QMFRX vs. QMHNX

Last updated Jun 3, 2026

QMFRX (AQR MS Fusion Fund Class R6) and QMHNX (AQR Managed Futures Strategy HV Fund Class N) are both mutual funds - QMFRX is a Multistrategy fund actively managed by AQR, while QMHNX is a Systematic Trend fund actively managed by AQR. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. QMFRX charges 3.45%/yr vs 4.12%/yr for QMHNX.

Performance

QMFRX vs. QMHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR MS Fusion Fund Class R6 (QMFRX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QMFRX achieves a 11.42% return, which is significantly lower than QMHNX's 16.75% return.

QMFRX

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

QMHNX

• 1D: 1.85%
• 1M: 1.14%
• YTD: 16.75%
• 6M: 19.58%
• 1Y: 32.62%
• 3Y*: 15.73%
• 5Y*: 15.74%
• 10Y*: 5.40%

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

QMFRX vs. QMHNX - Yearly Performance Comparison

	2026 (YTD)	2025
QMFRX AQR MS Fusion Fund Class R6	11.42%	3.55%
QMHNX AQR Managed Futures Strategy HV Fund Class N	16.75%	0.89%

Correlation

The correlation between QMFRX and QMHNX is 0.17, 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	0.17

Return for Risk

QMFRX vs. QMHNX — Risk / Return Rank

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

QMHNX

QMHNX Risk / Return Rank: 82
QMHNX Sharpe Ratio Rank: 83
QMHNX Sortino Ratio Rank: 69
QMHNX Omega Ratio Rank: 67
QMHNX Calmar Ratio Rank: 97
QMHNX Martin Ratio Rank: 94

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. QMHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR MS Fusion Fund Class R6 (QMFRX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX). 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	QMHNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.69	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.92	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.16	0.36	+1.80

Drawdowns

QMFRX vs. QMHNX - Drawdown Comparison

The maximum QMFRX drawdown since its inception was -10.27%, smaller than the maximum QMHNX drawdown of -40.29%. Use the drawdown chart below to compare losses from any high point for QMFRX and QMHNX.

Drawdown Indicators

	QMFRX	QMHNX	Difference
Max Drawdown Largest peak-to-trough decline	-10.27%	-40.29%	+30.02%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.34%	—
Current Drawdown Current decline from peak	0.00%	-1.78%	+1.78%
Average Drawdown Average peak-to-trough decline	-2.28%	-18.29%	+16.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.63%	—

Volatility

Volatility by Period

	QMFRX	QMHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	12.73%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.36%	17.30%	-2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.36%	15.47%	-1.11%

QMFRX vs. QMHNX - Expense Ratio Comparison

QMFRX has a 3.45% expense ratio, which is lower than QMHNX's 4.12% expense ratio.

Dividends

QMFRX vs. QMHNX - Dividend Comparison

QMFRX's dividend yield for the trailing twelve months is around 0.43%, less than QMHNX's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QMFRX AQR MS Fusion Fund Class R6	0.43%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QMHNX AQR Managed Futures Strategy HV Fund Class N	1.62%	1.89%	2.09%	7.36%	8.75%	10.64%	7.79%	3.80%	0.00%	0.00%	0.01%	7.47%

Frequently Asked Questions

Can I hold both QMFRX and QMHNX in my portfolio?

QMFRX and QMHNX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.