TBLYX vs. QDSNX

Last updated Jun 4, 2026

TBLYX (T. Rowe Price Retirement Blend 2035 Fund) and QDSNX (AQR Diversifying Strategies Fund Class N) are both mutual funds - TBLYX is a Target Retirement Date fund actively managed by T. Rowe Price, while QDSNX is a Tactical Allocation fund actively managed by AQR Funds. Both are actively managed. Over the past 3 years, TBLYX returned 16.45%/yr vs 13.72%/yr for QDSNX. At a 0.12 correlation, their price movements are largely independent. TBLYX charges 0.40%/yr vs 3.30%/yr for QDSNX.

Performance

TBLYX vs. QDSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Blend 2035 Fund (TBLYX) 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, TBLYX achieves a 9.63% return, which is significantly higher than QDSNX's 6.30% return.

TBLYX

• 1D: 0.30%
• 1M: 3.98%
• YTD: 9.63%
• 6M: 10.22%
• 1Y: 22.59%
• 3Y*: 16.45%
• 5Y*: —
• 10Y*: —

QDSNX

• 1D: 0.07%
• 1M: 1.50%
• YTD: 6.30%
• 6M: 7.81%
• 1Y: 14.76%
• 3Y*: 13.72%
• 5Y*: 10.95%
• 10Y*: —

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

TBLYX vs. QDSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBLYX T. Rowe Price Retirement Blend 2035 Fund	9.63%	17.30%	12.43%	18.44%	-17.17%	4.09%
QDSNX AQR Diversifying Strategies Fund Class N	6.30%	16.14%	9.56%	8.62%	14.48%	1.09%

Correlation

The correlation between TBLYX and QDSNX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 2, 2021	0.12

Over the past year, TBLYX and QDSNX have become more correlated (0.44) than their long-term average of 0.12, meaning their price movements have been converging.

Return for Risk

TBLYX vs. QDSNX — Risk / Return Rank

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

TBLYX

TBLYX Risk / Return Rank: 62
TBLYX Sharpe Ratio Rank: 64
TBLYX Sortino Ratio Rank: 61
TBLYX Omega Ratio Rank: 62
TBLYX Calmar Ratio Rank: 59
TBLYX Martin Ratio Rank: 66

QDSNX

QDSNX Risk / Return Rank: 92
QDSNX Sharpe Ratio Rank: 91
QDSNX Sortino Ratio Rank: 92
QDSNX Omega Ratio Rank: 86
QDSNX Calmar Ratio Rank: 98
QDSNX Martin Ratio Rank: 95

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.

TBLYX vs. QDSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2035 Fund (TBLYX) 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.

	TBLYX	QDSNX	Difference
Sharpe ratio Return per unit of total volatility	2.34	3.02	-0.68
Sortino ratio Return per unit of downside risk	3.29	4.54	-1.25
Omega ratio Gain probability vs. loss probability	1.44	1.59	-0.15
Calmar ratio Return relative to maximum drawdown	2.93	7.63	-4.70
Martin ratio Return relative to average drawdown	12.98	22.05	-9.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLYX vs. QDSNX - Sharpe Ratio Comparison

The current TBLYX Sharpe Ratio is 2.34, which is comparable to the QDSNX Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of TBLYX 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.

Sharpe Ratios by Period

	TBLYX	QDSNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	3.02	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	1.63	-0.99

Drawdowns

TBLYX vs. QDSNX - Drawdown Comparison

The maximum TBLYX drawdown since its inception was -24.54%, which is greater than QDSNX's maximum drawdown of -7.15%. Use the drawdown chart below to compare losses from any high point for TBLYX and QDSNX.

Drawdown Indicators

	TBLYX	QDSNX	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-7.15%	-17.39%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-1.97%	-5.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-6.93%	-6.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-7.15%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.10%	-1.46%	-4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	0.68%	+1.08%

Volatility

TBLYX vs. QDSNX - Volatility Comparison

T. Rowe Price Retirement Blend 2035 Fund (TBLYX) has a higher volatility of 2.98% compared to AQR Diversifying Strategies Fund Class N (QDSNX) at 1.38%. This indicates that TBLYX'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

	TBLYX	QDSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	1.38%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	3.57%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	9.81%	4.99%	+4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	7.63%	+5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	7.31%	+5.76%

TBLYX vs. QDSNX - Expense Ratio Comparison

TBLYX has a 0.40% expense ratio, which is lower than QDSNX's 3.30% expense ratio.

Dividends

TBLYX vs. QDSNX - Dividend Comparison

TBLYX's dividend yield for the trailing twelve months is around 2.28%, more than QDSNX's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
QDSNX AQR Diversifying Strategies Fund Class N	1.87%	1.99%	0.00%	11.18%	8.01%	5.99%	1.83%
TBLYX T. Rowe Price Retirement Blend 2035 Fund	2.28%	2.50%	2.05%	1.94%	2.18%	1.40%	0.00%

Frequently Asked Questions

Can I hold both TBLYX and QDSNX in my portfolio?

TBLYX and QDSNX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLYX or QDSNX?

TBLYX has higher volatility (2.98%) compared to QDSNX (1.38%). In terms of maximum drawdown, TBLYX dropped -24.54% vs QDSNX's -7.15%.

Which has better risk-adjusted returns?

QDSNX currently has the higher Sharpe Ratio (3.02 vs 2.34), 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.