QDSIX vs. MACMX
QDSIX (AQR Diversifying Strategies Fund) and MACMX (BlackRock California Municipal Opportunities Fund) are both mutual funds - QDSIX is a Multistrategy fund managed by AQR Funds, while MACMX is a Municipal Bonds fund managed by BlackRock. Over the past 5 years, QDSIX returned 10.94%/yr vs 1.27%/yr for MACMX. At a correlation of -0.01, they often move in opposite directions. QDSIX charges 0.20%/yr vs 0.44%/yr for MACMX.
Performance
QDSIX vs. MACMX - Performance Comparison
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Returns By Period
In the year-to-date period, QDSIX achieves a 5.00% return, which is significantly higher than MACMX's 1.79% return.
QDSIX
- 1D
- 0.34%
- 1M
- -0.27%
- YTD
- 5.00%
- 6M
- 6.36%
- 1Y
- 13.68%
- 3Y*
- 13.04%
- 5Y*
- 10.94%
- 10Y*
- —
MACMX
- 1D
- 0.00%
- 1M
- 1.00%
- YTD
- 1.79%
- 6M
- 2.20%
- 1Y
- 6.19%
- 3Y*
- 4.45%
- 5Y*
- 1.27%
- 10Y*
- 2.45%
QDSIX vs. MACMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QDSIX AQR Diversifying Strategies Fund | 5.00% | 16.36% | 9.71% | 8.88% | 14.69% | 10.64% | 5.50% |
MACMX BlackRock California Municipal Opportunities Fund | 1.79% | 4.41% | 3.91% | 4.96% | -8.76% | 4.70% | 4.99% |
Correlation
The correlation between QDSIX and MACMX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2020 | -0.01 |
The correlation between QDSIX and MACMX shifts across timeframes, from -0.02 (5 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
QDSIX vs. MACMX — Risk / Return Rank
QDSIX
MACMX
QDSIX vs. MACMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Diversifying Strategies Fund (QDSIX) and BlackRock California Municipal Opportunities Fund (MACMX). 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.
| QDSIX | MACMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.50 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 7.16 | 2.53 | +4.63 |
| Martin ratioReturn relative to average drawdown | 20.24 | 8.37 | +11.87 |
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Drawdowns
QDSIX vs. MACMX - Drawdown Comparison
The maximum QDSIX drawdown since its inception was -7.06%, smaller than the maximum MACMX drawdown of -13.65%. Use the drawdown chart below to compare losses from any high point for QDSIX and MACMX.
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Drawdown Indicators
| QDSIX | MACMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.06% | -13.65% | +6.59% |
Max Drawdown (1Y)Largest decline over 1 year | -1.96% | -2.50% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -6.90% | -5.24% | -1.66% |
Max Drawdown (5Y)Largest decline over 5 years | -7.06% | -13.65% | +6.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.65% | — |
Current DrawdownCurrent decline from peak | -1.41% | -0.17% | -1.24% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -1.94% | +0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.75% | -0.06% |
Volatility
QDSIX vs. MACMX - Volatility Comparison
AQR Diversifying Strategies Fund (QDSIX) has a higher volatility of 1.73% compared to BlackRock California Municipal Opportunities Fund (MACMX) at 1.08%. This indicates that QDSIX's price experiences larger fluctuations and is considered to be riskier than MACMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QDSIX | MACMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 1.08% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 2.06% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.11% | 2.89% | +2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.65% | 4.20% | +3.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.32% | 4.07% | +3.25% |
QDSIX vs. MACMX - Expense Ratio Comparison
QDSIX has a 0.20% expense ratio, which is lower than MACMX's 0.44% expense ratio.
Dividends
QDSIX vs. MACMX - Dividend Comparison
QDSIX's dividend yield for the trailing twelve months is around 2.13%, less than MACMX's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MACMX BlackRock California Municipal Opportunities Fund | 3.68% | 4.77% | 3.93% | 2.68% | 1.90% | 1.80% | 2.02% | 2.74% | 4.60% | 3.19% | 2.82% | 3.43% |
QDSIX AQR Diversifying Strategies Fund | 2.13% | 2.23% | 0.00% | 11.35% | 8.22% | 6.07% | 1.93% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QDSIX and MACMX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QDSIX has higher volatility (1.73%) compared to MACMX (1.08%). In terms of maximum drawdown, QDSIX dropped -7.06% vs MACMX's -13.65%.
QDSIX currently has the higher Sharpe Ratio (2.74 vs 2.18), 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.
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