QNZNX vs. MOOD

Last updated Jun 13, 2026

QNZNX (AQR Trend Total Return Fund) and MOOD (Relative Sentiment Tactical Allocation ETF) are both funds - QNZNX is a Systematic Trend fund actively managed by AQR Funds, while MOOD is a Tactical Allocation fund actively managed by Relative Sentiment. Both are actively managed. Over the past 3 years, QNZNX returned 29.97%/yr vs 20.20%/yr for MOOD. A 0.53 correlation means they provide meaningful diversification when combined. QNZNX charges 1.52%/yr vs 0.68%/yr for MOOD.

Performance

QNZNX vs. MOOD - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with QNZNX having a 14.04% return and MOOD slightly higher at 14.12%.

QNZNX

• 1D: 0.27%
• 1M: -2.66%
• YTD: 14.04%
• 6M: 16.05%
• 1Y: 33.73%
• 3Y*: 29.97%
• 5Y*: —
• 10Y*: —

MOOD

• 1D: 0.41%
• 1M: 1.18%
• YTD: 14.12%
• 6M: 15.59%
• 1Y: 33.44%
• 3Y*: 20.20%
• 5Y*: —
• 10Y*: —

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

QNZNX vs. MOOD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QNZNX AQR Trend Total Return Fund	14.04%	22.88%	34.96%	22.73%	-2.71%
MOOD Relative Sentiment Tactical Allocation ETF	14.12%	30.39%	12.53%	12.56%	-3.31%

Correlation

The correlation between QNZNX and MOOD is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 19, 2022	0.53

The correlation between QNZNX and MOOD has been stable across timeframes, ranging from 0.53 to 0.56 - a consistent structural relationship.

Return for Risk

QNZNX vs. MOOD — 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: 97
QNZNX Sortino Ratio Rank: 91
QNZNX Omega Ratio Rank: 88
QNZNX Calmar Ratio Rank: 98
QNZNX Martin Ratio Rank: 98

MOOD

MOOD Risk / Return Rank: 77
MOOD Sharpe Ratio Rank: 83
MOOD Sortino Ratio Rank: 70
MOOD Omega Ratio Rank: 86
MOOD Calmar Ratio Rank: 77
MOOD Martin Ratio Rank: 67

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. MOOD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund (QNZNX) and Relative Sentiment Tactical Allocation ETF (MOOD). 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	MOOD	Difference
Sharpe ratio: Return per unit of total volatility	3.13	2.32	+0.81
Sortino ratio: Return per unit of downside risk	4.05	2.76	+1.30
Omega ratio: Gain probability vs. loss probability	1.55	1.45	+0.10
Calmar ratio: Return relative to maximum drawdown	7.10	3.46	+3.64
Martin ratio: Return relative to average drawdown	27.05	10.68	+16.37

QNZNX vs. MOOD - Sharpe Ratio Comparison

The current QNZNX Sharpe Ratio is 3.13, which is higher than the MOOD Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of QNZNX and MOOD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QNZNX vs. MOOD - Drawdown Comparison

The maximum QNZNX drawdown since its inception was -18.38%, which is greater than MOOD's maximum drawdown of -14.34%. Use the drawdown chart below to compare losses from any high point for QNZNX and MOOD.

Drawdown Indicators

	QNZNX	MOOD	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-14.34%	-4.04%
Max Drawdown (1Y) Largest decline over 1 year	-4.88%	-9.71%	+4.83%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-9.71%	-3.77%
Current Drawdown Current decline from peak	-3.84%	-0.86%	-2.98%
Average Drawdown Average peak-to-trough decline	-2.77%	-2.32%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	3.14%	-1.86%

Volatility

QNZNX vs. MOOD - Volatility Comparison

The current volatility for AQR Trend Total Return Fund (QNZNX) is 3.24%, while Relative Sentiment Tactical Allocation ETF (MOOD) has a volatility of 4.19%. This indicates that QNZNX experiences smaller price fluctuations and is considered to be less risky than MOOD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QNZNX	MOOD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	4.19%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	12.73%	-5.12%
Volatility (1Y) Calculated over the trailing 1-year period	11.08%	14.49%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.08%	12.13%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.08%	12.13%	-0.05%

QNZNX vs. MOOD - Expense Ratio Comparison

QNZNX has a 1.52% expense ratio, which is higher than MOOD's 0.68% expense ratio.

Dividends

QNZNX vs. MOOD - Dividend Comparison

QNZNX's dividend yield for the trailing twelve months is around 0.75%, more than MOOD's 0.35% yield.

Position	TTM	2025	2024	2023	2022
MOOD Relative Sentiment Tactical Allocation ETF	0.35%	0.40%	1.33%	1.34%	1.43%
QNZNX AQR Trend Total Return Fund	0.75%	0.86%	16.46%	23.14%	2.04%

Frequently Asked Questions

Can I hold both QNZNX and MOOD in my portfolio?

QNZNX and MOOD have a correlation of 0.56, 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 MOOD?

MOOD has higher volatility (4.19%) compared to QNZNX (3.24%). In terms of maximum drawdown, QNZNX dropped -18.38% vs MOOD's -14.34%.

Which has better risk-adjusted returns?

QNZNX currently has the higher Sharpe Ratio (3.13 vs 2.32), 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.