QRPNX vs. BDMIX

Last updated Jul 25, 2026

QRPNX (AQR Alternative Risk Premia Fund Class N) and BDMIX (BlackRock Global Equity Market Neutral Fund Class I) are both mutual funds - QRPNX is a Multistrategy fund actively managed by AQR, while BDMIX is a Equity Market Neutral fund managed by BlackRock. Over the past 5 years, QRPNX returned 19.57%/yr vs 13.21%/yr for BDMIX. Their 0.23 correlation means their historical movements had little consistent relationship. QRPNX charges 5.29%/yr vs 1.34%/yr for BDMIX.

Performance

QRPNX vs. BDMIX - Performance Comparison

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

Returns By Period

In the year-to-date period, QRPNX achieves a 20.97% return, which is significantly higher than BDMIX's 12.92% return.

QRPNX

• 1D: 0.30%
• 1M: 3.32%
• 6M: 19.57%
• YTD: 20.97%
• 1Y: 37.49%
• 3Y*: 21.88%
• 5Y*: 19.57%
• 10Y*: —
• ALL TIME*: 8.56%

BDMIX

• 1D: 0.46%
• 1M: 2.01%
• 6M: 12.85%
• YTD: 12.92%
• 1Y: 26.67%
• 3Y*: 20.87%
• 5Y*: 13.21%
• 10Y*: 8.58%
• ALL TIME*: 6.94%

*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)
BDMIX BlackRock Global Equity Market Neutral Fund Class I	$0.00	$0.00	$0.00
QRPNX AQR Alternative Risk Premia Fund Class N	$0.00	$0.00	$0.00

QRPNX vs. BDMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QRPNX AQR Alternative Risk Premia Fund Class N	20.97%	23.09%	18.64%	6.94%	24.83%	14.04%	-21.20%	-3.25%	-4.58%
BDMIX BlackRock Global Equity Market Neutral Fund Class I	12.92%	18.30%	21.39%	14.55%	1.80%	3.34%	0.29%	-0.85%	1.20%

Correlation

The correlation between QRPNX and BDMIX is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (All Time) Calculated using the full available price history since May 21, 2018	0.23

Over the past year, QRPNX and BDMIX have become more correlated (0.47) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

QRPNX vs. BDMIX — Risk / Return Rank

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

QRPNX

QRPNX Risk / Return Rank: 98
QRPNX Sharpe Ratio Rank: 99
QRPNX Sortino Ratio Rank: 98
QRPNX Omega Ratio Rank: 96
QRPNX Calmar Ratio Rank: 99
QRPNX Martin Ratio Rank: 98

BDMIX

BDMIX Risk / Return Rank: 97
BDMIX Sharpe Ratio Rank: 99
BDMIX Sortino Ratio Rank: 97
BDMIX Omega Ratio Rank: 95
BDMIX Calmar Ratio Rank: 98
BDMIX Martin Ratio Rank: 97

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.

QRPNX vs. BDMIX - Risk-Adjusted Trends Comparison

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

	QRPNX	BDMIX	Difference
Sharpe ratio: Return per unit of total volatility	3.92	3.51	+0.41
Sortino ratio: Return per unit of downside risk	5.66	5.09	+0.58
Omega ratio: Gain probability vs. loss probability	1.70	1.67	+0.04
Calmar ratio: Return relative to maximum drawdown	10.26	7.89	+2.38
Martin ratio: Return relative to average drawdown	27.66	21.20	+6.46

QRPNX vs. BDMIX - Sharpe Ratio Comparison

The current QRPNX Sharpe Ratio is 3.92, which is comparable to the BDMIX Sharpe Ratio of 3.51. The chart below compares the historical Sharpe Ratios of QRPNX and BDMIX, 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

QRPNX vs. BDMIX - Drawdown Comparison

The maximum QRPNX drawdown since its inception was -28.78%, which is greater than BDMIX's maximum drawdown of -11.89%. Use the drawdown chart below to compare losses from any high point for QRPNX and BDMIX.

Drawdown Indicators

	QRPNX	BDMIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.78%	-11.89%	-16.89%
Max Drawdown (1Y) Largest decline over 1 year	-3.62%	-3.24%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-11.22%	-4.07%	-7.15%
Max Drawdown (5Y) Largest decline over 5 years	-11.22%	-5.23%	-5.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-9.44%	—
Current Drawdown Current decline from peak	0.00%	-0.28%	+0.28%
Average Drawdown Average peak-to-trough decline	-7.74%	-2.67%	-5.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	1.21%	+0.13%

Volatility

QRPNX vs. BDMIX - Volatility Comparison

AQR Alternative Risk Premia Fund Class N (QRPNX) has a higher volatility of 2.51% compared to BlackRock Global Equity Market Neutral Fund Class I (BDMIX) at 2.30%. This indicates that QRPNX's price experiences larger fluctuations and is considered to be riskier than BDMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QRPNX	BDMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	2.30%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	5.15%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	9.48%	7.29%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	6.64%	+5.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.31%	5.88%	+4.43%

QRPNX vs. BDMIX - Expense Ratio Comparison

QRPNX has a 5.29% expense ratio, which is higher than BDMIX's 1.34% expense ratio.

Dividends

QRPNX vs. BDMIX - Dividend Comparison

QRPNX's dividend yield for the trailing twelve months is around 0.94%, less than BDMIX's 11.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMIX BlackRock Global Equity Market Neutral Fund Class I	11.46%	8.94%	13.26%	7.42%	0.00%	1.23%	0.30%	6.78%	0.94%	0.00%	0.00%	1.86%
QRPNX AQR Alternative Risk Premia Fund Class N	0.94%	1.14%	2.04%	4.33%	0.00%	3.84%	1.98%	0.57%	0.07%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QRPNX and BDMIX in my portfolio?

QRPNX and BDMIX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QRPNX or BDMIX?

QRPNX has higher volatility (2.51%) compared to BDMIX (2.30%). In terms of maximum drawdown, QRPNX dropped -28.78% vs BDMIX's -11.89%.

Which has better risk-adjusted returns?

QRPNX currently has the higher Sharpe Ratio (3.92 vs 3.51), 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.