QNZIX vs. EVOIX

Last updated Jun 4, 2026

QNZIX (AQR Trend Total Return Fund Class I) and EVOIX (Altegris Futures Evolution Strategy Fund) are both Systematic Trend funds. Over the past 3 years, QNZIX returned 32.65%/yr vs 6.11%/yr for EVOIX. At a 0.29 correlation, their price movements are largely independent. QNZIX charges 1.27%/yr vs 1.34%/yr for EVOIX.

Performance

QNZIX vs. EVOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund Class I (QNZIX) and Altegris Futures Evolution Strategy Fund (EVOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QNZIX achieves a 18.23% return, which is significantly higher than EVOIX's 8.67% return.

QNZIX

• 1D: 0.69%
• 1M: 4.17%
• YTD: 18.23%
• 6M: 20.50%
• 1Y: 38.49%
• 3Y*: 32.65%
• 5Y*: —
• 10Y*: —

EVOIX

• 1D: -0.15%
• 1M: 0.74%
• YTD: 8.67%
• 6M: 11.53%
• 1Y: 25.40%
• 3Y*: 6.11%
• 5Y*: 7.17%
• 10Y*: 3.58%

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

QNZIX vs. EVOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QNZIX AQR Trend Total Return Fund Class I	18.23%	23.26%	35.22%	23.03%	1.57%
EVOIX Altegris Futures Evolution Strategy Fund	8.67%	4.69%	3.86%	5.03%	-0.05%

Correlation

The correlation between QNZIX and EVOIX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.29

Over the past year, QNZIX and EVOIX have become more correlated (0.54) than their long-term average of 0.29, meaning their price movements have been converging.

Return for Risk

QNZIX vs. EVOIX — Risk / Return Rank

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

QNZIX

QNZIX Risk / Return Rank: 95
QNZIX Sharpe Ratio Rank: 97
QNZIX Sortino Ratio Rank: 93
QNZIX Omega Ratio Rank: 91
QNZIX Calmar Ratio Rank: 98
QNZIX Martin Ratio Rank: 98

EVOIX

EVOIX Risk / Return Rank: 75
EVOIX Sharpe Ratio Rank: 75
EVOIX Sortino Ratio Rank: 61
EVOIX Omega Ratio Rank: 65
EVOIX Calmar Ratio Rank: 91
EVOIX Martin Ratio Rank: 82

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.

QNZIX vs. EVOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund Class I (QNZIX) and Altegris Futures Evolution Strategy Fund (EVOIX). 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.

	QNZIX	EVOIX	Difference
Sharpe ratio: Return per unit of total volatility	3.65	2.50	+1.15
Sortino ratio: Return per unit of downside risk	4.76	3.29	+1.47
Omega ratio: Gain probability vs. loss probability	1.65	1.45	+0.20
Calmar ratio: Return relative to maximum drawdown	8.07	4.76	+3.31
Martin ratio: Return relative to average drawdown	32.68	15.43	+17.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QNZIX vs. EVOIX - Sharpe Ratio Comparison

The current QNZIX Sharpe Ratio is 3.65, which is higher than the EVOIX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of QNZIX and EVOIX, 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

	QNZIX	EVOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.65	2.50	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	0.41	+1.58

Drawdowns

QNZIX vs. EVOIX - Drawdown Comparison

The maximum QNZIX drawdown since its inception was -18.35%, smaller than the maximum EVOIX drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for QNZIX and EVOIX.

Drawdown Indicators

	QNZIX	EVOIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-29.57%	+11.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-5.32%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-13.51%	-18.80%	+5.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.57%	—
Current Drawdown Current decline from peak	0.00%	-1.60%	+1.60%
Average Drawdown Average peak-to-trough decline	-2.77%	-8.16%	+5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.64%	-0.44%

Volatility

QNZIX vs. EVOIX - Volatility Comparison

The current volatility for AQR Trend Total Return Fund Class I (QNZIX) is 2.27%, while Altegris Futures Evolution Strategy Fund (EVOIX) has a volatility of 2.95%. This indicates that QNZIX experiences smaller price fluctuations and is considered to be less risky than EVOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QNZIX	EVOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	2.95%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	7.15%	7.79%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	10.80%	10.13%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.04%	9.73%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.04%	10.49%	+1.55%

QNZIX vs. EVOIX - Expense Ratio Comparison

QNZIX has a 1.27% expense ratio, which is lower than EVOIX's 1.34% expense ratio.

Dividends

QNZIX vs. EVOIX - Dividend Comparison

QNZIX's dividend yield for the trailing twelve months is around 0.90%, less than EVOIX's 9.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EVOIX Altegris Futures Evolution Strategy Fund	9.37%	11.11%	10.09%	1.71%	34.87%	9.73%	2.23%	1.63%	5.52%	1.57%	7.27%	9.05%
QNZIX AQR Trend Total Return Fund Class I	0.90%	1.07%	16.81%	23.32%	2.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QNZIX and EVOIX in my portfolio?

QNZIX and EVOIX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QNZIX or EVOIX?

EVOIX has higher volatility (2.95%) compared to QNZIX (2.27%). In terms of maximum drawdown, QNZIX dropped -18.35% vs EVOIX's -29.57%.

Which has better risk-adjusted returns?

QNZIX currently has the higher Sharpe Ratio (3.65 vs 2.50), 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.