XPMIX vs. QRPRX

Last updated Jul 31, 2026

XPMIX (StepStone Private Markets Fund Class I) and QRPRX (AQR Alternative Risk Premia R6) are both Multistrategy funds. Both are actively managed. Over the past 5 years, XPMIX returned 12.74%/yr vs 19.95%/yr for QRPRX. Their 0.10 correlation means their historical movements had little consistent relationship. XPMIX charges 2.34%/yr vs 4.94%/yr for QRPRX.

Performance

XPMIX vs. QRPRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in StepStone Private Markets Fund Class I (XPMIX) and AQR Alternative Risk Premia R6 (QRPRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPMIX achieves a 5.26% return, which is significantly lower than QRPRX's 21.88% return.

XPMIX

• 1D: -0.25%
• 1M: -0.22%
• 6M: 3.65%
• YTD: 5.26%
• 1Y: 9.58%
• 3Y*: 10.93%
• 5Y*: 12.74%
• 10Y*: —
• ALL TIME*: 18.10%

QRPRX

• 1D: 1.14%
• 1M: 4.15%
• 6M: 15.44%
• YTD: 21.88%
• 1Y: 35.33%
• 3Y*: 22.83%
• 5Y*: 19.95%
• 10Y*: —
• ALL TIME*: 8.99%

*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)
QRPRX AQR Alternative Risk Premia R6	$0.00	$0.00	$0.00
XPMIX StepStone Private Markets Fund Class I	$0.00	$0.00	$0.00

XPMIX vs. QRPRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XPMIX StepStone Private Markets Fund Class I	5.26%	11.78%	12.97%	12.21%	8.77%	30.00%	24.92%
QRPRX AQR Alternative Risk Premia R6	21.88%	23.57%	18.88%	7.30%	25.46%	14.33%	-6.91%

Correlation

The correlation between XPMIX and QRPRX is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.24
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	0.10

The correlation between XPMIX and QRPRX shifts across timeframes, from 0.10 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XPMIX vs. QRPRX — Risk / Return Rank

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

XPMIX

XPMIX Risk / Return Rank: 91
XPMIX Sharpe Ratio Rank: 89
XPMIX Sortino Ratio Rank: 92
XPMIX Omega Ratio Rank: 87
XPMIX Calmar Ratio Rank: 93
XPMIX Martin Ratio Rank: 94

QRPRX

QRPRX Risk / Return Rank: 98
QRPRX Sharpe Ratio Rank: 99
QRPRX Sortino Ratio Rank: 98
QRPRX Omega Ratio Rank: 97
QRPRX Calmar Ratio Rank: 99
QRPRX Martin Ratio Rank: 98

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. QRPRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for StepStone Private Markets Fund Class I (XPMIX) and AQR Alternative Risk Premia R6 (QRPRX). 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	QRPRX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	3.83	-1.59
Sortino ratio: Return per unit of downside risk	3.63	5.52	-1.89
Omega ratio: Gain probability vs. loss probability	1.45	1.69	-0.24
Calmar ratio: Return relative to maximum drawdown	3.67	10.27	-6.60
Martin ratio: Return relative to average drawdown	14.12	27.48	-13.36

XPMIX vs. QRPRX - Sharpe Ratio Comparison

The current XPMIX Sharpe Ratio is 2.24, which is lower than the QRPRX Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of XPMIX and QRPRX, 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. QRPRX - Drawdown Comparison

The maximum XPMIX drawdown since its inception was -3.71%, smaller than the maximum QRPRX drawdown of -28.21%. Use the drawdown chart below to compare losses from any high point for XPMIX and QRPRX.

Drawdown Indicators

	XPMIX	QRPRX	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-28.21%	+24.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-3.51%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-3.13%	-11.24%	+8.11%
Max Drawdown (5Y) Largest decline over 5 years	-3.13%	-11.24%	+8.11%
Current Drawdown Current decline from peak	-0.65%	0.00%	-0.65%
Average Drawdown Average peak-to-trough decline	-0.43%	-7.41%	+6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	1.31%	-0.63%

Volatility

XPMIX vs. QRPRX - Volatility Comparison

The current volatility for StepStone Private Markets Fund Class I (XPMIX) is 0.81%, while AQR Alternative Risk Premia R6 (QRPRX) has a volatility of 2.45%. This indicates that XPMIX experiences smaller price fluctuations and is considered to be less risky than QRPRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPMIX	QRPRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	2.45%	-1.64%
Volatility (6M) Calculated over the trailing 6-month period	3.43%	6.95%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	4.25%	9.51%	-5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	11.88%	-5.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.86%	10.36%	-0.50%

XPMIX vs. QRPRX - Expense Ratio Comparison

XPMIX has a 2.34% expense ratio, which is lower than QRPRX's 4.94% expense ratio.

Dividends

XPMIX vs. QRPRX - Dividend Comparison

XPMIX's dividend yield for the trailing twelve months is around 0.79%, less than QRPRX's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QRPRX AQR Alternative Risk Premia R6	1.24%	1.51%	2.33%	4.60%	0.00%	4.16%	1.97%	1.00%	0.09%
XPMIX StepStone Private Markets Fund Class I	0.79%	0.85%	1.31%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPMIX and QRPRX in my portfolio?

XPMIX and QRPRX have a correlation of 0.24, 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 QRPRX?

QRPRX has higher volatility (2.45%) compared to XPMIX (0.81%). In terms of maximum drawdown, XPMIX dropped -3.71% vs QRPRX's -28.21%.

Which has better risk-adjusted returns?

QRPRX currently has the higher Sharpe Ratio (3.83 vs 2.24), 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.