KBUF vs. QMNNX

Last updated Jun 23, 2026

KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and QMNNX (AQR Equity Market Neutral Fund N) are both funds - KBUF is a Options Trading fund actively managed by KraneShares, while QMNNX is a Equity Market Neutral fund managed by AQR Funds. Over the past year, KBUF returned -7.35% vs 3.17% for QMNNX. At a correlation of -0.15, they often move in opposite directions. KBUF charges 0.95%/yr vs 5.28%/yr for QMNNX.

Performance

KBUF vs. QMNNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and AQR Equity Market Neutral Fund N (QMNNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBUF achieves a -14.97% return, which is significantly lower than QMNNX's -6.97% return.

KBUF

• 1D: -0.78%
• 1M: -4.12%
• YTD: -14.97%
• 6M: -15.54%
• 1Y: -7.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QMNNX

• 1D: -0.53%
• 1M: 0.44%
• YTD: -6.97%
• 6M: -7.20%
• 1Y: 3.17%
• 3Y*: 18.33%
• 5Y*: 18.40%
• 10Y*: 5.92%

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

KBUF vs. QMNNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-14.97%	18.04%	15.85%
QMNNX AQR Equity Market Neutral Fund N	-6.97%	26.19%	17.61%

Correlation

The correlation between KBUF and QMNNX is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	-0.15

Return for Risk

KBUF vs. QMNNX — Risk / Return Rank

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

KBUF

KBUF Risk / Return Rank: 5
KBUF Sharpe Ratio Rank: 4
KBUF Sortino Ratio Rank: 4
KBUF Omega Ratio Rank: 4
KBUF Calmar Ratio Rank: 6
KBUF Martin Ratio Rank: 5

QMNNX

QMNNX Risk / Return Rank: 5
QMNNX Sharpe Ratio Rank: 6
QMNNX Sortino Ratio Rank: 6
QMNNX Omega Ratio Rank: 6
QMNNX Calmar Ratio Rank: 5
QMNNX Martin Ratio Rank: 5

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.

KBUF vs. QMNNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.

	KBUF	QMNNX	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	0.45	-1.01
Sortino ratio: Return per unit of downside risk	-0.72	0.67	-1.38
Omega ratio: Gain probability vs. loss probability	0.92	1.08	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.37	0.36	-0.73
Martin ratio: Return relative to average drawdown	-0.87	0.77	-1.63

KBUF vs. QMNNX - Sharpe Ratio Comparison

The current KBUF Sharpe Ratio is -0.56, which is lower than the QMNNX Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of KBUF 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.

Drawdowns

KBUF vs. QMNNX - Drawdown Comparison

The maximum KBUF drawdown since its inception was -19.99%, smaller than the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for KBUF and QMNNX.

Drawdown Indicators

	KBUF	QMNNX	Difference
Max Drawdown Largest peak-to-trough decline	-19.99%	-39.22%	+19.23%
Max Drawdown (1Y) Largest decline over 1 year	-19.99%	-8.41%	-11.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.41%	—
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	-19.99%	-7.35%	-12.64%
Average Drawdown Average peak-to-trough decline	-4.44%	-10.59%	+6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.49%	3.91%	+4.58%

Volatility

KBUF vs. QMNNX - Volatility Comparison

KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) has a higher volatility of 4.18% compared to AQR Equity Market Neutral Fund N (QMNNX) at 2.45%. This indicates that KBUF's price experiences larger fluctuations and is considered to be riskier than QMNNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBUF	QMNNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	2.45%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	10.69%	5.14%	+5.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	6.65%	+6.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	9.30%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	8.30%	+5.99%

KBUF vs. QMNNX - Expense Ratio Comparison

KBUF has a 0.95% expense ratio, which is lower than QMNNX's 5.28% expense ratio.

Dividends

KBUF vs. QMNNX - Dividend Comparison

KBUF's dividend yield for the trailing twelve months is around 8.83%, more than QMNNX's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.83%	7.51%	3.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QMNNX AQR Equity Market Neutral Fund N	1.35%	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

Can I hold both KBUF and QMNNX in my portfolio?

KBUF and QMNNX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBUF or QMNNX?

KBUF has higher volatility (4.18%) compared to QMNNX (2.45%). In terms of maximum drawdown, KBUF dropped -19.99% vs QMNNX's -39.22%.

Which has better risk-adjusted returns?

QMNNX currently has the higher Sharpe Ratio (0.45 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.