The three-year annualized return for the index is reported at 4.55% versus 13.61% for the S&P 500. The three-year result could be thought of as discouraging for the next time the stock market is up a lot. In thinking about the above numbers it is important to remember the objective of the fund. QMN is not supposed to look like the stock market. In the last three and half years the S&P 500 has doubled. If it doubles again over the next three and half years QMN will not go up anywhere near that much, that is not the investment objective. That the fund came out after the S&P 500 doubled might turn out to be very good timing for the launch. If QMN performs as hoped for then its role in a portfolio would be in a modest weighting as a portfolio diversifier to hopefully offset the effect that stock market volatility is having on the rest of the portfolio. At the time of publication the author held GLD as a client and personal holding.This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.