QSPNX vs. QNZNX

Last updated Aug 1, 2026

QSPNX (AQR Style Premia Alternative Fund Class N) and QNZNX (AQR Trend Total Return Fund) are both mutual funds - QSPNX is a Multistrategy fund actively managed by AQR, while QNZNX is a Systematic Trend fund actively managed by AQR. Both are actively managed. Over the past 3 years, QSPNX returned 20.44%/yr vs 27.20%/yr for QNZNX. Their 0.34 correlation means their historical movements had little consistent relationship. QSPNX charges 6.14%/yr vs 1.52%/yr for QNZNX.

Performance

QSPNX vs. QNZNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Style Premia Alternative Fund Class N (QSPNX) and AQR Trend Total Return Fund (QNZNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QSPNX achieves a 17.58% return, which is significantly higher than QNZNX's 13.04% return.

QSPNX

• 1D: 0.50%
• 1M: 6.59%
• 6M: 14.37%
• YTD: 17.58%
• 1Y: 22.00%
• 3Y*: 20.44%
• 5Y*: 19.85%
• 10Y*: 7.51%
• ALL TIME*: 7.52%

QNZNX

• 1D: 1.06%
• 1M: 1.85%
• 6M: 6.46%
• YTD: 13.04%
• 1Y: 31.98%
• 3Y*: 27.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.39%

*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)
QNZNX AQR Trend Total Return Fund	$0.00	$0.00	$0.00
QSPNX AQR Style Premia Alternative Fund Class N	$0.00	$0.00	$0.00

QSPNX vs. QNZNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QSPNX AQR Style Premia Alternative Fund Class N	17.58%	14.35%	21.33%	12.14%	8.74%
QNZNX AQR Trend Total Return Fund	13.04%	22.88%	34.96%	22.73%	1.37%

Correlation

The correlation between QSPNX and QNZNX is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.34

The correlation between QSPNX and QNZNX shifts across timeframes, from 0.20 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QSPNX vs. QNZNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QSPNX

QSPNX Risk / Return Rank: 89
QSPNX Sharpe Ratio Rank: 90
QSPNX Sortino Ratio Rank: 90
QSPNX Omega Ratio Rank: 83
QSPNX Calmar Ratio Rank: 96
QSPNX Martin Ratio Rank: 89

QNZNX

QNZNX Risk / Return Rank: 91
QNZNX Sharpe Ratio Rank: 93
QNZNX Sortino Ratio Rank: 87
QNZNX Omega Ratio Rank: 85
QNZNX Calmar Ratio Rank: 95
QNZNX Martin Ratio Rank: 93

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.

QSPNX vs. QNZNX - Risk-Adjusted Trends Comparison

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

	QSPNX	QNZNX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.41	-0.15
Sortino ratio: Return per unit of downside risk	3.36	3.16	+0.20
Omega ratio: Gain probability vs. loss probability	1.39	1.42	-0.03
Calmar ratio: Return relative to maximum drawdown	4.32	4.35	-0.03
Martin ratio: Return relative to average drawdown	11.74	13.97	-2.23

QSPNX vs. QNZNX - Sharpe Ratio Comparison

The current QSPNX Sharpe Ratio is 2.26, which is comparable to the QNZNX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of QSPNX and QNZNX, 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

QSPNX vs. QNZNX - Drawdown Comparison

The maximum QSPNX drawdown since its inception was -41.79%, which is greater than QNZNX's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for QSPNX and QNZNX.

Drawdown Indicators

	QSPNX	QNZNX	Difference
Max Drawdown Largest peak-to-trough decline	-41.79%	-18.38%	-23.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.05%	-6.58%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-9.31%	-13.48%	+4.17%
Max Drawdown (5Y) Largest decline over 5 years	-17.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.79%	—	—
Current Drawdown Current decline from peak	0.00%	-4.68%	+4.68%
Average Drawdown Average peak-to-trough decline	-9.49%	-2.82%	-6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.05%	-0.20%

Volatility

QSPNX vs. QNZNX - Volatility Comparison

The current volatility for AQR Style Premia Alternative Fund Class N (QSPNX) is 2.28%, while AQR Trend Total Return Fund (QNZNX) has a volatility of 4.06%. This indicates that QSPNX experiences smaller price fluctuations and is considered to be less risky than QNZNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QSPNX	QNZNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	4.06%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	7.19%	8.23%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.70%	11.87%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	12.15%	+3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.85%	12.15%	+0.70%

QSPNX vs. QNZNX - Expense Ratio Comparison

QSPNX has a 6.14% expense ratio, which is higher than QNZNX's 1.52% expense ratio.

Dividends

QSPNX vs. QNZNX - Dividend Comparison

QSPNX's dividend yield for the trailing twelve months is around 2.03%, more than QNZNX's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QNZNX AQR Trend Total Return Fund	0.76%	0.86%	16.46%	23.14%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QSPNX AQR Style Premia Alternative Fund Class N	2.03%	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 QSPNX and QNZNX in my portfolio?

QSPNX and QNZNX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QSPNX or QNZNX?

QNZNX has higher volatility (4.06%) compared to QSPNX (2.28%). In terms of maximum drawdown, QSPNX dropped -41.79% vs QNZNX's -18.38%.

Which has better risk-adjusted returns?

QNZNX currently has the higher Sharpe Ratio (2.41 vs 2.26), 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.