VFWPX vs. QSPNX

Last updated Aug 4, 2026

VFWPX (Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares) and QSPNX (AQR Style Premia Alternative Fund Class N) are both mutual funds - VFWPX is a Foreign Large Cap Equities fund managed by Vanguard, while QSPNX is a Multistrategy fund actively managed by AQR. Over the past 10 years, VFWPX returned 9.69%/yr vs 7.46%/yr for QSPNX. Their -0.04 correlation means they have often moved in opposite directions in the past. VFWPX charges 0.06%/yr vs 6.14%/yr for QSPNX.

Performance

VFWPX vs. QSPNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares (VFWPX) and AQR Style Premia Alternative Fund Class N (QSPNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFWPX achieves a 13.61% return, which is significantly lower than QSPNX's 17.82% return. Over the past 10 years, VFWPX has outperformed QSPNX with an annualized return of 9.69%, while QSPNX has yielded a comparatively lower 7.46% annualized return.

VFWPX

• 1D: 0.09%
• 1M: 0.42%
• 6M: 7.14%
• YTD: 13.61%
• 1Y: 28.98%
• 3Y*: 17.65%
• 5Y*: 9.25%
• 10Y*: 9.69%
• ALL TIME*: 6.73%

QSPNX

• 1D: 0.20%
• 1M: 6.80%
• 6M: 13.43%
• YTD: 17.82%
• 1Y: 22.25%
• 3Y*: 20.16%
• 5Y*: 19.89%
• 10Y*: 7.46%
• ALL TIME*: 7.54%

*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)
QSPNX AQR Style Premia Alternative Fund Class N	$0.00	$0.00	$0.00
VFWPX Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

VFWPX vs. QSPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFWPX Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares	13.61%	32.40%	5.48%	15.63%	-15.47%	8.13%	11.40%	21.59%	-13.95%	27.28%
QSPNX AQR Style Premia Alternative Fund Class N	17.82%	14.35%	21.33%	12.14%	30.40%	24.63%	-22.17%	-8.35%	-12.60%	11.74%

Correlation

The correlation between VFWPX and QSPNX is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.11
Correlation (3Y) Balances recent behavior with more history.	-0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.15
Correlation (10Y) Provides a long-term view across more market conditions.	-0.04
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	-0.04

The correlation between VFWPX and QSPNX shifts across timeframes, from -0.15 (5 years) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VFWPX vs. QSPNX — Risk / Return Rank

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

VFWPX

VFWPX Risk / Return Rank: 72
VFWPX Sharpe Ratio Rank: 73
VFWPX Sortino Ratio Rank: 68
VFWPX Omega Ratio Rank: 72
VFWPX Calmar Ratio Rank: 74
VFWPX Martin Ratio Rank: 72

QSPNX

QSPNX Risk / Return Rank: 88
QSPNX Sharpe Ratio Rank: 88
QSPNX Sortino Ratio Rank: 88
QSPNX Omega Ratio Rank: 81
QSPNX Calmar Ratio Rank: 95
QSPNX Martin Ratio Rank: 87

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.

VFWPX vs. QSPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares (VFWPX) and AQR Style Premia Alternative Fund Class N (QSPNX). 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.

	VFWPX	QSPNX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.22	-0.45
Sortino ratio: Return per unit of downside risk	2.43	3.31	-0.89
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.53	4.25	-1.73
Martin ratio: Return relative to average drawdown	9.36	11.56	-2.20

VFWPX vs. QSPNX - Sharpe Ratio Comparison

The current VFWPX Sharpe Ratio is 1.77, which is comparable to the QSPNX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of VFWPX and QSPNX, 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

VFWPX vs. QSPNX - Drawdown Comparison

The maximum VFWPX drawdown since its inception was -34.85%, smaller than the maximum QSPNX drawdown of -41.79%. Use the drawdown chart below to compare losses from any high point for VFWPX and QSPNX.

Drawdown Indicators

	VFWPX	QSPNX	Difference
Max Drawdown Largest peak-to-trough decline	-34.85%	-41.79%	+6.94%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-5.05%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-9.31%	-3.96%
Max Drawdown (5Y) Largest decline over 5 years	-29.16%	-17.17%	-11.99%
Max Drawdown (10Y) Largest decline over 10 years	-34.85%	-41.79%	+6.94%
Current Drawdown Current decline from peak	-2.38%	0.00%	-2.38%
Average Drawdown Average peak-to-trough decline	-7.88%	-9.49%	+1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	1.85%	+1.20%

Volatility

VFWPX vs. QSPNX - Volatility Comparison

Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares (VFWPX) has a higher volatility of 5.29% compared to AQR Style Premia Alternative Fund Class N (QSPNX) at 2.04%. This indicates that VFWPX's price experiences larger fluctuations and is considered to be riskier than QSPNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFWPX	QSPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	2.04%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	7.15%	+7.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	9.66%	+6.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.52%	15.82%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	12.84%	+3.14%

VFWPX vs. QSPNX - Expense Ratio Comparison

VFWPX has a 0.06% expense ratio, which is lower than QSPNX's 6.14% expense ratio.

Dividends

VFWPX vs. QSPNX - Dividend Comparison

VFWPX's dividend yield for the trailing twelve months is around 2.56%, more than QSPNX's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QSPNX AQR Style Premia Alternative Fund Class N	2.03%	2.39%	6.80%	23.73%	22.62%	12.61%	0.00%	1.63%	0.51%	6.81%	1.75%	5.68%
VFWPX Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares	2.56%	3.10%	3.26%	3.33%	3.12%	3.08%	2.01%	3.12%	3.30%	2.70%	3.00%	2.99%

Frequently Asked Questions

Can I hold both VFWPX and QSPNX in my portfolio?

VFWPX and QSPNX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFWPX or QSPNX?

VFWPX has higher volatility (5.29%) compared to QSPNX (2.04%). In terms of maximum drawdown, VFWPX dropped -34.85% vs QSPNX's -41.79%.

Which has better risk-adjusted returns?

QSPNX currently has the higher Sharpe Ratio (2.22 vs 1.77), 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.