FSUTX vs. QLEIX

Last updated Aug 4, 2026

FSUTX (Fidelity Select Utilities Portfolio) and QLEIX (AQR Long-Short Equity Fund) are both mutual funds - FSUTX is a Utilities Equities fund actively managed by Fidelity, while QLEIX is a Long-Short fund actively managed by AQR. Both are actively managed. Over the past 10 years, FSUTX returned 11.08%/yr vs 11.82%/yr for QLEIX. Their 0.23 correlation means their historical movements had little consistent relationship. FSUTX charges 0.74%/yr vs 1.30%/yr for QLEIX.

Performance

FSUTX vs. QLEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Utilities Portfolio (FSUTX) and AQR Long-Short Equity Fund (QLEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSUTX achieves a 3.26% return, which is significantly higher than QLEIX's 0.95% return. Over the past 10 years, FSUTX has underperformed QLEIX with an annualized return of 11.08%, while QLEIX has yielded a comparatively higher 11.82% annualized return.

FSUTX

• 1D: -0.54%
• 1M: -3.88%
• 6M: 3.47%
• YTD: 3.26%
• 1Y: 5.74%
• 3Y*: 15.96%
• 5Y*: 12.54%
• 10Y*: 11.08%
• ALL TIME*: 11.17%

QLEIX

• 1D: 0.52%
• 1M: 5.17%
• 6M: 0.90%
• YTD: 0.95%
• 1Y: 16.82%
• 3Y*: 24.59%
• 5Y*: 23.08%
• 10Y*: 11.82%
• ALL TIME*: 11.77%

*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)
FSUTX Fidelity Select Utilities Portfolio	$0.00	$0.00	$0.00
QLEIX AQR Long-Short Equity Fund	$0.00	$0.00	$0.00

FSUTX vs. QLEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSUTX Fidelity Select Utilities Portfolio	3.26%	16.19%	28.76%	-1.12%	5.20%	17.64%	0.75%	22.68%	8.41%	17.94%
QLEIX AQR Long-Short Equity Fund	0.95%	34.43%	30.50%	23.95%	19.18%	31.10%	-13.92%	1.19%	-16.33%	15.74%

Correlation

The correlation between FSUTX and QLEIX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (10Y) Provides a long-term view across more market conditions.	0.20
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.23

Over the past year, the correlation between FSUTX and QLEIX has dropped to 0.01 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.

Return for Risk

FSUTX vs. QLEIX — Risk / Return Rank

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

FSUTX

FSUTX Risk / Return Rank: 9
FSUTX Sharpe Ratio Rank: 8
FSUTX Sortino Ratio Rank: 8
FSUTX Omega Ratio Rank: 8
FSUTX Calmar Ratio Rank: 11
FSUTX Martin Ratio Rank: 9

QLEIX

QLEIX Risk / Return Rank: 77
QLEIX Sharpe Ratio Rank: 83
QLEIX Sortino Ratio Rank: 84
QLEIX Omega Ratio Rank: 80
QLEIX Calmar Ratio Rank: 81
QLEIX 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.

FSUTX vs. QLEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Utilities Portfolio (FSUTX) 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.

	FSUTX	QLEIX	Difference
Sharpe ratio: Return per unit of total volatility	0.33	2.04	-1.71
Sortino ratio: Return per unit of downside risk	0.56	3.04	-2.49
Omega ratio: Gain probability vs. loss probability	1.07	1.38	-0.31
Calmar ratio: Return relative to maximum drawdown	0.59	2.76	-2.16
Martin ratio: Return relative to average drawdown	1.21	7.86	-6.65

FSUTX vs. QLEIX - Sharpe Ratio Comparison

The current FSUTX Sharpe Ratio is 0.33, which is lower than the QLEIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FSUTX and QLEIX, 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

FSUTX vs. QLEIX - Drawdown Comparison

The maximum FSUTX drawdown since its inception was -66.73%, which is greater than QLEIX's maximum drawdown of -38.11%. Use the drawdown chart below to compare losses from any high point for FSUTX and QLEIX.

Drawdown Indicators

	FSUTX	QLEIX	Difference
Max Drawdown Largest peak-to-trough decline	-66.73%	-38.11%	-28.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-6.01%	-3.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-7.07%	-5.95%
Max Drawdown (5Y) Largest decline over 5 years	-20.15%	-17.07%	-3.08%
Max Drawdown (10Y) Largest decline over 10 years	-37.61%	-38.11%	+0.50%
Current Drawdown Current decline from peak	-7.71%	0.00%	-7.71%
Average Drawdown Average peak-to-trough decline	-11.23%	-7.66%	-3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	2.10%	+2.40%

Volatility

FSUTX vs. QLEIX - Volatility Comparison

Fidelity Select Utilities Portfolio (FSUTX) has a higher volatility of 4.33% compared to AQR Long-Short Equity Fund (QLEIX) at 3.44%. This indicates that FSUTX'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.

Volatility by Period

	FSUTX	QLEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	3.44%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	6.71%	+6.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.58%	8.13%	+8.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	10.03%	+7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.43%	10.60%	+8.83%

FSUTX vs. QLEIX - Expense Ratio Comparison

FSUTX has a 0.74% expense ratio, which is lower than QLEIX's 1.30% expense ratio.

Dividends

FSUTX vs. QLEIX - Dividend Comparison

FSUTX's dividend yield for the trailing twelve months is around 5.11%, more than QLEIX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSUTX Fidelity Select Utilities Portfolio	5.11%	6.61%	6.50%	3.52%	4.67%	2.68%	4.86%	2.29%	8.37%	5.61%	2.51%	4.47%
QLEIX AQR Long-Short Equity Fund	1.74%	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

Can I hold both FSUTX and QLEIX in my portfolio?

FSUTX and QLEIX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSUTX or QLEIX?

FSUTX has higher volatility (4.33%) compared to QLEIX (3.44%). In terms of maximum drawdown, FSUTX dropped -66.73% vs QLEIX's -38.11%.

Which has better risk-adjusted returns?

QLEIX currently has the higher Sharpe Ratio (2.04 vs 0.33), 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.