QSPRX vs. QSPNX

Last updated Jun 5, 2026

QSPRX (AQR Style Premia Alternative R6) and QSPNX (AQR Style Premia Alternative Fund Class N) are both Multistrategy funds from AQR. Both are actively managed. Over the past 10 years, QSPRX returned 7.60%/yr vs 7.22%/yr for QSPNX. With a 0.99 correlation, they move nearly in lockstep. QSPRX charges 5.79%/yr vs 6.14%/yr for QSPNX.

Performance

QSPRX vs. QSPNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Style Premia Alternative R6 (QSPRX) 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 QSPRX having a 13.78% return and QSPNX slightly lower at 13.60%. Both investments have delivered pretty close results over the past 10 years, with QSPRX having a 7.60% annualized return and QSPNX not far behind at 7.22%.

QSPRX

• 1D: 0.81%
• 1M: 2.38%
• YTD: 13.78%
• 6M: 15.35%
• 1Y: 20.12%
• 3Y*: 21.83%
• 5Y*: 19.23%
• 10Y*: 7.60%

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)

QSPRX vs. QSPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QSPRX AQR Style Premia Alternative R6	13.78%	14.94%	21.60%	12.50%	30.90%	25.14%	-21.91%	-8.10%	-12.32%	12.18%
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 QSPRX 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 5, 2015	0.99

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

Return for Risk

QSPRX vs. QSPNX — Risk / Return Rank

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

QSPRX

QSPRX Risk / Return Rank: 54
QSPRX Sharpe Ratio Rank: 46
QSPRX Sortino Ratio Rank: 50
QSPRX Omega Ratio Rank: 41
QSPRX Calmar Ratio Rank: 82
QSPRX 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.

QSPRX vs. QSPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Style Premia Alternative R6 (QSPRX) 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.

	QSPRX	QSPNX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.92	+0.05
Sortino ratio: Return per unit of downside risk	2.95	2.88	+0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	3.75	3.66	+0.08
Martin ratio: Return relative to average drawdown	9.93	9.70	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QSPRX vs. QSPNX - Sharpe Ratio Comparison

The current QSPRX Sharpe Ratio is 1.98, which is comparable to the QSPNX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of QSPRX 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

	QSPRX	QSPNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	1.92	+0.05
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	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.60	-0.02

Drawdowns

QSPRX vs. QSPNX - Drawdown Comparison

The maximum QSPRX drawdown since its inception was -41.22%, roughly equal to the maximum QSPNX drawdown of -41.79%. Use the drawdown chart below to compare losses from any high point for QSPRX and QSPNX.

Drawdown Indicators

	QSPRX	QSPNX	Difference
Max Drawdown Largest peak-to-trough decline	-41.22%	-41.79%	+0.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.06%	-5.05%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-9.25%	-9.31%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-17.17%	-17.17%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-41.22%	-41.79%	+0.57%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.08%	-9.60%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.91%	0.00%

Volatility

QSPRX vs. QSPNX - Volatility Comparison

AQR Style Premia Alternative R6 (QSPRX) and AQR Style Premia Alternative Fund Class N (QSPNX) have volatilities of 3.08% 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

	QSPRX	QSPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	3.07%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	7.23%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	9.58%	9.63%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.91%	15.85%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.86%	12.82%	+0.04%

QSPRX vs. QSPNX - Expense Ratio Comparison

QSPRX has a 5.79% expense ratio, which is lower than QSPNX's 6.14% expense ratio.

Dividends

QSPRX vs. QSPNX - Dividend Comparison

QSPRX's dividend yield for the trailing twelve months is around 2.31%, more than QSPNX's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QSPRX AQR Style Premia Alternative R6	2.31%	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

Can I hold both QSPRX and QSPNX in my portfolio?

With a correlation of 0.99, QSPRX 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, QSPRX or QSPNX?

QSPRX has higher volatility (3.08%) compared to QSPNX (3.07%). In terms of maximum drawdown, QSPRX dropped -41.22% vs QSPNX's -41.79%.

Which has better risk-adjusted returns?

QSPRX currently has the higher Sharpe Ratio (1.98 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.