QMHNX vs. PPA

Last updated Jun 3, 2026

QMHNX (AQR Managed Futures Strategy HV Fund Class N) and PPA (Invesco Aerospace & Defense ETF) are both funds - QMHNX is a Systematic Trend fund actively managed by AQR, while PPA is a Industrials Equities fund tracking the SPADE Defense Index. QMHNX is actively managed, while PPA is passively managed. Over the past 10 years, QMHNX returned 5.40%/yr vs 17.58%/yr for PPA. At a 0.01 correlation, their price movements are largely independent. QMHNX charges 4.12%/yr vs 0.61%/yr for PPA.

Performance

QMHNX vs. PPA - 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 Invesco Aerospace & Defense ETF (PPA). 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 PPA's 10.46% return. Over the past 10 years, QMHNX has underperformed PPA with an annualized return of 5.40%, while PPA has yielded a comparatively higher 17.58% 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%

PPA

• 1D: -0.36%
• 1M: 4.46%
• YTD: 10.46%
• 6M: 16.02%
• 1Y: 29.93%
• 3Y*: 29.68%
• 5Y*: 18.46%
• 10Y*: 17.58%

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

QMHNX vs. PPA - 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%
PPA Invesco Aerospace & Defense ETF	10.46%	37.15%	25.28%	18.41%	9.52%	7.09%	0.45%	39.63%	-7.51%	30.10%

Correlation

The correlation between QMHNX and PPA is 0.05, 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 (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.01

Return for Risk

QMHNX vs. PPA — 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

PPA

PPA Risk / Return Rank: 43
PPA Sharpe Ratio Rank: 45
PPA Sortino Ratio Rank: 46
PPA Omega Ratio Rank: 41
PPA Calmar Ratio Rank: 44
PPA 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.

QMHNX vs. PPA - 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 Invesco Aerospace & Defense ETF (PPA). 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	PPA	Difference
Sharpe ratio Return per unit of total volatility	2.69	1.59	+1.10
Sortino ratio Return per unit of downside risk	3.47	2.29	+1.18
Omega ratio Gain probability vs. loss probability	1.46	1.27	+0.19
Calmar ratio Return relative to maximum drawdown	7.13	2.20	+4.93
Martin ratio Return relative to average drawdown	21.00	6.49	+14.51
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. PPA - Sharpe Ratio Comparison

The current QMHNX Sharpe Ratio is 2.69, which is higher than the PPA Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of QMHNX and PPA, 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	PPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	1.59	+1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	1.00	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.86	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.66	-0.30

Drawdowns

QMHNX vs. PPA - Drawdown Comparison

The maximum QMHNX drawdown since its inception was -40.29%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for QMHNX and PPA.

Drawdown Indicators

	QMHNX	PPA	Difference
Max Drawdown Largest peak-to-trough decline	-40.29%	-57.37%	+17.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.81%	-13.71%	+8.90%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	-15.24%	-3.99%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-18.37%	-0.86%
Max Drawdown (10Y) Largest decline over 10 years	-35.34%	-43.92%	+8.58%
Current Drawdown Current decline from peak	-1.78%	-6.77%	+4.99%
Average Drawdown Average peak-to-trough decline	-18.29%	-9.18%	-9.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	4.66%	-3.03%

Volatility

QMHNX vs. PPA - Volatility Comparison

The current volatility for AQR Managed Futures Strategy HV Fund Class N (QMHNX) is 3.61%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.47%. This indicates that QMHNX experiences smaller price fluctuations and is considered to be less risky than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMHNX	PPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	6.47%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	9.63%	16.06%	-6.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	18.94%	-6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	18.48%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.47%	20.63%	-5.16%

QMHNX vs. PPA - Expense Ratio Comparison

QMHNX has a 4.12% expense ratio, which is higher than PPA's 0.61% expense ratio.

Dividends

QMHNX vs. PPA - Dividend Comparison

QMHNX's dividend yield for the trailing twelve months is around 1.62%, more than PPA's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PPA Invesco Aerospace & Defense ETF	0.38%	0.42%	0.61%	0.67%	0.83%	0.59%	0.88%	0.95%	0.90%	0.67%	1.70%	1.41%
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 PPA in my portfolio?

QMHNX and PPA have a correlation of 0.05, 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 PPA?

PPA has higher volatility (6.47%) compared to QMHNX (3.61%). In terms of maximum drawdown, QMHNX dropped -40.29% vs PPA's -57.37%.

Which has better risk-adjusted returns?

QMHNX currently has the higher Sharpe Ratio (2.69 vs 1.59), 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.