QMNNX vs. BRK-B

Last updated Jun 4, 2026

QMNNX (AQR Equity Market Neutral Fund N) is Equity Market Neutral fund managed by AQR Funds, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, QMNNX returned 6.01%/yr vs 12.91%/yr for BRK-B. At a 0.11 correlation, their price movements are largely independent.

Performance

QMNNX vs. BRK-B - Performance Comparison

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

Returns By Period

In the year-to-date period, QMNNX achieves a -5.98% return, which is significantly lower than BRK-B's -5.43% return. Over the past 10 years, QMNNX has underperformed BRK-B with an annualized return of 6.01%, while BRK-B has yielded a comparatively higher 12.91% annualized return.

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%

BRK-B

• 1D: 0.82%
• 1M: 1.46%
• YTD: -5.43%
• 6M: -5.61%
• 1Y: -4.51%
• 3Y*: 13.00%
• 5Y*: 10.20%
• 10Y*: 12.91%

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

QMNNX vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
BRK-B Berkshire Hathaway Inc.	-5.43%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between QMNNX and BRK-B is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.11

Return for Risk

QMNNX vs. BRK-B — Risk / Return Rank

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

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

BRK-B

BRK-B Risk / Return Rank: 23
BRK-B Sharpe Ratio Rank: 27
BRK-B Sortino Ratio Rank: 22
BRK-B Omega Ratio Rank: 23
BRK-B Calmar Ratio Rank: 24
BRK-B Martin Ratio Rank: 20

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.

QMNNX vs. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Equity Market Neutral Fund N (QMNNX) and Berkshire Hathaway Inc. (BRK-B). 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.

	QMNNX	BRK-B	Difference
Sharpe ratio Return per unit of total volatility	0.50	-0.32	+0.81
Sortino ratio Return per unit of downside risk	0.73	-0.34	+1.07
Omega ratio Gain probability vs. loss probability	1.09	0.96	+0.13
Calmar ratio Return relative to maximum drawdown	0.40	-0.48	+0.88
Martin ratio Return relative to average drawdown	0.93	-1.02	+1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QMNNX vs. BRK-B - Sharpe Ratio Comparison

The current QMNNX Sharpe Ratio is 0.50, which is higher than the BRK-B Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of QMNNX and BRK-B, 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

	QMNNX	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	-0.32	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.81	0.60	+1.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.67	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.48	+0.35

Drawdowns

QMNNX vs. BRK-B - Drawdown Comparison

The maximum QMNNX drawdown since its inception was -39.22%, smaller than the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for QMNNX and BRK-B.

Drawdown Indicators

	QMNNX	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-39.22%	-53.86%	+14.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.41%	-9.42%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-8.41%	-14.95%	+6.54%
Max Drawdown (5Y) Largest decline over 5 years	-13.98%	-26.58%	+12.60%
Max Drawdown (10Y) Largest decline over 10 years	-39.22%	-29.57%	-9.65%
Current Drawdown Current decline from peak	-6.37%	-11.94%	+5.57%
Average Drawdown Average peak-to-trough decline	-10.61%	-11.07%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	4.57%	-0.96%

Volatility

QMNNX vs. BRK-B - Volatility Comparison

The current volatility for AQR Equity Market Neutral Fund N (QMNNX) is 2.81%, while Berkshire Hathaway Inc. (BRK-B) has a volatility of 3.75%. This indicates that QMNNX experiences smaller price fluctuations and is considered to be less risky than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMNNX	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	3.75%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	5.26%	10.68%	-5.42%
Volatility (1Y) Calculated over the trailing 1-year period	6.74%	14.33%	-7.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.40%	17.11%	-7.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.30%	19.43%	-11.13%

Dividends

QMNNX vs. BRK-B - Dividend Comparison

QMNNX's dividend yield for the trailing twelve months is around 1.34%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 QMNNX and BRK-B in my portfolio?

QMNNX and BRK-B have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QMNNX or BRK-B?

BRK-B has higher volatility (3.75%) compared to QMNNX (2.81%). In terms of maximum drawdown, QMNNX dropped -39.22% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

QMNNX currently has the higher Sharpe Ratio (0.50 vs -0.32), 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.