QRPRX vs. QMHNX

Last updated Jun 23, 2026

QRPRX (AQR Alternative Risk Premia R6) and QMHNX (AQR Managed Futures Strategy HV Fund Class N) are both mutual funds - QRPRX is a Multistrategy fund actively managed by AQR, while QMHNX is a Systematic Trend fund actively managed by AQR. Both are actively managed. Over the past 5 years, QRPRX returned 19.93%/yr vs 17.09%/yr for QMHNX. At a 0.46 correlation, their price movements are largely independent. QRPRX charges 4.94%/yr vs 4.12%/yr for QMHNX.

Performance

QRPRX vs. QMHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Alternative Risk Premia R6 (QRPRX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QRPRX achieves a 17.17% return, which is significantly higher than QMHNX's 13.82% return.

QRPRX

• 1D: -0.19%
• 1M: 0.56%
• YTD: 17.17%
• 6M: 18.03%
• 1Y: 31.88%
• 3Y*: 21.97%
• 5Y*: 19.93%
• 10Y*: —

QMHNX

• 1D: -0.97%
• 1M: -2.17%
• YTD: 13.82%
• 6M: 14.72%
• 1Y: 32.43%
• 3Y*: 15.31%
• 5Y*: 17.09%
• 10Y*: 5.00%

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

QRPRX vs. QMHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QRPRX AQR Alternative Risk Premia R6	17.17%	23.57%	18.88%	7.30%	25.46%	14.33%	-20.91%	-2.94%	-4.35%
QMHNX AQR Managed Futures Strategy HV Fund Class N	13.82%	19.65%	10.48%	-0.40%	49.64%	-2.30%	-0.85%	1.55%	-10.22%

Correlation

The correlation between QRPRX and QMHNX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since May 21, 2018	0.46

The correlation between QRPRX and QMHNX shifts across timeframes, from 0.46 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QRPRX vs. QMHNX — Risk / Return Rank

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

QRPRX

QRPRX Risk / Return Rank: 95
QRPRX Sharpe Ratio Rank: 97
QRPRX Sortino Ratio Rank: 96
QRPRX Omega Ratio Rank: 89
QRPRX Calmar Ratio Rank: 98
QRPRX Martin Ratio Rank: 97

QMHNX

QMHNX Risk / Return Rank: 82
QMHNX Sharpe Ratio Rank: 82
QMHNX Sortino Ratio Rank: 71
QMHNX Omega Ratio Rank: 67
QMHNX Calmar Ratio Rank: 97
QMHNX Martin Ratio Rank: 94

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.

QRPRX vs. QMHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Alternative Risk Premia R6 (QRPRX) and AQR Managed Futures Strategy HV Fund Class N (QMHNX). 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.

	QRPRX	QMHNX	Difference
Sharpe ratio: Return per unit of total volatility	3.33	2.47	+0.87
Sortino ratio: Return per unit of downside risk	4.86	3.21	+1.65
Omega ratio: Gain probability vs. loss probability	1.59	1.41	+0.18
Calmar ratio: Return relative to maximum drawdown	9.06	6.65	+2.42
Martin ratio: Return relative to average drawdown	25.35	19.28	+6.07

QRPRX vs. QMHNX - Sharpe Ratio Comparison

The current QRPRX Sharpe Ratio is 3.33, which is higher than the QMHNX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of QRPRX and QMHNX, 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

QRPRX vs. QMHNX - Drawdown Comparison

The maximum QRPRX drawdown since its inception was -28.21%, smaller than the maximum QMHNX drawdown of -40.29%. Use the drawdown chart below to compare losses from any high point for QRPRX and QMHNX.

Drawdown Indicators

	QRPRX	QMHNX	Difference
Max Drawdown Largest peak-to-trough decline	-28.21%	-40.29%	+12.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.46%	-4.81%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-11.24%	-19.23%	+7.99%
Max Drawdown (5Y) Largest decline over 5 years	-11.24%	-19.23%	+7.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.34%	—
Current Drawdown Current decline from peak	-2.18%	-4.33%	+2.15%
Average Drawdown Average peak-to-trough decline	-7.49%	-18.22%	+10.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	1.65%	-0.41%

Volatility

QRPRX vs. QMHNX - Volatility Comparison

The current volatility for AQR Alternative Risk Premia R6 (QRPRX) is 3.29%, while AQR Managed Futures Strategy HV Fund Class N (QMHNX) has a volatility of 3.96%. This indicates that QRPRX experiences smaller price fluctuations and is considered to be less risky than QMHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QRPRX	QMHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.96%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	6.71%	9.83%	-3.12%
Volatility (1Y) Calculated over the trailing 1-year period	9.42%	12.97%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.83%	17.27%	-5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.37%	15.47%	-5.10%

QRPRX vs. QMHNX - Expense Ratio Comparison

QRPRX has a 4.94% expense ratio, which is higher than QMHNX's 4.12% expense ratio.

Dividends

QRPRX vs. QMHNX - Dividend Comparison

QRPRX's dividend yield for the trailing twelve months is around 1.29%, less than QMHNX's 1.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QMHNX AQR Managed Futures Strategy HV Fund Class N	1.66%	1.89%	2.09%	7.36%	8.75%	10.64%	7.79%	3.80%	0.00%	0.00%	0.01%	7.47%
QRPRX AQR Alternative Risk Premia R6	1.29%	1.51%	2.33%	4.60%	0.00%	4.16%	1.97%	1.00%	0.09%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QRPRX and QMHNX in my portfolio?

QRPRX and QMHNX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QRPRX or QMHNX?

QMHNX has higher volatility (3.96%) compared to QRPRX (3.29%). In terms of maximum drawdown, QRPRX dropped -28.21% vs QMHNX's -40.29%.

Which has better risk-adjusted returns?

QRPRX currently has the higher Sharpe Ratio (3.33 vs 2.47), 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.