FIPDX vs. QLENX

Last updated Jun 4, 2026

FIPDX (Fidelity Inflation-Protected Bond Index Fund) and QLENX (AQR Long-Short Equity N) are both mutual funds - FIPDX is a Inflation-Protected Bonds fund managed by Fidelity, while QLENX is a Long-Short fund actively managed by AQR Funds. Over the past 10 years, FIPDX returned 2.67%/yr vs 11.73%/yr for QLENX. At a correlation of -0.11, they often move in opposite directions. FIPDX charges 0.05%/yr vs 5.18%/yr for QLENX.

Performance

FIPDX vs. QLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Inflation-Protected Bond Index Fund (FIPDX) and AQR Long-Short Equity N (QLENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIPDX achieves a 1.66% return, which is significantly higher than QLENX's 0.29% return. Over the past 10 years, FIPDX has underperformed QLENX with an annualized return of 2.67%, while QLENX has yielded a comparatively higher 11.73% annualized return.

FIPDX

• 1D: 0.00%
• 1M: 0.11%
• YTD: 1.66%
• 6M: 1.22%
• 1Y: 5.23%
• 3Y*: 4.08%
• 5Y*: 1.22%
• 10Y*: 2.67%

QLENX

• 1D: -0.19%
• 1M: 3.51%
• YTD: 0.29%
• 6M: 4.65%
• 1Y: 15.75%
• 3Y*: 27.39%
• 5Y*: 21.63%
• 10Y*: 11.73%

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

FIPDX vs. QLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIPDX Fidelity Inflation-Protected Bond Index Fund	1.66%	6.90%	2.00%	3.77%	-12.09%	5.94%	10.90%	8.32%	-1.37%	2.98%
QLENX AQR Long-Short Equity N	0.29%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.18%	1.01%	-16.64%	15.48%

Correlation

The correlation between FIPDX and QLENX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jul 17, 2013	-0.11

Return for Risk

FIPDX vs. QLENX — Risk / Return Rank

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

FIPDX

FIPDX Risk / Return Rank: 34
FIPDX Sharpe Ratio Rank: 29
FIPDX Sortino Ratio Rank: 31
FIPDX Omega Ratio Rank: 29
FIPDX Calmar Ratio Rank: 48
FIPDX Martin Ratio Rank: 34

QLENX

QLENX Risk / Return Rank: 51
QLENX Sharpe Ratio Rank: 56
QLENX Sortino Ratio Rank: 60
QLENX Omega Ratio Rank: 54
QLENX Calmar Ratio Rank: 47
QLENX Martin Ratio Rank: 37

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.

FIPDX vs. QLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Inflation-Protected Bond Index Fund (FIPDX) and AQR Long-Short Equity N (QLENX). 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.

	FIPDX	QLENX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.21	-0.68
Sortino ratio: Return per unit of downside risk	2.30	3.25	-0.95
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.65	2.62	+0.03
Martin ratio: Return relative to average drawdown	7.78	8.18	-0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIPDX vs. QLENX - Sharpe Ratio Comparison

The current FIPDX Sharpe Ratio is 1.53, which is lower than the QLENX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of FIPDX and QLENX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FIPDX	QLENX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	2.21	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	2.16	-1.95
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	1.11	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	1.22	-0.81

Drawdowns

FIPDX vs. QLENX - Drawdown Comparison

The maximum FIPDX drawdown since its inception was -14.32%, smaller than the maximum QLENX drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for FIPDX and QLENX.

Drawdown Indicators

	FIPDX	QLENX	Difference
Max Drawdown Largest peak-to-trough decline	-14.32%	-38.50%	+24.18%
Max Drawdown (1Y) Largest decline over 1 year	-1.94%	-6.09%	+4.15%
Max Drawdown (3Y) Largest decline over 3 years	-4.49%	-7.09%	+2.60%
Max Drawdown (5Y) Largest decline over 5 years	-14.32%	-17.19%	+2.87%
Max Drawdown (10Y) Largest decline over 10 years	-14.32%	-38.50%	+24.18%
Current Drawdown Current decline from peak	-0.11%	-0.34%	+0.23%
Average Drawdown Average peak-to-trough decline	-4.47%	-7.48%	+3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.95%	-1.29%

Volatility

FIPDX vs. QLENX - Volatility Comparison

The current volatility for Fidelity Inflation-Protected Bond Index Fund (FIPDX) is 0.90%, while AQR Long-Short Equity N (QLENX) has a volatility of 2.21%. This indicates that FIPDX experiences smaller price fluctuations and is considered to be less risky than QLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIPDX	QLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	2.21%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	2.30%	5.60%	-3.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	7.27%	-3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.98%	10.08%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	10.59%	-5.22%

FIPDX vs. QLENX - Expense Ratio Comparison

FIPDX has a 0.05% expense ratio, which is lower than QLENX's 5.18% expense ratio.

Dividends

FIPDX vs. QLENX - Dividend Comparison

FIPDX's dividend yield for the trailing twelve months is around 3.79%, more than QLENX's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIPDX Fidelity Inflation-Protected Bond Index Fund	3.79%	4.18%	3.75%	3.56%	8.87%	4.76%	1.24%	1.97%	2.26%	1.29%	1.34%	0.38%
QLENX AQR Long-Short Equity N	1.63%	1.64%	7.13%	21.21%	14.09%	0.00%	1.59%	0.00%	6.09%	8.91%	2.87%	4.91%

Frequently Asked Questions

Can I hold both FIPDX and QLENX in my portfolio?

FIPDX and QLENX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIPDX or QLENX?

QLENX has higher volatility (2.21%) compared to FIPDX (0.90%). In terms of maximum drawdown, FIPDX dropped -14.32% vs QLENX's -38.50%.

Which has better risk-adjusted returns?

QLENX currently has the higher Sharpe Ratio (2.21 vs 1.53), 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.