QNZNX vs. QSPRX

Last updated Aug 1, 2026

QNZNX (AQR Trend Total Return Fund) and QSPRX (AQR Style Premia Alternative R6) are both mutual funds - QNZNX is a Systematic Trend fund actively managed by AQR, while QSPRX is a Multistrategy fund actively managed by AQR. Both are actively managed. Over the past 3 years, QNZNX returned 27.20%/yr vs 20.82%/yr for QSPRX. Their 0.34 correlation means their historical movements had little consistent relationship. QNZNX charges 1.52%/yr vs 5.79%/yr for QSPRX.

Performance

QNZNX vs. QSPRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund (QNZNX) and AQR Style Premia Alternative R6 (QSPRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QNZNX achieves a 13.04% return, which is significantly lower than QSPRX's 17.68% return.

QNZNX

• 1D: 1.06%
• 1M: 1.85%
• 6M: 6.46%
• YTD: 13.04%
• 1Y: 31.98%
• 3Y*: 27.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.39%

QSPRX

• 1D: 0.49%
• 1M: 6.55%
• 6M: 14.53%
• YTD: 17.68%
• 1Y: 22.36%
• 3Y*: 20.82%
• 5Y*: 20.25%
• 10Y*: 7.87%
• ALL TIME*: 7.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QNZNX AQR Trend Total Return Fund	$0.00	$0.00	$0.00
QSPRX AQR Style Premia Alternative R6	$0.00	$0.00	$0.00

QNZNX vs. QSPRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QNZNX AQR Trend Total Return Fund	13.04%	22.88%	34.96%	22.73%	1.37%
QSPRX AQR Style Premia Alternative R6	17.68%	14.94%	21.60%	12.50%	9.11%

Correlation

The correlation between QNZNX and QSPRX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.34

The correlation between QNZNX and QSPRX shifts across timeframes, from 0.18 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QNZNX vs. QSPRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QNZNX

QNZNX Risk / Return Rank: 91
QNZNX Sharpe Ratio Rank: 93
QNZNX Sortino Ratio Rank: 87
QNZNX Omega Ratio Rank: 85
QNZNX Calmar Ratio Rank: 95
QNZNX Martin Ratio Rank: 93

QSPRX

QSPRX Risk / Return Rank: 90
QSPRX Sharpe Ratio Rank: 91
QSPRX Sortino Ratio Rank: 90
QSPRX Omega Ratio Rank: 84
QSPRX Calmar Ratio Rank: 96
QSPRX Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QNZNX vs. QSPRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund (QNZNX) and AQR Style Premia Alternative R6 (QSPRX). 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	QSPRX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.31	+0.10
Sortino ratio: Return per unit of downside risk	3.16	3.43	-0.27
Omega ratio: Gain probability vs. loss probability	1.42	1.40	+0.02
Calmar ratio: Return relative to maximum drawdown	4.35	4.39	-0.04
Martin ratio: Return relative to average drawdown	13.97	11.98	+1.99

QNZNX vs. QSPRX - Sharpe Ratio Comparison

The current QNZNX Sharpe Ratio is 2.41, which is comparable to the QSPRX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of QNZNX and QSPRX, 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. QSPRX - Drawdown Comparison

The maximum QNZNX drawdown since its inception was -18.38%, smaller than the maximum QSPRX drawdown of -41.22%. Use the drawdown chart below to compare losses from any high point for QNZNX and QSPRX.

Drawdown Indicators

	QNZNX	QSPRX	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-41.22%	+22.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.58%	-5.06%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-9.25%	-4.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.22%	—
Current Drawdown Current decline from peak	-4.68%	0.00%	-4.68%
Average Drawdown Average peak-to-trough decline	-2.82%	-9.95%	+7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.85%	+0.20%

Volatility

QNZNX vs. QSPRX - Volatility Comparison

AQR Trend Total Return Fund (QNZNX) has a higher volatility of 4.06% compared to AQR Style Premia Alternative R6 (QSPRX) at 2.23%. This indicates that QNZNX's price experiences larger fluctuations and is considered to be riskier than QSPRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QNZNX	QSPRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	2.23%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	8.23%	7.12%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	9.63%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.15%	15.89%	-3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.15%	12.89%	-0.74%

QNZNX vs. QSPRX - Expense Ratio Comparison

QNZNX has a 1.52% expense ratio, which is lower than QSPRX's 5.79% expense ratio.

Dividends

QNZNX vs. QSPRX - Dividend Comparison

QNZNX's dividend yield for the trailing twelve months is around 0.76%, less than QSPRX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QNZNX AQR Trend Total Return Fund	0.76%	0.86%	16.46%	23.14%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QSPRX AQR Style Premia Alternative R6	2.24%	2.63%	6.99%	23.75%	22.67%	12.85%	0.00%	1.62%	1.09%	7.15%	1.74%	5.87%

Frequently Asked Questions

Can I hold both QNZNX and QSPRX in my portfolio?

QNZNX and QSPRX have a correlation of 0.18, 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 QSPRX?

QNZNX has higher volatility (4.06%) compared to QSPRX (2.23%). In terms of maximum drawdown, QNZNX dropped -18.38% vs QSPRX's -41.22%.

Which has better risk-adjusted returns?

QNZNX currently has the higher Sharpe Ratio (2.41 vs 2.31), 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.