QCFNX vs. CTAP

Last updated Jun 4, 2026

QCFNX (AQR CVX Fusion Fund Class N) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both funds - QCFNX is a Systematic Trend fund actively managed by AQR, while CTAP is a Diversified Portfolio fund actively managed by Simplify. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. QCFNX charges 2.42%/yr vs 0.10%/yr for CTAP.

Performance

QCFNX vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR CVX Fusion Fund Class N (QCFNX) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QCFNX achieves a 18.49% return, which is significantly lower than CTAP's 21.95% return.

QCFNX

• 1D: 0.69%
• 1M: 6.14%
• YTD: 18.49%
• 6M: 19.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CTAP

• 1D: -0.32%
• 1M: -3.24%
• YTD: 21.95%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QCFNX vs. CTAP - Yearly Performance Comparison

	2026 (YTD)	2025
QCFNX AQR CVX Fusion Fund Class N	18.49%	0.95%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	21.95%	2.44%

Correlation

The correlation between QCFNX and CTAP is 0.44, 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 Dec 10, 2025	0.44

Return for Risk

QCFNX vs. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR CVX Fusion Fund Class N (QCFNX) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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.

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

Sharpe Ratios by Period

	QCFNX	CTAP	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.91	2.50	+0.41

Drawdowns

QCFNX vs. CTAP - Drawdown Comparison

The maximum QCFNX drawdown since its inception was -8.02%, smaller than the maximum CTAP drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for QCFNX and CTAP.

Drawdown Indicators

	QCFNX	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-8.02%	-9.02%	+1.00%
Current Drawdown Current decline from peak	0.00%	-4.47%	+4.47%
Average Drawdown Average peak-to-trough decline	-1.60%	-2.18%	+0.58%

Volatility

Volatility by Period

	QCFNX	CTAP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	14.62%	23.94%	-9.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	23.94%	-9.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.62%	23.94%	-9.32%

QCFNX vs. CTAP - Expense Ratio Comparison

QCFNX has a 2.42% expense ratio, which is higher than CTAP's 0.10% expense ratio.

Dividends

QCFNX vs. CTAP - Dividend Comparison

QCFNX's dividend yield for the trailing twelve months is around 6.52%, more than CTAP's 0.65% yield.

Position	TTM	2025
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.65%	0.00%
QCFNX AQR CVX Fusion Fund Class N	6.52%	7.72%

Frequently Asked Questions

Can I hold both QCFNX and CTAP in my portfolio?

QCFNX and CTAP have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.