DD is per month, not daily, and why it's not accurate.
QDSIX is far from the bond category. It lost about 7-8% this year from peak to trough and in 2024.
I would rather invest in QLEIX, it lost about the same in 2025, and 2024.
In the last 3 years QLEIX made 128%...QDSIX only made 85%.
Sharpe: QLEIX=2.8...QLEIX=1.2
Both should not be compared to bonds.
Earlier market tests do not guarantee future results. Many select only funds with many years of history and miss relatively great risk/reward in the last 3-6-12 months.
That's fine; leave the small AUM for me and jump in after the best 3-5 years since inception. :-)

Here is the direct QDSIX to BND compare
https://www.portfoliovisualizer.com/fund-performance?s=y&sl=3hYp9dTgZx25fW564h0zrq
Key take-aways
CAGR of 12.59% vs. -0.43%
MaxDD 4.45% vs. 17.54%
Sortino 2.85 vs. -0.64
Short story is that QDSIX has blown the lights out of BND across various time periods since inception in 2020 at significantly lower volatility.

@stayCalm. QDSIX? QDSIX? As a substitute for bonds ? Or as a substitute for money previously allocated to Certificates of Deposit as per the original poster? Anyway with a 5m mini I am not going to allocate 10% of my IRA to that particular fund.

FYI, another share class, QDSNX, is available at Fidelity or at Vanguard, for example, as a NTF fund with a $2,500 initial minimum investment. Good luck.

I don’t know. Many are making a case for the affirmative. (Here’s one.) The problem is that you can be “right” and yet early by several years. So, often skeptics end up looking like idiots six months or a year later.
I’ve been searching in vain for Vanguard’s warning to its investors about excessive valuations made in the late 90s. The most memorable line was: “… trees don’t grow to the sky.” It received a lot of attention across the investment community back then. The markets continued to soar. I did uncover Fed Chair Alan Greenspan’s famous “irrational exuberance” remark from December 1996. Market impact lasted for a day or two. For perspective on the then looming catastrophe, in less than a decade (1995-2002) the NASDAQ rose 600% and then lost 78% of its value. Thrills and chills.
Aside - Can’t help wondering how Fed Chair Alan Greenspan might have dealt with the kind of attacks on him personally and on the institution we have witnessed recently. My bet is he wouldn’t have taken it lying down.

@Bitzer
-
- I would also consider APHPX as a solid bond sub

As of 6-30-2025, Artisan Global Unconstrained Fund had a Yield to Worst of 11.83%. Its been very solid in it's short ~3 year life, but not yet firmly battle tested. Bought some this year, may add.

@stayCalm. QDSIX? QDSIX? As a substitute for bonds ? Or as a substitute for money previously allocated to Certificates of Deposit as per the original poster? Anyway with a 5m mini I am not going to allocate 10% of my IRA to that particular fund.

AI for hard science may lead once we are far (years) past trough of standard hype cycle.
experts disillusioned elsewhere (e.g., toxic media,defense,finance) join Applied Minds and such companies.
as for current bubble , see nobel prize skeptic from mit, and this :
https://slate.com/podcasts/what-next-tbd/2025/09/artificial-intelligence-isnt-a-viable-business-but-investors-are-acting-like-it-is

