HHCZX vs. QLENX
HHCZX (NexPoint Event Driven Fund) and QLENX (AQR Long-Short Equity Fund Class N) are both Long-Short funds. Over the past 10 years, HHCZX returned 3.82%/yr vs 11.54%/yr for QLENX. Their 0.23 correlation means their historical movements had little consistent relationship. HHCZX charges 1.69%/yr vs 1.57%/yr for QLENX.
Performance
HHCZX vs. QLENX - Performance Comparison
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Returns By Period
In the year-to-date period, HHCZX achieves a -3.95% return, which is significantly lower than QLENX's 0.78% return. Over the past 10 years, HHCZX has underperformed QLENX with an annualized return of 3.82%, while QLENX has yielded a comparatively higher 11.54% annualized return.
HHCZX
- 1D
- -0.24%
- 1M
- -1.35%
- 6M
- -5.08%
- YTD
- -3.95%
- 1Y
- -0.88%
- 3Y*
- 4.01%
- 5Y*
- 0.85%
- 10Y*
- 3.82%
- ALL TIME*
- 4.21%
QLENX
- 1D
- 0.53%
- 1M
- 5.12%
- 6M
- 0.78%
- YTD
- 0.78%
- 1Y
- 16.50%
- 3Y*
- 24.26%
- 5Y*
- 22.75%
- 10Y*
- 11.54%
- ALL TIME*
- 12.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HHCZX vs. QLENX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HHCZX NexPoint Event Driven Fund | -3.95% | 6.52% | 7.22% | 5.44% | -5.49% | -17.31% | 22.24% | 11.36% | 12.72% | 8.76% |
QLENX AQR Long-Short Equity Fund Class N | 0.78% | 34.07% | 30.18% | 23.67% | 18.92% | 30.70% | -14.18% | 1.01% | -16.64% | 15.48% |
Correlation
The correlation between HHCZX and QLENX is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2013 | 0.23 |
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Return for Risk
HHCZX vs. QLENX — Risk / Return Rank
HHCZX
QLENX
HHCZX vs. QLENX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) 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.
| HHCZX | QLENX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.37 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 2.67 | -2.76 |
| Martin ratioReturn relative to average drawdown | -0.16 | 7.50 | -7.66 |
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Drawdowns
HHCZX vs. QLENX - Drawdown Comparison
The maximum HHCZX drawdown since its inception was -33.57%, smaller than the maximum QLENX drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for HHCZX and QLENX.
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Drawdown Indicators
| HHCZX | QLENX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.57% | -38.50% | +4.93% |
Max Drawdown (1Y)Largest decline over 1 year | -15.42% | -6.09% | -9.33% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -7.09% | -8.33% |
Max Drawdown (5Y)Largest decline over 5 years | -19.51% | -17.19% | -2.32% |
Max Drawdown (10Y)Largest decline over 10 years | -32.15% | -38.50% | +6.35% |
Current DrawdownCurrent decline from peak | -15.71% | 0.00% | -15.71% |
Average DrawdownAverage peak-to-trough decline | -14.03% | -7.42% | -6.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.37% | 2.16% | +7.21% |
Volatility
HHCZX vs. QLENX - Volatility Comparison
The current volatility for NexPoint Event Driven Fund (HHCZX) is 3.13%, while AQR Long-Short Equity Fund Class N (QLENX) has a volatility of 3.41%. This indicates that HHCZX experiences smaller price fluctuations and is considered to be less risky than QLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HHCZX | QLENX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 3.41% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 7.95% | 6.71% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.77% | 8.16% | +8.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.14% | 10.03% | +0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.29% | 10.60% | +5.69% |
HHCZX vs. QLENX - Expense Ratio Comparison
HHCZX has a 1.69% expense ratio, which is higher than QLENX's 1.57% expense ratio.
Dividends
HHCZX vs. QLENX - Dividend Comparison
HHCZX has not paid dividends to shareholders, while QLENX's dividend yield for the trailing twelve months is around 1.62%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HHCZX NexPoint Event Driven Fund | 0.00% | 0.00% | 0.56% | 2.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.06% | 0.00% | 4.27% |
QLENX AQR Long-Short Equity Fund Class N | 1.62% | 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
HHCZX and QLENX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLENX has higher volatility (3.41%) compared to HHCZX (3.13%). In terms of maximum drawdown, HHCZX dropped -33.57% vs QLENX's -38.50%.
QLENX currently has the higher Sharpe Ratio (1.99 vs -0.09), 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.
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