QMFNX vs. QHFIX

Last updated Jun 23, 2026

QMFNX (AQR MS Fusion Fund Class N) and QHFIX (AQR MS Fusion HV Fund Fund Class I) are both Multistrategy funds from AQR. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure. QMFNX charges 3.80%/yr vs 6.69%/yr for QHFIX.

Performance

QMFNX vs. QHFIX - Performance Comparison

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

Returns By Period

In the year-to-date period, QMFNX achieves a 8.20% return, which is significantly higher than QHFIX's 0.76% return.

QMFNX

• 1D: 0.73%
• 1M: 0.57%
• YTD: 8.20%
• 6M: 7.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QHFIX

• 1D: 0.51%
• 1M: 1.79%
• YTD: 0.76%
• 6M: 0.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QMFNX vs. QHFIX - Yearly Performance Comparison

	2026 (YTD)	2025
QMFNX AQR MS Fusion Fund Class N	8.20%	3.54%
QHFIX AQR MS Fusion HV Fund Fund Class I	0.76%	4.97%

Correlation

The correlation between QMFNX and QHFIX is 0.89, 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 6, 2025	0.89

Return for Risk

QMFNX vs. QHFIX - Risk-Adjusted Trends Comparison

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

QMFNX vs. QHFIX - Drawdown Comparison

The maximum QMFNX drawdown since its inception was -10.37%, smaller than the maximum QHFIX drawdown of -13.85%. Use the drawdown chart below to compare losses from any high point for QMFNX and QHFIX.

Drawdown Indicators

	QMFNX	QHFIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.37%	-13.85%	+3.48%
Current Drawdown Current decline from peak	-2.90%	-3.09%	+0.19%
Average Drawdown Average peak-to-trough decline	-2.31%	-4.88%	+2.57%

Volatility

Volatility by Period

	QMFNX	QHFIX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	14.99%	17.00%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	17.00%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	17.00%	-2.01%

QMFNX vs. QHFIX - Expense Ratio Comparison

QMFNX has a 3.80% expense ratio, which is lower than QHFIX's 6.69% expense ratio.

Dividends

QMFNX vs. QHFIX - Dividend Comparison

QMFNX's dividend yield for the trailing twelve months is around 0.35%, while QHFIX has not paid dividends to shareholders.

Position	TTM	2025
QHFIX AQR MS Fusion HV Fund Fund Class I	0.00%	0.00%
QMFNX AQR MS Fusion Fund Class N	0.35%	0.37%

Frequently Asked Questions

Can I hold both QMFNX and QHFIX in my portfolio?

QMFNX and QHFIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.