNX (AQR Diversifying Strategies Fund Class N) are both Tactical Allocation funds. Over the past 5 years, HFSAX returned 3.52%/yr vs 10.95%/yr for QDSNX. At a 0.21 correlation, their price movements are largely independent. HFSAX charges 1.75%/yr vs 3.30%/yr for QDSNX.

Performance

HFSAX vs. QDSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hundredfold Select Alternative Fund Investor Class (HFSAX) and AQR Diversifying Strategies Fund Class N (QDSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFSAX achieves a 2.70% return, which is significantly lower than QDSNX's 6.30% return.

HFSAX

• 1D: 0.20%
• 1M: 1.77%
• YTD: 2.70%
• 6M: 4.15%
• 1Y: 11.18%
• 3Y*: 9.99%
• 5Y*: 3.52%
• 10Y*: 8.41%

QDSNX

• 1D: 0.07%
• 1M: 1.50%
• YTD: 6.30%
• 6M: 7.81%
• 1Y: 14.76%
• 3Y*: 13.72%
• 5Y*: 10.95%
• 10Y*: —

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

HFSAX vs. QDSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HFSAX Hundredfold Select Alternative Fund Investor Class	2.70%	11.97%	3.75%	10.93%	-9.44%	9.05%	18.14%
QDSNX AQR Diversifying Strategies Fund Class N	6.30%	16.14%	9.56%	8.62%	14.48%	10.35%	5.40%

Correlation

The correlation between HFSAX and QDSNX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jun 11, 2020	0.21

Over the past year, HFSAX and QDSNX have become more correlated (0.61) than their long-term average of 0.21, meaning their price movements have been converging.

Return for Risk

HFSAX vs. QDSNX — Risk / Return Rank

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

HFSAX

HFSAX Risk / Return Rank: 66
HFSAX Sharpe Ratio Rank: 77
HFSAX Sortino Ratio Rank: 67
HFSAX Omega Ratio Rank: 78
HFSAX Calmar Ratio Rank: 67
HFSAX Martin Ratio Rank: 41

QDSNX

QDSNX Risk / Return Rank: 92
QDSNX Sharpe Ratio Rank: 91
QDSNX Sortino Ratio Rank: 92
QDSNX Omega Ratio Rank: 86
QDSNX Calmar Ratio Rank: 98
QDSNX Martin Ratio Rank: 95

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.

HFSAX vs. QDSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hundredfold Select Alternative Fund Investor Class (HFSAX) and AQR Diversifying Strategies Fund Class N (QDSNX). 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.

	HFSAX	QDSNX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	3.02	-0.47
Sortino ratio: Return per unit of downside risk	3.42	4.54	-1.12
Omega ratio: Gain probability vs. loss probability	1.51	1.59	-0.08
Calmar ratio: Return relative to maximum drawdown	3.14	7.63	-4.49
Martin ratio: Return relative to average drawdown	8.76	22.05	-13.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFSAX vs. QDSNX - Sharpe Ratio Comparison

The current HFSAX Sharpe Ratio is 2.55, which is comparable to the QDSNX Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of HFSAX and QDSNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HFSAX	QDSNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	3.02	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	1.44	-0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.63	-0.30

Drawdowns

HFSAX vs. QDSNX - Drawdown Comparison

The maximum HFSAX drawdown since its inception was -12.81%, which is greater than QDSNX's maximum drawdown of -7.15%. Use the drawdown chart below to compare losses from any high point for HFSAX and QDSNX.

Drawdown Indicators

	HFSAX	QDSNX	Difference
Max Drawdown Largest peak-to-trough decline	-12.81%	-7.15%	-5.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-1.97%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-5.67%	-6.93%	+1.26%
Max Drawdown (5Y) Largest decline over 5 years	-12.81%	-7.15%	-5.66%
Max Drawdown (10Y) Largest decline over 10 years	-12.81%	—	—
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-2.39%	-1.46%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	0.68%	+0.63%

Volatility

HFSAX vs. QDSNX - Volatility Comparison

Hundredfold Select Alternative Fund Investor Class (HFSAX) has a higher volatility of 1.61% compared to AQR Diversifying Strategies Fund Class N (QDSNX) at 1.38%. This indicates that HFSAX's price experiences larger fluctuations and is considered to be riskier than QDSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFSAX	QDSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	1.38%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	3.64%	3.57%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	4.99%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.20%	7.63%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.26%	7.31%	-1.05%

HFSAX vs. QDSNX - Expense Ratio Comparison

HFSAX has a 1.75% expense ratio, which is lower than QDSNX's 3.30% expense ratio.

Dividends

HFSAX vs. QDSNX - Dividend Comparison

HFSAX's dividend yield for the trailing twelve months is around 9.49%, more than QDSNX's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFSAX Hundredfold Select Alternative Fund Investor Class	9.49%	9.75%	5.87%	5.17%	4.92%	10.98%	13.58%	6.44%	3.11%	11.06%	5.60%	1.85%
QDSNX AQR Diversifying Strategies Fund Class N	1.87%	1.99%	0.00%	11.18%	8.01%	5.99%	1.83%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFSAX and QDSNX in my portfolio?

HFSAX and QDSNX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFSAX or QDSNX?

HFSAX has higher volatility (1.61%) compared to QDSNX (1.38%). In terms of maximum drawdown, HFSAX dropped -12.81% vs QDSNX's -7.15%.

Which has better risk-adjusted returns?

QDSNX currently has the higher Sharpe Ratio (3.02 vs 2.55), 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.