IALT vs. QNZIX

Last updated Jun 24, 2026

IALT (iShares Systematic Alternatives Active ETF) and QNZIX (AQR Trend Total Return Fund Class I) are both funds - IALT is a Multistrategy fund actively managed by iShares, while QNZIX is a Systematic Trend fund actively managed by AQR Funds. Both are actively managed. A 0.50 correlation means they provide meaningful diversification when combined. IALT charges 0.99%/yr vs 1.27%/yr for QNZIX.

Performance

IALT vs. QNZIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Systematic Alternatives Active ETF (IALT) and AQR Trend Total Return Fund Class I (QNZIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IALT achieves a 12.03% return, which is significantly lower than QNZIX's 15.43% return.

IALT

• 1D: -0.32%
• 1M: 0.62%
• YTD: 12.03%
• 6M: 12.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QNZIX

• 1D: 0.71%
• 1M: -0.70%
• YTD: 15.43%
• 6M: 15.50%
• 1Y: 36.89%
• 3Y*: 30.36%
• 5Y*: —
• 10Y*: —

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

IALT vs. QNZIX - Yearly Performance Comparison

	2026 (YTD)	2025
IALT iShares Systematic Alternatives Active ETF	12.03%	0.83%
QNZIX AQR Trend Total Return Fund Class I	15.43%	2.11%

Correlation

The correlation between IALT and QNZIX is 0.50, 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 Dec 10, 2025	0.50

Return for Risk

IALT vs. QNZIX — Risk / Return Rank

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

IALT

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

QNZIX

QNZIX Risk / Return Rank: 95
QNZIX Sharpe Ratio Rank: 98
QNZIX Sortino Ratio Rank: 93
QNZIX Omega Ratio Rank: 90
QNZIX Calmar Ratio Rank: 98
QNZIX 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.

IALT vs. QNZIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Systematic Alternatives Active ETF (IALT) and AQR Trend Total Return Fund Class I (QNZIX). 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.

	IALT	QNZIX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.46	—
Sortino ratio: Return per unit of downside risk	—	4.44	—
Omega ratio: Gain probability vs. loss probability	—	1.61	—
Calmar ratio: Return relative to maximum drawdown	—	7.80	—
Martin ratio: Return relative to average drawdown	—	28.03	—

Drawdowns

IALT vs. QNZIX - Drawdown Comparison

The maximum IALT drawdown since its inception was -2.27%, smaller than the maximum QNZIX drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for IALT and QNZIX.

Drawdown Indicators

	IALT	QNZIX	Difference
Max Drawdown Largest peak-to-trough decline	-2.27%	-18.35%	+16.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.51%	—
Current Drawdown Current decline from peak	-1.05%	-2.73%	+1.68%
Average Drawdown Average peak-to-trough decline	-0.39%	-2.76%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.35%	—

Volatility

Volatility by Period

	IALT	QNZIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	11.01%	-3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.80%	12.04%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.80%	12.04%	-4.24%

IALT vs. QNZIX - Expense Ratio Comparison

IALT has a 0.99% expense ratio, which is lower than QNZIX's 1.27% expense ratio.

Dividends

IALT vs. QNZIX - Dividend Comparison

IALT's dividend yield for the trailing twelve months is around 0.40%, less than QNZIX's 0.93% yield.

Position	TTM	2025	2024	2023	2022
IALT iShares Systematic Alternatives Active ETF	0.40%	0.14%	0.00%	0.00%	0.00%
QNZIX AQR Trend Total Return Fund Class I	0.93%	1.07%	16.81%	23.32%	2.14%

Frequently Asked Questions

Can I hold both IALT and QNZIX in my portfolio?

IALT and QNZIX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.