QTERX vs. BEMIX

Last updated Jun 17, 2026

QTERX (AQR Emerging Multi-Style II Fund Class R6) and BEMIX (Brandes Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 10 years, QTERX returned 11.32%/yr vs 10.16%/yr for BEMIX. Their correlation of 0.87 suggests significant overlap in exposure. QTERX charges 0.62%/yr vs 1.12%/yr for BEMIX.

Performance

QTERX vs. BEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Emerging Multi-Style II Fund Class R6 (QTERX) and Brandes Emerging Markets Fund (BEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QTERX achieves a 29.44% return, which is significantly higher than BEMIX's 24.49% return. Over the past 10 years, QTERX has outperformed BEMIX with an annualized return of 11.32%, while BEMIX has yielded a comparatively lower 10.16% annualized return.

QTERX

• 1D: 2.93%
• 1M: 7.06%
• YTD: 29.44%
• 6M: 34.96%
• 1Y: 51.60%
• 3Y*: 26.30%
• 5Y*: 9.78%
• 10Y*: 11.32%

BEMIX

• 1D: 1.75%
• 1M: 5.35%
• YTD: 24.49%
• 6M: 28.34%
• 1Y: 54.68%
• 3Y*: 25.82%
• 5Y*: 12.69%
• 10Y*: 10.16%

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

QTERX vs. BEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QTERX AQR Emerging Multi-Style II Fund Class R6	29.44%	32.94%	12.02%	12.66%	-21.13%	0.95%	17.08%	16.87%	-16.22%	37.22%
BEMIX Brandes Emerging Markets Fund	24.49%	47.83%	4.01%	22.53%	-15.91%	1.68%	-6.17%	18.60%	-15.56%	26.00%

Correlation

The correlation between QTERX and BEMIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.87

The correlation between QTERX and BEMIX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

QTERX vs. BEMIX — Risk / Return Rank

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

QTERX

QTERX Risk / Return Rank: 85
QTERX Sharpe Ratio Rank: 89
QTERX Sortino Ratio Rank: 77
QTERX Omega Ratio Rank: 83
QTERX Calmar Ratio Rank: 87
QTERX Martin Ratio Rank: 86

BEMIX

BEMIX Risk / Return Rank: 93
BEMIX Sharpe Ratio Rank: 96
BEMIX Sortino Ratio Rank: 89
BEMIX Omega Ratio Rank: 91
BEMIX Calmar Ratio Rank: 93
BEMIX Martin Ratio Rank: 94

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.

QTERX vs. BEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Emerging Multi-Style II Fund Class R6 (QTERX) and Brandes Emerging Markets Fund (BEMIX). 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.

	QTERX	BEMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	3.17	-0.47
Sortino ratio: Return per unit of downside risk	3.35	3.95	-0.60
Omega ratio: Gain probability vs. loss probability	1.51	1.62	-0.11
Calmar ratio: Return relative to maximum drawdown	4.03	4.68	-0.65
Martin ratio: Return relative to average drawdown	15.06	18.70	-3.64

QTERX vs. BEMIX - Sharpe Ratio Comparison

The current QTERX Sharpe Ratio is 2.70, which is comparable to the BEMIX Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of QTERX and BEMIX, 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

QTERX vs. BEMIX - Drawdown Comparison

The maximum QTERX drawdown since its inception was -39.15%, smaller than the maximum BEMIX drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for QTERX and BEMIX.

Drawdown Indicators

	QTERX	BEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-46.05%	+6.90%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-12.07%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-16.08%	-0.81%
Max Drawdown (5Y) Largest decline over 5 years	-36.83%	-35.97%	-0.86%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-46.05%	+6.90%
Current Drawdown Current decline from peak	-1.00%	-1.05%	+0.05%
Average Drawdown Average peak-to-trough decline	-12.01%	-14.15%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.02%	+0.54%

Volatility

QTERX vs. BEMIX - Volatility Comparison

AQR Emerging Multi-Style II Fund Class R6 (QTERX) has a higher volatility of 11.23% compared to Brandes Emerging Markets Fund (BEMIX) at 8.59%. This indicates that QTERX's price experiences larger fluctuations and is considered to be riskier than BEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTERX	BEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.23%	8.59%	+2.64%
Volatility (6M) Calculated over the trailing 6-month period	17.67%	15.63%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.91%	17.86%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	16.79%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	17.18%	+0.91%

QTERX vs. BEMIX - Expense Ratio Comparison

QTERX has a 0.62% expense ratio, which is lower than BEMIX's 1.12% expense ratio.

Dividends

QTERX vs. BEMIX - Dividend Comparison

QTERX's dividend yield for the trailing twelve months is around 3.28%, more than BEMIX's 1.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEMIX Brandes Emerging Markets Fund	1.72%	2.15%	3.04%	2.45%	2.86%	2.31%	1.31%	2.56%	1.55%	1.41%	2.20%	1.54%
QTERX AQR Emerging Multi-Style II Fund Class R6	3.28%	4.25%	4.91%	5.76%	4.73%	2.53%	1.68%	4.48%	2.40%	1.63%	2.57%	0.00%

Frequently Asked Questions

Can I hold both QTERX and BEMIX in my portfolio?

With a correlation of 0.92, QTERX and BEMIX 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, QTERX or BEMIX?

QTERX has higher volatility (11.23%) compared to BEMIX (8.59%). In terms of maximum drawdown, QTERX dropped -39.15% vs BEMIX's -46.05%.

Which has better risk-adjusted returns?

BEMIX currently has the higher Sharpe Ratio (3.17 vs 2.70), 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.