QLEIX vs. QMNIX

Last updated Aug 1, 2026

QLEIX (AQR Long-Short Equity Fund) and QMNIX (AQR Equity Market Neutral Fund Class I) are both mutual funds - QLEIX is a Long-Short fund actively managed by AQR, while QMNIX is a Equity Market Neutral fund actively managed by AQR. Both are actively managed. Over the past 10 years, QLEIX returned 11.74%/yr vs 6.17%/yr for QMNIX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. QLEIX charges 1.30%/yr vs 5.48%/yr for QMNIX.

Performance

QLEIX vs. QMNIX - Performance Comparison

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

Returns By Period

In the year-to-date period, QLEIX achieves a 0.43% return, which is significantly higher than QMNIX's -6.08% return. Over the past 10 years, QLEIX has outperformed QMNIX with an annualized return of 11.74%, while QMNIX has yielded a comparatively lower 6.17% 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%

QMNIX

• 1D: 1.30%
• 1M: 3.81%
• 6M: -2.98%
• YTD: -6.08%
• 1Y: 5.55%
• 3Y*: 17.67%
• 5Y*: 18.54%
• 10Y*: 6.17%
• ALL TIME*: 6.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QLEIX AQR Long-Short Equity Fund	$0.00	$0.00	$0.00
QMNIX AQR Equity Market Neutral Fund Class I	$0.00	$0.00	$0.00

QLEIX vs. QMNIX - 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%
QMNIX AQR Equity Market Neutral Fund Class I	-6.08%	26.54%	25.85%	16.61%	27.26%	17.64%	-19.62%	-11.30%	-11.73%	5.85%

Correlation

The correlation between QLEIX and QMNIX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.75

The correlation between QLEIX and QMNIX has been stable across timeframes, ranging from 0.72 to 0.82 - a consistent structural relationship.

Return for Risk

QLEIX vs. QMNIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QLEIX

QLEIX Risk / Return Rank: 78
QLEIX Sharpe Ratio Rank: 83
QLEIX Sortino Ratio Rank: 84
QLEIX Omega Ratio Rank: 81
QLEIX Calmar Ratio Rank: 81
QLEIX Martin Ratio Rank: 60

QMNIX

QMNIX Risk / Return Rank: 19
QMNIX Sharpe Ratio Rank: 24
QMNIX Sortino Ratio Rank: 24
QMNIX Omega Ratio Rank: 23
QMNIX Calmar Ratio Rank: 13
QMNIX Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QLEIX vs. QMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and AQR Equity Market Neutral Fund Class I (QMNIX). 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	QMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	0.82	+1.14
Sortino ratio: Return per unit of downside risk	2.93	1.20	+1.73
Omega ratio: Gain probability vs. loss probability	1.36	1.14	+0.22
Calmar ratio: Return relative to maximum drawdown	2.65	0.59	+2.06
Martin ratio: Return relative to average drawdown	7.54	1.23	+6.31

QLEIX vs. QMNIX - Sharpe Ratio Comparison

The current QLEIX Sharpe Ratio is 1.96, which is higher than the QMNIX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of QLEIX and QMNIX, 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. QMNIX - Drawdown Comparison

The maximum QLEIX drawdown since its inception was -38.11%, roughly equal to the maximum QMNIX drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for QLEIX and QMNIX.

Drawdown Indicators

	QLEIX	QMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.11%	-38.80%	+0.69%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-9.82%	+3.81%
Max Drawdown (3Y) Largest decline over 3 years	-7.07%	-9.82%	+2.75%
Max Drawdown (5Y) Largest decline over 5 years	-17.07%	-13.86%	-3.21%
Max Drawdown (10Y) Largest decline over 10 years	-38.11%	-38.80%	+0.69%
Current Drawdown Current decline from peak	-0.19%	-6.38%	+6.19%
Average Drawdown Average peak-to-trough decline	-7.66%	-10.30%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	4.66%	-2.56%

Volatility

QLEIX vs. QMNIX - Volatility Comparison

AQR Long-Short Equity Fund (QLEIX) has a higher volatility of 3.44% compared to AQR Equity Market Neutral Fund Class I (QMNIX) at 2.66%. This indicates that QLEIX's price experiences larger fluctuations and is considered to be riskier than QMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLEIX	QMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	2.66%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	6.70%	5.71%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	8.12%	7.05%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.03%	9.27%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	8.33%	+2.27%

QLEIX vs. QMNIX - Expense Ratio Comparison

QLEIX has a 1.30% expense ratio, which is lower than QMNIX's 5.48% expense ratio.

Dividends

QLEIX vs. QMNIX - Dividend Comparison

QLEIX's dividend yield for the trailing twelve months is around 1.74%, more than QMNIX's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QMNIX AQR Equity Market Neutral Fund Class I	1.50%	1.41%	6.10%	21.48%	5.95%	1.39%	17.42%	3.83%	0.48%	3.48%	1.51%	2.57%

Frequently Asked Questions

Can I hold both QLEIX and QMNIX in my portfolio?

QLEIX and QMNIX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLEIX or QMNIX?

QLEIX has higher volatility (3.44%) compared to QMNIX (2.66%). In terms of maximum drawdown, QLEIX dropped -38.11% vs QMNIX's -38.80%.

Which has better risk-adjusted returns?

QLEIX currently has the higher Sharpe Ratio (1.96 vs 0.82), 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.