QLEIX vs. SPY
Compare and contrast key facts about AQR Long-Short Equity Fund (QLEIX) and State Street SPDR S&P 500 ETF (SPY).
QLEIX is managed by AQR Funds. It was launched on Jul 15, 2013. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
QLEIX vs. SPY - Performance Comparison
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QLEIX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QLEIX AQR Long-Short Equity Fund | -3.26% | 34.43% | 30.50% | 23.95% | 19.18% | 31.10% | -13.92% | 1.19% | -16.33% | 15.74% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, QLEIX achieves a -3.26% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, QLEIX has underperformed SPY with an annualized return of 11.54%, while SPY has yielded a comparatively higher 13.98% annualized return.
QLEIX
- 1D
- 0.54%
- 1M
- -2.71%
- YTD
- -3.26%
- 6M
- 4.53%
- 1Y
- 19.60%
- 3Y*
- 26.54%
- 5Y*
- 22.51%
- 10Y*
- 11.54%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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QLEIX vs. SPY - Expense Ratio Comparison
QLEIX has a 1.30% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
QLEIX vs. SPY — Risk / Return Rank
QLEIX
SPY
QLEIX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and State Street SPDR S&P 500 ETF (SPY). 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.
| QLEIX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.30 | 0.93 | +1.37 |
Sortino ratioReturn per unit of downside risk | 2.98 | 1.45 | +1.52 |
Omega ratioGain probability vs. loss probability | 1.47 | 1.22 | +0.25 |
Calmar ratioReturn relative to maximum drawdown | 2.88 | 1.53 | +1.36 |
Martin ratioReturn relative to average drawdown | 11.49 | 7.30 | +4.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QLEIX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | 0.93 | +1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.21 | 0.69 | +1.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.10 | 0.78 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | 0.56 | +0.55 |
Correlation
The correlation between QLEIX and SPY is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
QLEIX vs. SPY - Dividend Comparison
QLEIX's dividend yield for the trailing twelve months is around 1.81%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLEIX AQR Long-Short Equity Fund | 1.81% | 1.75% | 7.12% | 20.88% | 14.15% | 0.00% | 1.57% | 0.00% | 6.03% | 9.11% | 3.01% | 4.98% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
QLEIX vs. SPY - Drawdown Comparison
The maximum QLEIX drawdown since its inception was -38.11%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QLEIX and SPY.
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Drawdown Indicators
| QLEIX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.11% | -55.19% | +17.08% |
Max Drawdown (1Y)Largest decline over 1 year | -6.49% | -12.05% | +5.56% |
Max Drawdown (5Y)Largest decline over 5 years | -17.07% | -24.50% | +7.43% |
Max Drawdown (10Y)Largest decline over 10 years | -38.11% | -33.72% | -4.39% |
Current DrawdownCurrent decline from peak | -3.85% | -6.24% | +2.39% |
Average DrawdownAverage peak-to-trough decline | -7.80% | -9.09% | +1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 2.52% | -0.89% |
Volatility
QLEIX vs. SPY - Volatility Comparison
The current volatility for AQR Long-Short Equity Fund (QLEIX) is 1.87%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that QLEIX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLEIX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.87% | 5.31% | -3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 9.47% | -4.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.63% | 19.05% | -10.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.23% | 17.06% | -6.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.55% | 17.92% | -7.37% |