QMFIX vs. QHFNX

Last updated Aug 1, 2026

QMFIX (AQR MS Fusion Fund Class I) and QHFNX (AQR MS Fusion HV Fund Fund Class N) are both Multistrategy funds from AQR. Both are actively managed. Their correlation of 0.90 means they have usually moved in the same direction. QMFIX charges 3.55%/yr vs 6.94%/yr for QHFNX.

Performance

QMFIX vs. QHFNX - Performance Comparison

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

Returns By Period

In the year-to-date period, QMFIX achieves a 6.45% return, which is significantly higher than QHFNX's -2.54% return.

QMFIX

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

QHFNX

• 1D: 3.13%
• 1M: 3.32%
• 6M: -0.26%
• YTD: -2.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
QHFNX AQR MS Fusion HV Fund Fund Class N	$0.00	$0.00	$0.00
QMFIX AQR MS Fusion Fund Class I	$0.00	$0.00	$0.00

QMFIX vs. QHFNX - Yearly Performance Comparison

	2026 (YTD)	2025
QMFIX AQR MS Fusion Fund Class I	6.45%	3.63%
QHFNX AQR MS Fusion HV Fund Fund Class N	-2.54%	4.97%

Correlation

The correlation between QMFIX and QHFNX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.90

Return for Risk

QMFIX vs. QHFNX - Risk-Adjusted Trends Comparison

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

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

Drawdowns

QMFIX vs. QHFNX - Drawdown Comparison

The maximum QMFIX drawdown since its inception was -10.27%, smaller than the maximum QHFNX drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for QMFIX and QHFNX.

Drawdown Indicators

	QMFIX	QHFNX	Difference
Max Drawdown Largest peak-to-trough decline	-10.27%	-13.87%	+3.60%
Current Drawdown Current decline from peak	-4.53%	-6.11%	+1.58%
Average Drawdown Average peak-to-trough decline	-2.71%	-5.13%	+2.42%

Volatility

Volatility by Period

	QMFIX	QHFNX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	17.79%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	17.79%	-2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.03%	17.79%	-2.76%

QMFIX vs. QHFNX - Expense Ratio Comparison

QMFIX has a 3.55% expense ratio, which is lower than QHFNX's 6.94% expense ratio.

Dividends

QMFIX vs. QHFNX - Dividend Comparison

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

Position	TTM	2025
QHFNX AQR MS Fusion HV Fund Fund Class N	0.00%	0.00%
QMFIX AQR MS Fusion Fund Class I	0.43%	0.46%

Frequently Asked Questions

Can I hold both QMFIX and QHFNX in my portfolio?

With a correlation of 0.90, QMFIX and QHFNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.