QHFNX vs. QMFRX

Last updated Jun 6, 2026

QHFNX (AQR MS Fusion HV Fund Fund Class N) and QMFRX (AQR MS Fusion Fund Class R6) are both Multistrategy funds from AQR. Both are actively managed. Their correlation of 0.88 suggests significant overlap in exposure. QHFNX charges 6.94%/yr vs 3.45%/yr for QMFRX.

Performance

QHFNX vs. QMFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR MS Fusion HV Fund Fund Class N (QHFNX) and AQR MS Fusion Fund Class R6 (QMFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QHFNX achieves a 3.21% return, which is significantly lower than QMFRX's 11.25% return.

QHFNX

• 1D: -0.16%
• 1M: 6.92%
• YTD: 3.21%
• 6M: 6.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QMFRX

• 1D: -0.16%
• 1M: 5.80%
• YTD: 11.25%
• 6M: 12.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QHFNX vs. QMFRX - Yearly Performance Comparison

	2026 (YTD)	2025
QHFNX AQR MS Fusion HV Fund Fund Class N	3.21%	4.97%
QMFRX AQR MS Fusion Fund Class R6	11.25%	3.55%

Correlation

The correlation between QHFNX and QMFRX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 7, 2025	0.88

Return for Risk

QHFNX vs. QMFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR MS Fusion HV Fund Fund Class N (QHFNX) and AQR MS Fusion Fund Class R6 (QMFRX). 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

	QHFNX	QMFRX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	2.10	-1.16

Drawdowns

QHFNX vs. QMFRX - Drawdown Comparison

The maximum QHFNX drawdown since its inception was -13.87%, which is greater than QMFRX's maximum drawdown of -10.27%. Use the drawdown chart below to compare losses from any high point for QHFNX and QMFRX.

Drawdown Indicators

	QHFNX	QMFRX	Difference
Max Drawdown Largest peak-to-trough decline	-13.87%	-10.27%	-3.60%
Current Drawdown Current decline from peak	-0.57%	-0.39%	-0.18%
Average Drawdown Average peak-to-trough decline	-4.98%	-2.23%	-2.75%

Volatility

Volatility by Period

	QHFNX	QMFRX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	16.19%	14.21%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	14.21%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.19%	14.21%	+1.98%

QHFNX vs. QMFRX - Expense Ratio Comparison

QHFNX has a 6.94% expense ratio, which is higher than QMFRX's 3.45% expense ratio.

Dividends

QHFNX vs. QMFRX - Dividend Comparison

QHFNX has not paid dividends to shareholders, while QMFRX's dividend yield for the trailing twelve months is around 0.43%.

Position	TTM	2025
QHFNX AQR MS Fusion HV Fund Fund Class N	0.00%	0.00%
QMFRX AQR MS Fusion Fund Class R6	0.43%	0.47%

Frequently Asked Questions

Can I hold both QHFNX and QMFRX in my portfolio?

QHFNX and QMFRX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.