QLEIX vs. UUP

Last updated Jun 6, 2026

QLEIX (AQR Long-Short Equity Fund) and UUP (Invesco DB US Dollar Index Bullish Fund) are both funds - QLEIX is a Long-Short fund managed by AQR Funds, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Over the past 10 years, QLEIX returned 12.01%/yr vs 3.28%/yr for UUP. At a correlation of -0.07, they often move in opposite directions. QLEIX charges 1.30%/yr vs 0.75%/yr for UUP.

Performance

QLEIX vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Long-Short Equity Fund (QLEIX) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLEIX achieves a 0.09% return, which is significantly lower than UUP's 3.66% return. Over the past 10 years, QLEIX has outperformed UUP with an annualized return of 12.01%, while UUP has yielded a comparatively lower 3.28% annualized return.

QLEIX

• 1D: -0.14%
• 1M: 1.97%
• YTD: 0.09%
• 6M: 3.69%
• 1Y: 15.71%
• 3Y*: 27.54%
• 5Y*: 21.76%
• 10Y*: 12.01%

UUP

• 1D: 0.65%
• 1M: 2.49%
• YTD: 3.66%
• 6M: 3.19%
• 1Y: 5.60%
• 3Y*: 4.04%
• 5Y*: 6.04%
• 10Y*: 3.28%

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

QLEIX vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLEIX AQR Long-Short Equity Fund	0.09%	34.43%	30.50%	23.95%	19.18%	31.10%	-13.92%	1.19%	-16.33%	15.74%
UUP Invesco DB US Dollar Index Bullish Fund	3.66%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%

Correlation

The correlation between QLEIX and UUP is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	-0.07

Return for Risk

QLEIX vs. UUP — Risk / Return Rank

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

QLEIX

QLEIX Risk / Return Rank: 55
QLEIX Sharpe Ratio Rank: 60
QLEIX Sortino Ratio Rank: 65
QLEIX Omega Ratio Rank: 58
QLEIX Calmar Ratio Rank: 51
QLEIX Martin Ratio Rank: 40

UUP

UUP Risk / Return Rank: 30
UUP Sharpe Ratio Rank: 29
UUP Sortino Ratio Rank: 28
UUP Omega Ratio Rank: 27
UUP Calmar Ratio Rank: 36
UUP Martin Ratio Rank: 31

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. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and Invesco DB US Dollar Index Bullish Fund (UUP). 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	UUP	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.01	+1.21
Sortino ratio: Return per unit of downside risk	3.27	1.46	+1.81
Omega ratio: Gain probability vs. loss probability	1.41	1.18	+0.23
Calmar ratio: Return relative to maximum drawdown	2.65	1.69	+0.96
Martin ratio: Return relative to average drawdown	8.35	4.49	+3.87
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. UUP - Sharpe Ratio Comparison

The current QLEIX Sharpe Ratio is 2.22, which is higher than the UUP Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of QLEIX and UUP, 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	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.01	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.17	0.84	+1.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.14	0.47	+0.67
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.20	+0.92

Drawdowns

QLEIX vs. UUP - Drawdown Comparison

The maximum QLEIX drawdown since its inception was -38.11%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for QLEIX and UUP.

Drawdown Indicators

	QLEIX	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-38.11%	-22.19%	-15.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-3.65%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	-7.07%	-10.05%	+2.98%
Max Drawdown (5Y) Largest decline over 5 years	-17.07%	-10.37%	-6.70%
Max Drawdown (10Y) Largest decline over 10 years	-38.11%	-14.24%	-23.87%
Current Drawdown Current decline from peak	-0.52%	-2.93%	+2.41%
Average Drawdown Average peak-to-trough decline	-7.73%	-8.91%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.37%	+0.54%

Volatility

QLEIX vs. UUP - Volatility Comparison

AQR Long-Short Equity Fund (QLEIX) has a higher volatility of 2.21% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.23%. This indicates that QLEIX's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLEIX	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	1.23%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	5.57%	4.26%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	7.20%	6.10%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.09%	7.22%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.58%	6.96%	+3.62%

QLEIX vs. UUP - Expense Ratio Comparison

QLEIX has a 1.30% expense ratio, which is higher than UUP's 0.75% expense ratio.

Dividends

QLEIX vs. UUP - Dividend Comparison

QLEIX's dividend yield for the trailing twelve months is around 1.75%, less than UUP's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLEIX AQR Long-Short Equity Fund	1.75%	1.75%	7.12%	20.88%	14.15%	0.00%	1.57%	0.00%	6.03%	9.11%	3.01%	4.98%
UUP Invesco DB US Dollar Index Bullish Fund	3.31%	3.43%	4.48%	6.44%	0.89%	0.00%	0.00%	2.03%	1.08%	0.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLEIX and UUP in my portfolio?

QLEIX and UUP have a correlation of -0.08, 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 UUP?

QLEIX has higher volatility (2.21%) compared to UUP (1.23%). In terms of maximum drawdown, QLEIX dropped -38.11% vs UUP's -22.19%.

Which has better risk-adjusted returns?

QLEIX currently has the higher Sharpe Ratio (2.22 vs 1.01), 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.