QRPIX vs. QMNNX

Last updated Aug 1, 2026

QRPIX (AQR Alternative Risk Premia Fund - Class I) and QMNNX (AQR Equity Market Neutral Fund Class N) are both mutual funds - QRPIX is a Multistrategy fund managed by AQR, while QMNNX is a Equity Market Neutral fund actively managed by AQR. Over the past 5 years, QRPIX returned 19.85%/yr vs 18.24%/yr for QMNNX. Their 0.59 correlation means they have sometimes moved together and sometimes differently. QRPIX charges 1.48%/yr vs 1.62%/yr for QMNNX.

Performance

QRPIX vs. QMNNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Alternative Risk Premia Fund - Class I (QRPIX) and AQR Equity Market Neutral Fund Class N (QMNNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QRPIX achieves a 21.98% return, which is significantly higher than QMNNX's -6.23% return.

QRPIX

• 1D: 0.18%
• 1M: 5.67%
• 6M: 16.88%
• YTD: 21.98%
• 1Y: 37.27%
• 3Y*: 22.75%
• 5Y*: 19.85%
• 10Y*: —
• ALL TIME*: 8.89%

QMNNX

• 1D: 1.24%
• 1M: 3.72%
• 6M: -3.21%
• YTD: -6.23%
• 1Y: 5.21%
• 3Y*: 17.30%
• 5Y*: 18.24%
• 10Y*: 5.90%
• ALL TIME*: 6.64%

*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)
QMNNX AQR Equity Market Neutral Fund Class N	$0.00	$0.00	$0.00
QRPIX AQR Alternative Risk Premia Fund - Class I	$0.00	$0.00	$0.00

QRPIX vs. QMNNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QRPIX AQR Alternative Risk Premia Fund - Class I	21.98%	23.39%	18.85%	7.23%	25.26%	14.27%	-21.04%	-2.98%	-4.46%
QMNNX AQR Equity Market Neutral Fund Class N	-6.23%	26.19%	25.43%	16.30%	27.07%	17.38%	-19.79%	-11.55%	-8.33%

Correlation

The correlation between QRPIX and QMNNX is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.62
Correlation (All Time) Calculated using the full available price history since May 21, 2018	0.59

Over the past year, the correlation between QRPIX and QMNNX has dropped to 0.39 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

QRPIX vs. QMNNX — Risk / Return Rank

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

QRPIX

QRPIX Risk / Return Rank: 98
QRPIX Sharpe Ratio Rank: 99
QRPIX Sortino Ratio Rank: 98
QRPIX Omega Ratio Rank: 97
QRPIX Calmar Ratio Rank: 99
QRPIX Martin Ratio Rank: 98

QMNNX

QMNNX Risk / Return Rank: 18
QMNNX Sharpe Ratio Rank: 23
QMNNX Sortino Ratio Rank: 22
QMNNX Omega Ratio Rank: 21
QMNNX Calmar Ratio Rank: 12
QMNNX Martin Ratio Rank: 10

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.

QRPIX vs. QMNNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Alternative Risk Premia Fund - Class I (QRPIX) and AQR Equity Market Neutral Fund Class N (QMNNX). 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.

	QRPIX	QMNNX	Difference
Sharpe ratio: Return per unit of total volatility	3.76	0.78	+2.98
Sortino ratio: Return per unit of downside risk	5.42	1.15	+4.28
Omega ratio: Gain probability vs. loss probability	1.67	1.14	+0.54
Calmar ratio: Return relative to maximum drawdown	9.92	0.55	+9.37
Martin ratio: Return relative to average drawdown	26.79	1.14	+25.65

QRPIX vs. QMNNX - Sharpe Ratio Comparison

The current QRPIX Sharpe Ratio is 3.76, which is higher than the QMNNX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of QRPIX and QMNNX, 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

QRPIX vs. QMNNX - Drawdown Comparison

The maximum QRPIX drawdown since its inception was -28.45%, smaller than the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for QRPIX and QMNNX.

Drawdown Indicators

	QRPIX	QMNNX	Difference
Max Drawdown Largest peak-to-trough decline	-28.45%	-39.22%	+10.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.59%	-9.96%	+6.37%
Max Drawdown (3Y) Largest decline over 3 years	-11.29%	-9.96%	-1.33%
Max Drawdown (5Y) Largest decline over 5 years	-11.29%	-13.98%	+2.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.22%	—
Current Drawdown Current decline from peak	0.00%	-6.61%	+6.61%
Average Drawdown Average peak-to-trough decline	-7.52%	-10.57%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	4.76%	-3.43%

Volatility

QRPIX vs. QMNNX - Volatility Comparison

AQR Alternative Risk Premia Fund - Class I (QRPIX) and AQR Equity Market Neutral Fund Class N (QMNNX) have volatilities of 2.50% and 2.61%, 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

	QRPIX	QMNNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	2.61%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	6.87%	5.65%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	9.46%	7.00%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	9.30%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.34%	8.35%	+1.99%

QRPIX vs. QMNNX - Expense Ratio Comparison

QRPIX has a 1.48% expense ratio, which is lower than QMNNX's 1.62% expense ratio.

Dividends

QRPIX vs. QMNNX - Dividend Comparison

QRPIX's dividend yield for the trailing twelve months is around 1.19%, less than QMNNX's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QMNNX AQR Equity Market Neutral Fund Class N	1.34%	1.26%	6.06%	21.67%	5.77%	1.41%	17.64%	3.86%	0.49%	3.37%	1.19%	2.51%
QRPIX AQR Alternative Risk Premia Fund - Class I	1.19%	1.45%	2.24%	4.52%	0.00%	4.08%	1.98%	0.85%	0.09%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QRPIX and QMNNX in my portfolio?

QRPIX and QMNNX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QRPIX or QMNNX?

QMNNX has higher volatility (2.61%) compared to QRPIX (2.50%). In terms of maximum drawdown, QRPIX dropped -28.45% vs QMNNX's -39.22%.

Which has better risk-adjusted returns?

QRPIX currently has the higher Sharpe Ratio (3.76 vs 0.78), 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.