QMFIX vs. QRPNX

Last updated Jun 4, 2026

QMFIX (AQR MS Fusion Fund Class I) and QRPNX (AQR Alternative Risk Premia Fund Class N) are both Multistrategy funds from AQR. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. QMFIX charges 3.55%/yr vs 5.29%/yr for QRPNX.

Performance

QMFIX vs. QRPNX - Performance Comparison

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

Returns By Period

In the year-to-date period, QMFIX achieves a 11.51% return, which is significantly lower than QRPNX's 18.84% return.

QMFIX

• 1D: 0.16%
• 1M: 8.39%
• YTD: 11.51%
• 6M: 13.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QRPNX

• 1D: -0.18%
• 1M: 3.31%
• YTD: 18.84%
• 6M: 21.02%
• 1Y: 34.97%
• 3Y*: 23.42%
• 5Y*: 19.27%
• 10Y*: —

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

QMFIX vs. QRPNX - Yearly Performance Comparison

	2026 (YTD)	2025
QMFIX AQR MS Fusion Fund Class I	11.51%	3.63%
QRPNX AQR Alternative Risk Premia Fund Class N	18.84%	0.28%

Correlation

The correlation between QMFIX and QRPNX is 0.44, 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	0.44

Return for Risk

QMFIX vs. QRPNX — Risk / Return Rank

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

QRPNX

QRPNX Risk / Return Rank: 97
QRPNX Sharpe Ratio Rank: 98
QRPNX Sortino Ratio Rank: 97
QRPNX Omega Ratio Rank: 93
QRPNX Calmar Ratio Rank: 99
QRPNX Martin Ratio Rank: 98

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.

QMFIX vs. QRPNX - Risk-Adjusted Trends Comparison

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

	QMFIX	QRPNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.89	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	0.82	+1.35

Drawdowns

QMFIX vs. QRPNX - Drawdown Comparison

The maximum QMFIX drawdown since its inception was -10.27%, smaller than the maximum QRPNX drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for QMFIX and QRPNX.

Drawdown Indicators

	QMFIX	QRPNX	Difference
Max Drawdown Largest peak-to-trough decline	-10.27%	-28.78%	+18.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.22%	—
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-2.25%	-7.85%	+5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.22%	—

Volatility

Volatility by Period

	QMFIX	QRPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	9.20%	+5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.32%	11.76%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.32%	10.32%	+4.00%

QMFIX vs. QRPNX - Expense Ratio Comparison

QMFIX has a 3.55% expense ratio, which is lower than QRPNX's 5.29% expense ratio.

Dividends

QMFIX vs. QRPNX - Dividend Comparison

QMFIX's dividend yield for the trailing twelve months is around 0.41%, less than QRPNX's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QMFIX AQR MS Fusion Fund Class I	0.41%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QRPNX AQR Alternative Risk Premia Fund Class N	0.96%	1.14%	2.04%	4.33%	0.00%	3.84%	1.98%	0.57%	0.07%

Frequently Asked Questions

Can I hold both QMFIX and QRPNX in my portfolio?

QMFIX and QRPNX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.