QMHNX vs. CSAIX

Last updated Jun 3, 2026

QMHNX (AQR Managed Futures Strategy HV Fund Class N) and CSAIX (Credit Suisse Managed Futures Strategy Fund) are both Systematic Trend funds. Over the past 10 years, QMHNX returned 5.40%/yr vs 0.61%/yr for CSAIX. A 0.69 correlation means they provide meaningful diversification when combined. QMHNX charges 4.12%/yr vs 1.30%/yr for CSAIX.

Performance

QMHNX vs. CSAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, QMHNX achieves a 16.75% return, which is significantly higher than CSAIX's 6.22% return. Over the past 10 years, QMHNX has outperformed CSAIX with an annualized return of 5.40%, while CSAIX has yielded a comparatively lower 0.61% annualized return.

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%

CSAIX

• 1D: 1.10%
• 1M: 1.23%
• YTD: 6.22%
• 6M: 8.86%
• 1Y: 13.04%
• 3Y*: -3.28%
• 5Y*: 0.19%
• 10Y*: 0.61%

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

QMHNX vs. CSAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QMHNX AQR Managed Futures Strategy HV Fund Class N	16.75%	19.65%	10.48%	-0.40%	49.64%	-2.30%	-0.85%	1.55%	-14.59%	-2.06%
CSAIX Credit Suisse Managed Futures Strategy Fund	6.22%	-5.84%	-5.57%	-6.15%	21.24%	7.46%	1.86%	-4.39%	-4.01%	-1.47%

Correlation

The correlation between QMHNX and CSAIX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.69

The correlation between QMHNX and CSAIX has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.

Return for Risk

QMHNX vs. CSAIX — 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

CSAIX

CSAIX Risk / Return Rank: 18
CSAIX Sharpe Ratio Rank: 17
CSAIX Sortino Ratio Rank: 14
CSAIX Omega Ratio Rank: 22
CSAIX Calmar Ratio Rank: 21
CSAIX Martin Ratio Rank: 17

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.

QMHNX vs. CSAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Managed Futures Strategy HV Fund Class N (QMHNX) and Credit Suisse Managed Futures Strategy Fund (CSAIX). 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.

	QMHNX	CSAIX	Difference
Sharpe ratio Return per unit of total volatility	2.69	1.20	+1.49
Sortino ratio Return per unit of downside risk	3.47	1.55	+1.92
Omega ratio Gain probability vs. loss probability	1.46	1.25	+0.21
Calmar ratio Return relative to maximum drawdown	7.13	1.77	+5.36
Martin ratio Return relative to average drawdown	21.00	4.92	+16.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QMHNX vs. CSAIX - Sharpe Ratio Comparison

The current QMHNX Sharpe Ratio is 2.69, which is higher than the CSAIX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of QMHNX and CSAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QMHNX	CSAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	1.20	+1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.02	+0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.06	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.25	+0.11

Drawdowns

QMHNX vs. CSAIX - Drawdown Comparison

The maximum QMHNX drawdown since its inception was -40.29%, which is greater than CSAIX's maximum drawdown of -28.79%. Use the drawdown chart below to compare losses from any high point for QMHNX and CSAIX.

Drawdown Indicators

	QMHNX	CSAIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.29%	-28.79%	-11.50%
Max Drawdown (1Y) Largest decline over 1 year	-4.81%	-7.73%	+2.92%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	-22.50%	+3.27%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-28.79%	+9.56%
Max Drawdown (10Y) Largest decline over 10 years	-35.34%	-28.79%	-6.55%
Current Drawdown Current decline from peak	-1.78%	-17.64%	+15.86%
Average Drawdown Average peak-to-trough decline	-18.29%	-9.54%	-8.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	2.77%	-1.14%

Volatility

QMHNX vs. CSAIX - Volatility Comparison

AQR Managed Futures Strategy HV Fund Class N (QMHNX) and Credit Suisse Managed Futures Strategy Fund (CSAIX) have volatilities of 3.61% and 3.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMHNX	CSAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	3.49%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	9.63%	10.57%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	11.47%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	10.47%	+6.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.47%	10.09%	+5.38%

QMHNX vs. CSAIX - Expense Ratio Comparison

QMHNX has a 4.12% expense ratio, which is higher than CSAIX's 1.30% expense ratio.

Dividends

QMHNX vs. CSAIX - Dividend Comparison

QMHNX's dividend yield for the trailing twelve months is around 1.62%, less than CSAIX's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSAIX Credit Suisse Managed Futures Strategy Fund	2.82%	2.27%	2.95%	0.52%	18.80%	8.84%	0.00%	1.74%	0.00%	0.00%	2.64%	8.69%
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 QMHNX and CSAIX in my portfolio?

QMHNX and CSAIX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QMHNX or CSAIX?

QMHNX has higher volatility (3.61%) compared to CSAIX (3.49%). In terms of maximum drawdown, QMHNX dropped -40.29% vs CSAIX's -28.79%.

Which has better risk-adjusted returns?

QMHNX currently has the higher Sharpe Ratio (2.69 vs 1.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.