QMFRX vs. QSPRX

Last updated Jun 23, 2026

QMFRX (AQR MS Fusion Fund Class R6) and QSPRX (AQR Style Premia Alternative R6) are both Multistrategy funds from AQR. Both are actively managed. At a 0.09 correlation, their price movements are largely independent. QMFRX charges 3.45%/yr vs 5.79%/yr for QSPRX.

Performance

QMFRX vs. QSPRX - Performance Comparison

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

Returns By Period

In the year-to-date period, QMFRX achieves a 8.37% return, which is significantly lower than QSPRX's 11.48% return.

QMFRX

• 1D: 0.73%
• 1M: 0.57%
• YTD: 8.37%
• 6M: 7.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QSPRX

• 1D: -0.31%
• 1M: 0.83%
• YTD: 11.48%
• 6M: 12.51%
• 1Y: 16.05%
• 3Y*: 19.21%
• 5Y*: 19.71%
• 10Y*: 7.43%

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

QMFRX vs. QSPRX - Yearly Performance Comparison

	2026 (YTD)	2025
QMFRX AQR MS Fusion Fund Class R6	8.37%	3.55%
QSPRX AQR Style Premia Alternative R6	11.48%	-0.97%

Correlation

The correlation between QMFRX and QSPRX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.09

Return for Risk

QMFRX vs. QSPRX — Risk / Return Rank

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

QMFRX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QSPRX

QSPRX Risk / Return Rank: 44
QSPRX Sharpe Ratio Rank: 36
QSPRX Sortino Ratio Rank: 39
QSPRX Omega Ratio Rank: 32
QSPRX Calmar Ratio Rank: 71
QSPRX Martin Ratio Rank: 41

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. QSPRX - Risk-Adjusted Trends Comparison

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

	QMFRX	QSPRX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.62	—
Sortino ratio: Return per unit of downside risk	—	2.43	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	3.11	—
Martin ratio: Return relative to average drawdown	—	8.33	—

Drawdowns

QMFRX vs. QSPRX - Drawdown Comparison

The maximum QMFRX drawdown since its inception was -10.27%, smaller than the maximum QSPRX drawdown of -41.22%. Use the drawdown chart below to compare losses from any high point for QMFRX and QSPRX.

Drawdown Indicators

	QMFRX	QSPRX	Difference
Max Drawdown Largest peak-to-trough decline	-10.27%	-41.22%	+30.95%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.06%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.22%	—
Current Drawdown Current decline from peak	-2.97%	-2.12%	-0.85%
Average Drawdown Average peak-to-trough decline	-2.29%	-10.04%	+7.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.92%	—

Volatility

Volatility by Period

	QMFRX	QSPRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	9.69%	+5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.96%	15.91%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.96%	12.87%	+2.09%

QMFRX vs. QSPRX - Expense Ratio Comparison

QMFRX has a 3.45% expense ratio, which is lower than QSPRX's 5.79% expense ratio.

Dividends

QMFRX vs. QSPRX - Dividend Comparison

QMFRX's dividend yield for the trailing twelve months is around 0.44%, less than QSPRX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QMFRX AQR MS Fusion Fund Class R6	0.44%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QSPRX AQR Style Premia Alternative R6	2.36%	2.63%	6.99%	23.75%	22.67%	12.85%	0.00%	1.62%	1.09%	7.15%	1.74%	5.87%

Frequently Asked Questions

Can I hold both QMFRX and QSPRX in my portfolio?

QMFRX and QSPRX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.