QCELX vs. QSPIX

Last updated Jun 4, 2026

QCELX (AQR Large Cap Multi-Style Fund) and QSPIX (AQR Style Premia Alternative Fund) are both mutual funds - QCELX is a Large Cap Blend Equities fund managed by AQR Funds, while QSPIX is a Multistrategy fund managed by AQR Funds. Over the past 10 years, QCELX returned 15.20%/yr vs 7.41%/yr for QSPIX. At a correlation of -0.00, they often move in opposite directions. QCELX charges 0.41%/yr vs 1.49%/yr for QSPIX.

Performance

QCELX vs. QSPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, QCELX achieves a 18.09% return, which is significantly higher than QSPIX's 12.83% return. Over the past 10 years, QCELX has outperformed QSPIX with an annualized return of 15.20%, while QSPIX has yielded a comparatively lower 7.41% annualized return.

QCELX

• 1D: -0.25%
• 1M: 6.79%
• YTD: 18.09%
• 6M: 19.95%
• 1Y: 38.37%
• 3Y*: 27.48%
• 5Y*: 16.17%
• 10Y*: 15.20%

QSPIX

• 1D: 0.00%
• 1M: 1.14%
• YTD: 12.83%
• 6M: 14.84%
• 1Y: 17.81%
• 3Y*: 21.40%
• 5Y*: 18.92%
• 10Y*: 7.41%

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

QCELX vs. QSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QCELX AQR Large Cap Multi-Style Fund	18.09%	23.38%	22.73%	26.30%	-15.73%	27.18%	14.93%	24.33%	-10.96%	22.73%
QSPIX AQR Style Premia Alternative Fund	12.83%	14.82%	21.48%	12.46%	30.76%	24.93%	-21.96%	-8.22%	-12.35%	12.12%

Correlation

The correlation between QCELX and QSPIX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	-0.00

Return for Risk

QCELX vs. QSPIX — Risk / Return Rank

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

QCELX

QCELX Risk / Return Rank: 90
QCELX Sharpe Ratio Rank: 92
QCELX Sortino Ratio Rank: 88
QCELX Omega Ratio Rank: 83
QCELX Calmar Ratio Rank: 92
QCELX Martin Ratio Rank: 95

QSPIX

QSPIX Risk / Return Rank: 50
QSPIX Sharpe Ratio Rank: 42
QSPIX Sortino Ratio Rank: 46
QSPIX Omega Ratio Rank: 38
QSPIX Calmar Ratio Rank: 78
QSPIX Martin Ratio Rank: 45

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.

QCELX vs. QSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Large Cap Multi-Style Fund (QCELX) and AQR Style Premia Alternative Fund (QSPIX). 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.

	QCELX	QSPIX	Difference
Sharpe ratio Return per unit of total volatility	3.11	1.89	+1.21
Sortino ratio Return per unit of downside risk	4.21	2.84	+1.37
Omega ratio Gain probability vs. loss probability	1.55	1.32	+0.23
Calmar ratio Return relative to maximum drawdown	5.00	3.57	+1.43
Martin ratio Return relative to average drawdown	23.00	9.50	+13.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QCELX vs. QSPIX - Sharpe Ratio Comparison

The current QCELX Sharpe Ratio is 3.11, which is higher than the QSPIX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of QCELX and QSPIX, 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

	QCELX	QSPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	1.89	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	1.20	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.58	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.62	+0.10

Drawdowns

QCELX vs. QSPIX - Drawdown Comparison

The maximum QCELX drawdown since its inception was -33.52%, smaller than the maximum QSPIX drawdown of -41.37%. Use the drawdown chart below to compare losses from any high point for QCELX and QSPIX.

Drawdown Indicators

	QCELX	QSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.52%	-41.37%	+7.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-5.09%	-2.83%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-9.31%	-9.07%
Max Drawdown (5Y) Largest decline over 5 years	-28.70%	-17.13%	-11.57%
Max Drawdown (10Y) Largest decline over 10 years	-33.52%	-41.37%	+7.85%
Current Drawdown Current decline from peak	-0.25%	0.00%	-0.25%
Average Drawdown Average peak-to-trough decline	-5.66%	-9.43%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.91%	-0.19%

Volatility

QCELX vs. QSPIX - Volatility Comparison

AQR Large Cap Multi-Style Fund (QCELX) and AQR Style Premia Alternative Fund (QSPIX) have volatilities of 3.06% and 3.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCELX	QSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	3.15%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	9.34%	7.19%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	9.61%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	15.87%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.97%	12.82%	+6.15%

QCELX vs. QSPIX - Expense Ratio Comparison

QCELX has a 0.41% expense ratio, which is lower than QSPIX's 1.49% expense ratio.

Dividends

QCELX vs. QSPIX - Dividend Comparison

QCELX's dividend yield for the trailing twelve months is around 12.19%, more than QSPIX's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QCELX AQR Large Cap Multi-Style Fund	12.19%	14.40%	12.89%	13.67%	11.05%	12.41%	9.94%	5.36%	7.81%	0.99%	1.28%	0.89%
QSPIX AQR Style Premia Alternative Fund	2.28%	2.57%	6.95%	23.77%	22.68%	12.78%	0.00%	1.62%	0.96%	7.08%	1.74%	5.83%

Frequently Asked Questions

Can I hold both QCELX and QSPIX in my portfolio?

QCELX and QSPIX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QCELX or QSPIX?

QSPIX has higher volatility (3.15%) compared to QCELX (3.06%). In terms of maximum drawdown, QCELX dropped -33.52% vs QSPIX's -41.37%.

Which has better risk-adjusted returns?

QCELX currently has the higher Sharpe Ratio (3.11 vs 1.89), 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.