HFEQ vs. QLEIX

Last updated Aug 2, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and QLEIX (AQR Long-Short Equity Fund) are both Long-Short funds. Both are actively managed. Their 0.33 correlation means their historical movements had little consistent relationship. HFEQ charges 1.00%/yr vs 1.30%/yr for QLEIX.

Performance

HFEQ vs. QLEIX - Performance Comparison

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

Returns By Period

HFEQ

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

QLEIX

• 1D: 2.11%
• 1M: 4.63%
• 6M: 1.63%
• YTD: 0.43%
• 1Y: 16.21%
• 3Y*: 24.57%
• 5Y*: 22.95%
• 10Y*: 11.74%
• ALL TIME*: 11.73%

*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)
QLEIX AQR Long-Short Equity Fund	$0.00	$0.00	$0.00

HFEQ vs. QLEIX - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
QLEIX AQR Long-Short Equity Fund	0.43%	15.60%

Correlation

The correlation between HFEQ and QLEIX is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.33

Return for Risk

HFEQ vs. QLEIX — Risk / Return Rank

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

HFEQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QLEIX

QLEIX Risk / Return Rank: 78
QLEIX Sharpe Ratio Rank: 83
QLEIX Sortino Ratio Rank: 84
QLEIX Omega Ratio Rank: 81
QLEIX Calmar Ratio Rank: 81
QLEIX Martin Ratio Rank: 60

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.

HFEQ vs. QLEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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.

	HFEQ	QLEIX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.96	—
Sortino ratio: Return per unit of downside risk	—	2.93	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	2.65	—
Martin ratio: Return relative to average drawdown	—	7.54	—

Drawdowns

Drawdown Indicators

	HFEQ	QLEIX	Difference
Max Drawdown Largest peak-to-trough decline	—	-38.11%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-6.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.07%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.11%	—
Current Drawdown Current decline from peak	—	-0.19%	—
Average Drawdown Average peak-to-trough decline	—	-7.66%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.10%	—

Volatility

Volatility by Period

	HFEQ	QLEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.44%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.70%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	8.12%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	10.03%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	10.60%	—

HFEQ vs. QLEIX - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is lower than QLEIX's 1.30% expense ratio.

Dividends

HFEQ vs. QLEIX - Dividend Comparison

HFEQ has not paid dividends to shareholders, while QLEIX's dividend yield for the trailing twelve months is around 1.74%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLEIX AQR Long-Short Equity Fund	1.74%	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 HFEQ and QLEIX in my portfolio?

HFEQ and QLEIX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.