QMNNX vs. QAI
Compare and contrast key facts about AQR Equity Market Neutral Fund N (QMNNX) and IQ Hedge Multi-Strategy Tracker ETF (QAI).
QMNNX is managed by AQR Funds. It was launched on Oct 7, 2014. QAI is a passively managed fund by New York Life that tracks the performance of the IQ Hedge Multi-Strategy Index. It was launched on Mar 25, 2009.
Performance
QMNNX vs. QAI - Performance Comparison
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QMNNX vs. QAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QMNNX AQR Equity Market Neutral Fund N | -3.52% | 26.19% | 25.43% | 16.30% | 27.07% | 17.38% | -19.79% | -11.55% | -11.94% | 5.56% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 2.21% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
Returns By Period
In the year-to-date period, QMNNX achieves a -3.52% return, which is significantly lower than QAI's 2.21% return. Over the past 10 years, QMNNX has outperformed QAI with an annualized return of 6.07%, while QAI has yielded a comparatively lower 3.34% annualized return.
QMNNX
- 1D
- -0.17%
- 1M
- 0.43%
- YTD
- -3.52%
- 6M
- 1.87%
- 1Y
- 10.76%
- 3Y*
- 20.68%
- 5Y*
- 18.37%
- 10Y*
- 6.07%
QAI
- 1D
- 0.38%
- 1M
- -1.58%
- YTD
- 2.21%
- 6M
- 3.27%
- 1Y
- 10.68%
- 3Y*
- 8.18%
- 5Y*
- 3.48%
- 10Y*
- 3.34%
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QMNNX vs. QAI - Expense Ratio Comparison
QMNNX has a 5.28% expense ratio, which is higher than QAI's 0.79% expense ratio.
Return for Risk
QMNNX vs. QAI — Risk / Return Rank
QMNNX
QAI
QMNNX vs. QAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Equity Market Neutral Fund N (QMNNX) and IQ Hedge Multi-Strategy Tracker ETF (QAI). 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 | QAI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.77 | 1.42 | +0.35 |
Sortino ratioReturn per unit of downside risk | 2.40 | 2.00 | +0.40 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.06 | 2.03 | +0.03 |
Martin ratioReturn relative to average drawdown | 5.15 | 9.34 | -4.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QMNNX | QAI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.77 | 1.42 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.94 | 0.54 | +1.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | 0.55 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.87 | 0.52 | +0.36 |
Correlation
The correlation between QMNNX and QAI is -0.08. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
QMNNX vs. QAI - Dividend Comparison
QMNNX's dividend yield for the trailing twelve months is around 1.30%, less than QAI's 1.47% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QMNNX AQR Equity Market Neutral Fund N | 1.30% | 1.26% | 6.06% | 21.67% | 5.77% | 1.41% | 17.64% | 3.86% | 0.49% | 3.37% | 1.19% | 2.51% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.47% | 1.50% | 2.22% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% |
Drawdowns
QMNNX vs. QAI - Drawdown Comparison
The maximum QMNNX drawdown since its inception was -39.22%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for QMNNX and QAI.
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Drawdown Indicators
| QMNNX | QAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.22% | -14.95% | -24.27% |
Max Drawdown (1Y)Largest decline over 1 year | -5.47% | -5.43% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -14.23% | -14.32% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -39.22% | -14.95% | -24.27% |
Current DrawdownCurrent decline from peak | -3.92% | -2.14% | -1.78% |
Average DrawdownAverage peak-to-trough decline | -10.67% | -2.60% | -8.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 1.18% | +1.01% |
Volatility
QMNNX vs. QAI - Volatility Comparison
The current volatility for AQR Equity Market Neutral Fund N (QMNNX) is 1.36%, while IQ Hedge Multi-Strategy Tracker ETF (QAI) has a volatility of 2.69%. This indicates that QMNNX experiences smaller price fluctuations and is considered to be less risky than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QMNNX | QAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 2.69% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 4.07% | 4.96% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 7.56% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.53% | 6.51% | +3.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.23% | 6.12% | +2.11% |