QCFIX vs. QMHNX

Last updated Jun 23, 2026

QCFIX (AQR CVX Fusion Fund Class I) and QMHNX (AQR Managed Futures Strategy HV Fund Class N) are both Systematic Trend funds from AQR. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. QCFIX charges 2.17%/yr vs 4.12%/yr for QMHNX.

Performance

QCFIX vs. QMHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR CVX Fusion Fund Class I (QCFIX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QCFIX achieves a 15.05% return, which is significantly higher than QMHNX's 13.82% return.

QCFIX

• 1D: 0.63%
• 1M: -0.78%
• YTD: 15.05%
• 6M: 14.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QMHNX

• 1D: -0.97%
• 1M: -2.17%
• YTD: 13.82%
• 6M: 14.72%
• 1Y: 32.43%
• 3Y*: 15.31%
• 5Y*: 17.09%
• 10Y*: 5.00%

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

QCFIX vs. QMHNX - Yearly Performance Comparison

	2026 (YTD)	2025
QCFIX AQR CVX Fusion Fund Class I	15.05%	2.00%
QMHNX AQR Managed Futures Strategy HV Fund Class N	13.82%	1.80%

Correlation

The correlation between QCFIX and QMHNX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.33

Return for Risk

QCFIX vs. QMHNX — Risk / Return Rank

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

QCFIX

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

QMHNX

QMHNX Risk / Return Rank: 82
QMHNX Sharpe Ratio Rank: 82
QMHNX Sortino Ratio Rank: 71
QMHNX Omega Ratio Rank: 67
QMHNX Calmar Ratio Rank: 97
QMHNX Martin Ratio Rank: 94

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.

QCFIX vs. QMHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR CVX Fusion Fund Class I (QCFIX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX). 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.

	QCFIX	QMHNX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.47	—
Sortino ratio: Return per unit of downside risk	—	3.21	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	6.65	—
Martin ratio: Return relative to average drawdown	—	19.28	—

Drawdowns

QCFIX vs. QMHNX - Drawdown Comparison

The maximum QCFIX drawdown since its inception was -7.93%, smaller than the maximum QMHNX drawdown of -40.29%. Use the drawdown chart below to compare losses from any high point for QCFIX and QMHNX.

Drawdown Indicators

	QCFIX	QMHNX	Difference
Max Drawdown Largest peak-to-trough decline	-7.93%	-40.29%	+32.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.34%	—
Current Drawdown Current decline from peak	-3.04%	-4.33%	+1.29%
Average Drawdown Average peak-to-trough decline	-1.69%	-18.22%	+16.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.65%	—

Volatility

Volatility by Period

	QCFIX	QMHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.96%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	12.97%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.13%	17.27%	-2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.13%	15.47%	-0.34%

QCFIX vs. QMHNX - Expense Ratio Comparison

QCFIX has a 2.17% expense ratio, which is lower than QMHNX's 4.12% expense ratio.

Dividends

QCFIX vs. QMHNX - Dividend Comparison

QCFIX's dividend yield for the trailing twelve months is around 6.80%, more than QMHNX's 1.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QCFIX AQR CVX Fusion Fund Class I	6.80%	7.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QMHNX AQR Managed Futures Strategy HV Fund Class N	1.66%	1.89%	2.09%	7.36%	8.75%	10.64%	7.79%	3.80%	0.00%	0.00%	0.01%	7.47%

Frequently Asked Questions

Can I hold both QCFIX and QMHNX in my portfolio?

QCFIX and QMHNX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.