QHFRX vs. QMHNX

Last updated Jun 3, 2026

QHFRX (AQR MS Fusion HV Fund Class R6) and QMHNX (AQR Managed Futures Strategy HV Fund Class N) are both mutual funds - QHFRX is a Multistrategy fund actively managed by AQR, while QMHNX is a Systematic Trend fund actively managed by AQR. Both are actively managed. At a 0.27 correlation, their price movements are largely independent. QHFRX charges 6.59%/yr vs 4.12%/yr for QMHNX.

Performance

QHFRX vs. QMHNX - Performance Comparison

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

Returns By Period

In the year-to-date period, QHFRX achieves a 3.97% return, which is significantly lower than QMHNX's 16.75% return.

QHFRX

• 1D: 2.50%
• 1M: 9.71%
• YTD: 3.97%
• 6M: 7.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QMHNX

• 1D: 1.85%
• 1M: 1.14%
• YTD: 16.75%
• 6M: 19.58%
• 1Y: 32.62%
• 3Y*: 15.73%
• 5Y*: 15.74%
• 10Y*: 5.40%

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

QHFRX vs. QMHNX - Yearly Performance Comparison

	2026 (YTD)	2025
QHFRX AQR MS Fusion HV Fund Class R6	3.97%	5.06%
QMHNX AQR Managed Futures Strategy HV Fund Class N	16.75%	0.89%

Correlation

The correlation between QHFRX and QMHNX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 7, 2025	0.27

Return for Risk

QHFRX vs. QMHNX — Risk / Return Rank

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

QMHNX

QMHNX Risk / Return Rank: 82
QMHNX Sharpe Ratio Rank: 83
QMHNX Sortino Ratio Rank: 69
QMHNX Omega Ratio Rank: 67
QMHNX Calmar Ratio Rank: 97
QMHNX Martin Ratio Rank: 94

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.

QHFRX vs. QMHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR MS Fusion HV Fund Class R6 (QHFRX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX). 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

	QHFRX	QMHNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.69	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.92	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.36	+0.69

Drawdowns

QHFRX vs. QMHNX - Drawdown Comparison

The maximum QHFRX drawdown since its inception was -13.76%, smaller than the maximum QMHNX drawdown of -40.29%. Use the drawdown chart below to compare losses from any high point for QHFRX and QMHNX.

Drawdown Indicators

	QHFRX	QMHNX	Difference
Max Drawdown Largest peak-to-trough decline	-13.76%	-40.29%	+26.53%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.34%	—
Current Drawdown Current decline from peak	0.00%	-1.78%	+1.78%
Average Drawdown Average peak-to-trough decline	-5.01%	-18.29%	+13.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.63%	—

Volatility

Volatility by Period

	QHFRX	QMHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	12.73%	+3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	17.30%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	15.47%	+0.99%

QHFRX vs. QMHNX - Expense Ratio Comparison

QHFRX has a 6.59% expense ratio, which is higher than QMHNX's 4.12% expense ratio.

Dividends

QHFRX vs. QMHNX - Dividend Comparison

QHFRX has not paid dividends to shareholders, while QMHNX's dividend yield for the trailing twelve months is around 1.62%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QHFRX AQR MS Fusion HV Fund Class R6	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QMHNX AQR Managed Futures Strategy HV Fund Class N	1.62%	1.89%	2.09%	7.36%	8.75%	10.64%	7.79%	3.80%	0.00%	0.00%	0.01%	7.47%

Frequently Asked Questions

Can I hold both QHFRX and QMHNX in my portfolio?

QHFRX and QMHNX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.