QSPNX vs. QSPRX
QSPNX (AQR Style Premia Alternative Fund Class N) and QSPRX (AQR Style Premia Alternative R6) are both Multistrategy funds from AQR. Both are actively managed. Over the past 10 years, QSPNX returned 7.08%/yr vs 7.45%/yr for QSPRX. With a 0.99 correlation, they move nearly in lockstep. QSPNX charges 6.14%/yr vs 5.79%/yr for QSPRX.
Performance
QSPNX vs. QSPRX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with QSPNX having a 11.84% return and QSPRX slightly higher at 11.94%. Over the past 10 years, QSPNX has underperformed QSPRX with an annualized return of 7.08%, while QSPRX has yielded a comparatively higher 7.45% annualized return.
QSPNX
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 11.84%
- 6M
- 11.97%
- 1Y
- 17.30%
- 3Y*
- 18.14%
- 5Y*
- 19.42%
- 10Y*
- 7.08%
QSPRX
- 1D
- -0.41%
- 1M
- 0.31%
- YTD
- 11.94%
- 6M
- 12.20%
- 1Y
- 17.76%
- 3Y*
- 18.57%
- 5Y*
- 19.85%
- 10Y*
- 7.45%
QSPNX vs. QSPRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QSPNX AQR Style Premia Alternative Fund Class N | 11.84% | 14.35% | 21.33% | 12.14% | 30.40% | 24.63% | -22.17% | -8.35% | -12.60% | 11.74% |
QSPRX AQR Style Premia Alternative R6 | 11.94% | 14.94% | 21.60% | 12.50% | 30.90% | 25.14% | -21.91% | -8.10% | -12.32% | 12.18% |
Correlation
The correlation between QSPNX and QSPRX 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 2, 2015 | 0.99 |
The correlation between QSPNX and QSPRX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
QSPNX vs. QSPRX — Risk / Return Rank
QSPNX
QSPRX
QSPNX vs. QSPRX - 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 Style Premia Alternative R6 (QSPRX). 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 | QSPRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 3.50 | -0.06 |
| Martin ratioReturn relative to average drawdown | 9.28 | 9.47 | -0.19 |
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Drawdowns
QSPNX vs. QSPRX - Drawdown Comparison
The maximum QSPNX drawdown since its inception was -41.79%, roughly equal to the maximum QSPRX drawdown of -41.22%. Use the drawdown chart below to compare losses from any high point for QSPNX and QSPRX.
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Drawdown Indicators
| QSPNX | QSPRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.79% | -41.22% | -0.57% |
Max Drawdown (1Y)Largest decline over 1 year | -5.05% | -5.06% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -9.31% | -9.25% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -17.17% | -17.17% | 0.00% |
Max Drawdown (10Y)Largest decline over 10 years | -41.79% | -41.22% | -0.57% |
Current DrawdownCurrent decline from peak | -1.75% | -1.71% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -9.56% | -10.03% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 1.87% | 0.00% |
Volatility
QSPNX vs. QSPRX - Volatility Comparison
AQR Style Premia Alternative Fund Class N (QSPNX) and AQR Style Premia Alternative R6 (QSPRX) have volatilities of 3.70% and 3.82%, 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.
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Volatility by Period
| QSPNX | QSPRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 3.82% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 7.26% | 7.26% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.83% | 9.78% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 15.92% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.84% | 12.88% | -0.04% |
QSPNX vs. QSPRX - Expense Ratio Comparison
QSPNX has a 6.14% expense ratio, which is higher than QSPRX's 5.79% expense ratio.
Dividends
QSPNX vs. QSPRX - Dividend Comparison
QSPNX's dividend yield for the trailing twelve months is around 2.14%, less than QSPRX's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QSPNX AQR Style Premia Alternative Fund Class N | 2.14% | 2.39% | 6.80% | 23.73% | 22.62% | 12.61% | 0.00% | 1.63% | 0.51% | 6.81% | 1.75% | 5.68% |
QSPRX AQR Style Premia Alternative R6 | 2.35% | 2.63% | 6.99% | 23.75% | 22.67% | 12.85% | 0.00% | 1.62% | 1.09% | 7.15% | 1.74% | 5.87% |
Frequently Asked Questions
With a correlation of 0.99, QSPNX and QSPRX 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.
QSPRX has higher volatility (3.82%) compared to QSPNX (3.70%). In terms of maximum drawdown, QSPNX dropped -41.79% vs QSPRX's -41.22%.
QSPRX currently has the higher Sharpe Ratio (1.81 vs 1.77), 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.
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