QLEIX vs. FFLS
QLEIX (AQR Long-Short Equity Fund) and FFLS (The Future Fund Long/Short ETF) are both Long-Short funds. Both are actively managed. Over the past 3 years, QLEIX returned 24.66%/yr vs 8.47%/yr for FFLS. At a 0.29 correlation, their price movements are largely independent. QLEIX charges 1.30%/yr vs 1.75%/yr for FFLS.
Performance
QLEIX vs. FFLS - Performance Comparison
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Returns By Period
In the year-to-date period, QLEIX achieves a -1.65% return, which is significantly lower than FFLS's -1.13% return.
QLEIX
- 1D
- -0.14%
- 1M
- -0.81%
- 6M
- -0.72%
- YTD
- -1.65%
- 1Y
- 14.30%
- 3Y*
- 24.66%
- 5Y*
- 22.70%
- 10Y*
- 11.71%
FFLS
- 1D
- -1.46%
- 1M
- 2.14%
- 6M
- -4.10%
- YTD
- -1.13%
- 1Y
- -2.73%
- 3Y*
- 8.47%
- 5Y*
- —
- 10Y*
- —
QLEIX vs. FFLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
QLEIX AQR Long-Short Equity Fund | -1.65% | 34.43% | 30.50% | 14.56% |
FFLS The Future Fund Long/Short ETF | -1.13% | 7.49% | 17.71% | 0.79% |
Correlation
The correlation between QLEIX and FFLS is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | 0.29 |
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Return for Risk
QLEIX vs. FFLS — Risk / Return Rank
QLEIX
FFLS
QLEIX vs. FFLS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and The Future Fund Long/Short ETF (FFLS). 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 | FFLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.12 | ||
| Sortino ratioReturn per unit of downside risk | +3.03 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.96 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | -0.25 | +2.60 |
| Martin ratioReturn relative to average drawdown | 6.82 | -0.51 | +7.32 |
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Drawdowns
QLEIX vs. FFLS - Drawdown Comparison
The maximum QLEIX drawdown since its inception was -38.11%, which is greater than FFLS's maximum drawdown of -11.05%. Use the drawdown chart below to compare losses from any high point for QLEIX and FFLS.
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Drawdown Indicators
| QLEIX | FFLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.11% | -11.05% | -27.06% |
Max Drawdown (1Y)Largest decline over 1 year | -6.01% | -11.05% | +5.04% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -11.05% | +3.98% |
Max Drawdown (5Y)Largest decline over 5 years | -17.07% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.11% | — | — |
Current DrawdownCurrent decline from peak | -2.25% | -5.79% | +3.54% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -3.19% | -4.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 5.41% | -3.34% |
Volatility
QLEIX vs. FFLS - Volatility Comparison
The current volatility for AQR Long-Short Equity Fund (QLEIX) is 3.29%, while The Future Fund Long/Short ETF (FFLS) has a volatility of 3.83%. This indicates that QLEIX experiences smaller price fluctuations and is considered to be less risky than FFLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLEIX | FFLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.29% | 3.83% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 6.23% | 8.11% | -1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.72% | 9.83% | -2.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.03% | 11.38% | -1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.56% | 11.38% | -0.82% |
QLEIX vs. FFLS - Expense Ratio Comparison
QLEIX has a 1.30% expense ratio, which is lower than FFLS's 1.75% expense ratio.
Dividends
QLEIX vs. FFLS - Dividend Comparison
QLEIX's dividend yield for the trailing twelve months is around 1.78%, less than FFLS's 6.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFLS The Future Fund Long/Short ETF | 6.65% | 6.58% | 3.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QLEIX AQR Long-Short Equity Fund | 1.78% | 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 FFLS 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.
FFLS has higher volatility (3.83%) compared to QLEIX (3.29%). In terms of maximum drawdown, QLEIX dropped -38.11% vs FFLS's -11.05%.
QLEIX currently has the higher Sharpe Ratio (1.84 vs -0.28), 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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