QMHNX vs. QMFRX

Last updated Jun 4, 2026

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

Performance

QMHNX vs. QMFRX - 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 MS Fusion Fund Class R6 (QMFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QMHNX achieves a 17.66% return, which is significantly higher than QMFRX's 11.68% return.

QMHNX

• 1D: 0.78%
• 1M: 1.30%
• YTD: 17.66%
• 6M: 21.37%
• 1Y: 33.51%
• 3Y*: 16.03%
• 5Y*: 15.98%
• 10Y*: 5.48%

QMFRX

• 1D: 0.23%
• 1M: 8.47%
• YTD: 11.68%
• 6M: 13.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QMHNX vs. QMFRX - Yearly Performance Comparison

	2026 (YTD)	2025
QMHNX AQR Managed Futures Strategy HV Fund Class N	17.66%	0.89%
QMFRX AQR MS Fusion Fund Class R6	11.68%	3.55%

Correlation

The correlation between QMHNX and QMFRX 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

QMHNX vs. QMFRX — 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: 66
QMHNX Calmar Ratio Rank: 97
QMHNX Martin Ratio Rank: 93

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. QMFRX - 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 MS Fusion Fund Class R6 (QMFRX). 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	QMFRX	Difference
Sharpe ratio Return per unit of total volatility	2.68	—	—
Sortino ratio Return per unit of downside risk	3.46	—	—
Omega ratio Gain probability vs. loss probability	1.46	—	—
Calmar ratio Return relative to maximum drawdown	7.06	—	—
Martin ratio Return relative to average drawdown	20.71	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QMHNX	QMFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	2.19	-1.82

Drawdowns

QMHNX vs. QMFRX - Drawdown Comparison

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

Drawdown Indicators

	QMHNX	QMFRX	Difference
Max Drawdown Largest peak-to-trough decline	-40.29%	-10.27%	-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	-1.02%	0.00%	-1.02%
Average Drawdown Average peak-to-trough decline	-18.28%	-2.26%	-16.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	—	—

Volatility

Volatility by Period

	QMHNX	QMFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.72%	14.30%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	14.30%	+3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.47%	14.30%	+1.17%

QMHNX vs. QMFRX - Expense Ratio Comparison

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

Dividends

QMHNX vs. QMFRX - Dividend Comparison

QMHNX's dividend yield for the trailing twelve months is around 1.61%, more than QMFRX's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QMFRX AQR MS Fusion Fund Class R6	0.42%	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	1.61%	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 QMFRX in my portfolio?

QMHNX and QMFRX 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.