XPMIX vs. QNZNX

Last updated Aug 1, 2026

XPMIX (StepStone Private Markets Fund Class I) and QNZNX (AQR Trend Total Return Fund) are both mutual funds - XPMIX is a Multistrategy fund actively managed by StepStone, while QNZNX is a Systematic Trend fund actively managed by AQR. Both are actively managed. Over the past 3 years, XPMIX returned 11.07%/yr vs 27.20%/yr for QNZNX. Their 0.42 correlation means their historical movements had little consistent relationship. XPMIX charges 2.34%/yr vs 1.52%/yr for QNZNX.

Performance

XPMIX vs. QNZNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in StepStone Private Markets Fund Class I (XPMIX) and AQR Trend Total Return Fund (QNZNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPMIX achieves a 5.73% return, which is significantly lower than QNZNX's 13.04% return.

XPMIX

• 1D: 0.45%
• 1M: 0.23%
• 6M: 4.37%
• YTD: 5.73%
• 1Y: 10.22%
• 3Y*: 11.07%
• 5Y*: 12.85%
• 10Y*: —
• ALL TIME*: 18.18%

QNZNX

• 1D: 1.06%
• 1M: 0.78%
• 6M: 6.46%
• YTD: 13.04%
• 1Y: 28.91%
• 3Y*: 27.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.39%

*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)
QNZNX AQR Trend Total Return Fund	$0.00	$0.00	$0.00
XPMIX StepStone Private Markets Fund Class I	$0.00	$0.00	$0.00

XPMIX vs. QNZNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XPMIX StepStone Private Markets Fund Class I	5.73%	11.78%	12.97%	12.21%	6.85%
QNZNX AQR Trend Total Return Fund	13.04%	22.88%	34.96%	22.73%	1.37%

Correlation

The correlation between XPMIX and QNZNX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.42

The correlation between XPMIX and QNZNX shifts across timeframes, from 0.42 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XPMIX vs. QNZNX — Risk / Return Rank

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

XPMIX

XPMIX Risk / Return Rank: 93
XPMIX Sharpe Ratio Rank: 92
XPMIX Sortino Ratio Rank: 95
XPMIX Omega Ratio Rank: 90
XPMIX Calmar Ratio Rank: 94
XPMIX Martin Ratio Rank: 94

QNZNX

QNZNX Risk / Return Rank: 91
QNZNX Sharpe Ratio Rank: 93
QNZNX Sortino Ratio Rank: 87
QNZNX Omega Ratio Rank: 85
QNZNX Calmar Ratio Rank: 95
QNZNX 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.

XPMIX vs. QNZNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for StepStone Private Markets Fund Class I (XPMIX) and AQR Trend Total Return Fund (QNZNX). 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.

	XPMIX	QNZNX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.41	-0.02
Sortino ratio: Return per unit of downside risk	3.89	3.16	+0.73
Omega ratio: Gain probability vs. loss probability	1.48	1.42	+0.06
Calmar ratio: Return relative to maximum drawdown	3.94	4.35	-0.41
Martin ratio: Return relative to average drawdown	15.15	13.97	+1.18

XPMIX vs. QNZNX - Sharpe Ratio Comparison

The current XPMIX Sharpe Ratio is 2.39, which is comparable to the QNZNX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of XPMIX and QNZNX, 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

XPMIX vs. QNZNX - Drawdown Comparison

The maximum XPMIX drawdown since its inception was -3.71%, smaller than the maximum QNZNX drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for XPMIX and QNZNX.

Drawdown Indicators

	XPMIX	QNZNX	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-18.38%	+14.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-6.58%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	-3.13%	-13.48%	+10.35%
Max Drawdown (5Y) Largest decline over 5 years	-3.13%	—	—
Current Drawdown Current decline from peak	-0.20%	-4.68%	+4.48%
Average Drawdown Average peak-to-trough decline	-0.43%	-2.82%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	2.05%	-1.38%

Volatility

XPMIX vs. QNZNX - Volatility Comparison

The current volatility for StepStone Private Markets Fund Class I (XPMIX) is 0.91%, while AQR Trend Total Return Fund (QNZNX) has a volatility of 4.06%. This indicates that XPMIX experiences smaller price fluctuations and is considered to be less risky than QNZNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPMIX	QNZNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	4.06%	-3.15%
Volatility (6M) Calculated over the trailing 6-month period	3.45%	8.23%	-4.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.27%	11.87%	-7.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	12.15%	-6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.86%	12.15%	-2.29%

XPMIX vs. QNZNX - Expense Ratio Comparison

XPMIX has a 2.34% expense ratio, which is higher than QNZNX's 1.52% expense ratio.

Dividends

XPMIX vs. QNZNX - Dividend Comparison

XPMIX's dividend yield for the trailing twelve months is around 0.78%, more than QNZNX's 0.76% yield.

Position	TTM	2025	2024	2023	2022
QNZNX AQR Trend Total Return Fund	0.76%	0.86%	16.46%	23.14%	2.04%
XPMIX StepStone Private Markets Fund Class I	0.78%	0.85%	1.31%	0.33%	0.00%

Frequently Asked Questions

Can I hold both XPMIX and QNZNX in my portfolio?

XPMIX and QNZNX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPMIX or QNZNX?

QNZNX has higher volatility (4.06%) compared to XPMIX (0.91%). In terms of maximum drawdown, XPMIX dropped -3.71% vs QNZNX's -18.38%.

Which has better risk-adjusted returns?

QNZNX currently has the higher Sharpe Ratio (2.41 vs 2.39), 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.