QLENX vs. QLEIX
QLENX (AQR Long-Short Equity Fund Class N) and QLEIX (AQR Long-Short Equity Fund) are both Long-Short funds from AQR Funds. Both are actively managed. Over the past 10 years, QLENX returned 11.97%/yr vs 12.26%/yr for QLEIX. With a 1.00 correlation, they move nearly in lockstep. QLENX charges 1.57%/yr vs 1.30%/yr for QLEIX.
Performance
QLENX vs. QLEIX - Performance Comparison
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Returns By Period
In the year-to-date period, QLENX achieves a -0.63% return, which is significantly lower than QLEIX's -0.52% return. Both investments have delivered pretty close results over the past 10 years, with QLENX having a 11.97% annualized return and QLEIX not far ahead at 12.26%.
QLENX
- 1D
- 0.20%
- 1M
- 1.14%
- YTD
- -0.63%
- 6M
- -1.26%
- 1Y
- 15.19%
- 3Y*
- 25.46%
- 5Y*
- 23.16%
- 10Y*
- 11.97%
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%
QLENX vs. QLEIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QLENX AQR Long-Short Equity Fund Class N | -0.63% | 34.07% | 30.18% | 23.67% | 18.92% | 30.70% | -14.18% | 1.01% | -16.64% | 15.48% |
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% |
Correlation
The correlation between QLENX and QLEIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 1.00 |
The correlation between QLENX and QLEIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
QLENX vs. QLEIX — Risk / Return Rank
QLENX
QLEIX
QLENX vs. QLEIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund Class N (QLENX) and AQR Long-Short Equity Fund (QLEIX). 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 | QLEIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.40 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.64 | -0.08 |
| Martin ratioReturn relative to average drawdown | 7.88 | 8.20 | -0.33 |
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Drawdowns
QLENX vs. QLEIX - Drawdown Comparison
The maximum QLENX drawdown since its inception was -38.50%, roughly equal to the maximum QLEIX drawdown of -38.11%. Use the drawdown chart below to compare losses from any high point for QLENX and QLEIX.
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Drawdown Indicators
| QLENX | QLEIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.50% | -38.11% | -0.39% |
Max Drawdown (1Y)Largest decline over 1 year | -6.09% | -6.01% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.09% | -7.07% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -17.19% | -17.07% | -0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -38.50% | -38.11% | -0.39% |
Current DrawdownCurrent decline from peak | -1.26% | -1.13% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -7.46% | -7.70% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 1.93% | +0.04% |
Volatility
QLENX vs. QLEIX - Volatility Comparison
AQR Long-Short Equity Fund Class N (QLENX) and AQR Long-Short Equity Fund (QLEIX) have volatilities of 2.86% and 2.82%, 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.
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Volatility by Period
| QLENX | QLEIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.86% | 2.82% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 5.76% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.40% | 7.37% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.01% | 10.02% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.60% | 10.59% | +0.01% |
QLENX vs. QLEIX - Expense Ratio Comparison
QLENX has a 1.57% expense ratio, which is higher than QLEIX's 1.30% expense ratio.
Dividends
QLENX vs. QLEIX - Dividend Comparison
QLENX's dividend yield for the trailing twelve months is around 1.65%, less than QLEIX's 1.76% 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% |
QLENX AQR Long-Short Equity Fund Class N | 1.65% | 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
With a correlation of 1.00, QLENX and QLEIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
QLENX has higher volatility (2.86%) compared to QLEIX (2.82%). In terms of maximum drawdown, QLENX dropped -38.50% vs QLEIX's -38.11%.
QLEIX currently has the higher Sharpe Ratio (2.16 vs 2.11), 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.
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