SHV vs. AQMIX

Last updated Jun 9, 2026

SHV (iShares 0-1 Year Treasury Bond ETF) and AQMIX (AQR Managed Futures Strategy Fund) are both funds - SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index, while AQMIX is a Systematic Trend fund managed by AQR Funds. Over the past 10 years, SHV returned 2.23%/yr vs 4.98%/yr for AQMIX. At a correlation of -0.01, they often move in opposite directions. SHV charges 0.15%/yr vs 1.25%/yr for AQMIX.

Performance

SHV vs. AQMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-1 Year Treasury Bond ETF (SHV) and AQR Managed Futures Strategy Fund (AQMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHV achieves a 1.47% return, which is significantly lower than AQMIX's 12.43% return. Over the past 10 years, SHV has underperformed AQMIX with an annualized return of 2.23%, while AQMIX has yielded a comparatively higher 4.98% annualized return.

SHV

• 1D: 0.01%
• 1M: 0.26%
• YTD: 1.47%
• 6M: 1.74%
• 1Y: 3.90%
• 3Y*: 4.63%
• 5Y*: 3.33%
• 10Y*: 2.23%

AQMIX

• 1D: -0.55%
• 1M: 1.22%
• YTD: 12.43%
• 6M: 14.53%
• 1Y: 25.35%
• 3Y*: 12.47%
• 5Y*: 12.60%
• 10Y*: 4.98%

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

SHV vs. AQMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHV iShares 0-1 Year Treasury Bond ETF	1.47%	4.21%	5.12%	5.04%	0.94%	-0.10%	0.81%	2.36%	1.72%	0.67%
AQMIX AQR Managed Futures Strategy Fund	12.43%	14.62%	8.13%	2.08%	35.47%	-1.04%	-0.43%	1.92%	-8.88%	-0.97%

Correlation

The correlation between SHV and AQMIX is -0.16, 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	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.16
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	-0.01

The correlation between SHV and AQMIX shifts across timeframes, from -0.16 (5 years) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SHV vs. AQMIX — Risk / Return Rank

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

SHV

SHV Risk / Return Rank: 100
SHV Sharpe Ratio Rank: 100
SHV Sortino Ratio Rank: 100
SHV Omega Ratio Rank: 100
SHV Calmar Ratio Rank: 100
SHV Martin Ratio Rank: 100

AQMIX

AQMIX Risk / Return Rank: 89
AQMIX Sharpe Ratio Rank: 89
AQMIX Sortino Ratio Rank: 84
AQMIX Omega Ratio Rank: 79
AQMIX Calmar Ratio Rank: 98
AQMIX Martin Ratio Rank: 97

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.

SHV vs. AQMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year Treasury Bond ETF (SHV) and AQR Managed Futures Strategy Fund (AQMIX). 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.

	SHV	AQMIX	Difference
Sharpe ratio: Return per unit of total volatility	19.49	2.85	+16.65
Sortino ratio: Return per unit of downside risk	149.54	3.88	+145.66
Omega ratio: Gain probability vs. loss probability	53.77	1.50	+52.26
Calmar ratio: Return relative to maximum drawdown	431.38	8.24	+423.15
Martin ratio: Return relative to average drawdown	2,419.80	26.92	+2,392.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHV vs. AQMIX - Sharpe Ratio Comparison

The current SHV Sharpe Ratio is 19.49, which is higher than the AQMIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of SHV and AQMIX, 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

	SHV	AQMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.49	2.85	+16.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	11.62	1.09	+10.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	8.09	0.48	+7.61
Sharpe Ratio (All Time) Calculated using the full available price history	4.50	0.42	+4.08

Drawdowns

SHV vs. AQMIX - Drawdown Comparison

The maximum SHV drawdown since its inception was -0.45%, smaller than the maximum AQMIX drawdown of -26.52%. Use the drawdown chart below to compare losses from any high point for SHV and AQMIX.

Drawdown Indicators

	SHV	AQMIX	Difference
Max Drawdown Largest peak-to-trough decline	-0.45%	-26.52%	+26.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-3.02%	+3.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.03%	-13.57%	+13.54%
Max Drawdown (5Y) Largest decline over 5 years	-0.39%	-13.57%	+13.18%
Max Drawdown (10Y) Largest decline over 10 years	-0.45%	-23.34%	+22.89%
Current Drawdown Current decline from peak	0.00%	-1.19%	+1.19%
Average Drawdown Average peak-to-trough decline	-0.03%	-10.00%	+9.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.98%	-0.98%

Volatility

SHV vs. AQMIX - Volatility Comparison

The current volatility for iShares 0-1 Year Treasury Bond ETF (SHV) is 0.05%, while AQR Managed Futures Strategy Fund (AQMIX) has a volatility of 2.64%. This indicates that SHV experiences smaller price fluctuations and is considered to be less risky than AQMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHV	AQMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	2.64%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	6.67%	-6.55%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	8.75%	-8.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.29%	11.63%	-11.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.28%	10.37%	-10.09%

SHV vs. AQMIX - Expense Ratio Comparison

SHV has a 0.15% expense ratio, which is lower than AQMIX's 1.25% expense ratio.

Dividends

SHV vs. AQMIX - Dividend Comparison

SHV's dividend yield for the trailing twelve months is around 3.83%, more than AQMIX's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQMIX AQR Managed Futures Strategy Fund	2.01%	2.26%	3.83%	8.39%	12.76%	6.94%	5.31%	3.13%	0.00%	0.00%	0.02%	6.51%
SHV iShares 0-1 Year Treasury Bond ETF	3.83%	4.09%	5.02%	4.73%	1.39%	0.00%	0.74%	2.19%	1.66%	0.72%	0.34%	0.03%

Frequently Asked Questions

Can I hold both SHV and AQMIX in my portfolio?

SHV and AQMIX have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHV or AQMIX?

AQMIX has higher volatility (2.64%) compared to SHV (0.05%). In terms of maximum drawdown, SHV dropped -0.45% vs AQMIX's -26.52%.

Which has better risk-adjusted returns?

SHV currently has the higher Sharpe Ratio (19.49 vs 2.85), 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.