QMHNX vs. WM

Last updated Jul 17, 2026

QMHNX (AQR Managed Futures Strategy HV Fund Class N) is Systematic Trend fund actively managed by AQR, while WM (Waste Management, Inc.) is a stock. Over the past 10 years, QMHNX returned 4.73%/yr vs 15.74%/yr for WM. At a 0.00 correlation, their price movements are largely independent.

Performance

QMHNX vs. WM - 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 Waste Management, Inc. (WM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QMHNX achieves a 12.51% return, which is significantly higher than WM's 11.18% return. Over the past 10 years, QMHNX has underperformed WM with an annualized return of 4.73%, while WM has yielded a comparatively higher 15.74% annualized return.

QMHNX

• 1D: -0.62%
• 1M: -0.89%
• 6M: 8.36%
• YTD: 12.51%
• 1Y: 30.00%
• 3Y*: 14.50%
• 5Y*: 17.33%
• 10Y*: 4.73%

WM

• 1D: 4.06%
• 1M: 10.82%
• 6M: 11.10%
• YTD: 11.18%
• 1Y: 8.98%
• 3Y*: 14.77%
• 5Y*: 12.43%
• 10Y*: 15.74%

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

QMHNX vs. WM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QMHNX AQR Managed Futures Strategy HV Fund Class N	12.51%	19.65%	10.48%	-0.40%	49.64%	-2.30%	-0.85%	1.55%	-14.59%	-2.06%
WM Waste Management, Inc.	11.18%	10.50%	14.28%	16.20%	-4.49%	43.82%	5.46%	30.45%	5.32%	24.46%

Correlation

The correlation between QMHNX and WM is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.00

The correlation between QMHNX and WM shifts across timeframes, from -0.14 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QMHNX vs. WM — Risk / Return Rank

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

QMHNX

QMHNX Risk / Return Rank: 83
QMHNX Sharpe Ratio Rank: 84
QMHNX Sortino Ratio Rank: 77
QMHNX Omega Ratio Rank: 76
QMHNX Calmar Ratio Rank: 88
QMHNX Martin Ratio Rank: 87

WM

WM Risk / Return Rank: 56
WM Sharpe Ratio Rank: 61
WM Sortino Ratio Rank: 53
WM Omega Ratio Rank: 52
WM Calmar Ratio Rank: 58
WM Martin Ratio Rank: 58

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. WM - 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 Waste Management, Inc. (WM). 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	WM	Difference
Sharpe ratio: Return per unit of total volatility	2.25	0.45	+1.80
Sortino ratio: Return per unit of downside risk	2.91	0.78	+2.13
Omega ratio: Gain probability vs. loss probability	1.38	1.09	+0.28
Calmar ratio: Return relative to maximum drawdown	3.48	0.54	+2.94
Martin ratio: Return relative to average drawdown	12.91	1.15	+11.76

QMHNX vs. WM - Sharpe Ratio Comparison

The current QMHNX Sharpe Ratio is 2.25, which is higher than the WM Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of QMHNX and WM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QMHNX vs. WM - Drawdown Comparison

The maximum QMHNX drawdown since its inception was -40.29%, smaller than the maximum WM drawdown of -77.85%. Use the drawdown chart below to compare losses from any high point for QMHNX and WM.

Drawdown Indicators

	QMHNX	WM	Difference
Max Drawdown Largest peak-to-trough decline	-40.29%	-77.85%	+37.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.74%	-16.70%	+7.96%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	-18.14%	-1.09%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-18.14%	-1.09%
Max Drawdown (10Y) Largest decline over 10 years	-33.81%	-30.07%	-3.74%
Current Drawdown Current decline from peak	-5.43%	-0.91%	-4.52%
Average Drawdown Average peak-to-trough decline	-18.15%	-17.66%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	7.83%	-5.48%

Volatility

QMHNX vs. WM - Volatility Comparison

The current volatility for AQR Managed Futures Strategy HV Fund Class N (QMHNX) is 4.94%, while Waste Management, Inc. (WM) has a volatility of 7.49%. This indicates that QMHNX experiences smaller price fluctuations and is considered to be less risky than WM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMHNX	WM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	7.49%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	15.45%	-5.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	19.98%	-6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	18.89%	-1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	19.67%	-4.43%

Dividends

QMHNX vs. WM - Dividend Comparison

QMHNX's dividend yield for the trailing twelve months is around 1.68%, more than WM's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
WM Waste Management, Inc.	1.46%	1.50%	1.49%	1.56%	1.66%	1.38%	1.85%	1.80%	2.09%	1.97%	2.31%	2.89%

Frequently Asked Questions

Can I hold both QMHNX and WM in my portfolio?

QMHNX and WM have a correlation of -0.14, 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 WM?

WM has higher volatility (7.49%) compared to QMHNX (4.94%). In terms of maximum drawdown, QMHNX dropped -40.29% vs WM's -77.85%.

Which has better risk-adjusted returns?

QMHNX currently has the higher Sharpe Ratio (2.25 vs 0.45), 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.