LONGX vs. QLENX

Last updated Apr 1, 2026

Compare and contrast key facts about Longboard Alternative Growth Fund (LONGX) and AQR Long-Short Equity N (QLENX).

LONGX is managed by Longboard. It was launched on Mar 15, 2015. QLENX is an actively managed fund by AQR Funds. It was launched on Jul 16, 2013.

Performance

LONGX vs. QLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Longboard Alternative Growth Fund (LONGX) and AQR Long-Short Equity N (QLENX). The values are adjusted to include any dividend payments, if applicable.

LONGX vs. QLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LONGX Longboard Alternative Growth Fund	0.33%	1.49%	14.95%	5.64%	-13.21%	13.89%	27.70%	13.82%	270.32%	19.08%
QLENX AQR Long-Short Equity N	-3.31%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.18%	1.01%	-16.64%	15.48%

Returns By Period

In the year-to-date period, LONGX achieves a 0.33% return, which is significantly higher than QLENX's -3.31% return. Over the past 10 years, LONGX has outperformed QLENX with an annualized return of 23.63%, while QLENX has yielded a comparatively lower 11.26% annualized return.

LONGX

• 1D: -0.40%
• 1M: -5.53%
• YTD: 0.33%
• 6M: -0.40%
• 1Y: 3.94%
• 3Y*: 8.06%
• 5Y*: 3.23%
• 10Y*: 23.63%

QLENX

• 1D: 0.56%
• 1M: -2.74%
• YTD: -3.31%
• 6M: 4.39%
• 1Y: 19.30%
• 3Y*: 26.24%
• 5Y*: 22.20%
• 10Y*: 11.26%

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

LONGX vs. QLENX - Expense Ratio Comparison

LONGX has a 1.99% expense ratio, which is lower than QLENX's 5.18% expense ratio.

QLENX

AQR Long-Short Equity N

LONGX

Longboard Alternative Growth Fund

Return for Risk

LONGX vs. QLENX — Risk / Return Rank

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

LONGX

LONGX Risk / Return Rank: 15
LONGX Sharpe Ratio Rank: 15
LONGX Sortino Ratio Rank: 14
LONGX Omega Ratio Rank: 13
LONGX Calmar Ratio Rank: 17
LONGX Martin Ratio Rank: 16

QLENX

QLENX Risk / Return Rank: 93
QLENX Sharpe Ratio Rank: 95
QLENX Sortino Ratio Rank: 94
QLENX Omega Ratio Rank: 93
QLENX Calmar Ratio Rank: 93
QLENX Martin Ratio Rank: 92

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.

LONGX vs. QLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Longboard Alternative Growth Fund (LONGX) and AQR Long-Short Equity 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.

	LONGX	QLENX	Difference
Sharpe ratio Return per unit of total volatility	0.39	2.26	-1.87
Sortino ratio Return per unit of downside risk	0.60	2.93	-2.33
Omega ratio Gain probability vs. loss probability	1.08	1.46	-0.38
Calmar ratio Return relative to maximum drawdown	0.48	2.83	-2.35
Martin ratio Return relative to average drawdown	1.52	11.16	-9.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LONGX vs. QLENX - Sharpe Ratio Comparison

The current LONGX Sharpe Ratio is 0.39, which is lower than the QLENX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of LONGX and QLENX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LONGX	QLENX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	2.26	-1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	2.19	-1.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	1.07	-0.90
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	1.21	-1.05

Correlation

The correlation between LONGX and QLENX is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

LONGX vs. QLENX - Dividend Comparison

LONGX has not paid dividends to shareholders, while QLENX's dividend yield for the trailing twelve months is around 1.69%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LONGX Longboard Alternative Growth Fund	0.00%	0.00%	0.00%	5.40%	7.64%	1.73%	0.00%	0.00%	3.10%	268.50%	23.29%	0.00%
QLENX AQR Long-Short Equity N	1.69%	1.64%	7.13%	21.21%	14.09%	0.00%	1.59%	0.00%	6.09%	8.91%	2.87%	4.91%

Drawdowns

LONGX vs. QLENX - Drawdown Comparison

The maximum LONGX drawdown since its inception was -77.16%, which is greater than QLENX's maximum drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for LONGX and QLENX.

Drawdown Indicators

	LONGX	QLENX	Difference
Max Drawdown Largest peak-to-trough decline	-77.16%	-38.50%	-38.66%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-6.50%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-19.28%	-17.19%	-2.09%
Max Drawdown (10Y) Largest decline over 10 years	-77.16%	-38.50%	-38.66%
Current Drawdown Current decline from peak	-6.53%	-3.91%	-2.62%
Average Drawdown Average peak-to-trough decline	-7.47%	-7.55%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.65%	+0.61%

Volatility

LONGX vs. QLENX - Volatility Comparison

Longboard Alternative Growth Fund (LONGX) has a higher volatility of 4.15% compared to AQR Long-Short Equity N (QLENX) at 1.92%. This indicates that LONGX's price experiences larger fluctuations and is considered to be riskier than QLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LONGX	QLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	1.92%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	8.13%	4.92%	+3.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	8.66%	+2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.84%	10.22%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	137.75%	10.55%	+127.20%