QLEIX vs. SRDAX

Last updated Jun 3, 2026

QLEIX (AQR Long-Short Equity Fund) and SRDAX (Stone Ridge Diversified Alternatives Fund) are both mutual funds - QLEIX is a Long-Short fund managed by AQR Funds, while SRDAX is a Multistrategy fund managed by STONE RIDGE. Over the past 5 years, QLEIX returned 22.10%/yr vs 8.19%/yr for SRDAX. At a correlation of -0.02, they often move in opposite directions. QLEIX charges 1.30%/yr vs 1.27%/yr for SRDAX.

Performance

QLEIX vs. SRDAX - Performance Comparison

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

Returns By Period

In the year-to-date period, QLEIX achieves a 0.57% return, which is significantly lower than SRDAX's 4.76% return.

QLEIX

• 1D: 1.14%
• 1M: 3.60%
• YTD: 0.57%
• 6M: 4.63%
• 1Y: 16.38%
• 3Y*: 27.80%
• 5Y*: 22.10%
• 10Y*: 12.04%

SRDAX

• 1D: 0.19%
• 1M: 0.98%
• YTD: 4.76%
• 6M: 4.47%
• 1Y: 10.21%
• 3Y*: 7.79%
• 5Y*: 8.19%
• 10Y*: —

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

QLEIX vs. SRDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QLEIX AQR Long-Short Equity Fund	0.57%	34.43%	30.50%	23.95%	19.18%	31.10%	0.39%
SRDAX Stone Ridge Diversified Alternatives Fund	4.76%	0.37%	8.46%	19.56%	2.03%	10.62%	1.97%

Correlation

The correlation between QLEIX and SRDAX is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	-0.02

Return for Risk

QLEIX vs. SRDAX — Risk / Return Rank

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

QLEIX

QLEIX Risk / Return Rank: 61
QLEIX Sharpe Ratio Rank: 68
QLEIX Sortino Ratio Rank: 73
QLEIX Omega Ratio Rank: 64
QLEIX Calmar Ratio Rank: 57
QLEIX Martin Ratio Rank: 43

SRDAX

SRDAX Risk / Return Rank: 87
SRDAX Sharpe Ratio Rank: 92
SRDAX Sortino Ratio Rank: 91
SRDAX Omega Ratio Rank: 89
SRDAX Calmar Ratio Rank: 83
SRDAX Martin Ratio Rank: 80

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. SRDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and Stone Ridge Diversified Alternatives Fund (SRDAX). 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	SRDAX	Difference
Sharpe ratio Return per unit of total volatility	2.41	3.11	-0.69
Sortino ratio Return per unit of downside risk	3.55	4.46	-0.91
Omega ratio Gain probability vs. loss probability	1.45	1.63	-0.18
Calmar ratio Return relative to maximum drawdown	2.92	3.82	-0.90
Martin ratio Return relative to average drawdown	9.22	15.02	-5.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLEIX vs. SRDAX - Sharpe Ratio Comparison

The current QLEIX Sharpe Ratio is 2.41, which is comparable to the SRDAX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of QLEIX and SRDAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QLEIX	SRDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	3.11	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.20	1.18	+1.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.24	-0.11

Drawdowns

QLEIX vs. SRDAX - Drawdown Comparison

The maximum QLEIX drawdown since its inception was -38.11%, which is greater than SRDAX's maximum drawdown of -11.90%. Use the drawdown chart below to compare losses from any high point for QLEIX and SRDAX.

Drawdown Indicators

	QLEIX	SRDAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.11%	-11.90%	-26.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-2.67%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-7.07%	-6.15%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	-17.07%	-11.90%	-5.17%
Max Drawdown (10Y) Largest decline over 10 years	-38.11%	—	—
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-7.73%	-2.34%	-5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.68%	+1.23%

Volatility

QLEIX vs. SRDAX - Volatility Comparison

AQR Long-Short Equity Fund (QLEIX) has a higher volatility of 2.16% compared to Stone Ridge Diversified Alternatives Fund (SRDAX) at 0.86%. This indicates that QLEIX's price experiences larger fluctuations and is considered to be riskier than SRDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLEIX	SRDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	0.86%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	5.57%	2.50%	+3.07%
Volatility (1Y) Calculated over the trailing 1-year period	7.25%	3.24%	+4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.11%	6.99%	+3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.58%	6.79%	+3.79%

QLEIX vs. SRDAX - Expense Ratio Comparison

QLEIX has a 1.30% expense ratio, which is higher than SRDAX's 1.27% expense ratio.

Dividends

QLEIX vs. SRDAX - Dividend Comparison

QLEIX's dividend yield for the trailing twelve months is around 1.74%, less than SRDAX's 8.15% 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%
SRDAX Stone Ridge Diversified Alternatives Fund	8.15%	8.53%	8.16%	14.97%	3.22%	8.99%	3.07%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLEIX and SRDAX in my portfolio?

QLEIX and SRDAX have a correlation of -0.12, 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 SRDAX?

QLEIX has higher volatility (2.16%) compared to SRDAX (0.86%). In terms of maximum drawdown, QLEIX dropped -38.11% vs SRDAX's -11.90%.

Which has better risk-adjusted returns?

SRDAX currently has the higher Sharpe Ratio (3.11 vs 2.41), 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.