Barron’s Funds Quarterly+ (2025/Q3–October 6, 2025)
https://www.barrons.com/topics/mutual-funds-quarterly
(Performance data quoted in this Supplement are for 2025/Q3 and YTD to 9/30/25)
Stocks of FUND ASSET MANAGERs have languished: BlackRock (BLK; yield 1.8%; fwd P/E 23.6; #1 by AUM), Invesco (IVZ; yield 3.7%; fwd P/E 10.9), T Rowe Price (TROW; yield 5.0%; fwd P/E 10.6); Franklin/BEN is mentioned; private Vanguard is also mentioned and it now has 50% of the fund industry assets (excluding money-market funds). The fund industry is changing and growing overall. The most problematic are active mutual funds/OEFs but the mutual fund category (passive and active) hasn’t been growing. Mutual funds flourished during the baby-boomers era but now they are in retirement-decumulation phase.
New growth is in ETFs/ETPs, ETF classes of funds, retirement TDFs (soon to include alternatives), interval-funds (IFs), alternatives (cryptos, private-equity/credit) (other developments have been in CITs and guaranteed-income options within 401k that involve partnerships between fund firms and insurers). These listed asset managers are also adjusting to this new environment and should do well long-term. Goldman Sachs/GS is investing $1 billion in TROW to develop Price TDFs with some GS alternatives.
QUARTERLY REVIEW. WINNER – gold-miners. High gold prices finally kicked into the bottom lines of gold-miners and they have rallied furiously. Mentioned are gold-miners GDX, GDXJ, SGGDX, OPGSX; gold-bullion GLD; silver-miners SLV (gold:silver ratio recently peaked at 105 in 04/2025 and is currently around 82).
RUNNER-Ups – China region funds and digital assets (cryptos). In a boost to cryptos, stablecoins became mainstream through GENIUS Act.
Ironically, many mainstream investors stayed away from these highflying categories. Among the traditional fund categories, the best was large-cap-growth. LC-blend SP500 easily outperformed bonds. Inflows into ETFs (passive, active) were strong. Outflows from OEFs continued. But some unusual observations: (i) strong inflows into money-market funds despite the expectations of lower rates (maybe the investors were derisking a bit), (ii) outflows from small-caps despite strong performance (investors getting out after years of frustration?), and (iii) weak inflows into foreign funds despite their strong outperformance vs US funds (weak dollar added to the performance of foreign funds). So, there was euphoria, but not extreme euphoria. (By @LewisBraham at MFO)
MFOP data for Q3 pending.
Top 5 Categories, Q3

Bottom 5 Categories, Q3

LINKs: Quarterly Digest1 Digest2
Accessible from Mutual Fund Observer (MFO).

Oct 3rd Episode:
Part 2

While the number of publicly traded companies in the U.S. is shrinking, the opposite is happening overseas. Artisan International Fund’s award-winning portfolio manager, Mark Yockey, is finding more opportunities than ever in expanding foreign markets.

Oct 3, '25:
Yawn.
https://www.bloomberg.com/news/videos/2025-10-03/real-yield-10-3-2025-video

Well, well, well.
One of those industry self-appreciation events. Just saw this, dated 03 October, '25.
https://www.morningstar.com/news/pr-newswire/20251003mx90347/bladex-recognized-at-the-latinfinance-project--infrastructure-finance-awards--for-landmark-transactions-in-latin-america-including-loan-of-the-year

I saw a video on TQQQ - since inception in 2010 has returned 42%. Just a little nudge…just wait till it drops 75% then go in.

The Week in Charts (10/03/25)
The most important charts and themes in markets and investing...
00:00 Intro
00:21 Topics
01:21 Markets Are Partying Like It's 1999
08:48 Government Shutdown Won't Stop Spending Spree
16:41 Tesla's Turnaround
18:34 Cooling Labor Market Continues
24:56 Do Home Prices Always Go Up?
29:03 Microsoft: a Safer Credit Than the US Government
31:28 The Egg Price Crash No One Is Talking About
Video
Blog

To begin with, I look at all of the money being spent on data centers, and then I recall all of the money spent on rolling out fiber before the dot.com bust. It wasn't just pets.com that blew up.
I wouldn't put new money into a fund like GRID, or any of the utes, at this time. If you're just now buying Seagate and Western Digital, well, I would stay close to the door. I'm old enough to remember the last time they boomed.
After that, I think people need to look hard at what they expect AI to do. Those with rosier projection might consider recent comments by Thomas Wolf if they are interested in contrary points of view. Here's one link. And here's another.

