QLEIX vs. BIVRX
QLEIX (AQR Long-Short Equity Fund) and BIVRX (Invenomic Fund) are both Long-Short funds. Over the past 5 years, QLEIX returned 22.95%/yr vs 13.00%/yr for BIVRX. Their 0.19 correlation means their historical movements had little consistent relationship. QLEIX charges 1.30%/yr vs 2.48%/yr for BIVRX.
Performance
QLEIX vs. BIVRX - Performance Comparison
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Returns By Period
In the year-to-date period, QLEIX achieves a 0.43% return, which is significantly lower than BIVRX's 7.84% return.
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%
BIVRX
- 1D
- -5.65%
- 1M
- 15.64%
- 6M
- 11.37%
- YTD
- 7.84%
- 1Y
- 16.84%
- 3Y*
- 2.71%
- 5Y*
- 13.00%
- 10Y*
- —
- ALL TIME*
- 15.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BIVRX Invenomic Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
QLEIX vs. BIVRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QLEIX AQR Long-Short Equity Fund | 0.43% | 34.43% | 30.50% | 23.95% | 19.18% | 31.10% | -13.92% | 1.19% | -16.33% | 8.52% |
BIVRX Invenomic Fund | 7.84% | 4.39% | -9.03% | 16.47% | 49.61% | 44.06% | 11.12% | 11.36% | 3.41% | 8.73% |
Correlation
The correlation between QLEIX and BIVRX is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.17 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | 0.19 |
The correlation between QLEIX and BIVRX shifts across timeframes, from -0.19 (3 years) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QLEIX vs. BIVRX — Risk / Return Rank
QLEIX
BIVRX
QLEIX vs. BIVRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and Invenomic Fund (BIVRX). 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.
| QLEIX | BIVRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.11 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 0.58 | +2.07 |
| Martin ratioReturn relative to average drawdown | 7.54 | 1.57 | +5.97 |
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Drawdowns
QLEIX vs. BIVRX - Drawdown Comparison
The maximum QLEIX drawdown since its inception was -38.11%, which is greater than BIVRX's maximum drawdown of -27.37%. Use the drawdown chart below to compare losses from any high point for QLEIX and BIVRX.
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Drawdown Indicators
| QLEIX | BIVRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.11% | -27.37% | -10.74% |
Max Drawdown (1Y)Largest decline over 1 year | -6.01% | -26.97% | +20.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -27.37% | +20.30% |
Max Drawdown (5Y)Largest decline over 5 years | -17.07% | -27.37% | +10.30% |
Max Drawdown (10Y)Largest decline over 10 years | -38.11% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -5.65% | +5.46% |
Average DrawdownAverage peak-to-trough decline | -7.66% | -6.20% | -1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 9.91% | -7.81% |
Volatility
QLEIX vs. BIVRX - Volatility Comparison
The current volatility for AQR Long-Short Equity Fund (QLEIX) is 3.44%, while Invenomic Fund (BIVRX) has a volatility of 17.69%. This indicates that QLEIX experiences smaller price fluctuations and is considered to be less risky than BIVRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLEIX | BIVRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 17.69% | -14.25% |
Volatility (6M)Calculated over the trailing 6-month period | 6.70% | 29.33% | -22.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.12% | 32.81% | -24.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.03% | 20.09% | -10.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.60% | 19.04% | -8.44% |
QLEIX vs. BIVRX - Expense Ratio Comparison
QLEIX has a 1.30% expense ratio, which is lower than BIVRX's 2.48% expense ratio.
Dividends
QLEIX vs. BIVRX - Dividend Comparison
QLEIX's dividend yield for the trailing twelve months is around 1.74%, less than BIVRX's 1.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIVRX Invenomic Fund | 1.79% | 1.93% | 3.55% | 20.26% | 28.43% | 3.00% | 3.11% | 3.21% | 4.82% | 1.21% | 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
QLEIX and BIVRX have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVRX has higher volatility (17.69%) compared to QLEIX (3.44%). In terms of maximum drawdown, QLEIX dropped -38.11% vs BIVRX's -27.37%.
QLEIX currently has the higher Sharpe Ratio (1.96 vs 0.48), 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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