QSMLX vs. QRPNX

Last updated Jul 16, 2026

QSMLX (AQR Small Cap Multi-Style Fund) and QRPNX (AQR Alternative Risk Premia Fund Class N) are both mutual funds - QSMLX is a Small Cap Blend Equities fund managed by AQR Funds, while QRPNX is a Multistrategy fund actively managed by AQR. Over the past 5 years, QSMLX returned 12.18%/yr vs 18.93%/yr for QRPNX. At a 0.00 correlation, their price movements are largely independent. QSMLX charges 0.72%/yr vs 5.29%/yr for QRPNX.

Performance

QSMLX vs. QRPNX - Performance Comparison

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

Returns By Period

In the year-to-date period, QSMLX achieves a 23.51% return, which is significantly higher than QRPNX's 18.11% return.

QSMLX

• 1D: 0.31%
• 1M: -0.18%
• 6M: 16.40%
• YTD: 23.51%
• 1Y: 39.60%
• 3Y*: 21.31%
• 5Y*: 12.18%
• 10Y*: 12.07%

QRPNX

• 1D: 0.56%
• 1M: -0.06%
• 6M: 16.82%
• YTD: 18.11%
• 1Y: 36.04%
• 3Y*: 21.49%
• 5Y*: 18.93%
• 10Y*: —

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

QSMLX vs. QRPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QSMLX AQR Small Cap Multi-Style Fund	23.51%	17.41%	11.02%	24.01%	-18.31%	26.54%	17.99%	20.42%	-17.38%
QRPNX AQR Alternative Risk Premia Fund Class N	18.11%	23.09%	18.64%	6.94%	24.83%	14.04%	-21.20%	-3.25%	-4.58%

Correlation

The correlation between QSMLX and QRPNX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 21, 2018	0.00

Over the past year, QSMLX and QRPNX have become more correlated (0.26) than their long-term average of 0.00, meaning their price movements have been converging.

Return for Risk

QSMLX vs. QRPNX — Risk / Return Rank

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

QSMLX

QSMLX Risk / Return Rank: 76
QSMLX Sharpe Ratio Rank: 71
QSMLX Sortino Ratio Rank: 69
QSMLX Omega Ratio Rank: 58
QSMLX Calmar Ratio Rank: 93
QSMLX Martin Ratio Rank: 89

QRPNX

QRPNX Risk / Return Rank: 97
QRPNX Sharpe Ratio Rank: 99
QRPNX Sortino Ratio Rank: 98
QRPNX Omega Ratio Rank: 94
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.

QSMLX vs. QRPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Small Cap Multi-Style Fund (QSMLX) 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.

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.

	QSMLX	QRPNX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	3.64	-1.80
Sortino ratio: Return per unit of downside risk	2.57	5.26	-2.69
Omega ratio: Gain probability vs. loss probability	1.31	1.65	-0.34
Calmar ratio: Return relative to maximum drawdown	3.96	9.61	-5.65
Martin ratio: Return relative to average drawdown	13.19	25.96	-12.77

QSMLX vs. QRPNX - Sharpe Ratio Comparison

The current QSMLX Sharpe Ratio is 1.84, which is lower than the QRPNX Sharpe Ratio of 3.64. The chart below compares the historical Sharpe Ratios of QSMLX 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.

Drawdowns

QSMLX vs. QRPNX - Drawdown Comparison

The maximum QSMLX drawdown since its inception was -44.38%, which is greater than QRPNX's maximum drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for QSMLX and QRPNX.

Drawdown Indicators

	QSMLX	QRPNX	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-28.78%	-15.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-3.62%	-5.71%
Max Drawdown (3Y) Largest decline over 3 years	-23.69%	-11.22%	-12.47%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-11.22%	-18.99%
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	—	—
Current Drawdown Current decline from peak	-3.53%	-1.29%	-2.24%
Average Drawdown Average peak-to-trough decline	-8.12%	-7.76%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	1.34%	+1.46%

Volatility

QSMLX vs. QRPNX - Volatility Comparison

AQR Small Cap Multi-Style Fund (QSMLX) has a higher volatility of 5.41% compared to AQR Alternative Risk Premia Fund Class N (QRPNX) at 3.14%. This indicates that QSMLX's price experiences larger fluctuations and is considered to be riskier than QRPNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QSMLX	QRPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	3.14%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	14.52%	7.04%	+7.48%
Volatility (1Y) Calculated over the trailing 1-year period	20.10%	9.54%	+10.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.53%	11.80%	+10.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.19%	10.32%	+12.87%

QSMLX vs. QRPNX - Expense Ratio Comparison

QSMLX has a 0.72% expense ratio, which is lower than QRPNX's 5.29% expense ratio.

Dividends

QSMLX vs. QRPNX - Dividend Comparison

QSMLX's dividend yield for the trailing twelve months is around 8.35%, more than QRPNX's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
QSMLX AQR Small Cap Multi-Style Fund	8.35%	10.31%	13.88%	6.74%	0.87%	6.13%	1.77%	0.97%	13.57%	10.71%	2.53%	0.22%

Frequently Asked Questions

Can I hold both QSMLX and QRPNX in my portfolio?

QSMLX and QRPNX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QSMLX or QRPNX?

QSMLX has higher volatility (5.41%) compared to QRPNX (3.14%). In terms of maximum drawdown, QSMLX dropped -44.38% vs QRPNX's -28.78%.

Which has better risk-adjusted returns?

QRPNX currently has the higher Sharpe Ratio (3.64 vs 1.84), 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.