QNZNX vs. LALT

Last updated Jun 9, 2026

QNZNX (AQR Trend Total Return Fund) and LALT (First Trust Multi-Strategy Alternative ETF) are both funds - QNZNX is a Systematic Trend fund actively managed by AQR Funds, while LALT is a Global Allocation fund actively managed by First Trust. Both are actively managed. Over the past 3 years, QNZNX returned 31.08%/yr vs 10.27%/yr for LALT. At a 0.47 correlation, their price movements are largely independent. QNZNX charges 1.52%/yr vs 1.94%/yr for LALT.

Performance

QNZNX vs. LALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund (QNZNX) and First Trust Multi-Strategy Alternative ETF (LALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QNZNX achieves a 15.72% return, which is significantly higher than LALT's 9.60% return.

QNZNX

• 1D: -2.01%
• 1M: 0.82%
• YTD: 15.72%
• 6M: 17.77%
• 1Y: 36.10%
• 3Y*: 31.08%
• 5Y*: —
• 10Y*: —

LALT

• 1D: 0.02%
• 1M: -0.95%
• YTD: 9.60%
• 6M: 9.66%
• 1Y: 20.41%
• 3Y*: 10.27%
• 5Y*: —
• 10Y*: —

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

QNZNX vs. LALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QNZNX AQR Trend Total Return Fund	15.72%	22.88%	34.96%	16.78%
LALT First Trust Multi-Strategy Alternative ETF	9.60%	10.79%	8.77%	0.88%

Correlation

The correlation between QNZNX and LALT is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.47

Return for Risk

QNZNX vs. LALT — Risk / Return Rank

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

QNZNX

QNZNX Risk / Return Rank: 94
QNZNX Sharpe Ratio Rank: 95
QNZNX Sortino Ratio Rank: 90
QNZNX Omega Ratio Rank: 87
QNZNX Calmar Ratio Rank: 98
QNZNX Martin Ratio Rank: 98

LALT

LALT Risk / Return Rank: 93
LALT Sharpe Ratio Rank: 92
LALT Sortino Ratio Rank: 92
LALT Omega Ratio Rank: 92
LALT Calmar Ratio Rank: 95
LALT 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. LALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund (QNZNX) and First Trust Multi-Strategy Alternative ETF (LALT). 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	LALT	Difference
Sharpe ratio: Return per unit of total volatility	3.30	2.95	+0.35
Sortino ratio: Return per unit of downside risk	4.28	4.11	+0.17
Omega ratio: Gain probability vs. loss probability	1.59	1.57	+0.02
Calmar ratio: Return relative to maximum drawdown	7.41	7.15	+0.26
Martin ratio: Return relative to average drawdown	29.90	27.08	+2.82
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. LALT - Sharpe Ratio Comparison

The current QNZNX Sharpe Ratio is 3.30, which is comparable to the LALT Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of QNZNX and LALT, 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	LALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.30	2.95	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	1.91	1.55	+0.36

Drawdowns

QNZNX vs. LALT - Drawdown Comparison

The maximum QNZNX drawdown since its inception was -18.38%, which is greater than LALT's maximum drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for QNZNX and LALT.

Drawdown Indicators

	QNZNX	LALT	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-6.97%	-11.41%
Max Drawdown (1Y) Largest decline over 1 year	-4.88%	-2.87%	-2.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-6.97%	-6.51%
Current Drawdown Current decline from peak	-2.42%	-1.79%	-0.63%
Average Drawdown Average peak-to-trough decline	-2.77%	-0.98%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	0.76%	+0.45%

Volatility

QNZNX vs. LALT - Volatility Comparison

AQR Trend Total Return Fund (QNZNX) has a higher volatility of 3.22% compared to First Trust Multi-Strategy Alternative ETF (LALT) at 1.81%. This indicates that QNZNX's price experiences larger fluctuations and is considered to be riskier than LALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QNZNX	LALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	1.81%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	7.45%	5.57%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	6.96%	+4.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.08%	5.81%	+6.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.08%	5.81%	+6.27%

QNZNX vs. LALT - Expense Ratio Comparison

QNZNX has a 1.52% expense ratio, which is lower than LALT's 1.94% expense ratio.

Dividends

QNZNX vs. LALT - Dividend Comparison

QNZNX's dividend yield for the trailing twelve months is around 0.74%, less than LALT's 3.72% yield.

Position	TTM	2025	2024	2023	2022
LALT First Trust Multi-Strategy Alternative ETF	3.72%	2.03%	2.06%	2.44%	0.00%
QNZNX AQR Trend Total Return Fund	0.74%	0.86%	16.46%	23.14%	2.04%

Frequently Asked Questions

Can I hold both QNZNX and LALT in my portfolio?

QNZNX and LALT have a correlation of 0.49, 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 LALT?

QNZNX has higher volatility (3.22%) compared to LALT (1.81%). In terms of maximum drawdown, QNZNX dropped -18.38% vs LALT's -6.97%.

Which has better risk-adjusted returns?

QNZNX currently has the higher Sharpe Ratio (3.30 vs 2.95), 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.