QDSNX vs. PASAX

Last updated Jun 4, 2026

QDSNX (AQR Diversifying Strategies Fund Class N) and PASAX (PIMCO All Asset Fund Class A) are both Tactical Allocation funds. Both are actively managed. Over the past 5 years, QDSNX returned 10.95%/yr vs 4.31%/yr for PASAX. At a 0.27 correlation, their price movements are largely independent. QDSNX charges 3.30%/yr vs 2.24%/yr for PASAX.

Performance

QDSNX vs. PASAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Diversifying Strategies Fund Class N (QDSNX) and PIMCO All Asset Fund Class A (PASAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDSNX achieves a 6.30% return, which is significantly lower than PASAX's 9.23% return.

QDSNX

• 1D: 0.07%
• 1M: 1.50%
• YTD: 6.30%
• 6M: 7.81%
• 1Y: 14.76%
• 3Y*: 13.72%
• 5Y*: 10.95%
• 10Y*: —

PASAX

• 1D: 0.49%
• 1M: 1.72%
• YTD: 9.23%
• 6M: 9.65%
• 1Y: 19.52%
• 3Y*: 10.17%
• 5Y*: 4.31%
• 10Y*: 6.67%

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

QDSNX vs. PASAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QDSNX AQR Diversifying Strategies Fund Class N	6.30%	16.14%	9.56%	8.62%	14.48%	10.35%	5.40%
PASAX PIMCO All Asset Fund Class A	9.23%	12.85%	3.66%	7.66%	-11.90%	15.14%	12.52%

Correlation

The correlation between QDSNX and PASAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 11, 2020	0.27

The correlation between QDSNX and PASAX shifts across timeframes, from 0.22 (5 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QDSNX vs. PASAX — Risk / Return Rank

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

QDSNX

QDSNX Risk / Return Rank: 92
QDSNX Sharpe Ratio Rank: 91
QDSNX Sortino Ratio Rank: 92
QDSNX Omega Ratio Rank: 86
QDSNX Calmar Ratio Rank: 98
QDSNX Martin Ratio Rank: 95

PASAX

PASAX Risk / Return Rank: 90
PASAX Sharpe Ratio Rank: 95
PASAX Sortino Ratio Rank: 94
PASAX Omega Ratio Rank: 90
PASAX Calmar Ratio Rank: 85
PASAX Martin Ratio Rank: 85

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.

QDSNX vs. PASAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Diversifying Strategies Fund Class N (QDSNX) and PIMCO All Asset Fund Class A (PASAX). 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.

	QDSNX	PASAX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	3.38	-0.36
Sortino ratio: Return per unit of downside risk	4.54	4.83	-0.30
Omega ratio: Gain probability vs. loss probability	1.59	1.65	-0.06
Calmar ratio: Return relative to maximum drawdown	7.63	4.06	+3.57
Martin ratio: Return relative to average drawdown	22.05	16.21	+5.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QDSNX vs. PASAX - Sharpe Ratio Comparison

The current QDSNX Sharpe Ratio is 3.02, which is comparable to the PASAX Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of QDSNX and PASAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QDSNX	PASAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	3.38	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.44	0.56	+0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	0.79	+0.84

Drawdowns

QDSNX vs. PASAX - Drawdown Comparison

The maximum QDSNX drawdown since its inception was -7.15%, smaller than the maximum PASAX drawdown of -27.81%. Use the drawdown chart below to compare losses from any high point for QDSNX and PASAX.

Drawdown Indicators

	QDSNX	PASAX	Difference
Max Drawdown Largest peak-to-trough decline	-7.15%	-27.81%	+20.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.97%	-4.88%	+2.91%
Max Drawdown (3Y) Largest decline over 3 years	-6.93%	-7.65%	+0.72%
Max Drawdown (5Y) Largest decline over 5 years	-7.15%	-20.00%	+12.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.70%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.46%	-4.09%	+2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	1.22%	-0.54%

Volatility

QDSNX vs. PASAX - Volatility Comparison

The current volatility for AQR Diversifying Strategies Fund Class N (QDSNX) is 1.38%, while PIMCO All Asset Fund Class A (PASAX) has a volatility of 2.02%. This indicates that QDSNX experiences smaller price fluctuations and is considered to be less risky than PASAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDSNX	PASAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	2.02%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	3.57%	4.56%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	5.86%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.63%	7.74%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.31%	7.76%	-0.45%

QDSNX vs. PASAX - Expense Ratio Comparison

QDSNX has a 3.30% expense ratio, which is higher than PASAX's 2.24% expense ratio.

Dividends

QDSNX vs. PASAX - Dividend Comparison

QDSNX's dividend yield for the trailing twelve months is around 1.87%, less than PASAX's 6.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PASAX PIMCO All Asset Fund Class A	6.75%	6.80%	5.47%	2.81%	7.19%	11.47%	3.18%	2.90%	5.02%	4.07%	3.12%	3.36%
QDSNX AQR Diversifying Strategies Fund Class N	1.87%	1.99%	0.00%	11.18%	8.01%	5.99%	1.83%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QDSNX and PASAX in my portfolio?

QDSNX and PASAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QDSNX or PASAX?

PASAX has higher volatility (2.02%) compared to QDSNX (1.38%). In terms of maximum drawdown, QDSNX dropped -7.15% vs PASAX's -27.81%.

Which has better risk-adjusted returns?

PASAX currently has the higher Sharpe Ratio (3.38 vs 3.02), 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.