QMFRX vs. GAAVX

Last updated Apr 2, 2026

Compare and contrast key facts about AQR MS Fusion Fund Class R6 (QMFRX) and GMO Alternative Allocation Fund (GAAVX).

QMFRX is an actively managed fund by AQR. It was launched on Jun 25, 2025. GAAVX is managed by GMO. It was launched on May 1, 2019.

Performance

QMFRX vs. GAAVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR MS Fusion Fund Class R6 (QMFRX) and GMO Alternative Allocation Fund (GAAVX). The values are adjusted to include any dividend payments, if applicable.

QMFRX vs. GAAVX - Yearly Performance Comparison

	2026 (YTD)	2025
QMFRX AQR MS Fusion Fund Class R6	-6.36%	3.55%
GAAVX GMO Alternative Allocation Fund	3.33%	5.71%

Returns By Period

In the year-to-date period, QMFRX achieves a -6.36% return, which is significantly lower than GAAVX's 3.33% return.

QMFRX

• 1D: 2.38%
• 1M: -6.04%
• YTD: -6.36%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GAAVX

• 1D: 0.00%
• 1M: -0.37%
• YTD: 3.33%
• 6M: 10.87%
• 1Y: 13.78%
• 3Y*: 5.94%
• 5Y*: 3.63%
• 10Y*: —

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

QMFRX vs. GAAVX - Expense Ratio Comparison

QMFRX has a 3.45% expense ratio, which is higher than GAAVX's 0.61% expense ratio.

QMFRX

AQR MS Fusion Fund Class R6

GAAVX

GMO Alternative Allocation Fund

Return for Risk

QMFRX vs. GAAVX — Risk / Return Rank

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

GAAVX

GAAVX Risk / Return Rank: 90
GAAVX Sharpe Ratio Rank: 90
GAAVX Sortino Ratio Rank: 94
GAAVX Omega Ratio Rank: 86
GAAVX Calmar Ratio Rank: 96
GAAVX Martin Ratio Rank: 83

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.

QMFRX vs. GAAVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR MS Fusion Fund Class R6 (QMFRX) and GMO Alternative Allocation Fund (GAAVX). 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

	QMFRX	GAAVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.95	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	0.47	-1.02

Correlation

The correlation between QMFRX and GAAVX is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

QMFRX vs. GAAVX - Dividend Comparison

QMFRX's dividend yield for the trailing twelve months is around 0.51%, less than GAAVX's 8.49% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
QMFRX AQR MS Fusion Fund Class R6	0.51%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GAAVX GMO Alternative Allocation Fund	8.49%	8.78%	0.00%	5.18%	0.91%	4.10%	2.41%	2.61%

Drawdowns

QMFRX vs. GAAVX - Drawdown Comparison

The maximum QMFRX drawdown since its inception was -10.27%, which is greater than GAAVX's maximum drawdown of -9.59%. Use the drawdown chart below to compare losses from any high point for QMFRX and GAAVX.

Drawdown Indicators

	QMFRX	GAAVX	Difference
Max Drawdown Largest peak-to-trough decline	-10.27%	-9.59%	-0.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.59%	—
Current Drawdown Current decline from peak	-8.13%	-1.20%	-6.93%
Average Drawdown Average peak-to-trough decline	-2.45%	-3.11%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.54%	—

Volatility

Volatility by Period

	QMFRX	GAAVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	6.82%	+8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	5.81%	+9.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.03%	5.87%	+9.16%