QNZNX vs. HFGM

Last updated Apr 2, 2026

Compare and contrast key facts about AQR Trend Total Return Fund (QNZNX) and Unlimited HFGM Global Macro ETF (HFGM).

QNZNX is an actively managed fund by AQR Funds. It was launched on Dec 16, 2021. HFGM is an actively managed fund by Unlimited. It was launched on Apr 14, 2025.

Performance

QNZNX vs. HFGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund (QNZNX) and Unlimited HFGM Global Macro ETF (HFGM). The values are adjusted to include any dividend payments, if applicable.

QNZNX vs. HFGM - Yearly Performance Comparison

	2026 (YTD)	2025
QNZNX AQR Trend Total Return Fund	6.92%	25.26%
HFGM Unlimited HFGM Global Macro ETF	12.76%	26.63%

Returns By Period

In the year-to-date period, QNZNX achieves a 6.92% return, which is significantly lower than HFGM's 12.76% return.

QNZNX

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

HFGM

• 1D: 1.43%
• 1M: -4.15%
• YTD: 12.76%
• 6M: 12.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QNZNX vs. HFGM - Expense Ratio Comparison

QNZNX has a 1.52% expense ratio, which is higher than HFGM's 0.95% expense ratio.

QNZNX

AQR Trend Total Return Fund

HFGM

Unlimited HFGM Global Macro ETF

Return for Risk

QNZNX vs. HFGM — 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

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. 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.

	QNZNX	HFGM	Difference
Sharpe ratio Return per unit of total volatility	2.04	—	—
Sortino ratio Return per unit of downside risk	2.55	—	—
Omega ratio Gain probability vs. loss probability	1.40	—	—
Calmar ratio Return relative to maximum drawdown	2.76	—	—
Martin ratio Return relative to average drawdown	13.76	—	—
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

	QNZNX	HFGM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	1.96	-0.18

Correlation

The correlation between QNZNX and HFGM is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QNZNX vs. HFGM - Dividend Comparison

QNZNX's dividend yield for the trailing twelve months is around 0.80%, less than HFGM's 9.96% yield.

	TTM	2025	2024	2023	2022
QNZNX AQR Trend Total Return Fund	0.80%	0.86%	16.46%	23.14%	2.04%
HFGM Unlimited HFGM Global Macro ETF	9.96%	11.23%	0.00%	0.00%	0.00%

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 -10.66%. Use the drawdown chart below to compare losses from any high point for QNZNX and HFGM.

Drawdown Indicators

	QNZNX	HFGM	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-10.66%	-7.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	—	—
Current Drawdown Current decline from peak	-2.17%	-7.09%	+4.92%
Average Drawdown Average peak-to-trough decline	-2.88%	-2.34%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	—	—

Volatility

Volatility by Period

	QNZNX	HFGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	23.05%	-9.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.20%	23.05%	-10.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.20%	23.05%	-10.85%