FOCKX vs. QLENX

Last updated Aug 1, 2026

FOCKX (Fidelity OTC Portfolio Class K) and QLENX (AQR Long-Short Equity Fund Class N) are both mutual funds - FOCKX is a Large Cap Growth Equities fund managed by Fidelity, while QLENX is a Long-Short fund actively managed by AQR. Over the past 10 years, FOCKX returned 21.08%/yr vs 11.45%/yr for QLENX. Their 0.38 correlation means their historical movements had little consistent relationship. FOCKX charges 0.65%/yr vs 1.57%/yr for QLENX.

Performance

FOCKX vs. QLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity OTC Portfolio Class K (FOCKX) and AQR Long-Short Equity Fund Class N (QLENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOCKX achieves a 18.25% return, which is significantly higher than QLENX's 0.24% return. Over the past 10 years, FOCKX has outperformed QLENX with an annualized return of 21.08%, while QLENX has yielded a comparatively lower 11.45% annualized return.

FOCKX

• 1D: 2.60%
• 1M: -5.20%
• 6M: 15.57%
• YTD: 18.25%
• 1Y: 36.24%
• 3Y*: 28.61%
• 5Y*: 15.62%
• 10Y*: 21.08%
• ALL TIME*: 16.81%

QLENX

• 1D: 2.08%
• 1M: 4.57%
• 6M: 1.48%
• YTD: 0.24%
• 1Y: 15.89%
• 3Y*: 24.27%
• 5Y*: 22.62%
• 10Y*: 11.45%
• ALL TIME*: 12.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FOCKX Fidelity OTC Portfolio Class K	$0.00	$0.00	$0.00
QLENX AQR Long-Short Equity Fund Class N	$0.00	$0.00	$0.00

FOCKX vs. QLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOCKX Fidelity OTC Portfolio Class K	18.25%	22.28%	38.91%	42.92%	-32.07%	25.06%	46.83%	39.36%	-3.18%	38.78%
QLENX AQR Long-Short Equity Fund Class N	0.24%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.18%	1.01%	-16.64%	15.48%

Correlation

The correlation between FOCKX and QLENX is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (10Y) Provides a long-term view across more market conditions.	0.35
Correlation (All Time) Calculated using the full available price history since Jul 16, 2013	0.38

The correlation between FOCKX and QLENX shifts across timeframes, from 0.24 (5 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FOCKX vs. QLENX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FOCKX

FOCKX Risk / Return Rank: 76
FOCKX Sharpe Ratio Rank: 73
FOCKX Sortino Ratio Rank: 68
FOCKX Omega Ratio Rank: 66
FOCKX Calmar Ratio Rank: 88
FOCKX Martin Ratio Rank: 85

QLENX

QLENX Risk / Return Rank: 75
QLENX Sharpe Ratio Rank: 81
QLENX Sortino Ratio Rank: 82
QLENX Omega Ratio Rank: 79
QLENX Calmar Ratio Rank: 79
QLENX Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FOCKX vs. QLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity OTC Portfolio Class K (FOCKX) and AQR Long-Short Equity Fund Class 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.

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.

	FOCKX	QLENX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.90	-0.25
Sortino ratio: Return per unit of downside risk	2.25	2.84	-0.59
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.07
Calmar ratio: Return relative to maximum drawdown	3.08	2.55	+0.53
Martin ratio: Return relative to average drawdown	10.58	7.15	+3.43

FOCKX vs. QLENX - Sharpe Ratio Comparison

The current FOCKX Sharpe Ratio is 1.65, which is comparable to the QLENX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FOCKX 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.

Drawdowns

FOCKX vs. QLENX - Drawdown Comparison

The maximum FOCKX drawdown since its inception was -53.33%, which is greater than QLENX's maximum drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for FOCKX and QLENX.

Drawdown Indicators

	FOCKX	QLENX	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-38.50%	-14.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.28%	-6.09%	-5.19%
Max Drawdown (3Y) Largest decline over 3 years	-24.83%	-7.09%	-17.74%
Max Drawdown (5Y) Largest decline over 5 years	-36.97%	-17.19%	-19.78%
Max Drawdown (10Y) Largest decline over 10 years	-36.97%	-38.50%	+1.53%
Current Drawdown Current decline from peak	-8.82%	-0.39%	-8.43%
Average Drawdown Average peak-to-trough decline	-8.34%	-7.42%	-0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.16%	+1.11%

Volatility

FOCKX vs. QLENX - Volatility Comparison

Fidelity OTC Portfolio Class K (FOCKX) has a higher volatility of 6.28% compared to AQR Long-Short Equity Fund Class N (QLENX) at 3.42%. This indicates that FOCKX's price experiences larger fluctuations and is considered to be riskier than QLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOCKX	QLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	3.42%	+2.86%
Volatility (6M) Calculated over the trailing 6-month period	17.28%	6.70%	+10.58%
Volatility (1Y) Calculated over the trailing 1-year period	20.99%	8.15%	+12.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	10.03%	+13.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	10.60%	+12.01%

FOCKX vs. QLENX - Expense Ratio Comparison

FOCKX has a 0.65% expense ratio, which is lower than QLENX's 1.57% expense ratio.

Dividends

FOCKX vs. QLENX - Dividend Comparison

FOCKX's dividend yield for the trailing twelve months is around 6.39%, more than QLENX's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOCKX Fidelity OTC Portfolio Class K	6.39%	7.56%	16.42%	0.09%	3.97%	11.34%	6.18%	7.49%	7.81%	4.85%	3.25%	5.42%
QLENX AQR Long-Short Equity Fund Class 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 FOCKX and QLENX in my portfolio?

FOCKX and QLENX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOCKX or QLENX?

FOCKX has higher volatility (6.28%) compared to QLENX (3.42%). In terms of maximum drawdown, FOCKX dropped -53.33% vs QLENX's -38.50%.

Which has better risk-adjusted returns?

QLENX currently has the higher Sharpe Ratio (1.90 vs 1.65), 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.