QNZIX vs. IALT

Last updated Jun 4, 2026

QNZIX (AQR Trend Total Return Fund Class I) and IALT (iShares Systematic Alternatives Active ETF) are both funds - QNZIX is a Systematic Trend fund actively managed by AQR Funds, while IALT is a Multistrategy fund actively managed by iShares. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. QNZIX charges 1.27%/yr vs 0.99%/yr for IALT.

Performance

QNZIX vs. IALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund Class I (QNZIX) and iShares Systematic Alternatives Active ETF (IALT). 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 IALT's 13.14% return.

QNZIX

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

IALT

• 1D: -0.07%
• 1M: 2.25%
• YTD: 13.14%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QNZIX vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
QNZIX AQR Trend Total Return Fund Class I	18.23%	1.35%
IALT iShares Systematic Alternatives Active ETF	13.14%	0.73%

Correlation

The correlation between QNZIX and IALT is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.49

Return for Risk

QNZIX vs. IALT — 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

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. IALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund Class I (QNZIX) and iShares Systematic Alternatives Active ETF (IALT). 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	IALT	Difference
Sharpe ratio: Return per unit of total volatility	3.65	—	—
Sortino ratio: Return per unit of downside risk	4.76	—	—
Omega ratio: Gain probability vs. loss probability	1.65	—	—
Calmar ratio: Return relative to maximum drawdown	8.07	—	—
Martin ratio: Return relative to average drawdown	32.68	—	—
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	IALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	4.28	-2.29

Drawdowns

QNZIX vs. IALT - Drawdown Comparison

The maximum QNZIX drawdown since its inception was -18.35%, which is greater than IALT's maximum drawdown of -1.47%. Use the drawdown chart below to compare losses from any high point for QNZIX and IALT.

Drawdown Indicators

	QNZIX	IALT	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-1.47%	-16.88%
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%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-2.77%	-0.32%	-2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	—	—

Volatility

Volatility by Period

	QNZIX	IALT	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	10.80%	7.48%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.04%	7.48%	+4.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.04%	7.48%	+4.56%

QNZIX vs. IALT - Expense Ratio Comparison

QNZIX has a 1.27% expense ratio, which is higher than IALT's 0.99% expense ratio.

Dividends

QNZIX vs. IALT - Dividend Comparison

QNZIX's dividend yield for the trailing twelve months is around 0.90%, more than IALT's 0.12% yield.

Position	TTM	2025	2024	2023	2022
IALT iShares Systematic Alternatives Active ETF	0.12%	0.14%	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 IALT in my portfolio?

QNZIX and IALT have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.