QNZIX vs. HECA

Last updated Apr 2, 2026

Compare and contrast key facts about AQR Trend Total Return Fund Class I (QNZIX) and Hedgeye Capital Allocation ETF (HECA).

QNZIX is an actively managed fund by AQR Funds. It was launched on Dec 16, 2021. HECA is an actively managed fund by Hedgeye. It was launched on Jun 30, 2025.

Performance

QNZIX vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund Class I (QNZIX) and Hedgeye Capital Allocation ETF (HECA). The values are adjusted to include any dividend payments, if applicable.

QNZIX vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
QNZIX AQR Trend Total Return Fund Class I	6.97%	16.21%
HECA Hedgeye Capital Allocation ETF	3.58%	12.83%

Returns By Period

In the year-to-date period, QNZIX achieves a 6.97% return, which is significantly higher than HECA's 3.58% return.

QNZIX

• 1D: 0.94%
• 1M: -1.32%
• YTD: 6.97%
• 6M: 11.69%
• 1Y: 27.41%
• 3Y*: 28.37%
• 5Y*: —
• 10Y*: —

HECA

• 1D: -0.80%
• 1M: -5.76%
• YTD: 3.58%
• 6M: 5.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QNZIX vs. HECA - Expense Ratio Comparison

QNZIX has a 1.27% expense ratio, which is higher than HECA's 1.02% expense ratio.

QNZIX

AQR Trend Total Return Fund Class I

HECA

Hedgeye Capital Allocation ETF

Return for Risk

QNZIX vs. HECA — Risk / Return Rank

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

QNZIX

QNZIX Risk / Return Rank: 92
QNZIX Sharpe Ratio Rank: 93
QNZIX Sortino Ratio Rank: 90
QNZIX Omega Ratio Rank: 89
QNZIX Calmar Ratio Rank: 92
QNZIX Martin Ratio Rank: 96

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. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund Class I (QNZIX) and Hedgeye Capital Allocation ETF (HECA). 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	HECA	Difference
Sharpe ratio Return per unit of total volatility	2.06	—	—
Sortino ratio Return per unit of downside risk	2.58	—	—
Omega ratio Gain probability vs. loss probability	1.40	—	—
Calmar ratio Return relative to maximum drawdown	2.79	—	—
Martin ratio Return relative to average drawdown	13.91	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QNZIX	HECA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	1.78	+0.03

Correlation

The correlation between QNZIX and HECA is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QNZIX vs. HECA - Dividend Comparison

QNZIX's dividend yield for the trailing twelve months is around 1.00%, less than HECA's 1.95% yield.

	TTM	2025	2024	2023	2022
QNZIX AQR Trend Total Return Fund Class I	1.00%	1.07%	16.81%	23.32%	2.14%
HECA Hedgeye Capital Allocation ETF	1.95%	2.02%	0.00%	0.00%	0.00%

Drawdowns

QNZIX vs. HECA - Drawdown Comparison

The maximum QNZIX drawdown since its inception was -18.35%, which is greater than HECA's maximum drawdown of -7.07%. Use the drawdown chart below to compare losses from any high point for QNZIX and HECA.

Drawdown Indicators

	QNZIX	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-7.07%	-11.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.27%	—	—
Current Drawdown Current decline from peak	-2.11%	-7.07%	+4.96%
Average Drawdown Average peak-to-trough decline	-2.87%	-1.56%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	—	—

Volatility

Volatility by Period

	QNZIX	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	12.98%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	12.98%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.19%	12.98%	-0.79%