TMSRX vs. QMFNX

Last updated Jun 4, 2026

TMSRX (T. Rowe Price Multi-Strategy Total Return Fund) and QMFNX (AQR MS Fusion Fund Class N) are both Multistrategy funds. At a 0.27 correlation, their price movements are largely independent. TMSRX charges 1.19%/yr vs 3.80%/yr for QMFNX.

Performance

TMSRX vs. QMFNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) and AQR MS Fusion Fund Class N (QMFNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMSRX achieves a 0.41% return, which is significantly lower than QMFNX's 11.43% return.

TMSRX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.41%
• 6M: 0.72%
• 1Y: 3.60%
• 3Y*: 4.02%
• 5Y*: 0.99%
• 10Y*: —

QMFNX

• 1D: 0.16%
• 1M: 8.40%
• YTD: 11.43%
• 6M: 13.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMSRX vs. QMFNX - Yearly Performance Comparison

	2026 (YTD)	2025
TMSRX T. Rowe Price Multi-Strategy Total Return Fund	0.41%	0.53%
QMFNX AQR MS Fusion Fund Class N	11.43%	3.54%

Correlation

The correlation between TMSRX and QMFNX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 7, 2025	0.27

Return for Risk

TMSRX vs. QMFNX — Risk / Return Rank

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

TMSRX

TMSRX Risk / Return Rank: 75
TMSRX Sharpe Ratio Rank: 52
TMSRX Sortino Ratio Rank: 55
TMSRX Omega Ratio Rank: 91
TMSRX Calmar Ratio Rank: 88
TMSRX Martin Ratio Rank: 89

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.

TMSRX vs. QMFNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) and AQR MS Fusion Fund Class N (QMFNX). 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.

	TMSRX	QMFNX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	—	—
Sortino ratio: Return per unit of downside risk	3.12	—	—
Omega ratio: Gain probability vs. loss probability	1.66	—	—
Calmar ratio: Return relative to maximum drawdown	4.36	—	—
Martin ratio: Return relative to average drawdown	17.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TMSRX	QMFNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	2.14	-1.31

Drawdowns

TMSRX vs. QMFNX - Drawdown Comparison

The maximum TMSRX drawdown since its inception was -10.67%, roughly equal to the maximum QMFNX drawdown of -10.37%. Use the drawdown chart below to compare losses from any high point for TMSRX and QMFNX.

Drawdown Indicators

	TMSRX	QMFNX	Difference
Max Drawdown Largest peak-to-trough decline	-10.67%	-10.37%	-0.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.59%	—	—
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-2.73%	-2.28%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	—	—

Volatility

Volatility by Period

	TMSRX	QMFNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.70%	14.36%	-12.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	14.36%	-11.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	14.36%	-11.08%

TMSRX vs. QMFNX - Expense Ratio Comparison

TMSRX has a 1.19% expense ratio, which is lower than QMFNX's 3.80% expense ratio.

Dividends

TMSRX vs. QMFNX - Dividend Comparison

TMSRX's dividend yield for the trailing twelve months is around 9.49%, more than QMFNX's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QMFNX AQR MS Fusion Fund Class N	0.34%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMSRX T. Rowe Price Multi-Strategy Total Return Fund	9.49%	7.59%	6.72%	5.95%	2.29%	2.88%	3.35%	3.00%	3.56%

Frequently Asked Questions

Can I hold both TMSRX and QMFNX in my portfolio?

TMSRX and QMFNX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.