QLEIX vs. VMNIX

Last updated Jun 24, 2026

QLEIX (AQR Long-Short Equity Fund) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both Long-Short funds. Over the past 10 years, QLEIX returned 12.26%/yr vs 5.30%/yr for VMNIX. At a 0.40 correlation, their price movements are largely independent. QLEIX charges 1.30%/yr vs 1.25%/yr for VMNIX.

Performance

QLEIX vs. VMNIX - Performance Comparison

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

Returns By Period

In the year-to-date period, QLEIX achieves a -0.52% return, which is significantly lower than VMNIX's 14.39% return. Over the past 10 years, QLEIX has outperformed VMNIX with an annualized return of 12.26%, while VMNIX has yielded a comparatively lower 5.30% annualized 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%

VMNIX

• 1D: 1.21%
• 1M: 3.92%
• YTD: 14.39%
• 6M: 15.13%
• 1Y: 21.71%
• 3Y*: 13.98%
• 5Y*: 14.13%
• 10Y*: 5.30%

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

QLEIX vs. VMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLEIX AQR Long-Short Equity Fund	-0.52%	34.43%	30.50%	23.95%	19.18%	31.10%	-13.92%	1.19%	-16.33%	15.74%
VMNIX Vanguard Market Neutral Fund Institutional Shares	14.39%	9.36%	5.84%	12.33%	13.47%	23.39%	-11.58%	-9.48%	0.66%	-4.83%

Correlation

The correlation between QLEIX and VMNIX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.40

The correlation between QLEIX and VMNIX shifts across timeframes, from 0.21 (1 year) to 0.48 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

QLEIX vs. VMNIX — Risk / Return Rank

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

QLEIX

QLEIX Risk / Return Rank: 57
QLEIX Sharpe Ratio Rank: 64
QLEIX Sortino Ratio Rank: 69
QLEIX Omega Ratio Rank: 61
QLEIX Calmar Ratio Rank: 52
QLEIX Martin Ratio Rank: 40

VMNIX

VMNIX Risk / Return Rank: 88
VMNIX Sharpe Ratio Rank: 92
VMNIX Sortino Ratio Rank: 92
VMNIX Omega Ratio Rank: 85
VMNIX Calmar Ratio Rank: 93
VMNIX Martin Ratio Rank: 76

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. VMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX). 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	VMNIX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.85	-0.69
Sortino ratio: Return per unit of downside risk	3.15	4.31	-1.16
Omega ratio: Gain probability vs. loss probability	1.40	1.53	-0.13
Calmar ratio: Return relative to maximum drawdown	2.64	4.77	-2.13
Martin ratio: Return relative to average drawdown	8.20	13.45	-5.25

QLEIX vs. VMNIX - Sharpe Ratio Comparison

The current QLEIX Sharpe Ratio is 2.16, which is comparable to the VMNIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of QLEIX and VMNIX, 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. VMNIX - Drawdown Comparison

The maximum QLEIX drawdown since its inception was -38.11%, which is greater than VMNIX's maximum drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for QLEIX and VMNIX.

Drawdown Indicators

	QLEIX	VMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.11%	-27.90%	-10.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.01%	-4.67%	-1.34%
Max Drawdown (3Y) Largest decline over 3 years	-7.07%	-5.36%	-1.71%
Max Drawdown (5Y) Largest decline over 5 years	-17.07%	-6.69%	-10.38%
Max Drawdown (10Y) Largest decline over 10 years	-38.11%	-24.95%	-13.16%
Current Drawdown Current decline from peak	-1.13%	0.00%	-1.13%
Average Drawdown Average peak-to-trough decline	-7.70%	-8.75%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.65%	+0.28%

Volatility

QLEIX vs. VMNIX - Volatility Comparison

AQR Long-Short Equity Fund (QLEIX) has a higher volatility of 2.82% compared to Vanguard Market Neutral Fund Institutional Shares (VMNIX) at 2.26%. This indicates that QLEIX's price experiences larger fluctuations and is considered to be riskier than VMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLEIX	VMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.26%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	5.72%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	7.37%	7.82%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.02%	7.23%	+2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	6.43%	+4.16%

QLEIX vs. VMNIX - Expense Ratio Comparison

QLEIX has a 1.30% expense ratio, which is higher than VMNIX's 1.25% expense ratio.

Dividends

QLEIX vs. VMNIX - Dividend Comparison

QLEIX's dividend yield for the trailing twelve months is around 1.76%, less than VMNIX's 3.12% 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%
VMNIX Vanguard Market Neutral Fund Institutional Shares	3.12%	3.59%	5.67%	5.15%	0.78%	0.20%	0.86%	3.23%	1.00%	1.16%	0.45%	0.10%

Frequently Asked Questions

Can I hold both QLEIX and VMNIX in my portfolio?

QLEIX and VMNIX have a correlation of 0.21, 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 VMNIX?

QLEIX has higher volatility (2.82%) compared to VMNIX (2.26%). In terms of maximum drawdown, QLEIX dropped -38.11% vs VMNIX's -27.90%.

Which has better risk-adjusted returns?

VMNIX currently has the higher Sharpe Ratio (2.85 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.