FFLS vs. QLEIX
FFLS (The Future Fund Long/Short ETF) and QLEIX (AQR Long-Short Equity Fund) are both Long-Short funds. Both are actively managed. Over the past 3 years, FFLS returned 8.51%/yr vs 25.93%/yr for QLEIX. At a 0.29 correlation, their price movements are largely independent. FFLS charges 1.75%/yr vs 1.30%/yr for QLEIX.
Performance
FFLS vs. QLEIX - Performance Comparison
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Returns By Period
In the year-to-date period, FFLS achieves a -1.61% return, which is significantly lower than QLEIX's -0.71% return.
FFLS
- 1D
- -0.67%
- 1M
- 0.15%
- YTD
- -1.61%
- 6M
- -1.34%
- 1Y
- -1.79%
- 3Y*
- 8.51%
- 5Y*
- —
- 10Y*
- —
QLEIX
- 1D
- -0.28%
- 1M
- 0.96%
- YTD
- -0.71%
- 6M
- -1.18%
- 1Y
- 15.59%
- 3Y*
- 25.93%
- 5Y*
- 23.53%
- 10Y*
- 12.00%
FFLS vs. QLEIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FFLS The Future Fund Long/Short ETF | -1.61% | 7.49% | 17.71% | 0.79% |
QLEIX AQR Long-Short Equity Fund | -0.71% | 34.43% | 30.50% | 14.56% |
Correlation
The correlation between FFLS and QLEIX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | 0.29 |
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Return for Risk
FFLS vs. QLEIX — Risk / Return Rank
FFLS
QLEIX
FFLS vs. QLEIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Future Fund Long/Short ETF (FFLS) and AQR Long-Short Equity Fund (QLEIX). 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.
| FFLS | QLEIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.22 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.38 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | 2.53 | -2.69 |
| Martin ratioReturn relative to average drawdown | -0.34 | 7.87 | -8.21 |
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Drawdowns
FFLS vs. QLEIX - Drawdown Comparison
The maximum FFLS drawdown since its inception was -11.05%, smaller than the maximum QLEIX drawdown of -38.11%. Use the drawdown chart below to compare losses from any high point for FFLS and QLEIX.
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Drawdown Indicators
| FFLS | QLEIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.05% | -38.11% | +27.06% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -6.01% | -5.04% |
Max Drawdown (3Y)Largest decline over 3 years | -11.05% | -7.07% | -3.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.07% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.11% | — |
Current DrawdownCurrent decline from peak | -6.25% | -1.32% | -4.93% |
Average DrawdownAverage peak-to-trough decline | -3.16% | -7.70% | +4.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.28% | 1.93% | +3.35% |
Volatility
FFLS vs. QLEIX - Volatility Comparison
The Future Fund Long/Short ETF (FFLS) has a higher volatility of 4.35% compared to AQR Long-Short Equity Fund (QLEIX) at 2.82%. This indicates that FFLS's price experiences larger fluctuations and is considered to be riskier than QLEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FFLS | QLEIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 2.82% | +1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 7.88% | 5.76% | +2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.67% | 7.37% | +2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.40% | 10.02% | +1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.40% | 10.59% | +0.81% |
FFLS vs. QLEIX - Expense Ratio Comparison
FFLS has a 1.75% expense ratio, which is higher than QLEIX's 1.30% expense ratio.
Dividends
FFLS vs. QLEIX - Dividend Comparison
FFLS's dividend yield for the trailing twelve months is around 6.68%, more than QLEIX's 1.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFLS The Future Fund Long/Short ETF | 6.68% | 6.58% | 3.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QLEIX AQR Long-Short Equity Fund | 1.76% | 1.75% | 7.12% | 20.88% | 14.15% | 0.00% | 1.57% | 0.00% | 6.03% | 9.11% | 3.01% | 4.98% |
Frequently Asked Questions
FFLS and QLEIX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FFLS has higher volatility (4.35%) compared to QLEIX (2.82%). In terms of maximum drawdown, FFLS dropped -11.05% vs QLEIX's -38.11%.
QLEIX currently has the higher Sharpe Ratio (2.06 vs -0.19), 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.
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