QSPRX vs. XPMIX

Last updated Jun 23, 2026

QSPRX (AQR Style Premia Alternative R6) and XPMIX (StepStone Private Markets Fund Class I) are both Multistrategy funds. Both are actively managed. Over the past 5 years, QSPRX returned 19.71%/yr vs 13.06%/yr for XPMIX. At a correlation of -0.07, they often move in opposite directions. QSPRX charges 5.79%/yr vs 2.34%/yr for XPMIX.

Performance

QSPRX vs. XPMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Style Premia Alternative R6 (QSPRX) and StepStone Private Markets Fund Class I (XPMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QSPRX achieves a 11.48% return, which is significantly higher than XPMIX's 5.57% return.

QSPRX

• 1D: -0.31%
• 1M: 0.83%
• YTD: 11.48%
• 6M: 12.51%
• 1Y: 16.05%
• 3Y*: 19.21%
• 5Y*: 19.71%
• 10Y*: 7.43%

XPMIX

• 1D: 0.17%
• 1M: 0.80%
• YTD: 5.57%
• 6M: 5.68%
• 1Y: 11.28%
• 3Y*: 12.65%
• 5Y*: 13.06%
• 10Y*: —

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

QSPRX vs. XPMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QSPRX AQR Style Premia Alternative R6	11.48%	14.94%	21.60%	12.50%	30.90%	25.14%	-3.63%
XPMIX StepStone Private Markets Fund Class I	5.57%	11.78%	12.97%	12.21%	8.77%	30.00%	24.92%

Correlation

The correlation between QSPRX and XPMIX is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.13
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	-0.07

The correlation between QSPRX and XPMIX shifts across timeframes, from -0.18 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QSPRX vs. XPMIX — Risk / Return Rank

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

QSPRX

QSPRX Risk / Return Rank: 44
QSPRX Sharpe Ratio Rank: 36
QSPRX Sortino Ratio Rank: 39
QSPRX Omega Ratio Rank: 32
QSPRX Calmar Ratio Rank: 71
QSPRX Martin Ratio Rank: 41

XPMIX

XPMIX Risk / Return Rank: 90
XPMIX Sharpe Ratio Rank: 89
XPMIX Sortino Ratio Rank: 94
XPMIX Omega Ratio Rank: 87
XPMIX Calmar Ratio Rank: 90
XPMIX Martin Ratio Rank: 92

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. XPMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Style Premia Alternative R6 (QSPRX) and StepStone Private Markets Fund Class I (XPMIX). 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.

	QSPRX	XPMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.73	-1.10
Sortino ratio: Return per unit of downside risk	2.43	4.47	-2.04
Omega ratio: Gain probability vs. loss probability	1.28	1.57	-0.29
Calmar ratio: Return relative to maximum drawdown	3.11	4.40	-1.29
Martin ratio: Return relative to average drawdown	8.33	17.25	-8.92

QSPRX vs. XPMIX - Sharpe Ratio Comparison

The current QSPRX Sharpe Ratio is 1.62, which is lower than the XPMIX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of QSPRX and XPMIX, 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

QSPRX vs. XPMIX - Drawdown Comparison

The maximum QSPRX drawdown since its inception was -41.22%, which is greater than XPMIX's maximum drawdown of -3.71%. Use the drawdown chart below to compare losses from any high point for QSPRX and XPMIX.

Drawdown Indicators

	QSPRX	XPMIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.22%	-3.71%	-37.51%
Max Drawdown (1Y) Largest decline over 1 year	-5.06%	-2.59%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-9.25%	-3.13%	-6.12%
Max Drawdown (5Y) Largest decline over 5 years	-17.17%	-3.13%	-14.04%
Max Drawdown (10Y) Largest decline over 10 years	-41.22%	—	—
Current Drawdown Current decline from peak	-2.12%	-0.28%	-1.84%
Average Drawdown Average peak-to-trough decline	-10.04%	-0.44%	-9.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.66%	+1.26%

Volatility

QSPRX vs. XPMIX - Volatility Comparison

AQR Style Premia Alternative R6 (QSPRX) has a higher volatility of 3.56% compared to StepStone Private Markets Fund Class I (XPMIX) at 1.37%. This indicates that QSPRX's price experiences larger fluctuations and is considered to be riskier than XPMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QSPRX	XPMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	1.37%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	3.42%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	4.18%	+5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.91%	5.92%	+9.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.87%	9.94%	+2.93%

QSPRX vs. XPMIX - Expense Ratio Comparison

QSPRX has a 5.79% expense ratio, which is higher than XPMIX's 2.34% expense ratio.

Dividends

QSPRX vs. XPMIX - Dividend Comparison

QSPRX's dividend yield for the trailing twelve months is around 2.36%, more than XPMIX's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QSPRX AQR Style Premia Alternative R6	2.36%	2.63%	6.99%	23.75%	22.67%	12.85%	0.00%	1.62%	1.09%	7.15%	1.74%	5.87%
XPMIX StepStone Private Markets Fund Class I	0.80%	0.85%	1.31%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QSPRX and XPMIX in my portfolio?

QSPRX and XPMIX have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QSPRX or XPMIX?

QSPRX has higher volatility (3.56%) compared to XPMIX (1.37%). In terms of maximum drawdown, QSPRX dropped -41.22% vs XPMIX's -3.71%.

Which has better risk-adjusted returns?

XPMIX currently has the higher Sharpe Ratio (2.73 vs 1.62), 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.