QLEIX vs. QNZNX
QLEIX (AQR Long-Short Equity Fund) and QNZNX (AQR Trend Total Return Fund) are both mutual funds - QLEIX is a Long-Short fund actively managed by AQR Funds, while QNZNX is a Systematic Trend fund actively managed by AQR Funds. Both are actively managed. Over the past 3 years, QLEIX returned 25.79%/yr vs 30.04%/yr for QNZNX. A 0.77 correlation means they provide meaningful diversification when combined. QLEIX charges 1.30%/yr vs 1.52%/yr for QNZNX.
Performance
QLEIX vs. QNZNX - Performance Comparison
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Returns By Period
In the year-to-date period, QLEIX achieves a -0.52% return, which is significantly lower than QNZNX's 15.35% return.
QLEIX
- 1D
- 0.19%
- 1M
- 1.15%
- YTD
- -0.52%
- 6M
- -1.13%
- 1Y
- 15.49%
- 3Y*
- 25.79%
- 5Y*
- 23.47%
- 10Y*
- 12.26%
QNZNX
- 1D
- 0.71%
- 1M
- -0.75%
- YTD
- 15.35%
- 6M
- 15.35%
- 1Y
- 36.55%
- 3Y*
- 30.04%
- 5Y*
- —
- 10Y*
- —
QLEIX vs. QNZNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
QLEIX AQR Long-Short Equity Fund | -0.52% | 34.43% | 30.50% | 23.95% | 4.64% |
QNZNX AQR Trend Total Return Fund | 15.35% | 22.88% | 34.96% | 22.73% | 1.37% |
Correlation
The correlation between QLEIX and QNZNX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022 | 0.77 |
Over the past year, the correlation between QLEIX and QNZNX has dropped to 0.51 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.
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Return for Risk
QLEIX vs. QNZNX — Risk / Return Rank
QLEIX
QNZNX
QLEIX vs. QNZNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and AQR Trend Total Return Fund (QNZNX). 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 | QNZNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.61 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 7.71 | -5.07 |
| Martin ratioReturn relative to average drawdown | 8.20 | 27.56 | -19.35 |
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Drawdowns
QLEIX vs. QNZNX - Drawdown Comparison
The maximum QLEIX drawdown since its inception was -38.11%, which is greater than QNZNX's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for QLEIX and QNZNX.
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Drawdown Indicators
| QLEIX | QNZNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.11% | -18.38% | -19.73% |
Max Drawdown (1Y)Largest decline over 1 year | -6.01% | -4.88% | -1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -13.48% | +6.41% |
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 | -1.13% | -2.74% | +1.61% |
Average DrawdownAverage peak-to-trough decline | -7.70% | -2.77% | -4.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 1.36% | +0.57% |
Volatility
QLEIX vs. QNZNX - Volatility Comparison
The current volatility for AQR Long-Short Equity Fund (QLEIX) is 2.82%, while AQR Trend Total Return Fund (QNZNX) has a volatility of 3.42%. This indicates that QLEIX experiences smaller price fluctuations and is considered to be less risky than QNZNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLEIX | QNZNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.82% | 3.42% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 7.51% | -1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.37% | 11.02% | -3.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.02% | 12.06% | -2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 12.06% | -1.47% |
QLEIX vs. QNZNX - Expense Ratio Comparison
QLEIX has a 1.30% expense ratio, which is lower than QNZNX's 1.52% expense ratio.
Dividends
QLEIX vs. QNZNX - Dividend Comparison
QLEIX's dividend yield for the trailing twelve months is around 1.76%, more than QNZNX's 0.74% 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% |
QNZNX AQR Trend Total Return Fund | 0.74% | 0.86% | 16.46% | 23.14% | 2.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QLEIX and QNZNX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QNZNX has higher volatility (3.42%) compared to QLEIX (2.82%). In terms of maximum drawdown, QLEIX dropped -38.11% vs QNZNX's -18.38%.
QNZNX currently has the higher Sharpe Ratio (3.42 vs 2.16), 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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