QNZNX vs. HFGM
QNZNX (AQR Trend Total Return Fund) and HFGM (Unlimited HFGM Global Macro ETF) are both funds - QNZNX is a Systematic Trend fund actively managed by AQR Funds, while HFGM is a Macro Trading fund actively managed by Unlimited. Both are actively managed. Over the past year, QNZNX returned 36.55% vs 28.03% for HFGM. A 0.57 correlation means they provide meaningful diversification when combined. QNZNX charges 1.52%/yr vs 0.95%/yr for HFGM.
Performance
QNZNX vs. HFGM - Performance Comparison
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Returns By Period
In the year-to-date period, QNZNX achieves a 15.35% return, which is significantly higher than HFGM's 5.91% return.
QNZNX
- 1D
- 0.71%
- 1M
- -0.75%
- YTD
- 15.35%
- 6M
- 15.35%
- 1Y
- 36.55%
- 3Y*
- 30.04%
- 5Y*
- —
- 10Y*
- —
HFGM
- 1D
- -3.23%
- 1M
- -9.42%
- YTD
- 5.91%
- 6M
- 1.23%
- 1Y
- 28.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QNZNX vs. HFGM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QNZNX AQR Trend Total Return Fund | 15.35% | 25.75% |
HFGM Unlimited HFGM Global Macro ETF | 5.91% | 26.88% |
Correlation
The correlation between QNZNX and HFGM is 0.60, 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 | 0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025 | 0.57 |
The correlation between QNZNX and HFGM has been stable across timeframes, ranging from 0.57 to 0.60 - a consistent structural relationship.
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Return for Risk
QNZNX vs. HFGM — Risk / Return Rank
QNZNX
HFGM
QNZNX vs. HFGM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund (QNZNX) and Unlimited HFGM Global Macro ETF (HFGM). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| QNZNX | HFGM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.20 | ||
| Sortino ratioReturn per unit of downside risk | +2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.22 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 7.71 | 2.21 | +5.50 |
| Martin ratioReturn relative to average drawdown | 27.56 | 6.25 | +21.31 |
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Drawdowns
QNZNX vs. HFGM - Drawdown Comparison
The maximum QNZNX drawdown since its inception was -18.38%, which is greater than HFGM's maximum drawdown of -12.73%. Use the drawdown chart below to compare losses from any high point for QNZNX and HFGM.
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Drawdown Indicators
| QNZNX | HFGM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.38% | -12.73% | -5.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.88% | -12.73% | +7.85% |
Max Drawdown (3Y)Largest decline over 3 years | -13.48% | — | — |
Current DrawdownCurrent decline from peak | -2.74% | -12.73% | +9.99% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -2.96% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 4.50% | -3.14% |
Volatility
QNZNX vs. HFGM - Volatility Comparison
The current volatility for AQR Trend Total Return Fund (QNZNX) is 3.42%, while Unlimited HFGM Global Macro ETF (HFGM) has a volatility of 5.83%. This indicates that QNZNX experiences smaller price fluctuations and is considered to be less risky than HFGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QNZNX | HFGM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 5.83% | -2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 7.51% | 18.06% | -10.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.02% | 23.09% | -12.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.06% | 21.83% | -9.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.06% | 21.83% | -9.77% |
QNZNX vs. HFGM - Expense Ratio Comparison
QNZNX has a 1.52% expense ratio, which is higher than HFGM's 0.95% expense ratio.
Dividends
QNZNX vs. HFGM - Dividend Comparison
QNZNX's dividend yield for the trailing twelve months is around 0.74%, less than HFGM's 10.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HFGM Unlimited HFGM Global Macro ETF | 10.61% | 11.23% | 0.00% | 0.00% | 0.00% |
QNZNX AQR Trend Total Return Fund | 0.74% | 0.86% | 16.46% | 23.14% | 2.04% |
Frequently Asked Questions
QNZNX and HFGM have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HFGM has higher volatility (5.83%) compared to QNZNX (3.42%). In terms of maximum drawdown, QNZNX dropped -18.38% vs HFGM's -12.73%.
QNZNX currently has the higher Sharpe Ratio (3.42 vs 1.22), 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.
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