QLENX vs. QMNNX

Last updated Aug 1, 2026

QLENX (AQR Long-Short Equity Fund Class N) and QMNNX (AQR Equity Market Neutral Fund Class N) are both mutual funds - QLENX is a Long-Short fund actively managed by AQR, while QMNNX is a Equity Market Neutral fund actively managed by AQR. Both are actively managed. Over the past 10 years, QLENX returned 11.45%/yr vs 5.90%/yr for QMNNX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. QLENX charges 1.57%/yr vs 1.62%/yr for QMNNX.

Performance

QLENX vs. QMNNX - Performance Comparison

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

Returns By Period

In the year-to-date period, QLENX achieves a 0.24% return, which is significantly higher than QMNNX's -6.23% return. Over the past 10 years, QLENX has outperformed QMNNX with an annualized return of 11.45%, while QMNNX has yielded a comparatively lower 5.90% annualized return.

QLENX

• 1D: 2.08%
• 1M: 4.57%
• 6M: 1.48%
• YTD: 0.24%
• 1Y: 15.89%
• 3Y*: 24.27%
• 5Y*: 22.62%
• 10Y*: 11.45%
• ALL TIME*: 12.46%

QMNNX

• 1D: 1.24%
• 1M: 3.72%
• 6M: -3.21%
• YTD: -6.23%
• 1Y: 5.21%
• 3Y*: 17.30%
• 5Y*: 18.24%
• 10Y*: 5.90%
• ALL TIME*: 6.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QLENX AQR Long-Short Equity Fund Class N	$0.00	$0.00	$0.00
QMNNX AQR Equity Market Neutral Fund Class N	$0.00	$0.00	$0.00

QLENX vs. QMNNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLENX AQR Long-Short Equity Fund Class N	0.24%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.18%	1.01%	-16.64%	15.48%
QMNNX AQR Equity Market Neutral Fund Class N	-6.23%	26.19%	25.43%	16.30%	27.07%	17.38%	-19.79%	-11.55%	-11.94%	5.56%

Correlation

The correlation between QLENX and QMNNX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.75

The correlation between QLENX and QMNNX has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

Return for Risk

QLENX vs. QMNNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QLENX

QLENX Risk / Return Rank: 75
QLENX Sharpe Ratio Rank: 81
QLENX Sortino Ratio Rank: 82
QLENX Omega Ratio Rank: 79
QLENX Calmar Ratio Rank: 79
QLENX Martin Ratio Rank: 55

QMNNX

QMNNX Risk / Return Rank: 18
QMNNX Sharpe Ratio Rank: 23
QMNNX Sortino Ratio Rank: 22
QMNNX Omega Ratio Rank: 21
QMNNX Calmar Ratio Rank: 12
QMNNX Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QLENX vs. QMNNX - 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 Equity Market Neutral Fund Class N (QMNNX). 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	QMNNX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	0.78	+1.13
Sortino ratio: Return per unit of downside risk	2.84	1.15	+1.69
Omega ratio: Gain probability vs. loss probability	1.35	1.14	+0.22
Calmar ratio: Return relative to maximum drawdown	2.55	0.55	+2.00
Martin ratio: Return relative to average drawdown	7.15	1.14	+6.02

QLENX vs. QMNNX - Sharpe Ratio Comparison

The current QLENX Sharpe Ratio is 1.90, which is higher than the QMNNX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of QLENX and QMNNX, 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. QMNNX - Drawdown Comparison

The maximum QLENX drawdown since its inception was -38.50%, roughly equal to the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for QLENX and QMNNX.

Drawdown Indicators

	QLENX	QMNNX	Difference
Max Drawdown Largest peak-to-trough decline	-38.50%	-39.22%	+0.72%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-9.96%	+3.87%
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	-9.96%	+2.87%
Max Drawdown (5Y) Largest decline over 5 years	-17.19%	-13.98%	-3.21%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-39.22%	+0.72%
Current Drawdown Current decline from peak	-0.39%	-6.61%	+6.22%
Average Drawdown Average peak-to-trough decline	-7.42%	-10.57%	+3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	4.76%	-2.60%

Volatility

QLENX vs. QMNNX - Volatility Comparison

AQR Long-Short Equity Fund Class N (QLENX) has a higher volatility of 3.42% compared to AQR Equity Market Neutral Fund Class N (QMNNX) at 2.61%. This indicates that QLENX's price experiences larger fluctuations and is considered to be riskier than QMNNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLENX	QMNNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	2.61%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	6.70%	5.65%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	8.15%	7.00%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.03%	9.30%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	8.35%	+2.25%

QLENX vs. QMNNX - Expense Ratio Comparison

QLENX has a 1.57% expense ratio, which is lower than QMNNX's 1.62% expense ratio.

Dividends

QLENX vs. QMNNX - Dividend Comparison

QLENX's dividend yield for the trailing twelve months is around 1.63%, more than QMNNX's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLENX AQR Long-Short Equity Fund Class 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%
QMNNX AQR Equity Market Neutral Fund Class N	1.34%	1.26%	6.06%	21.67%	5.77%	1.41%	17.64%	3.86%	0.49%	3.37%	1.19%	2.51%

Frequently Asked Questions

Can I hold both QLENX and QMNNX in my portfolio?

QLENX and QMNNX have a correlation of 0.72, 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 QMNNX?

QLENX has higher volatility (3.42%) compared to QMNNX (2.61%). In terms of maximum drawdown, QLENX dropped -38.50% vs QMNNX's -39.22%.

Which has better risk-adjusted returns?

QLENX currently has the higher Sharpe Ratio (1.90 vs 0.78), 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.