QMHNX vs. QCFIX

Last updated Aug 1, 2026

QMHNX (AQR Managed Futures Strategy HV Fund Class N) and QCFIX (AQR CVX Fusion Fund Class I) are both Systematic Trend funds from AQR. Both are actively managed. Their 0.38 correlation means their historical movements had little consistent relationship. QMHNX charges 4.12%/yr vs 2.17%/yr for QCFIX.

Performance

QMHNX vs. QCFIX - 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 AQR CVX Fusion Fund Class I (QCFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QMHNX achieves a 12.31% return, which is significantly lower than QCFIX's 13.24% return.

QMHNX

• 1D: 0.09%
• 1M: 3.44%
• 6M: 5.00%
• YTD: 12.31%
• 1Y: 30.37%
• 3Y*: 15.03%
• 5Y*: 17.32%
• 10Y*: 4.37%
• ALL TIME*: 5.11%

QCFIX

• 1D: 1.78%
• 1M: 0.88%
• 6M: 8.64%
• YTD: 13.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QCFIX AQR CVX Fusion Fund Class I	$0.00	$0.00	$0.00
QMHNX AQR Managed Futures Strategy HV Fund Class N	$0.00	$0.00	$0.00

QMHNX vs. QCFIX - Yearly Performance Comparison

	2026 (YTD)	2025
QMHNX AQR Managed Futures Strategy HV Fund Class N	12.31%	1.80%
QCFIX AQR CVX Fusion Fund Class I	13.24%	2.00%

Correlation

The correlation between QMHNX and QCFIX is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.38

Return for Risk

QMHNX vs. QCFIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QMHNX

QMHNX Risk / Return Rank: 80
QMHNX Sharpe Ratio Rank: 81
QMHNX Sortino Ratio Rank: 74
QMHNX Omega Ratio Rank: 73
QMHNX Calmar Ratio Rank: 87
QMHNX Martin Ratio Rank: 85

QCFIX

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QMHNX vs. QCFIX - 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 AQR CVX Fusion Fund Class I (QCFIX). 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.

	QMHNX	QCFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	—	—
Sortino ratio: Return per unit of downside risk	2.52	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.10	—	—
Martin ratio: Return relative to average drawdown	10.65	—	—

Drawdowns

QMHNX vs. QCFIX - Drawdown Comparison

The maximum QMHNX drawdown since its inception was -40.29%, which is greater than QCFIX's maximum drawdown of -7.93%. Use the drawdown chart below to compare losses from any high point for QMHNX and QCFIX.

Drawdown Indicators

	QMHNX	QCFIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.29%	-7.93%	-32.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.74%	—	—
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	-33.81%	—	—
Current Drawdown Current decline from peak	-5.60%	-4.56%	-1.04%
Average Drawdown Average peak-to-trough decline	-18.10%	-2.08%	-16.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	—	—

Volatility

Volatility by Period

	QMHNX	QCFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.14%	15.32%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	15.32%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.29%	15.32%	-0.03%

QMHNX vs. QCFIX - Expense Ratio Comparison

QMHNX has a 4.12% expense ratio, which is higher than QCFIX's 2.17% expense ratio.

Dividends

QMHNX vs. QCFIX - Dividend Comparison

QMHNX's dividend yield for the trailing twelve months is around 1.68%, less than QCFIX's 6.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QCFIX AQR CVX Fusion Fund Class I	6.91%	7.82%	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	1.68%	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 QCFIX in my portfolio?

QMHNX and QCFIX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.