QNZIX vs. QAI

Last updated Jun 4, 2026

QNZIX (AQR Trend Total Return Fund Class I) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both funds - QNZIX is a Systematic Trend fund actively managed by AQR Funds, while QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index. QNZIX is actively managed, while QAI is passively managed. Over the past 3 years, QNZIX returned 32.65%/yr vs 10.28%/yr for QAI. At a 0.48 correlation, their price movements are largely independent. QNZIX charges 1.27%/yr vs 0.79%/yr for QAI.

Performance

QNZIX vs. QAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund Class I (QNZIX) and IQ Hedge Multi-Strategy Tracker ETF (QAI). 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 QAI's 9.07% return.

QNZIX

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

QAI

• 1D: -0.35%
• 1M: 2.48%
• YTD: 9.07%
• 6M: 9.63%
• 1Y: 16.35%
• 3Y*: 10.28%
• 5Y*: 4.57%
• 10Y*: 3.93%

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

QNZIX vs. QAI - 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%
QAI IQ Hedge Multi-Strategy Tracker ETF	9.07%	8.29%	6.67%	10.07%	-5.41%

Correlation

The correlation between QNZIX and QAI is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.48

The correlation between QNZIX and QAI has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

Return for Risk

QNZIX vs. QAI — 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

QAI

QAI Risk / Return Rank: 85
QAI Sharpe Ratio Rank: 83
QAI Sortino Ratio Rank: 85
QAI Omega Ratio Rank: 87
QAI Calmar Ratio Rank: 82
QAI Martin Ratio Rank: 86

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. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund Class I (QNZIX) 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.

	QNZIX	QAI	Difference
Sharpe ratio Return per unit of total volatility	3.65	2.74	+0.90
Sortino ratio Return per unit of downside risk	4.76	3.91	+0.85
Omega ratio Gain probability vs. loss probability	1.65	1.55	+0.11
Calmar ratio Return relative to maximum drawdown	8.07	4.42	+3.65
Martin ratio Return relative to average drawdown	32.68	18.26	+14.42
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. QAI - Sharpe Ratio Comparison

The current QNZIX Sharpe Ratio is 3.65, which is higher than the QAI Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of QNZIX and QAI, 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	QAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.65	2.74	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	0.57	+1.42

Drawdowns

QNZIX vs. QAI - Drawdown Comparison

The maximum QNZIX drawdown since its inception was -18.35%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for QNZIX and QAI.

Drawdown Indicators

	QNZIX	QAI	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-14.95%	-3.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-3.71%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-13.51%	-7.78%	-5.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.95%	—
Current Drawdown Current decline from peak	0.00%	-0.35%	+0.35%
Average Drawdown Average peak-to-trough decline	-2.77%	-2.57%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	0.90%	+0.30%

Volatility

QNZIX vs. QAI - Volatility Comparison

AQR Trend Total Return Fund Class I (QNZIX) has a higher volatility of 2.27% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 2.06%. This indicates that QNZIX's price experiences larger fluctuations and is considered to be riskier than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QNZIX	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	2.06%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	7.15%	4.91%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.80%	5.99%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.04%	6.55%	+5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.04%	6.17%	+5.87%

QNZIX vs. QAI - Expense Ratio Comparison

QNZIX has a 1.27% expense ratio, which is higher than QAI's 0.79% expense ratio.

Dividends

QNZIX vs. QAI - Dividend Comparison

QNZIX's dividend yield for the trailing twelve months is around 0.90%, less than QAI's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QAI IQ Hedge Multi-Strategy Tracker ETF	1.38%	1.50%	2.22%	4.08%	2.00%	0.28%	1.98%	1.91%	1.90%	0.00%	0.00%	0.48%
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 QAI in my portfolio?

QNZIX and QAI have a correlation of 0.56, 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 QAI?

QNZIX has higher volatility (2.27%) compared to QAI (2.06%). In terms of maximum drawdown, QNZIX dropped -18.35% vs QAI's -14.95%.

Which has better risk-adjusted returns?

QNZIX currently has the higher Sharpe Ratio (3.65 vs 2.74), 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.