QRPNX vs. CBYYX

Last updated Aug 1, 2026

QRPNX (AQR Alternative Risk Premia Fund Class N) and CBYYX (Victory Pioneer Cat Bond Fund Class Y) are both mutual funds - QRPNX is a Multistrategy fund actively managed by AQR, while CBYYX is a Nontraditional Bonds fund actively managed by Victory. Both are actively managed. Over the past year, QRPNX returned 36.92% vs 10.53% for CBYYX. Their 0.02 correlation means their historical movements had little consistent relationship. QRPNX charges 5.29%/yr vs 1.46%/yr for CBYYX.

Performance

QRPNX vs. CBYYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Alternative Risk Premia Fund Class N (QRPNX) and Victory Pioneer Cat Bond Fund Class Y (CBYYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QRPNX achieves a 21.85% return, which is significantly higher than CBYYX's 4.19% return.

QRPNX

• 1D: 0.18%
• 1M: 5.66%
• 6M: 16.71%
• YTD: 21.85%
• 1Y: 36.92%
• 3Y*: 22.50%
• 5Y*: 19.58%
• 10Y*: —
• ALL TIME*: 8.64%

CBYYX

• 1D: 0.09%
• 1M: 0.88%
• 6M: 3.71%
• YTD: 4.19%
• 1Y: 10.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.90%

*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)
CBYYX Victory Pioneer Cat Bond Fund Class Y	$0.00	$0.00	$0.00
QRPNX AQR Alternative Risk Premia Fund Class N	$0.00	$0.00	$0.00

QRPNX vs. CBYYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QRPNX AQR Alternative Risk Premia Fund Class N	21.85%	23.09%	18.64%	-2.02%
CBYYX Victory Pioneer Cat Bond Fund Class Y	4.19%	11.09%	15.69%	3.43%

Correlation

The correlation between QRPNX and CBYYX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.02

Return for Risk

QRPNX vs. CBYYX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 97
QRPNX Calmar Ratio Rank: 99
QRPNX Martin Ratio Rank: 98

CBYYX

CBYYX Risk / Return Rank: 100
CBYYX Sharpe Ratio Rank: 100
CBYYX Sortino Ratio Rank: 100
CBYYX Omega Ratio Rank: 100
CBYYX Calmar Ratio Rank: 100
CBYYX Martin Ratio Rank: 100

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.

QRPNX vs. CBYYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Alternative Risk Premia Fund Class N (QRPNX) and Victory Pioneer Cat Bond Fund Class Y (CBYYX). 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	CBYYX	Difference
Sharpe ratio: Return per unit of total volatility	3.75	9.08	-5.33
Sortino ratio: Return per unit of downside risk	5.41	33.15	-27.74
Omega ratio: Gain probability vs. loss probability	1.67	10.55	-8.88
Calmar ratio: Return relative to maximum drawdown	9.77	119.62	-109.85
Martin ratio: Return relative to average drawdown	26.32	454.94	-428.62

QRPNX vs. CBYYX - Sharpe Ratio Comparison

The current QRPNX Sharpe Ratio is 3.75, which is lower than the CBYYX Sharpe Ratio of 9.08. The chart below compares the historical Sharpe Ratios of QRPNX and CBYYX, 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. CBYYX - Drawdown Comparison

The maximum QRPNX drawdown since its inception was -28.78%, which is greater than CBYYX's maximum drawdown of -8.72%. Use the drawdown chart below to compare losses from any high point for QRPNX and CBYYX.

Drawdown Indicators

	QRPNX	CBYYX	Difference
Max Drawdown Largest peak-to-trough decline	-28.78%	-8.72%	-20.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.62%	-0.09%	-3.53%
Max Drawdown (3Y) Largest decline over 3 years	-11.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.22%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.72%	-1.24%	-6.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	0.02%	+1.32%

Volatility

QRPNX vs. CBYYX - Volatility Comparison

AQR Alternative Risk Premia Fund Class N (QRPNX) has a higher volatility of 2.45% compared to Victory Pioneer Cat Bond Fund Class Y (CBYYX) at 0.24%. This indicates that QRPNX's price experiences larger fluctuations and is considered to be riskier than CBYYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QRPNX	CBYYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	0.24%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	0.64%	+6.22%
Volatility (1Y) Calculated over the trailing 1-year period	9.43%	1.20%	+8.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	7.99%	+3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.31%	7.99%	+2.32%

QRPNX vs. CBYYX - Expense Ratio Comparison

QRPNX has a 5.29% expense ratio, which is higher than CBYYX's 1.46% expense ratio.

Dividends

QRPNX vs. CBYYX - Dividend Comparison

QRPNX's dividend yield for the trailing twelve months is around 0.93%, less than CBYYX's 8.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CBYYX Victory Pioneer Cat Bond Fund Class Y	8.77%	9.14%	10.33%	9.41%	0.00%	0.00%	0.00%	0.00%	0.00%
QRPNX AQR Alternative Risk Premia Fund Class N	0.93%	1.14%	2.04%	4.33%	0.00%	3.84%	1.98%	0.57%	0.07%

Frequently Asked Questions

Can I hold both QRPNX and CBYYX in my portfolio?

QRPNX and CBYYX have a correlation of 0.04, 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 CBYYX?

QRPNX has higher volatility (2.45%) compared to CBYYX (0.24%). In terms of maximum drawdown, QRPNX dropped -28.78% vs CBYYX's -8.72%.

Which has better risk-adjusted returns?

CBYYX currently has the higher Sharpe Ratio (9.08 vs 3.75), 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.