QMNNX vs. KBUF

Last updated Aug 5, 2026

QMNNX (AQR Equity Market Neutral Fund Class N) and KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) are both funds - QMNNX is a Equity Market Neutral fund actively managed by AQR, while KBUF is a Options Trading fund actively managed by KraneShares. Both are actively managed. Over the past year, QMNNX returned 4.82% vs -4.23% for KBUF. Their -0.15 correlation means they have often moved in opposite directions in the past. QMNNX charges 1.62%/yr vs 0.95%/yr for KBUF.

Performance

QMNNX vs. KBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Equity Market Neutral Fund Class N (QMNNX) and KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QMNNX achieves a -5.90% return, which is significantly higher than KBUF's -9.20% return.

QMNNX

• 1D: 0.09%
• 1M: 4.08%
• 6M: -2.79%
• YTD: -5.90%
• 1Y: 4.82%
• 3Y*: 16.77%
• 5Y*: 18.46%
• 10Y*: 6.00%
• ALL TIME*: 6.67%

KBUF

• 1D: 0.21%
• 1M: 6.51%
• 6M: -10.13%
• YTD: -9.20%
• 1Y: -4.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.10%

*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)
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	$6.17K	$34.11K	$167.76K
QMNNX AQR Equity Market Neutral Fund Class N	$0.00	$0.00	$0.00

QMNNX vs. KBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QMNNX AQR Equity Market Neutral Fund Class N	-5.90%	26.19%	17.61%
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-9.20%	18.04%	15.85%

Correlation

The correlation between QMNNX and KBUF is -0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	-0.15

Return for Risk

QMNNX vs. KBUF — Risk / Return Rank

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

QMNNX

QMNNX Risk / Return Rank: 16
QMNNX Sharpe Ratio Rank: 20
QMNNX Sortino Ratio Rank: 20
QMNNX Omega Ratio Rank: 19
QMNNX Calmar Ratio Rank: 10
QMNNX Martin Ratio Rank: 9

KBUF

KBUF Risk / Return Rank: 7
KBUF Sharpe Ratio Rank: 6
KBUF Sortino Ratio Rank: 6
KBUF Omega Ratio Rank: 6
KBUF Calmar Ratio Rank: 8
KBUF Martin Ratio Rank: 8

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.

QMNNX vs. KBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Equity Market Neutral Fund Class N (QMNNX) and KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF). 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.

	QMNNX	KBUF	Difference
Sharpe ratio: Return per unit of total volatility	0.80	-0.32	+1.12
Sortino ratio: Return per unit of downside risk	1.18	-0.36	+1.54
Omega ratio: Gain probability vs. loss probability	1.14	0.96	+0.18
Calmar ratio: Return relative to maximum drawdown	0.56	-0.20	+0.76
Martin ratio: Return relative to average drawdown	1.17	-0.40	+1.57

QMNNX vs. KBUF - Sharpe Ratio Comparison

The current QMNNX Sharpe Ratio is 0.80, which is higher than the KBUF Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of QMNNX and KBUF, 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

QMNNX vs. KBUF - Drawdown Comparison

The maximum QMNNX drawdown since its inception was -39.22%, which is greater than KBUF's maximum drawdown of -21.14%. Use the drawdown chart below to compare losses from any high point for QMNNX and KBUF.

Drawdown Indicators

	QMNNX	KBUF	Difference
Max Drawdown Largest peak-to-trough decline	-39.22%	-21.14%	-18.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-21.14%	+11.18%
Max Drawdown (3Y) Largest decline over 3 years	-9.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.22%	—	—
Current Drawdown Current decline from peak	-6.29%	-14.56%	+8.27%
Average Drawdown Average peak-to-trough decline	-10.57%	-5.08%	-5.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	10.50%	-5.71%

Volatility

QMNNX vs. KBUF - Volatility Comparison

The current volatility for AQR Equity Market Neutral Fund Class N (QMNNX) is 2.50%, while KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) has a volatility of 3.34%. This indicates that QMNNX experiences smaller price fluctuations and is considered to be less risky than KBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMNNX	KBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	3.34%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	5.65%	10.53%	-4.88%
Volatility (1Y) Calculated over the trailing 1-year period	7.00%	13.42%	-6.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.30%	14.17%	-4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.35%	14.17%	-5.82%

QMNNX vs. KBUF - Expense Ratio Comparison

QMNNX has a 1.62% expense ratio, which is higher than KBUF's 0.95% expense ratio.

Dividends

QMNNX vs. KBUF - Dividend Comparison

QMNNX's dividend yield for the trailing twelve months is around 1.33%, less than KBUF's 8.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.27%	7.51%	3.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QMNNX AQR Equity Market Neutral Fund Class N	1.33%	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 KBUF in my portfolio?

QMNNX and KBUF have a correlation of -0.10, 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 KBUF?

KBUF has higher volatility (3.34%) compared to QMNNX (2.50%). In terms of maximum drawdown, QMNNX dropped -39.22% vs KBUF's -21.14%.

Which has better risk-adjusted returns?

QMNNX currently has the higher Sharpe Ratio (0.80 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.