QMFIX vs. JAAAX

Last updated Aug 1, 2026

QMFIX (AQR MS Fusion Fund Class I) and JAAAX (John Hancock Funds Alternative Asset Allocation Fund) are both Multistrategy funds. Their 0.65 correlation means they have sometimes moved together and sometimes differently. QMFIX charges 3.55%/yr vs 0.72%/yr for JAAAX.

Performance

QMFIX vs. JAAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR MS Fusion Fund Class I (QMFIX) and John Hancock Funds Alternative Asset Allocation Fund (JAAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QMFIX having a 6.45% return and JAAAX slightly lower at 6.31%.

QMFIX

• 1D: 2.35%
• 1M: 2.26%
• 6M: 5.81%
• YTD: 6.45%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

JAAAX

• 1D: 0.51%
• 1M: 0.80%
• 6M: 4.06%
• YTD: 6.31%
• 1Y: 10.52%
• 3Y*: 6.87%
• 5Y*: 4.33%
• 10Y*: 4.18%
• ALL TIME*: 5.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JAAAX John Hancock Funds Alternative Asset Allocation Fund	$0.00	$0.00	$0.00
QMFIX AQR MS Fusion Fund Class I	$0.00	$0.00	$0.00

QMFIX vs. JAAAX - Yearly Performance Comparison

	2026 (YTD)	2025
QMFIX AQR MS Fusion Fund Class I	6.45%	3.63%
JAAAX John Hancock Funds Alternative Asset Allocation Fund	6.31%	1.10%

Correlation

The correlation between QMFIX and JAAAX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.65

Return for Risk

QMFIX vs. JAAAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QMFIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

JAAAX

JAAAX Risk / Return Rank: 96
JAAAX Sharpe Ratio Rank: 97
JAAAX Sortino Ratio Rank: 96
JAAAX Omega Ratio Rank: 93
JAAAX Calmar Ratio Rank: 97
JAAAX Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QMFIX vs. JAAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR MS Fusion Fund Class I (QMFIX) and John Hancock Funds Alternative Asset Allocation Fund (JAAAX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QMFIX	JAAAX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.81	—
Sortino ratio: Return per unit of downside risk	—	4.14	—
Omega ratio: Gain probability vs. loss probability	—	1.54	—
Calmar ratio: Return relative to maximum drawdown	—	4.90	—
Martin ratio: Return relative to average drawdown	—	17.67	—

Drawdowns

QMFIX vs. JAAAX - Drawdown Comparison

The maximum QMFIX drawdown since its inception was -10.27%, smaller than the maximum JAAAX drawdown of -15.72%. Use the drawdown chart below to compare losses from any high point for QMFIX and JAAAX.

Drawdown Indicators

	QMFIX	JAAAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.27%	-15.72%	+5.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-6.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-12.64%	—
Current Drawdown Current decline from peak	-4.53%	-0.23%	-4.30%
Average Drawdown Average peak-to-trough decline	-2.71%	-2.03%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.56%	—

Volatility

Volatility by Period

	QMFIX	JAAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	3.52%	+11.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	4.21%	+10.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.03%	4.37%	+10.66%

QMFIX vs. JAAAX - Expense Ratio Comparison

QMFIX has a 3.55% expense ratio, which is higher than JAAAX's 0.72% expense ratio.

Dividends

QMFIX vs. JAAAX - Dividend Comparison

QMFIX's dividend yield for the trailing twelve months is around 0.43%, less than JAAAX's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAAAX John Hancock Funds Alternative Asset Allocation Fund	1.44%	1.53%	1.17%	1.71%	3.02%	1.72%	0.74%	3.38%	1.99%	1.23%	0.77%	2.78%
QMFIX AQR MS Fusion Fund Class I	0.43%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QMFIX and JAAAX in my portfolio?

QMFIX and JAAAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.