QMNIX vs. QMNNX

Last updated Jun 4, 2026

QMNIX (AQR Equity Market Neutral Fund Class I) and QMNNX (AQR Equity Market Neutral Fund N) are both Equity Market Neutral funds from AQR Funds. Over the past 10 years, QMNIX returned 6.27%/yr vs 6.01%/yr for QMNNX. With a 0.99 correlation, they move nearly in lockstep. QMNIX charges 5.48%/yr vs 5.28%/yr for QMNNX.

Performance

QMNIX vs. QMNNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Equity Market Neutral Fund Class I (QMNIX) and AQR Equity Market Neutral Fund N (QMNNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QMNIX having a -5.92% return and QMNNX slightly lower at -5.98%. Both investments have delivered pretty close results over the past 10 years, with QMNIX having a 6.27% annualized return and QMNNX not far behind at 6.01%.

QMNIX

• 1D: -0.76%
• 1M: 1.12%
• YTD: -5.92%
• 6M: -3.04%
• 1Y: 3.62%
• 3Y*: 19.94%
• 5Y*: 17.18%
• 10Y*: 6.27%

QMNNX

• 1D: -0.78%
• 1M: 1.06%
• YTD: -5.98%
• 6M: -3.13%
• 1Y: 3.33%
• 3Y*: 19.60%
• 5Y*: 16.89%
• 10Y*: 6.01%

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

QMNIX vs. QMNNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QMNIX AQR Equity Market Neutral Fund Class I	-5.92%	26.54%	25.85%	16.61%	27.26%	17.64%	-19.62%	-11.30%	-11.73%	5.85%
QMNNX AQR Equity Market Neutral Fund N	-5.98%	26.19%	25.43%	16.30%	27.07%	17.38%	-19.79%	-11.55%	-11.94%	5.56%

Correlation

The correlation between QMNIX and QMNNX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.99

The correlation between QMNIX and QMNNX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

QMNIX vs. QMNNX — Risk / Return Rank

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

QMNIX

QMNIX Risk / Return Rank: 6
QMNIX Sharpe Ratio Rank: 7
QMNIX Sortino Ratio Rank: 6
QMNIX Omega Ratio Rank: 6
QMNIX Calmar Ratio Rank: 5
QMNIX Martin Ratio Rank: 4

QMNNX

QMNNX Risk / Return Rank: 5
QMNNX Sharpe Ratio Rank: 6
QMNNX Sortino Ratio Rank: 5
QMNNX Omega Ratio Rank: 6
QMNNX Calmar Ratio Rank: 5
QMNNX Martin Ratio Rank: 4

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.

QMNIX vs. QMNNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Equity Market Neutral Fund Class I (QMNIX) and AQR Equity Market Neutral Fund N (QMNNX). 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.

	QMNIX	QMNNX	Difference
Sharpe ratio: Return per unit of total volatility	0.54	0.50	+0.04
Sortino ratio: Return per unit of downside risk	0.79	0.73	+0.06
Omega ratio: Gain probability vs. loss probability	1.10	1.09	+0.01
Calmar ratio: Return relative to maximum drawdown	0.44	0.40	+0.04
Martin ratio: Return relative to average drawdown	1.02	0.93	+0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QMNIX vs. QMNNX - Sharpe Ratio Comparison

The current QMNIX Sharpe Ratio is 0.54, which is comparable to the QMNNX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of QMNIX and QMNNX, 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

	QMNIX	QMNNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	0.50	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.85	1.81	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.73	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.83	+0.03

Drawdowns

QMNIX vs. QMNNX - Drawdown Comparison

The maximum QMNIX drawdown since its inception was -38.80%, roughly equal to the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for QMNIX and QMNNX.

Drawdown Indicators

	QMNIX	QMNNX	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-39.22%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-8.41%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-8.30%	-8.41%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-13.86%	-13.98%	+0.12%
Max Drawdown (10Y) Largest decline over 10 years	-38.80%	-39.22%	+0.42%
Current Drawdown Current decline from peak	-6.23%	-6.37%	+0.14%
Average Drawdown Average peak-to-trough decline	-10.34%	-10.61%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	3.61%	-0.07%

Volatility

QMNIX vs. QMNNX - Volatility Comparison

AQR Equity Market Neutral Fund Class I (QMNIX) and AQR Equity Market Neutral Fund N (QMNNX) have volatilities of 2.78% and 2.81%, 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

	QMNIX	QMNNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.81%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	5.23%	5.26%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	6.72%	6.74%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.36%	9.40%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.29%	8.30%	-0.01%

QMNIX vs. QMNNX - Expense Ratio Comparison

QMNIX has a 5.48% expense ratio, which is higher than QMNNX's 5.28% expense ratio.

Dividends

QMNIX vs. QMNNX - Dividend Comparison

QMNIX's dividend yield for the trailing twelve months is around 1.50%, more than QMNNX's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QMNIX AQR Equity Market Neutral Fund Class I	1.50%	1.41%	6.10%	21.48%	5.95%	1.39%	17.42%	3.83%	0.48%	3.48%	1.51%	2.57%
QMNNX AQR Equity Market Neutral Fund N	1.34%	1.26%	6.06%	21.67%	5.77%	1.41%	17.64%	3.86%	0.49%	3.37%	1.19%	2.51%

Frequently Asked Questions

Can I hold both QMNIX and QMNNX in my portfolio?

With a correlation of 0.99, QMNIX and QMNNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QMNIX or QMNNX?

QMNNX has higher volatility (2.81%) compared to QMNIX (2.78%). In terms of maximum drawdown, QMNIX dropped -38.80% vs QMNNX's -39.22%.

Which has better risk-adjusted returns?

QMNIX currently has the higher Sharpe Ratio (0.54 vs 0.50), 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.