QLENX vs. HFMF

Last updated Jun 4, 2026

QLENX (AQR Long-Short Equity N) and HFMF (Unlimited HFMF Managed Futures ETF) are both funds - QLENX is a Long-Short fund actively managed by AQR Funds, while HFMF is a Systematic Trend fund actively managed by Unlimited. Both are actively managed. At a 0.26 correlation, their price movements are largely independent. QLENX charges 5.18%/yr vs 0.97%/yr for HFMF.

Performance

QLENX vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Long-Short Equity N (QLENX) and Unlimited HFMF Managed Futures ETF (HFMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLENX achieves a 0.29% return, which is significantly lower than HFMF's 7.67% return.

QLENX

• 1D: -0.19%
• 1M: 3.51%
• YTD: 0.29%
• 6M: 4.65%
• 1Y: 15.75%
• 3Y*: 27.39%
• 5Y*: 21.63%
• 10Y*: 11.73%

HFMF

• 1D: -0.58%
• 1M: -2.87%
• YTD: 7.67%
• 6M: 8.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLENX vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
QLENX AQR Long-Short Equity N	0.29%	16.25%
HFMF Unlimited HFMF Managed Futures ETF	7.67%	6.34%

Correlation

The correlation between QLENX and HFMF is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.26

Return for Risk

QLENX vs. HFMF — Risk / Return Rank

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

QLENX

QLENX Risk / Return Rank: 51
QLENX Sharpe Ratio Rank: 56
QLENX Sortino Ratio Rank: 60
QLENX Omega Ratio Rank: 54
QLENX Calmar Ratio Rank: 47
QLENX Martin Ratio Rank: 37

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. HFMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity N (QLENX) and Unlimited HFMF Managed Futures ETF (HFMF). 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.

	QLENX	HFMF	Difference
Sharpe ratio: Return per unit of total volatility	2.21	—	—
Sortino ratio: Return per unit of downside risk	3.25	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	2.62	—	—
Martin ratio: Return relative to average drawdown	8.18	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QLENX	HFMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.99	+0.24

Drawdowns

QLENX vs. HFMF - Drawdown Comparison

The maximum QLENX drawdown since its inception was -38.50%, which is greater than HFMF's maximum drawdown of -10.00%. Use the drawdown chart below to compare losses from any high point for QLENX and HFMF.

Drawdown Indicators

	QLENX	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-38.50%	-10.00%	-28.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	—	—
Current Drawdown Current decline from peak	-0.34%	-9.89%	+9.55%
Average Drawdown Average peak-to-trough decline	-7.48%	-2.86%	-4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	—	—

Volatility

Volatility by Period

	QLENX	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.27%	16.79%	-9.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.08%	16.79%	-6.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	16.79%	-6.20%

QLENX vs. HFMF - Expense Ratio Comparison

QLENX has a 5.18% expense ratio, which is higher than HFMF's 0.97% expense ratio.

Dividends

QLENX vs. HFMF - Dividend Comparison

QLENX's dividend yield for the trailing twelve months is around 1.63%, less than HFMF's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFMF Unlimited HFMF Managed Futures ETF	2.76%	2.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLENX AQR Long-Short Equity N	1.63%	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 HFMF in my portfolio?

QLENX and HFMF have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.