MMNIX vs. QMNIX

Last updated Apr 1, 2026

Compare and contrast key facts about Miller Market Neutral Income Fund Class I (MMNIX) and AQR Equity Market Neutral Fund Class I (QMNIX).

MMNIX is an actively managed fund by Miller. It was launched on Dec 29, 2023. QMNIX is an actively managed fund by AQR Funds. It was launched on Oct 7, 2014.

Performance

MMNIX vs. QMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Miller Market Neutral Income Fund Class I (MMNIX) and AQR Equity Market Neutral Fund Class I (QMNIX). The values are adjusted to include any dividend payments, if applicable.

MMNIX vs. QMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMNIX Miller Market Neutral Income Fund Class I	1.45%	10.04%	9.56%
QMNIX AQR Equity Market Neutral Fund Class I	-3.36%	26.54%	24.53%

Returns By Period

In the year-to-date period, MMNIX achieves a 1.45% return, which is significantly higher than QMNIX's -3.36% return.

MMNIX

• 1D: 0.09%
• 1M: -0.28%
• YTD: 1.45%
• 6M: 4.06%
• 1Y: 8.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QMNIX

• 1D: 0.50%
• 1M: 0.25%
• YTD: -3.36%
• 6M: 2.43%
• 1Y: 11.48%
• 3Y*: 21.07%
• 5Y*: 18.62%
• 10Y*: 6.35%

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

MMNIX vs. QMNIX - Expense Ratio Comparison

MMNIX has a 1.69% expense ratio, which is lower than QMNIX's 5.48% expense ratio.

QMNIX

AQR Equity Market Neutral Fund Class I

MMNIX

Miller Market Neutral Income Fund Class I

Return for Risk

MMNIX vs. QMNIX — Risk / Return Rank

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

MMNIX

MMNIX Risk / Return Rank: 99
MMNIX Sharpe Ratio Rank: 100
MMNIX Sortino Ratio Rank: 99
MMNIX Omega Ratio Rank: 99
MMNIX Calmar Ratio Rank: 100
MMNIX Martin Ratio Rank: 100

QMNIX

QMNIX Risk / Return Rank: 81
QMNIX Sharpe Ratio Rank: 90
QMNIX Sortino Ratio Rank: 90
QMNIX Omega Ratio Rank: 86
QMNIX Calmar Ratio Rank: 85
QMNIX Martin Ratio Rank: 57

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.

MMNIX vs. QMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Miller Market Neutral Income Fund Class I (MMNIX) and AQR Equity Market Neutral Fund Class I (QMNIX). 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.

	MMNIX	QMNIX	Difference
Sharpe ratio Return per unit of total volatility	5.13	1.86	+3.27
Sortino ratio Return per unit of downside risk	8.87	2.52	+6.35
Omega ratio Gain probability vs. loss probability	2.36	1.36	+1.00
Calmar ratio Return relative to maximum drawdown	19.17	2.13	+17.03
Martin ratio Return relative to average drawdown	89.53	5.42	+84.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMNIX vs. QMNIX - Sharpe Ratio Comparison

The current MMNIX Sharpe Ratio is 5.13, which is higher than the QMNIX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of MMNIX and QMNIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MMNIX	QMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.13	1.86	+3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.97	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.38	0.91	+4.47

Correlation

The correlation between MMNIX and QMNIX is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MMNIX vs. QMNIX - Dividend Comparison

MMNIX's dividend yield for the trailing twelve months is around 4.85%, more than QMNIX's 1.46% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMNIX Miller Market Neutral Income Fund Class I	4.85%	5.03%	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QMNIX AQR Equity Market Neutral Fund Class I	1.46%	1.41%	6.10%	21.48%	5.95%	1.39%	17.42%	3.83%	0.48%	3.48%	1.51%	2.57%

Drawdowns

MMNIX vs. QMNIX - Drawdown Comparison

The maximum MMNIX drawdown since its inception was -0.49%, smaller than the maximum QMNIX drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for MMNIX and QMNIX.

Drawdown Indicators

	MMNIX	QMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-0.49%	-38.80%	+38.31%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-5.43%	+4.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.80%	—
Current Drawdown Current decline from peak	-0.37%	-3.67%	+3.30%
Average Drawdown Average peak-to-trough decline	-0.06%	-10.39%	+10.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	2.14%	-2.04%

Volatility

MMNIX vs. QMNIX - Volatility Comparison

The current volatility for Miller Market Neutral Income Fund Class I (MMNIX) is 0.46%, while AQR Equity Market Neutral Fund Class I (QMNIX) has a volatility of 1.35%. This indicates that MMNIX experiences smaller price fluctuations and is considered to be less risky than QMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMNIX	QMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	1.35%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	1.15%	4.16%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.71%	6.32%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.76%	9.50%	-7.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	8.22%	-6.46%