QMFNX vs. QMFRX

Last updated Jun 3, 2026

QMFNX (AQR MS Fusion Fund Class N) and QMFRX (AQR MS Fusion Fund Class R6) are both Multistrategy funds from AQR. Both are actively managed. With a 1.00 correlation, they move nearly in lockstep. QMFNX charges 3.80%/yr vs 3.45%/yr for QMFRX.

Performance

QMFNX vs. QMFRX - 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 Fund Class R6 (QMFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with QMFNX having a 11.26% return and QMFRX slightly higher at 11.42%.

QMFNX

• 1D: 1.35%
• 1M: 8.33%
• YTD: 11.26%
• 6M: 13.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QMFRX

• 1D: 1.35%
• 1M: 8.31%
• YTD: 11.42%
• 6M: 13.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QMFNX vs. QMFRX - Yearly Performance Comparison

	2026 (YTD)	2025
QMFNX AQR MS Fusion Fund Class N	11.26%	3.54%
QMFRX AQR MS Fusion Fund Class R6	11.42%	3.55%

Correlation

The correlation between QMFNX and QMFRX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 7, 2025	1.00

Return for Risk

QMFNX vs. QMFRX - 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 Fund Class R6 (QMFRX). 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

	QMFNX	QMFRX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	2.16	-0.03

Drawdowns

QMFNX vs. QMFRX - Drawdown Comparison

The maximum QMFNX drawdown since its inception was -10.37%, roughly equal to the maximum QMFRX drawdown of -10.27%. Use the drawdown chart below to compare losses from any high point for QMFNX and QMFRX.

Drawdown Indicators

	QMFNX	QMFRX	Difference
Max Drawdown Largest peak-to-trough decline	-10.37%	-10.27%	-0.10%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.30%	-2.28%	-0.02%

Volatility

Volatility by Period

	QMFNX	QMFRX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	14.36%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.41%	14.36%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.41%	14.36%	+0.05%

QMFNX vs. QMFRX - Expense Ratio Comparison

QMFNX has a 3.80% expense ratio, which is higher than QMFRX's 3.45% expense ratio.

Dividends

QMFNX vs. QMFRX - Dividend Comparison

QMFNX's dividend yield for the trailing twelve months is around 0.34%, less than QMFRX's 0.43% yield.

Position	TTM	2025
QMFNX AQR MS Fusion Fund Class N	0.34%	0.37%
QMFRX AQR MS Fusion Fund Class R6	0.43%	0.47%

Frequently Asked Questions

Can I hold both QMFNX and QMFRX in my portfolio?

With a correlation of 1.00, QMFNX and QMFRX 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.