KGIIX vs. QMNNX

Last updated Jun 24, 2026

KGIIX (Kopernik International Fund) and QMNNX (AQR Equity Market Neutral Fund N) are both mutual funds - KGIIX is a Foreign Large Cap Equities fund managed by Kopernik, while QMNNX is a Equity Market Neutral fund managed by AQR Funds. Over the past 10 years, KGIIX returned 9.34%/yr vs 5.99%/yr for QMNNX. At a correlation of -0.09, they often move in opposite directions. KGIIX charges 1.04%/yr vs 5.28%/yr for QMNNX.

Performance

KGIIX vs. QMNNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kopernik International Fund (KGIIX) 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, KGIIX achieves a 4.07% return, which is significantly higher than QMNNX's -6.48% return. Over the past 10 years, KGIIX has outperformed QMNNX with an annualized return of 9.34%, while QMNNX has yielded a comparatively lower 5.99% annualized return.

KGIIX

• 1D: -1.10%
• 1M: -4.28%
• YTD: 4.07%
• 6M: 3.46%
• 1Y: 25.88%
• 3Y*: 17.40%
• 5Y*: 8.08%
• 10Y*: 9.34%

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)

KGIIX vs. QMNNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGIIX Kopernik International Fund	4.07%	54.97%	-7.01%	13.86%	-14.05%	16.62%	18.94%	16.37%	-6.24%	10.50%
QMNNX AQR Equity Market Neutral Fund N	-6.48%	26.19%	25.43%	16.30%	27.07%	17.38%	-19.79%	-11.55%	-11.94%	5.56%

Correlation

The correlation between KGIIX and QMNNX is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (5Y) Calculated over the trailing 5-year period	-0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	-0.09

Return for Risk

KGIIX vs. QMNNX — Risk / Return Rank

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

KGIIX

KGIIX Risk / Return Rank: 53
KGIIX Sharpe Ratio Rank: 57
KGIIX Sortino Ratio Rank: 48
KGIIX Omega Ratio Rank: 53
KGIIX Calmar Ratio Rank: 63
KGIIX Martin Ratio Rank: 42

QMNNX

QMNNX Risk / Return Rank: 6
QMNNX Sharpe Ratio Rank: 7
QMNNX Sortino Ratio Rank: 7
QMNNX Omega Ratio Rank: 7
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.

KGIIX vs. QMNNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kopernik International Fund (KGIIX) 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.

	KGIIX	QMNNX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	0.56	+1.49
Sortino ratio: Return per unit of downside risk	2.68	0.82	+1.86
Omega ratio: Gain probability vs. loss probability	1.37	1.10	+0.27
Calmar ratio: Return relative to maximum drawdown	2.92	0.44	+2.48
Martin ratio: Return relative to average drawdown	8.47	0.95	+7.53

KGIIX vs. QMNNX - Sharpe Ratio Comparison

The current KGIIX Sharpe Ratio is 2.05, which is higher than the QMNNX Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of KGIIX 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

KGIIX vs. QMNNX - Drawdown Comparison

The maximum KGIIX drawdown since its inception was -27.81%, smaller than the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for KGIIX and QMNNX.

Drawdown Indicators

	KGIIX	QMNNX	Difference
Max Drawdown Largest peak-to-trough decline	-27.81%	-39.22%	+11.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.27%	-8.41%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-8.41%	-5.17%
Max Drawdown (5Y) Largest decline over 5 years	-27.81%	-13.98%	-13.83%
Max Drawdown (10Y) Largest decline over 10 years	-27.81%	-39.22%	+11.41%
Current Drawdown Current decline from peak	-9.27%	-6.86%	-2.41%
Average Drawdown Average peak-to-trough decline	-6.11%	-10.59%	+4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.93%	-0.74%

Volatility

KGIIX vs. QMNNX - Volatility Comparison

Kopernik International Fund (KGIIX) has a higher volatility of 3.77% compared to AQR Equity Market Neutral Fund N (QMNNX) at 2.47%. This indicates that KGIIX'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

	KGIIX	QMNNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	2.47%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	10.77%	5.15%	+5.62%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	6.68%	+6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.27%	9.31%	+3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	8.31%	+4.35%

KGIIX vs. QMNNX - Expense Ratio Comparison

KGIIX has a 1.04% expense ratio, which is lower than QMNNX's 5.28% expense ratio.

Dividends

KGIIX vs. QMNNX - Dividend Comparison

KGIIX's dividend yield for the trailing twelve months is around 13.71%, more than QMNNX's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KGIIX Kopernik International Fund	13.71%	14.26%	0.48%	12.56%	2.46%	5.77%	2.89%	2.50%	1.19%	1.35%	0.33%	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

Can I hold both KGIIX and QMNNX in my portfolio?

KGIIX and QMNNX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGIIX or QMNNX?

KGIIX has higher volatility (3.77%) compared to QMNNX (2.47%). In terms of maximum drawdown, KGIIX dropped -27.81% vs QMNNX's -39.22%.

Which has better risk-adjusted returns?

KGIIX currently has the higher Sharpe Ratio (2.05 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.