Some of this has been mentioned in other threads here. What is somewhat surprising to me is how many are all starting to speak up. So, I thought this might deserve its own thread.
https://www.cnbc.com/2025/10/03/goldman-sachs-ceo-david-solomon-warns-stock-market-drawdown-is-coming.html
-Goldman Sachs CEO David Solomon said AI presented opportunities but that some investors were overlooking “things you should be skeptical about.”
-Speaking at Italian Tech Week in Turin, Italy, he said a “drawdown” was likely to hit stock markets in the coming two years.
-“I think that there will be a lot of capital that’s deployed that will turn out to not deliver returns,” he said.
“I wouldn’t be surprised if in the next 12 to 24 months, we see a drawdown with respect to equity markets ...and when that happens, people won’t feel good.”
Amazon founder Jeff Bezos said Friday that artificial intelligence is currently in an “industrial bubble.”
Karim Moussalem, chief investment officer of equities at Selwood Asset Management, meanwhile, warned of “enormous risks” on the horizon for the AI trade which could rapidly unravel. “The AI trade is beginning to resemble one of the great speculative manias of market history,”
Veteran investor Leon Cooperman told CNBC that we are in the late innings of a bull market where bubbles can form — something Warren Buffett had warned about.
Most believe there is money to be made, but that the euphoria may be overblown.

From Markets A.M. newsletter by Telis Demos.
On this day in 1913, President Woodrow Wilson enshrined into law a federal income tax,
less than 20 years after it was declared unconstitutional by the U.S. Supreme Court.
He signed the act after 9 p.m. to prevent anyone from hiding assets during that day's business hours.
The tax kicked in at 1% of all earned income over $2,500 for single taxpayers
and $3,333.35 for married couples.
Note: President Wilson was rightfully concerned about tax evasion in 1913.
Today, very wealthy individuals — with the assistance of shrewd tax attorneys and cunning accountants —
can take advantage of tax loopholes to avoid paying much (on a percentage basis) in taxes.

Excellent! I am in.
Both funds are already available on intermediary platforms.
Schwab: Investor Class NTF @ $1 min / Institutional Class $49.95 fee @ $1 min
Fidelity: Investor Class NTF @ $2K min / Institutional Class $49.95 fee @ $100K min

If you think too much about this it can drive you nuts. OK, so above I asked about the accuracy of AI answers, and the response, from some type of AI, was "not so good".
The thing is, how do we know what the accuracy is of the answer that I received? What if that answer has only a 50/50 chance of being right?

OTOH, if all you’re trying to do (in momentum investing) is buy what’s going up and sell (or go short) whatever is falling, AI wouldn’t really need to be very intelligent. Just able to comprehend more market components, digest it all and recommend (or place) buy & sell orders a lot faster than humans can. That’s not asking a lot.

If you think too much about this it can drive you nuts. OK, so above I asked about the accuracy of AI answers, and the response, from some type of AI, was "not so good".
The thing is, how do we know what the accuracy is of the answer that I received? What if that answer has only a 50/50 chance of being right?

Accuracy of AI Systems
General Accuracy Rates
Overall Accuracy: Studies indicate that AI search engines provide incorrect answers over 60% of the time.
Best Performing Model: The most accurate AI model, Perplexity AI, still has a 37% error rate.
Worst Performing Model: Elon Musk's Grok 3 chatbot has been reported to be wrong 94% of the time.
Specific Findings
AI Overviews: A survey found that 75% of users experienced significant issues with AI-generated summaries, with 42.1% reporting inaccuracies.
Trust Levels: Only 8.5% of users always trust AI-generated content, while 21% never trust it.
Implications
Bias and Misinformation: AI systems can perpetuate biases and misinformation, leading to potentially harmful consequences in critical areas like healthcare and legal judgments.
Need for Verification: Users are encouraged to verify AI-generated information due to the high likelihood of inaccuracies.
Thank you very much for that, @Derf. Looks like we wont have to worry about 100% accuracy in my lifetime.