QHFIX vs. GAAVX

Last updated Apr 2, 2026

Compare and contrast key facts about AQR MS Fusion HV Fund Fund Class I (QHFIX) and GMO Alternative Allocation Fund (GAAVX).

QHFIX is an actively managed fund by AQR. It was launched on Jun 25, 2025. GAAVX is managed by GMO. It was launched on May 1, 2019.

Performance

QHFIX vs. GAAVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR MS Fusion HV Fund Fund Class I (QHFIX) and GMO Alternative Allocation Fund (GAAVX). The values are adjusted to include any dividend payments, if applicable.

QHFIX vs. GAAVX - Yearly Performance Comparison

	2026 (YTD)	2025
QHFIX AQR MS Fusion HV Fund Fund Class I	-10.57%	4.97%
GAAVX GMO Alternative Allocation Fund	3.33%	5.71%

Returns By Period

In the year-to-date period, QHFIX achieves a -10.57% return, which is significantly lower than GAAVX's 3.33% return.

QHFIX

• 1D: 1.73%
• 1M: -7.11%
• YTD: -10.57%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GAAVX

• 1D: 0.00%
• 1M: -0.37%
• YTD: 3.33%
• 6M: 10.87%
• 1Y: 13.78%
• 3Y*: 5.94%
• 5Y*: 3.63%
• 10Y*: —

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

QHFIX vs. GAAVX - Expense Ratio Comparison

QHFIX has a 6.69% expense ratio, which is higher than GAAVX's 0.61% expense ratio.

QHFIX

AQR MS Fusion HV Fund Fund Class I

GAAVX

GMO Alternative Allocation Fund

Return for Risk

QHFIX vs. GAAVX — Risk / Return Rank

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

GAAVX

GAAVX Risk / Return Rank: 90
GAAVX Sharpe Ratio Rank: 90
GAAVX Sortino Ratio Rank: 94
GAAVX Omega Ratio Rank: 86
GAAVX Calmar Ratio Rank: 96
GAAVX Martin Ratio Rank: 83

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.

QHFIX vs. GAAVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR MS Fusion HV Fund Fund Class I (QHFIX) and GMO Alternative Allocation Fund (GAAVX). 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

	QHFIX	GAAVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.95	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.91	0.47	-1.39

Correlation

The correlation between QHFIX and GAAVX is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

QHFIX vs. GAAVX - Dividend Comparison

QHFIX has not paid dividends to shareholders, while GAAVX's dividend yield for the trailing twelve months is around 8.49%.

	TTM	2025	2024	2023	2022	2021	2020	2019
QHFIX AQR MS Fusion HV Fund Fund Class I	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GAAVX GMO Alternative Allocation Fund	8.49%	8.78%	0.00%	5.18%	0.91%	4.10%	2.41%	2.61%

Drawdowns

QHFIX vs. GAAVX - Drawdown Comparison

The maximum QHFIX drawdown since its inception was -13.85%, which is greater than GAAVX's maximum drawdown of -9.59%. Use the drawdown chart below to compare losses from any high point for QHFIX and GAAVX.

Drawdown Indicators

	QHFIX	GAAVX	Difference
Max Drawdown Largest peak-to-trough decline	-13.85%	-9.59%	-4.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.59%	—
Current Drawdown Current decline from peak	-12.27%	-1.20%	-11.07%
Average Drawdown Average peak-to-trough decline	-4.37%	-3.11%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.54%	—

Volatility

Volatility by Period

	QHFIX	GAAVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	6.82%	+9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	5.81%	+10.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	5.87%	+10.63%