QSPIX vs. QSPNX

Last updated Jun 5, 2026

QSPIX (AQR Style Premia Alternative Fund) and QSPNX (AQR Style Premia Alternative Fund Class N) are both Multistrategy funds. Over the past 10 years, QSPIX returned 7.50%/yr vs 7.22%/yr for QSPNX. With a 0.99 correlation, they move nearly in lockstep. QSPIX charges 1.49%/yr vs 6.14%/yr for QSPNX.

Performance

QSPIX vs. QSPNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Style Premia Alternative Fund (QSPIX) and AQR Style Premia Alternative Fund Class N (QSPNX). 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 QSPIX having a 13.76% return and QSPNX slightly lower at 13.60%. Both investments have delivered pretty close results over the past 10 years, with QSPIX having a 7.50% annualized return and QSPNX not far behind at 7.22%.

QSPIX

• 1D: 0.82%
• 1M: 2.29%
• YTD: 13.76%
• 6M: 15.25%
• 1Y: 19.91%
• 3Y*: 21.73%
• 5Y*: 19.12%
• 10Y*: 7.50%

QSPNX

• 1D: 0.73%
• 1M: 2.22%
• YTD: 13.60%
• 6M: 15.00%
• 1Y: 19.57%
• 3Y*: 21.40%
• 5Y*: 18.80%
• 10Y*: 7.22%

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

QSPIX vs. QSPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QSPIX AQR Style Premia Alternative Fund	13.76%	14.82%	21.48%	12.46%	30.76%	24.93%	-21.96%	-8.22%	-12.35%	12.12%
QSPNX AQR Style Premia Alternative Fund Class N	13.60%	14.35%	21.33%	12.14%	30.40%	24.63%	-22.17%	-8.35%	-12.60%	11.74%

Correlation

The correlation between QSPIX and QSPNX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.99

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

Return for Risk

QSPIX vs. QSPNX — Risk / Return Rank

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

QSPIX

QSPIX Risk / Return Rank: 52
QSPIX Sharpe Ratio Rank: 45
QSPIX Sortino Ratio Rank: 48
QSPIX Omega Ratio Rank: 39
QSPIX Calmar Ratio Rank: 81
QSPIX Martin Ratio Rank: 48

QSPNX

QSPNX Risk / Return Rank: 52
QSPNX Sharpe Ratio Rank: 44
QSPNX Sortino Ratio Rank: 48
QSPNX Omega Ratio Rank: 39
QSPNX Calmar Ratio Rank: 81
QSPNX Martin Ratio Rank: 47

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.

QSPIX vs. QSPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Style Premia Alternative Fund (QSPIX) and AQR Style Premia Alternative Fund Class N (QSPNX). 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.

	QSPIX	QSPNX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.92	+0.04
Sortino ratio: Return per unit of downside risk	2.94	2.88	+0.06
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	3.71	3.66	+0.04
Martin ratio: Return relative to average drawdown	9.88	9.70	+0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QSPIX vs. QSPNX - Sharpe Ratio Comparison

The current QSPIX Sharpe Ratio is 1.96, which is comparable to the QSPNX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of QSPIX and QSPNX, 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

	QSPIX	QSPNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.92	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	1.19	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.56	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.60	+0.02

Drawdowns

QSPIX vs. QSPNX - Drawdown Comparison

The maximum QSPIX drawdown since its inception was -41.37%, roughly equal to the maximum QSPNX drawdown of -41.79%. Use the drawdown chart below to compare losses from any high point for QSPIX and QSPNX.

Drawdown Indicators

	QSPIX	QSPNX	Difference
Max Drawdown Largest peak-to-trough decline	-41.37%	-41.79%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-5.09%	-5.05%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-9.31%	-9.31%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-17.13%	-17.17%	+0.04%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-41.79%	+0.42%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.42%	-9.60%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.91%	0.00%

Volatility

QSPIX vs. QSPNX - Volatility Comparison

AQR Style Premia Alternative Fund (QSPIX) and AQR Style Premia Alternative Fund Class N (QSPNX) have volatilities of 3.05% and 3.07%, 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

	QSPIX	QSPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	3.07%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.21%	7.23%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	9.62%	9.63%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	15.85%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.82%	12.82%	0.00%

QSPIX vs. QSPNX - Expense Ratio Comparison

QSPIX has a 1.49% expense ratio, which is lower than QSPNX's 6.14% expense ratio.

Dividends

QSPIX vs. QSPNX - Dividend Comparison

QSPIX's dividend yield for the trailing twelve months is around 2.26%, more than QSPNX's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QSPIX AQR Style Premia Alternative Fund	2.26%	2.57%	6.95%	23.77%	22.68%	12.78%	0.00%	1.62%	0.96%	7.08%	1.74%	5.83%
QSPNX AQR Style Premia Alternative Fund Class N	2.10%	2.39%	6.80%	23.73%	22.62%	12.61%	0.00%	1.63%	0.51%	6.81%	1.75%	5.68%

Frequently Asked Questions

Can I hold both QSPIX and QSPNX in my portfolio?

With a correlation of 0.99, QSPIX and QSPNX 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, QSPIX or QSPNX?

QSPNX has higher volatility (3.07%) compared to QSPIX (3.05%). In terms of maximum drawdown, QSPIX dropped -41.37% vs QSPNX's -41.79%.

Which has better risk-adjusted returns?

QSPIX currently has the higher Sharpe Ratio (1.96 vs 1.92), 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.