QLENX vs. BDMAX

Last updated Jun 14, 2026

QLENX (AQR Long-Short Equity Fund Class N) and BDMAX (BlackRock Global Equity Market Neutral Fund) are both mutual funds - QLENX is a Long-Short fund actively managed by AQR Funds, while BDMAX is a Equity Market Neutral fund actively managed by BlackRock. Both are actively managed. Over the past 10 years, QLENX returned 11.68%/yr vs 8.14%/yr for BDMAX. At a 0.27 correlation, their price movements are largely independent. QLENX charges 1.57%/yr vs 1.60%/yr for BDMAX.

Performance

QLENX vs. BDMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Long-Short Equity Fund Class N (QLENX) and BlackRock Global Equity Market Neutral Fund (BDMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLENX achieves a -1.51% return, which is significantly lower than BDMAX's 11.51% return. Over the past 10 years, QLENX has outperformed BDMAX with an annualized return of 11.68%, while BDMAX has yielded a comparatively lower 8.14% annualized return.

QLENX

• 1D: 0.90%
• 1M: 0.25%
• YTD: -1.51%
• 6M: -0.07%
• 1Y: 14.37%
• 3Y*: 25.84%
• 5Y*: 21.74%
• 10Y*: 11.68%

BDMAX

• 1D: 0.95%
• 1M: 2.32%
• YTD: 11.51%
• 6M: 13.10%
• 1Y: 21.47%
• 3Y*: 21.11%
• 5Y*: 12.45%
• 10Y*: 8.14%

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

QLENX vs. BDMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLENX AQR Long-Short Equity Fund Class N	-1.51%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.18%	1.01%	-16.64%	15.48%
BDMAX BlackRock Global Equity Market Neutral Fund	11.51%	18.08%	21.12%	14.27%	1.57%	3.11%	-0.05%	-1.02%	1.86%	12.57%

Correlation

The correlation between QLENX and BDMAX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jul 16, 2013	0.27

Over the past year, QLENX and BDMAX have become more correlated (0.55) than their long-term average of 0.27, meaning their price movements have been converging.

Return for Risk

QLENX vs. BDMAX — Risk / Return Rank

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

QLENX

QLENX Risk / Return Rank: 64
QLENX Sharpe Ratio Rank: 73
QLENX Sortino Ratio Rank: 75
QLENX Omega Ratio Rank: 70
QLENX Calmar Ratio Rank: 61
QLENX Martin Ratio Rank: 43

BDMAX

BDMAX Risk / Return Rank: 94
BDMAX Sharpe Ratio Rank: 96
BDMAX Sortino Ratio Rank: 94
BDMAX Omega Ratio Rank: 89
BDMAX Calmar Ratio Rank: 97
BDMAX Martin Ratio Rank: 95

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.

QLENX vs. BDMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund Class N (QLENX) and BlackRock Global Equity Market Neutral Fund (BDMAX). 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.

	QLENX	BDMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	3.04	-1.03
Sortino ratio: Return per unit of downside risk	2.93	4.46	-1.53
Omega ratio: Gain probability vs. loss probability	1.36	1.57	-0.20
Calmar ratio: Return relative to maximum drawdown	2.43	6.58	-4.15
Martin ratio: Return relative to average drawdown	7.52	18.08	-10.56

QLENX vs. BDMAX - Sharpe Ratio Comparison

The current QLENX Sharpe Ratio is 2.00, which is lower than the BDMAX Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of QLENX and BDMAX, 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

QLENX vs. BDMAX - Drawdown Comparison

The maximum QLENX drawdown since its inception was -38.50%, which is greater than BDMAX's maximum drawdown of -12.37%. Use the drawdown chart below to compare losses from any high point for QLENX and BDMAX.

Drawdown Indicators

	QLENX	BDMAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.50%	-12.37%	-26.13%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-3.25%	-2.84%
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	-4.15%	-2.94%
Max Drawdown (5Y) Largest decline over 5 years	-17.19%	-6.33%	-10.86%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-9.71%	-28.79%
Current Drawdown Current decline from peak	-2.13%	-1.37%	-0.76%
Average Drawdown Average peak-to-trough decline	-7.47%	-2.82%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.18%	+0.79%

Volatility

QLENX vs. BDMAX - Volatility Comparison

AQR Long-Short Equity Fund Class N (QLENX) and BlackRock Global Equity Market Neutral Fund (BDMAX) have volatilities of 2.67% and 2.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLENX	BDMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.64%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	5.80%	4.71%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	7.39%	7.05%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.09%	6.58%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	5.84%	+4.75%

QLENX vs. BDMAX - Expense Ratio Comparison

QLENX has a 1.57% expense ratio, which is lower than BDMAX's 1.60% expense ratio.

Dividends

QLENX vs. BDMAX - Dividend Comparison

QLENX's dividend yield for the trailing twelve months is around 1.66%, less than BDMAX's 8.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMAX BlackRock Global Equity Market Neutral Fund	8.02%	8.94%	13.39%	7.14%	0.00%	1.25%	0.04%	6.60%	0.85%	0.00%	0.00%	1.56%
QLENX AQR Long-Short Equity Fund Class N	1.66%	1.64%	7.13%	21.21%	14.09%	0.00%	1.59%	0.00%	6.09%	8.91%	2.87%	4.91%

Frequently Asked Questions

Can I hold both QLENX and BDMAX in my portfolio?

QLENX and BDMAX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLENX or BDMAX?

QLENX has higher volatility (2.67%) compared to BDMAX (2.64%). In terms of maximum drawdown, QLENX dropped -38.50% vs BDMAX's -12.37%.

Which has better risk-adjusted returns?

BDMAX currently has the higher Sharpe Ratio (3.04 vs 2.00), 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.