QRPRX vs. QRPNX

Last updated Jun 3, 2026

QRPRX (AQR Alternative Risk Premia R6) and QRPNX (AQR Alternative Risk Premia Fund Class N) are both Multistrategy funds from AQR. Both are actively managed. Over the past 5 years, QRPRX returned 19.89%/yr vs 19.27%/yr for QRPNX. With a 0.99 correlation, they move nearly in lockstep. QRPRX charges 4.94%/yr vs 5.29%/yr for QRPNX.

Performance

QRPRX vs. QRPNX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with QRPRX having a 19.20% return and QRPNX slightly lower at 18.84%.

QRPRX

• 1D: 1.73%
• 1M: 4.44%
• YTD: 19.20%
• 6M: 20.34%
• 1Y: 36.24%
• 3Y*: 23.88%
• 5Y*: 19.89%
• 10Y*: —

QRPNX

• 1D: -0.18%
• 1M: 3.31%
• YTD: 18.84%
• 6M: 21.02%
• 1Y: 34.97%
• 3Y*: 23.42%
• 5Y*: 19.27%
• 10Y*: —

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

QRPRX vs. QRPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QRPRX AQR Alternative Risk Premia R6	19.20%	23.57%	18.88%	7.30%	25.46%	14.33%	-20.91%	-2.94%	-4.35%
QRPNX AQR Alternative Risk Premia Fund Class N	18.84%	23.09%	18.64%	6.94%	24.83%	14.04%	-21.20%	-3.25%	-4.58%

Correlation

The correlation between QRPRX and QRPNX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since May 22, 2018	0.99

The correlation between QRPRX and QRPNX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

QRPRX vs. QRPNX — Risk / Return Rank

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

QRPRX

QRPRX Risk / Return Rank: 97
QRPRX Sharpe Ratio Rank: 98
QRPRX Sortino Ratio Rank: 97
QRPRX Omega Ratio Rank: 94
QRPRX Calmar Ratio Rank: 99
QRPRX Martin Ratio Rank: 98

QRPNX

QRPNX Risk / Return Rank: 97
QRPNX Sharpe Ratio Rank: 98
QRPNX Sortino Ratio Rank: 97
QRPNX Omega Ratio Rank: 93
QRPNX Calmar Ratio Rank: 99
QRPNX Martin Ratio Rank: 98

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. QRPNX - Risk-Adjusted Trends Comparison

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

	QRPRX	QRPNX	Difference
Sharpe ratio Return per unit of total volatility	4.07	3.89	+0.18
Sortino ratio Return per unit of downside risk	5.91	5.67	+0.24
Omega ratio Gain probability vs. loss probability	1.75	1.71	+0.04
Calmar ratio Return relative to maximum drawdown	10.63	10.16	+0.47
Martin ratio Return relative to average drawdown	31.09	29.31	+1.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QRPRX vs. QRPNX - Sharpe Ratio Comparison

The current QRPRX Sharpe Ratio is 4.07, which is comparable to the QRPNX Sharpe Ratio of 3.89. The chart below compares the historical Sharpe Ratios of QRPRX and QRPNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QRPRX	QRPNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.07	3.89	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.69	1.65	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.82	+0.03

Drawdowns

QRPRX vs. QRPNX - Drawdown Comparison

The maximum QRPRX drawdown since its inception was -28.21%, roughly equal to the maximum QRPNX drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for QRPRX and QRPNX.

Drawdown Indicators

	QRPRX	QRPNX	Difference
Max Drawdown Largest peak-to-trough decline	-28.21%	-28.78%	+0.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.46%	-3.51%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-11.24%	-11.22%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-11.24%	-11.22%	-0.02%
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-7.53%	-7.85%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	1.22%	-0.04%

Volatility

QRPRX vs. QRPNX - Volatility Comparison

AQR Alternative Risk Premia R6 (QRPRX) and AQR Alternative Risk Premia Fund Class N (QRPNX) have volatilities of 2.80% and 2.79%, 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

	QRPRX	QRPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	2.79%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	6.75%	6.75%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	9.22%	9.20%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.83%	11.76%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.38%	10.32%	+0.06%

QRPRX vs. QRPNX - Expense Ratio Comparison

QRPRX has a 4.94% expense ratio, which is lower than QRPNX's 5.29% expense ratio.

Dividends

QRPRX vs. QRPNX - Dividend Comparison

QRPRX's dividend yield for the trailing twelve months is around 1.26%, more than QRPNX's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QRPNX AQR Alternative Risk Premia Fund Class N	0.96%	1.14%	2.04%	4.33%	0.00%	3.84%	1.98%	0.57%	0.07%
QRPRX AQR Alternative Risk Premia R6	1.26%	1.51%	2.33%	4.60%	0.00%	4.16%	1.97%	1.00%	0.09%

Frequently Asked Questions

Can I hold both QRPRX and QRPNX in my portfolio?

With a correlation of 1.00, QRPRX and QRPNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QRPRX or QRPNX?

QRPRX has higher volatility (2.80%) compared to QRPNX (2.79%). In terms of maximum drawdown, QRPRX dropped -28.21% vs QRPNX's -28.78%.

Which has better risk-adjusted returns?

QRPRX currently has the higher Sharpe Ratio (4.07 vs 3.89), 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.