QNZNX vs. EVOIX

Last updated Apr 2, 2026

Compare and contrast key facts about AQR Trend Total Return Fund (QNZNX) and Altegris Futures Evolution Strategy Fund (EVOIX).

QNZNX is an actively managed fund by AQR Funds. It was launched on Dec 16, 2021. EVOIX is managed by Altegris. It was launched on Oct 30, 2011.

Performance

QNZNX vs. EVOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund (QNZNX) and Altegris Futures Evolution Strategy Fund (EVOIX). The values are adjusted to include any dividend payments, if applicable.

QNZNX vs. EVOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QNZNX AQR Trend Total Return Fund	6.92%	22.88%	34.96%	22.73%	1.37%
EVOIX Altegris Futures Evolution Strategy Fund	4.82%	4.69%	3.86%	5.03%	-0.05%

Returns By Period

In the year-to-date period, QNZNX achieves a 6.92% return, which is significantly higher than EVOIX's 4.82% return.

QNZNX

• 1D: 0.88%
• 1M: -1.38%
• YTD: 6.92%
• 6M: 11.48%
• 1Y: 27.14%
• 3Y*: 28.03%
• 5Y*: —
• 10Y*: —

EVOIX

• 1D: -0.46%
• 1M: -0.61%
• YTD: 4.82%
• 6M: 10.44%
• 1Y: 13.47%
• 3Y*: 7.11%
• 5Y*: 7.60%
• 10Y*: 2.81%

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

QNZNX vs. EVOIX - Expense Ratio Comparison

QNZNX has a 1.52% expense ratio, which is higher than EVOIX's 1.34% expense ratio.

QNZNX

AQR Trend Total Return Fund

EVOIX

Altegris Futures Evolution Strategy Fund

Return for Risk

QNZNX vs. EVOIX — Risk / Return Rank

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

QNZNX

QNZNX Risk / Return Rank: 91
QNZNX Sharpe Ratio Rank: 92
QNZNX Sortino Ratio Rank: 89
QNZNX Omega Ratio Rank: 89
QNZNX Calmar Ratio Rank: 92
QNZNX Martin Ratio Rank: 95

EVOIX

EVOIX Risk / Return Rank: 56
EVOIX Sharpe Ratio Rank: 68
EVOIX Sortino Ratio Rank: 65
EVOIX Omega Ratio Rank: 54
EVOIX Calmar Ratio Rank: 64
EVOIX Martin Ratio Rank: 27

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. EVOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund (QNZNX) and Altegris Futures Evolution Strategy Fund (EVOIX). 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	EVOIX	Difference
Sharpe ratio Return per unit of total volatility	2.04	1.29	+0.74
Sortino ratio Return per unit of downside risk	2.55	1.76	+0.79
Omega ratio Gain probability vs. loss probability	1.40	1.24	+0.16
Calmar ratio Return relative to maximum drawdown	2.76	1.67	+1.10
Martin ratio Return relative to average drawdown	13.76	3.47	+10.29
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. EVOIX - Sharpe Ratio Comparison

The current QNZNX Sharpe Ratio is 2.04, which is higher than the EVOIX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of QNZNX and EVOIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QNZNX	EVOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.29	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	0.39	+1.39

Correlation

The correlation between QNZNX and EVOIX is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

QNZNX vs. EVOIX - Dividend Comparison

QNZNX's dividend yield for the trailing twelve months is around 0.80%, less than EVOIX's 10.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QNZNX AQR Trend Total Return Fund	0.80%	0.86%	16.46%	23.14%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EVOIX Altegris Futures Evolution Strategy Fund	10.11%	11.11%	10.09%	1.71%	34.87%	9.73%	2.23%	1.63%	5.52%	1.57%	7.27%	9.05%

Drawdowns

QNZNX vs. EVOIX - Drawdown Comparison

The maximum QNZNX drawdown since its inception was -18.38%, smaller than the maximum EVOIX drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for QNZNX and EVOIX.

Drawdown Indicators

	QNZNX	EVOIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-29.57%	+11.19%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-7.61%	-2.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.57%	—
Current Drawdown Current decline from peak	-2.17%	-1.21%	-0.96%
Average Drawdown Average peak-to-trough decline	-2.88%	-8.25%	+5.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	3.73%	-1.66%

Volatility

QNZNX vs. EVOIX - Volatility Comparison

AQR Trend Total Return Fund (QNZNX) has a higher volatility of 2.66% compared to Altegris Futures Evolution Strategy Fund (EVOIX) at 2.50%. This indicates that QNZNX's price experiences larger fluctuations and is considered to be riskier than EVOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QNZNX	EVOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.50%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	8.89%	7.97%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	10.04%	+3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.20%	9.68%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.20%	10.46%	+1.74%