HFMF vs. QLENX

Last updated Jun 24, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and QLENX (AQR Long-Short Equity Fund Class N) are both funds - HFMF is a Systematic Trend fund actively managed by Unlimited, while QLENX is a Long-Short fund actively managed by AQR Funds. Both are actively managed. At a 0.26 correlation, their price movements are largely independent. HFMF charges 0.97%/yr vs 1.57%/yr for QLENX.

Performance

HFMF vs. QLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFMF Managed Futures ETF (HFMF) 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, HFMF achieves a 2.96% return, which is significantly higher than QLENX's -0.63% return.

HFMF

• 1D: -0.72%
• 1M: -6.95%
• YTD: 2.96%
• 6M: 0.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QLENX

• 1D: 0.20%
• 1M: 1.14%
• YTD: -0.63%
• 6M: -1.26%
• 1Y: 15.19%
• 3Y*: 25.46%
• 5Y*: 23.16%
• 10Y*: 11.97%

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

HFMF vs. QLENX - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	2.96%	6.34%
QLENX AQR Long-Short Equity Fund Class N	-0.63%	15.41%

Correlation

The correlation between HFMF and QLENX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.26

Return for Risk

HFMF vs. QLENX — Risk / Return Rank

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

HFMF

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

QLENX

QLENX Risk / Return Rank: 54
QLENX Sharpe Ratio Rank: 61
QLENX Sortino Ratio Rank: 66
QLENX Omega Ratio Rank: 58
QLENX Calmar Ratio Rank: 49
QLENX Martin Ratio Rank: 38

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.

HFMF vs. QLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) 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.

	HFMF	QLENX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.11	—
Sortino ratio: Return per unit of downside risk	—	3.08	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	2.56	—
Martin ratio: Return relative to average drawdown	—	7.88	—

Drawdowns

HFMF vs. QLENX - Drawdown Comparison

The maximum HFMF drawdown since its inception was -13.84%, smaller than the maximum QLENX drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for HFMF and QLENX.

Drawdown Indicators

	HFMF	QLENX	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-38.50%	+24.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.50%	—
Current Drawdown Current decline from peak	-13.84%	-1.26%	-12.58%
Average Drawdown Average peak-to-trough decline	-3.35%	-7.46%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.97%	—

Volatility

Volatility by Period

	HFMF	QLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.86%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	7.40%	+8.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.39%	10.01%	+6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	10.60%	+5.79%

HFMF vs. QLENX - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is lower than QLENX's 1.57% expense ratio.

Dividends

HFMF vs. QLENX - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.88%, more than QLENX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFMF Unlimited HFMF Managed Futures ETF	2.88%	2.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLENX AQR Long-Short Equity Fund Class N	1.65%	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 HFMF and QLENX in my portfolio?

HFMF and QLENX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.