RPGAX vs. QDSNX

Last updated Aug 1, 2026

RPGAX (T. Rowe Price Global Allocation Fund) and QDSNX (AQR Diversifying Strategies Fund Class N) are both mutual funds - RPGAX is a Global Allocation fund actively managed by T. Rowe Price, while QDSNX is a Tactical Allocation fund actively managed by AQR. Both are actively managed. Over the past 5 years, RPGAX returned 5.81%/yr vs 11.01%/yr for QDSNX. Their 0.20 correlation means their historical movements had little consistent relationship. RPGAX charges 1.01%/yr vs 3.30%/yr for QDSNX.

Performance

RPGAX vs. QDSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Global Allocation Fund (RPGAX) and AQR Diversifying Strategies Fund Class N (QDSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPGAX achieves a 7.14% return, which is significantly higher than QDSNX's 5.37% return.

RPGAX

• 1D: 1.18%
• 1M: -0.06%
• 6M: 4.52%
• YTD: 7.14%
• 1Y: 15.45%
• 3Y*: 11.73%
• 5Y*: 5.81%
• 10Y*: 7.90%
• ALL TIME*: 7.03%

QDSNX

• 1D: 0.68%
• 1M: 2.22%
• 6M: 3.45%
• YTD: 5.37%
• 1Y: 13.58%
• 3Y*: 11.97%
• 5Y*: 11.01%
• 10Y*: —
• ALL TIME*: 11.40%

*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)
QDSNX AQR Diversifying Strategies Fund Class N	$0.00	$0.00	$0.00
RPGAX T. Rowe Price Global Allocation Fund	$0.00	$0.00	$0.00

RPGAX vs. QDSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RPGAX T. Rowe Price Global Allocation Fund	7.14%	15.00%	9.65%	13.78%	-14.54%	9.17%	16.36%
QDSNX AQR Diversifying Strategies Fund Class N	5.37%	16.14%	9.56%	8.62%	14.48%	10.35%	5.40%

Correlation

The correlation between RPGAX and QDSNX is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (All Time) Calculated using the full available price history since Jun 10, 2020	0.20

Over the past year, RPGAX and QDSNX have become more correlated (0.45) than their long-term average of 0.20, meaning their price movements have been converging.

Return for Risk

RPGAX vs. QDSNX — Risk / Return Rank

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

RPGAX

RPGAX Risk / Return Rank: 70
RPGAX Sharpe Ratio Rank: 72
RPGAX Sortino Ratio Rank: 70
RPGAX Omega Ratio Rank: 73
RPGAX Calmar Ratio Rank: 63
RPGAX Martin Ratio Rank: 74

QDSNX

QDSNX Risk / Return Rank: 92
QDSNX Sharpe Ratio Rank: 93
QDSNX Sortino Ratio Rank: 92
QDSNX Omega Ratio Rank: 88
QDSNX Calmar Ratio Rank: 95
QDSNX 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.

RPGAX vs. QDSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Global Allocation Fund (RPGAX) and AQR Diversifying Strategies Fund Class N (QDSNX). 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.

	RPGAX	QDSNX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.40	-0.71
Sortino ratio: Return per unit of downside risk	2.40	3.56	-1.15
Omega ratio: Gain probability vs. loss probability	1.32	1.45	-0.13
Calmar ratio: Return relative to maximum drawdown	2.15	4.13	-1.98
Martin ratio: Return relative to average drawdown	9.12	13.52	-4.40

RPGAX vs. QDSNX - Sharpe Ratio Comparison

The current RPGAX Sharpe Ratio is 1.69, which is comparable to the QDSNX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of RPGAX and QDSNX, 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

RPGAX vs. QDSNX - Drawdown Comparison

The maximum RPGAX drawdown since its inception was -24.42%, which is greater than QDSNX's maximum drawdown of -7.15%. Use the drawdown chart below to compare losses from any high point for RPGAX and QDSNX.

Drawdown Indicators

	RPGAX	QDSNX	Difference
Max Drawdown Largest peak-to-trough decline	-24.42%	-7.15%	-17.27%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-3.10%	-3.65%
Max Drawdown (3Y) Largest decline over 3 years	-9.57%	-6.93%	-2.64%
Max Drawdown (5Y) Largest decline over 5 years	-21.79%	-7.15%	-14.64%
Max Drawdown (10Y) Largest decline over 10 years	-24.42%	—	—
Current Drawdown Current decline from peak	-0.70%	-0.94%	+0.24%
Average Drawdown Average peak-to-trough decline	-3.80%	-1.46%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	0.94%	+0.65%

Volatility

RPGAX vs. QDSNX - Volatility Comparison

T. Rowe Price Global Allocation Fund (RPGAX) has a higher volatility of 2.51% compared to AQR Diversifying Strategies Fund Class N (QDSNX) at 1.86%. This indicates that RPGAX's price experiences larger fluctuations and is considered to be riskier than QDSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPGAX	QDSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	1.86%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	7.31%	3.96%	+3.35%
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	5.33%	+3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.58%	7.63%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.20%	7.29%	+2.91%

RPGAX vs. QDSNX - Expense Ratio Comparison

RPGAX has a 1.01% expense ratio, which is lower than QDSNX's 3.30% expense ratio.

Dividends

RPGAX vs. QDSNX - Dividend Comparison

RPGAX's dividend yield for the trailing twelve months is around 6.56%, more than QDSNX's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QDSNX AQR Diversifying Strategies Fund Class N	1.89%	1.99%	0.00%	11.18%	8.01%	5.99%	1.83%	0.00%	0.00%	0.00%	0.00%	0.00%
RPGAX T. Rowe Price Global Allocation Fund	6.56%	7.03%	5.24%	2.49%	3.15%	7.54%	1.05%	2.97%	2.52%	0.75%	0.36%	1.62%

Frequently Asked Questions

Can I hold both RPGAX and QDSNX in my portfolio?

RPGAX and QDSNX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPGAX or QDSNX?

RPGAX has higher volatility (2.51%) compared to QDSNX (1.86%). In terms of maximum drawdown, RPGAX dropped -24.42% vs QDSNX's -7.15%.

Which has better risk-adjusted returns?

QDSNX currently has the higher Sharpe Ratio (2.40 vs 1.69), 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.