QLEIX vs. PRPFX
QLEIX (AQR Long-Short Equity Fund) and PRPFX (Permanent Portfolio Class I) are both mutual funds - QLEIX is a Long-Short fund actively managed by AQR, while PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio. Both are actively managed. Over the past 10 years, QLEIX returned 11.74%/yr vs 9.97%/yr for PRPFX. Their 0.33 correlation means their historical movements had little consistent relationship. QLEIX charges 1.30%/yr vs 0.81%/yr for PRPFX.
Performance
QLEIX vs. PRPFX - 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 PRPFX's 2.08% return. Over the past 10 years, QLEIX has outperformed PRPFX with an annualized return of 11.74%, while PRPFX has yielded a comparatively lower 9.97% annualized 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%
PRPFX
- 1D
- 0.71%
- 1M
- -0.17%
- 6M
- -2.57%
- YTD
- 2.08%
- 1Y
- 15.83%
- 3Y*
- 17.56%
- 5Y*
- 10.89%
- 10Y*
- 9.97%
- ALL TIME*
- 7.00%
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 |
QLEIX vs. PRPFX - 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% | 15.74% |
PRPFX Permanent Portfolio Class I | 2.08% | 28.78% | 19.36% | 11.96% | -5.48% | 10.87% | 18.80% | 19.20% | -7.02% | 11.42% |
Correlation
The correlation between QLEIX and PRPFX is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.33 |
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Return for Risk
QLEIX vs. PRPFX — Risk / Return Rank
QLEIX
PRPFX
QLEIX vs. PRPFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and Permanent Portfolio Class I (PRPFX). 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 | PRPFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.23 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.60 | +1.05 |
| Martin ratioReturn relative to average drawdown | 7.54 | 3.56 | +3.98 |
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Drawdowns
QLEIX vs. PRPFX - Drawdown Comparison
The maximum QLEIX drawdown since its inception was -38.11%, which is greater than PRPFX's maximum drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for QLEIX and PRPFX.
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Drawdown Indicators
| QLEIX | PRPFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.11% | -27.16% | -10.95% |
Max Drawdown (1Y)Largest decline over 1 year | -6.01% | -9.74% | +3.73% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -9.74% | +2.67% |
Max Drawdown (5Y)Largest decline over 5 years | -17.07% | -15.49% | -1.58% |
Max Drawdown (10Y)Largest decline over 10 years | -38.11% | -20.84% | -17.27% |
Current DrawdownCurrent decline from peak | -0.19% | -8.67% | +8.48% |
Average DrawdownAverage peak-to-trough decline | -7.66% | -3.54% | -4.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 4.35% | -2.25% |
Volatility
QLEIX vs. PRPFX - Volatility Comparison
AQR Long-Short Equity Fund (QLEIX) has a higher volatility of 3.44% compared to Permanent Portfolio Class I (PRPFX) at 2.42%. This indicates that QLEIX's price experiences larger fluctuations and is considered to be riskier than PRPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLEIX | PRPFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 2.42% | +1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 6.70% | 10.97% | -4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.12% | 13.09% | -4.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.03% | 11.12% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.60% | 10.68% | -0.08% |
QLEIX vs. PRPFX - Expense Ratio Comparison
QLEIX has a 1.30% expense ratio, which is higher than PRPFX's 0.81% expense ratio.
Dividends
QLEIX vs. PRPFX - Dividend Comparison
QLEIX's dividend yield for the trailing twelve months is around 1.74%, less than PRPFX's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRPFX Permanent Portfolio Class I | 3.20% | 3.27% | 1.86% | 1.39% | 1.58% | 2.05% | 5.38% | 4.69% | 6.90% | 2.14% | 0.95% | 7.06% |
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 PRPFX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLEIX has higher volatility (3.44%) compared to PRPFX (2.42%). In terms of maximum drawdown, QLEIX dropped -38.11% vs PRPFX's -27.16%.
QLEIX currently has the higher Sharpe Ratio (1.96 vs 1.19), 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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