QNZIX vs. HECA

Last updated Jun 5, 2026

QNZIX (AQR Trend Total Return Fund Class I) and HECA (Hedgeye Capital Allocation ETF) are both funds - QNZIX is a Systematic Trend fund actively managed by AQR Funds, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. A 0.52 correlation means they provide meaningful diversification when combined. QNZIX charges 1.27%/yr vs 1.02%/yr for HECA.

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.

Returns By Period

In the year-to-date period, QNZIX achieves a 18.67% return, which is significantly higher than HECA's 0.54% return.

QNZIX

• 1D: 0.37%
• 1M: 4.09%
• YTD: 18.67%
• 6M: 20.64%
• 1Y: 38.90%
• 3Y*: 32.82%
• 5Y*: —
• 10Y*: —

HECA

• 1D: 0.32%
• 1M: -0.14%
• YTD: 0.54%
• 6M: -0.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QNZIX vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
QNZIX AQR Trend Total Return Fund Class I	18.67%	16.21%
HECA Hedgeye Capital Allocation ETF	0.54%	12.83%

Correlation

The correlation between QNZIX and HECA is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.52

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: 95
QNZIX Sharpe Ratio Rank: 97
QNZIX Sortino Ratio Rank: 93
QNZIX Omega Ratio Rank: 89
QNZIX Calmar Ratio Rank: 98
QNZIX Martin Ratio Rank: 98

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	3.64	—	—
Sortino ratio: Return per unit of downside risk	4.75	—	—
Omega ratio: Gain probability vs. loss probability	1.65	—	—
Calmar ratio: Return relative to maximum drawdown	8.05	—	—
Martin ratio: Return relative to average drawdown	32.60	—	—
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	3.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	1.18	+0.82

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 -11.81%. 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%	-11.81%	-6.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.51%	—	—
Current Drawdown Current decline from peak	0.00%	-9.80%	+9.80%
Average Drawdown Average peak-to-trough decline	-2.76%	-3.18%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	—	—

Volatility

Volatility by Period

	QNZIX	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	12.41%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	12.41%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.03%	12.41%	-0.38%

QNZIX vs. HECA - Expense Ratio Comparison

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

Dividends

QNZIX vs. HECA - Dividend Comparison

QNZIX's dividend yield for the trailing twelve months is around 0.90%, less than HECA's 2.01% yield.

Position	TTM	2025	2024	2023	2022
HECA Hedgeye Capital Allocation ETF	2.01%	2.02%	0.00%	0.00%	0.00%
QNZIX AQR Trend Total Return Fund Class I	0.90%	1.07%	16.81%	23.32%	2.14%

Frequently Asked Questions

Can I hold both QNZIX and HECA in my portfolio?

QNZIX and HECA have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.