QDSNX vs. TAXE

Last updated Jun 9, 2026

QDSNX (AQR Diversifying Strategies Fund Class N) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both funds - QDSNX is a Tactical Allocation fund actively managed by AQR Funds, while TAXE is a Municipal Bonds fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, QDSNX returned 14.00% vs 7.45% for TAXE. At a 0.11 correlation, their price movements are largely independent. QDSNX charges 3.30%/yr vs 0.24%/yr for TAXE.

Performance

QDSNX vs. TAXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Diversifying Strategies Fund Class N (QDSNX) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDSNX achieves a 5.44% return, which is significantly higher than TAXE's 1.74% return.

QDSNX

• 1D: -0.61%
• 1M: 0.55%
• YTD: 5.44%
• 6M: 7.09%
• 1Y: 14.00%
• 3Y*: 13.28%
• 5Y*: 10.67%
• 10Y*: —

TAXE

• 1D: -0.01%
• 1M: 0.34%
• YTD: 1.74%
• 6M: 2.10%
• 1Y: 7.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QDSNX vs. TAXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDSNX AQR Diversifying Strategies Fund Class N	5.44%	16.14%	-2.70%
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.74%	5.78%	1.55%

Correlation

The correlation between QDSNX and TAXE is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024	0.11

Return for Risk

QDSNX vs. TAXE — Risk / Return Rank

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

QDSNX

QDSNX Risk / Return Rank: 90
QDSNX Sharpe Ratio Rank: 88
QDSNX Sortino Ratio Rank: 89
QDSNX Omega Ratio Rank: 83
QDSNX Calmar Ratio Rank: 97
QDSNX Martin Ratio Rank: 94

TAXE

TAXE Risk / Return Rank: 83
TAXE Sharpe Ratio Rank: 95
TAXE Sortino Ratio Rank: 96
TAXE Omega Ratio Rank: 97
TAXE Calmar Ratio Rank: 66
TAXE Martin Ratio Rank: 62

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. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Diversifying Strategies Fund Class N (QDSNX) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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	TAXE	Difference
Sharpe ratio: Return per unit of total volatility	2.79	3.35	-0.56
Sortino ratio: Return per unit of downside risk	4.16	5.11	-0.96
Omega ratio: Gain probability vs. loss probability	1.53	1.80	-0.27
Calmar ratio: Return relative to maximum drawdown	7.11	2.96	+4.15
Martin ratio: Return relative to average drawdown	20.51	10.06	+10.44
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. TAXE - Sharpe Ratio Comparison

The current QDSNX Sharpe Ratio is 2.79, which is comparable to the TAXE Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of QDSNX and TAXE, 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	TAXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	3.35	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	1.52	+0.09

Drawdowns

QDSNX vs. TAXE - Drawdown Comparison

The maximum QDSNX drawdown since its inception was -7.15%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for QDSNX and TAXE.

Drawdown Indicators

	QDSNX	TAXE	Difference
Max Drawdown Largest peak-to-trough decline	-7.15%	-3.72%	-3.43%
Max Drawdown (1Y) Largest decline over 1 year	-1.97%	-2.53%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-6.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-7.15%	—	—
Current Drawdown Current decline from peak	-0.88%	-0.63%	-0.25%
Average Drawdown Average peak-to-trough decline	-1.45%	-0.71%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.74%	-0.06%

Volatility

QDSNX vs. TAXE - Volatility Comparison

AQR Diversifying Strategies Fund Class N (QDSNX) has a higher volatility of 1.55% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.77%. This indicates that QDSNX's price experiences larger fluctuations and is considered to be riskier than TAXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDSNX	TAXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	0.77%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	1.66%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	5.02%	2.24%	+2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.63%	3.15%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.31%	3.15%	+4.16%

QDSNX vs. TAXE - Expense Ratio Comparison

QDSNX has a 3.30% expense ratio, which is higher than TAXE's 0.24% expense ratio.

Dividends

QDSNX vs. TAXE - Dividend Comparison

QDSNX's dividend yield for the trailing twelve months is around 1.89%, less than TAXE's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
QDSNX AQR Diversifying Strategies Fund Class N	1.89%	1.99%	0.00%	11.18%	8.01%	5.99%	1.83%
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.56%	3.46%	1.74%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QDSNX and TAXE in my portfolio?

QDSNX and TAXE have a correlation of 0.09, 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 TAXE?

QDSNX has higher volatility (1.55%) compared to TAXE (0.77%). In terms of maximum drawdown, QDSNX dropped -7.15% vs TAXE's -3.72%.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (3.35 vs 2.79), 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.