QRPNX vs. QMNNX

Last updated Aug 4, 2026

QRPNX (AQR Alternative Risk Premia Fund Class N) and QMNNX (AQR Equity Market Neutral Fund Class N) are both mutual funds - QRPNX is a Multistrategy fund actively managed by AQR, while QMNNX is a Equity Market Neutral fund actively managed by AQR. Both are actively managed. Over the past 5 years, QRPNX returned 19.73%/yr vs 18.30%/yr for QMNNX. Their 0.59 correlation means they have sometimes moved together and sometimes differently. QRPNX charges 5.29%/yr vs 1.62%/yr for QMNNX.

Performance

QRPNX vs. QMNNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Alternative Risk Premia Fund Class N (QRPNX) 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, QRPNX achieves a 22.58% return, which is significantly higher than QMNNX's -5.98% return.

QRPNX

• 1D: 0.60%
• 1M: 6.29%
• 6M: 17.66%
• YTD: 22.58%
• 1Y: 37.74%
• 3Y*: 22.33%
• 5Y*: 19.73%
• 10Y*: —
• ALL TIME*: 8.71%

QMNNX

• 1D: 0.26%
• 1M: 3.99%
• 6M: -3.86%
• YTD: -5.98%
• 1Y: 5.49%
• 3Y*: 17.19%
• 5Y*: 18.30%
• 10Y*: 5.93%
• ALL TIME*: 6.66%

*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
QRPNX AQR Alternative Risk Premia Fund Class N	$0.00	$0.00	$0.00

QRPNX vs. QMNNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QRPNX AQR Alternative Risk Premia Fund Class N	22.58%	23.09%	18.64%	6.94%	24.83%	14.04%	-21.20%	-3.25%	-4.58%
QMNNX AQR Equity Market Neutral Fund Class N	-5.98%	26.19%	25.43%	16.30%	27.07%	17.38%	-19.79%	-11.55%	-8.33%

Correlation

The correlation between QRPNX and QMNNX is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
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 QRPNX and QMNNX has dropped to 0.38 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

QRPNX vs. QMNNX — 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

QMNNX

QMNNX Risk / Return Rank: 15
QMNNX Sharpe Ratio Rank: 20
QMNNX Sortino Ratio Rank: 19
QMNNX Omega Ratio Rank: 18
QMNNX Calmar Ratio Rank: 11
QMNNX Martin Ratio Rank: 9

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. QMNNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Alternative Risk Premia Fund Class N (QRPNX) 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.

	QRPNX	QMNNX	Difference
Sharpe ratio: Return per unit of total volatility	3.82	0.80	+3.01
Sortino ratio: Return per unit of downside risk	5.50	1.18	+4.32
Omega ratio: Gain probability vs. loss probability	1.68	1.14	+0.54
Calmar ratio: Return relative to maximum drawdown	9.96	0.56	+9.40
Martin ratio: Return relative to average drawdown	26.90	1.17	+25.73

QRPNX vs. QMNNX - Sharpe Ratio Comparison

The current QRPNX Sharpe Ratio is 3.82, which is higher than the QMNNX Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of QRPNX 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

QRPNX vs. QMNNX - Drawdown Comparison

The maximum QRPNX drawdown since its inception was -28.78%, smaller than the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for QRPNX and QMNNX.

Drawdown Indicators

	QRPNX	QMNNX	Difference
Max Drawdown Largest peak-to-trough decline	-28.78%	-39.22%	+10.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.62%	-9.96%	+6.34%
Max Drawdown (3Y) Largest decline over 3 years	-11.22%	-9.96%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-11.22%	-13.98%	+2.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.22%	—
Current Drawdown Current decline from peak	0.00%	-6.37%	+6.37%
Average Drawdown Average peak-to-trough decline	-7.72%	-10.57%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	4.78%	-3.44%

Volatility

QRPNX vs. QMNNX - Volatility Comparison

The current volatility for AQR Alternative Risk Premia Fund Class N (QRPNX) is 2.32%, while AQR Equity Market Neutral Fund Class N (QMNNX) has a volatility of 2.56%. This indicates that QRPNX experiences smaller price fluctuations and is considered to be less risky than QMNNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QRPNX	QMNNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	2.56%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	6.78%	5.66%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	6.98%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	9.30%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.31%	8.34%	+1.97%

QRPNX vs. QMNNX - Expense Ratio Comparison

QRPNX has a 5.29% expense ratio, which is higher than QMNNX's 1.62% expense ratio.

Dividends

QRPNX vs. QMNNX - Dividend Comparison

QRPNX's dividend yield for the trailing twelve months is around 0.93%, 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%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QRPNX and QMNNX in my portfolio?

QRPNX and QMNNX have a correlation of 0.38, 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 QMNNX?

QMNNX has higher volatility (2.56%) compared to QRPNX (2.32%). In terms of maximum drawdown, QRPNX dropped -28.78% vs QMNNX's -39.22%.

Which has better risk-adjusted returns?

QRPNX currently has the higher Sharpe Ratio (3.82 vs 0.80), 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.