QNZNX vs. AHLIX

Last updated Jun 4, 2026

QNZNX (AQR Trend Total Return Fund) and AHLIX (American Beacon AHL Managed Futures Strategy Fund Class R5) are both Systematic Trend funds. Both are actively managed. Over the past 3 years, QNZNX returned 32.33%/yr vs 5.08%/yr for AHLIX. At a 0.33 correlation, their price movements are largely independent. QNZNX charges 1.52%/yr vs 1.53%/yr for AHLIX.

Performance

QNZNX vs. AHLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund (QNZNX) and American Beacon AHL Managed Futures Strategy Fund Class R5 (AHLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QNZNX achieves a 18.15% return, which is significantly higher than AHLIX's 12.91% return.

QNZNX

• 1D: 0.69%
• 1M: 4.12%
• YTD: 18.15%
• 6M: 20.39%
• 1Y: 38.15%
• 3Y*: 32.33%
• 5Y*: —
• 10Y*: —

AHLIX

• 1D: 0.56%
• 1M: 3.26%
• YTD: 12.91%
• 6M: 15.25%
• 1Y: 31.52%
• 3Y*: 5.08%
• 5Y*: 4.99%
• 10Y*: 5.15%

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

QNZNX vs. AHLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QNZNX AQR Trend Total Return Fund	18.15%	22.88%	34.96%	22.73%	1.37%
AHLIX American Beacon AHL Managed Futures Strategy Fund Class R5	12.91%	2.59%	2.07%	-3.85%	9.23%

Correlation

The correlation between QNZNX and AHLIX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.33

Over the past year, QNZNX and AHLIX have become more correlated (0.67) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

QNZNX vs. AHLIX — Risk / Return Rank

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

QNZNX

QNZNX Risk / Return Rank: 95
QNZNX Sharpe Ratio Rank: 97
QNZNX Sortino Ratio Rank: 93
QNZNX Omega Ratio Rank: 90
QNZNX Calmar Ratio Rank: 98
QNZNX Martin Ratio Rank: 98

AHLIX

AHLIX Risk / Return Rank: 88
AHLIX Sharpe Ratio Rank: 88
AHLIX Sortino Ratio Rank: 81
AHLIX Omega Ratio Rank: 79
AHLIX Calmar Ratio Rank: 96
AHLIX Martin Ratio Rank: 93

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.

QNZNX vs. AHLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund (QNZNX) and American Beacon AHL Managed Futures Strategy Fund Class R5 (AHLIX). 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.

	QNZNX	AHLIX	Difference
Sharpe ratio Return per unit of total volatility	3.62	2.90	+0.72
Sortino ratio Return per unit of downside risk	4.72	3.88	+0.84
Omega ratio Gain probability vs. loss probability	1.65	1.53	+0.12
Calmar ratio Return relative to maximum drawdown	7.97	6.41	+1.56
Martin ratio Return relative to average drawdown	32.08	20.39	+11.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QNZNX vs. AHLIX - Sharpe Ratio Comparison

The current QNZNX Sharpe Ratio is 3.62, which is comparable to the AHLIX Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of QNZNX and AHLIX, 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

	QNZNX	AHLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.62	2.90	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	0.47	+1.50

Drawdowns

QNZNX vs. AHLIX - Drawdown Comparison

The maximum QNZNX drawdown since its inception was -18.38%, smaller than the maximum AHLIX drawdown of -21.62%. Use the drawdown chart below to compare losses from any high point for QNZNX and AHLIX.

Drawdown Indicators

	QNZNX	AHLIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-21.62%	+3.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.88%	-4.91%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-21.62%	+8.14%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.62%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.78%	-6.56%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	1.54%	-0.33%

Volatility

QNZNX vs. AHLIX - Volatility Comparison

AQR Trend Total Return Fund (QNZNX) and American Beacon AHL Managed Futures Strategy Fund Class R5 (AHLIX) have volatilities of 2.28% and 2.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QNZNX	AHLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	2.38%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	7.67%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	10.79%	10.88%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.05%	9.64%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.05%	9.48%	+2.57%

QNZNX vs. AHLIX - Expense Ratio Comparison

QNZNX has a 1.52% expense ratio, which is lower than AHLIX's 1.53% expense ratio.

Dividends

QNZNX vs. AHLIX - Dividend Comparison

QNZNX's dividend yield for the trailing twelve months is around 0.73%, less than AHLIX's 7.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AHLIX American Beacon AHL Managed Futures Strategy Fund Class R5	7.31%	8.25%	0.55%	1.10%	17.63%	7.44%	5.33%	4.47%	1.83%	4.01%	0.00%	3.51%
QNZNX AQR Trend Total Return Fund	0.73%	0.86%	16.46%	23.14%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QNZNX and AHLIX in my portfolio?

QNZNX and AHLIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QNZNX or AHLIX?

AHLIX has higher volatility (2.38%) compared to QNZNX (2.28%). In terms of maximum drawdown, QNZNX dropped -18.38% vs AHLIX's -21.62%.

Which has better risk-adjusted returns?

QNZNX currently has the higher Sharpe Ratio (3.62 vs 2.90), 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.