BTPIX vs. QLFRX

Last updated Jun 4, 2026

BTPIX (Salient Tactical Plus Fund) and QLFRX (AQR LSE Fusion Fund Class R6) are both Long-Short funds. A 0.64 correlation means they provide meaningful diversification when combined. BTPIX charges 1.08%/yr vs 6.20%/yr for QLFRX.

Performance

BTPIX vs. QLFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Salient Tactical Plus Fund (BTPIX) and AQR LSE Fusion Fund Class R6 (QLFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTPIX achieves a 6.93% return, which is significantly higher than QLFRX's 0.58% return.

BTPIX

• 1D: 0.43%
• 1M: 3.77%
• YTD: 6.93%
• 6M: 6.85%
• 1Y: 10.52%
• 3Y*: 3.67%
• 5Y*: 2.67%
• 10Y*: 4.42%

QLFRX

• 1D: -0.25%
• 1M: 6.61%
• YTD: 0.58%
• 6M: 4.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTPIX vs. QLFRX - Yearly Performance Comparison

	2026 (YTD)	2025
BTPIX Salient Tactical Plus Fund	6.93%	1.66%
QLFRX AQR LSE Fusion Fund Class R6	0.58%	6.80%

Correlation

The correlation between BTPIX and QLFRX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 7, 2025	0.64

Return for Risk

BTPIX vs. QLFRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTPIX

BTPIX Risk / Return Rank: 17
BTPIX Sharpe Ratio Rank: 16
BTPIX Sortino Ratio Rank: 15
BTPIX Omega Ratio Rank: 18
BTPIX Calmar Ratio Rank: 18
BTPIX Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTPIX vs. QLFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Salient Tactical Plus Fund (BTPIX) and AQR LSE Fusion Fund Class R6 (QLFRX). 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.

	BTPIX	QLFRX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	—	—
Sortino ratio: Return per unit of downside risk	1.60	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.54	—	—
Martin ratio: Return relative to average drawdown	4.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BTPIX	QLFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.90	-0.40

Drawdowns

BTPIX vs. QLFRX - Drawdown Comparison

The maximum BTPIX drawdown since its inception was -13.30%, smaller than the maximum QLFRX drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for BTPIX and QLFRX.

Drawdown Indicators

	BTPIX	QLFRX	Difference
Max Drawdown Largest peak-to-trough decline	-13.30%	-14.53%	+1.23%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-8.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-11.04%	—	—
Current Drawdown Current decline from peak	0.00%	-0.66%	+0.66%
Average Drawdown Average peak-to-trough decline	-3.88%	-5.67%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	—	—

Volatility

Volatility by Period

	BTPIX	QLFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.16%	15.89%	-6.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.19%	15.89%	-9.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.62%	15.89%	-7.27%

BTPIX vs. QLFRX - Expense Ratio Comparison

BTPIX has a 1.08% expense ratio, which is lower than QLFRX's 6.20% expense ratio.

Dividends

BTPIX vs. QLFRX - Dividend Comparison

BTPIX's dividend yield for the trailing twelve months is around 2.63%, more than QLFRX's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BTPIX Salient Tactical Plus Fund	2.63%	2.81%	3.80%	4.93%	7.72%	0.00%	6.10%	6.16%	3.08%	0.00%	4.14%
QLFRX AQR LSE Fusion Fund Class R6	0.22%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTPIX and QLFRX in my portfolio?

BTPIX and QLFRX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.