QLEIX vs. QLENX

Last updated Jun 23, 2026

QLEIX (AQR Long-Short Equity Fund) and QLENX (AQR Long-Short Equity Fund Class N) are both Long-Short funds from AQR Funds. Both are actively managed. Over the past 10 years, QLEIX returned 12.00%/yr vs 11.72%/yr for QLENX. With a 1.00 correlation, they move nearly in lockstep. QLEIX charges 1.30%/yr vs 1.57%/yr for QLENX.

Performance

QLEIX vs. QLENX - Performance Comparison

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

Returns By Period

In the year-to-date period, QLEIX achieves a -0.71% return, which is significantly higher than QLENX's -0.83% return. Both investments have delivered pretty close results over the past 10 years, with QLEIX having a 12.00% annualized return and QLENX not far behind at 11.72%.

QLEIX

• 1D: -0.28%
• 1M: 0.96%
• YTD: -0.71%
• 6M: -1.18%
• 1Y: 15.59%
• 3Y*: 25.93%
• 5Y*: 23.53%
• 10Y*: 12.00%

QLENX

• 1D: -0.29%
• 1M: 0.94%
• YTD: -0.83%
• 6M: -1.31%
• 1Y: 15.29%
• 3Y*: 25.60%
• 5Y*: 23.23%
• 10Y*: 11.72%

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

QLEIX vs. QLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLEIX AQR Long-Short Equity Fund	-0.71%	34.43%	30.50%	23.95%	19.18%	31.10%	-13.92%	1.19%	-16.33%	15.74%
QLENX AQR Long-Short Equity Fund Class N	-0.83%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.18%	1.01%	-16.64%	15.48%

Correlation

The correlation between QLEIX and QLENX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	1.00

The correlation between QLEIX and QLENX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

QLEIX vs. QLENX — Risk / Return Rank

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

QLEIX

QLEIX Risk / Return Rank: 53
QLEIX Sharpe Ratio Rank: 58
QLEIX Sortino Ratio Rank: 63
QLEIX Omega Ratio Rank: 56
QLEIX Calmar Ratio Rank: 48
QLEIX Martin Ratio Rank: 38

QLENX

QLENX Risk / Return Rank: 50
QLENX Sharpe Ratio Rank: 55
QLENX Sortino Ratio Rank: 59
QLENX Omega Ratio Rank: 53
QLENX Calmar Ratio Rank: 45
QLENX Martin Ratio Rank: 36

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.

QLEIX vs. QLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and AQR Long-Short Equity Fund Class 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.

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	QLENX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.01	+0.05
Sortino ratio: Return per unit of downside risk	3.02	2.95	+0.08
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	2.53	2.45	+0.08
Martin ratio: Return relative to average drawdown	7.87	7.54	+0.33

QLEIX vs. QLENX - Sharpe Ratio Comparison

The current QLEIX Sharpe Ratio is 2.06, which is comparable to the QLENX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of QLEIX and QLENX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QLEIX vs. QLENX - Drawdown Comparison

The maximum QLEIX drawdown since its inception was -38.11%, roughly equal to the maximum QLENX drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for QLEIX and QLENX.

Drawdown Indicators

	QLEIX	QLENX	Difference
Max Drawdown Largest peak-to-trough decline	-38.11%	-38.50%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-6.09%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-7.07%	-7.09%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-17.07%	-17.19%	+0.12%
Max Drawdown (10Y) Largest decline over 10 years	-38.11%	-38.50%	+0.39%
Current Drawdown Current decline from peak	-1.32%	-1.45%	+0.13%
Average Drawdown Average peak-to-trough decline	-7.70%	-7.46%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.97%	-0.04%

Volatility

QLEIX vs. QLENX - Volatility Comparison

AQR Long-Short Equity Fund (QLEIX) and AQR Long-Short Equity Fund Class N (QLENX) have volatilities of 2.82% and 2.85%, 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

	QLEIX	QLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.85%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	5.78%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	7.37%	7.40%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.02%	10.01%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	10.59%	0.00%

QLEIX vs. QLENX - Expense Ratio Comparison

QLEIX has a 1.30% expense ratio, which is lower than QLENX's 1.57% expense ratio.

Dividends

QLEIX vs. QLENX - Dividend Comparison

QLEIX's dividend yield for the trailing twelve months is around 1.76%, more than QLENX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLEIX AQR Long-Short Equity Fund	1.76%	1.75%	7.12%	20.88%	14.15%	0.00%	1.57%	0.00%	6.03%	9.11%	3.01%	4.98%
QLENX AQR Long-Short Equity Fund Class N	1.65%	1.64%	7.13%	21.21%	14.09%	0.00%	1.59%	0.00%	6.09%	8.91%	2.87%	4.91%

Frequently Asked Questions

Can I hold both QLEIX and QLENX in my portfolio?

With a correlation of 1.00, QLEIX and QLENX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QLEIX or QLENX?

QLENX has higher volatility (2.85%) compared to QLEIX (2.82%). In terms of maximum drawdown, QLEIX dropped -38.11% vs QLENX's -38.50%.

Which has better risk-adjusted returns?

QLEIX currently has the higher Sharpe Ratio (2.06 vs 2.01), 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.