GGEFX vs. QCELX

Last updated Jun 6, 2026

GGEFX (Summitry Equity Fund) and QCELX (AQR Large Cap Multi-Style Fund) are both Large Cap Blend Equities funds. Over the past 10 years, GGEFX returned 11.87%/yr vs 15.06%/yr for QCELX. Their correlation of 0.90 suggests significant overlap in exposure. GGEFX charges 1.25%/yr vs 0.41%/yr for QCELX.

Performance

GGEFX vs. QCELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Summitry Equity Fund (GGEFX) and AQR Large Cap Multi-Style Fund (QCELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GGEFX achieves a 0.17% return, which is significantly lower than QCELX's 17.15% return. Over the past 10 years, GGEFX has underperformed QCELX with an annualized return of 11.87%, while QCELX has yielded a comparatively higher 15.06% annualized return.

GGEFX

• 1D: 1.38%
• 1M: -1.21%
• YTD: 0.17%
• 6M: 0.04%
• 1Y: 8.21%
• 3Y*: 16.89%
• 5Y*: 9.03%
• 10Y*: 11.87%

QCELX

• 1D: 0.00%
• 1M: 3.15%
• YTD: 17.15%
• 6M: 18.37%
• 1Y: 36.57%
• 3Y*: 27.29%
• 5Y*: 15.79%
• 10Y*: 15.06%

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

GGEFX vs. QCELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GGEFX Summitry Equity Fund	0.17%	11.26%	25.39%	30.93%	-20.46%	25.28%	15.38%	29.92%	-7.63%	12.55%
QCELX AQR Large Cap Multi-Style Fund	17.15%	23.38%	22.73%	26.30%	-15.73%	27.18%	14.93%	24.33%	-10.96%	22.73%

Correlation

The correlation between GGEFX and QCELX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.90

The correlation between GGEFX and QCELX shifts across timeframes, from 0.79 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GGEFX vs. QCELX — Risk / Return Rank

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

GGEFX

GGEFX Risk / Return Rank: 8
GGEFX Sharpe Ratio Rank: 8
GGEFX Sortino Ratio Rank: 8
GGEFX Omega Ratio Rank: 8
GGEFX Calmar Ratio Rank: 8
GGEFX Martin Ratio Rank: 8

QCELX

QCELX Risk / Return Rank: 89
QCELX Sharpe Ratio Rank: 91
QCELX Sortino Ratio Rank: 85
QCELX Omega Ratio Rank: 81
QCELX Calmar Ratio Rank: 92
QCELX Martin Ratio Rank: 95

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.

GGEFX vs. QCELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Summitry Equity Fund (GGEFX) and AQR Large Cap Multi-Style Fund (QCELX). 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.

	GGEFX	QCELX	Difference
Sharpe ratio: Return per unit of total volatility	0.64	2.97	-2.33
Sortino ratio: Return per unit of downside risk	0.97	4.04	-3.07
Omega ratio: Gain probability vs. loss probability	1.12	1.53	-0.41
Calmar ratio: Return relative to maximum drawdown	0.66	4.78	-4.12
Martin ratio: Return relative to average drawdown	2.23	21.95	-19.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GGEFX vs. QCELX - Sharpe Ratio Comparison

The current GGEFX Sharpe Ratio is 0.64, which is lower than the QCELX Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of GGEFX and QCELX, 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

	GGEFX	QCELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	2.97	-2.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.84	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.80	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.72	-0.07

Drawdowns

GGEFX vs. QCELX - Drawdown Comparison

The maximum GGEFX drawdown since its inception was -37.49%, which is greater than QCELX's maximum drawdown of -33.52%. Use the drawdown chart below to compare losses from any high point for GGEFX and QCELX.

Drawdown Indicators

	GGEFX	QCELX	Difference
Max Drawdown Largest peak-to-trough decline	-37.49%	-33.52%	-3.97%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-7.92%	-6.05%
Max Drawdown (3Y) Largest decline over 3 years	-20.03%	-18.38%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-28.70%	+1.58%
Max Drawdown (10Y) Largest decline over 10 years	-37.49%	-33.52%	-3.97%
Current Drawdown Current decline from peak	-4.18%	-1.05%	-3.13%
Average Drawdown Average peak-to-trough decline	-4.72%	-5.65%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	1.72%	+2.41%

Volatility

GGEFX vs. QCELX - Volatility Comparison

Summitry Equity Fund (GGEFX) has a higher volatility of 4.14% compared to AQR Large Cap Multi-Style Fund (QCELX) at 3.13%. This indicates that GGEFX's price experiences larger fluctuations and is considered to be riskier than QCELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGEFX	QCELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	3.13%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	11.26%	9.37%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	14.46%	12.76%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	18.93%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	18.97%	+0.52%

GGEFX vs. QCELX - Expense Ratio Comparison

GGEFX has a 1.25% expense ratio, which is higher than QCELX's 0.41% expense ratio.

Dividends

GGEFX vs. QCELX - Dividend Comparison

GGEFX's dividend yield for the trailing twelve months is around 16.88%, more than QCELX's 12.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GGEFX Summitry Equity Fund	16.88%	16.91%	9.19%	8.39%	16.43%	6.82%	0.00%	5.18%	8.33%	8.20%	7.93%	12.92%
QCELX AQR Large Cap Multi-Style Fund	12.29%	14.40%	12.89%	13.67%	11.05%	12.41%	9.94%	5.36%	7.81%	0.99%	1.28%	0.89%

Frequently Asked Questions

Can I hold both GGEFX and QCELX in my portfolio?

GGEFX and QCELX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGEFX or QCELX?

GGEFX has higher volatility (4.14%) compared to QCELX (3.13%). In terms of maximum drawdown, GGEFX dropped -37.49% vs QCELX's -33.52%.

Which has better risk-adjusted returns?

QCELX currently has the higher Sharpe Ratio (2.97 vs 0.64), 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.