QNZNX vs. QNZIX

Last updated Jun 4, 2026

QNZNX (AQR Trend Total Return Fund) and QNZIX (AQR Trend Total Return Fund Class I) are both Systematic Trend funds from AQR Funds. Both are actively managed. Over the past 3 years, QNZNX returned 32.33%/yr vs 32.65%/yr for QNZIX. With a 1.00 correlation, they move nearly in lockstep. QNZNX charges 1.52%/yr vs 1.27%/yr for QNZIX.

Performance

QNZNX vs. QNZIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund (QNZNX) and AQR Trend Total Return Fund Class I (QNZIX). 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 18.15% return and QNZIX slightly higher at 18.23%.

QNZNX

• 1D: 0.69%
• 1M: 4.12%
• YTD: 18.15%
• 6M: 20.39%
• 1Y: 38.15%
• 3Y*: 32.33%
• 5Y*: —
• 10Y*: —

QNZIX

• 1D: 0.69%
• 1M: 4.17%
• YTD: 18.23%
• 6M: 20.50%
• 1Y: 38.49%
• 3Y*: 32.65%
• 5Y*: —
• 10Y*: —

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

QNZNX vs. QNZIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QNZNX AQR Trend Total Return Fund	18.15%	22.88%	34.96%	22.73%	1.37%
QNZIX AQR Trend Total Return Fund Class I	18.23%	23.26%	35.22%	23.03%	1.57%

Correlation

The correlation between QNZNX and QNZIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	1.00

The correlation between QNZNX and QNZIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

QNZNX vs. QNZIX — Risk / Return Rank

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

QNZNX

QNZNX Risk / Return Rank: 95
QNZNX Sharpe Ratio Rank: 97
QNZNX Sortino Ratio Rank: 93
QNZNX Omega Ratio Rank: 90
QNZNX Calmar Ratio Rank: 98
QNZNX Martin Ratio Rank: 98

QNZIX

QNZIX Risk / Return Rank: 95
QNZIX Sharpe Ratio Rank: 97
QNZIX Sortino Ratio Rank: 93
QNZIX Omega Ratio Rank: 91
QNZIX Calmar Ratio Rank: 98
QNZIX Martin Ratio Rank: 98

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. QNZIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund (QNZNX) and AQR Trend Total Return Fund Class I (QNZIX). 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	QNZIX	Difference
Sharpe ratio Return per unit of total volatility	3.62	3.65	-0.03
Sortino ratio Return per unit of downside risk	4.72	4.76	-0.03
Omega ratio Gain probability vs. loss probability	1.65	1.65	0.00
Calmar ratio Return relative to maximum drawdown	7.97	8.07	-0.10
Martin ratio Return relative to average drawdown	32.08	32.68	-0.59
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. QNZIX - Sharpe Ratio Comparison

The current QNZNX Sharpe Ratio is 3.62, which is comparable to the QNZIX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of QNZNX and QNZIX, 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	QNZIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.62	3.65	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	2.00	-0.03

Drawdowns

QNZNX vs. QNZIX - Drawdown Comparison

The maximum QNZNX drawdown since its inception was -18.38%, roughly equal to the maximum QNZIX drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for QNZNX and QNZIX.

Drawdown Indicators

	QNZNX	QNZIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-18.35%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-4.88%	-4.86%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-13.51%	+0.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.78%	-2.77%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	1.20%	+0.01%

Volatility

QNZNX vs. QNZIX - Volatility Comparison

AQR Trend Total Return Fund (QNZNX) and AQR Trend Total Return Fund Class I (QNZIX) have volatilities of 2.28% and 2.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QNZNX	QNZIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	2.27%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	7.15%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.79%	10.80%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.05%	12.04%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.05%	12.04%	+0.01%

QNZNX vs. QNZIX - Expense Ratio Comparison

QNZNX has a 1.52% expense ratio, which is higher than QNZIX's 1.27% expense ratio.

Dividends

QNZNX vs. QNZIX - Dividend Comparison

QNZNX's dividend yield for the trailing twelve months is around 0.73%, less than QNZIX's 0.90% yield.

Position	TTM	2025	2024	2023	2022
QNZIX AQR Trend Total Return Fund Class I	0.90%	1.07%	16.81%	23.32%	2.14%
QNZNX AQR Trend Total Return Fund	0.73%	0.86%	16.46%	23.14%	2.04%

Frequently Asked Questions

Can I hold both QNZNX and QNZIX in my portfolio?

With a correlation of 1.00, QNZNX and QNZIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QNZNX or QNZIX?

QNZNX has higher volatility (2.28%) compared to QNZIX (2.27%). In terms of maximum drawdown, QNZNX dropped -18.38% vs QNZIX's -18.35%.

Which has better risk-adjusted returns?

QNZIX currently has the higher Sharpe Ratio (3.65 vs 3.62), 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.