QLENX vs. QNZNX

Last updated Jun 24, 2026

QLENX (AQR Long-Short Equity Fund Class N) and QNZNX (AQR Trend Total Return Fund) are both mutual funds - QLENX is a Long-Short fund actively managed by AQR Funds, while QNZNX is a Systematic Trend fund actively managed by AQR Funds. Both are actively managed. Over the past 3 years, QLENX returned 25.46%/yr vs 30.04%/yr for QNZNX. A 0.77 correlation means they provide meaningful diversification when combined. QLENX charges 1.57%/yr vs 1.52%/yr for QNZNX.

Performance

QLENX vs. QNZNX - 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 Trend Total Return Fund (QNZNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLENX achieves a -0.63% return, which is significantly lower than QNZNX's 15.35% return.

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%

QNZNX

• 1D: 0.71%
• 1M: -0.75%
• YTD: 15.35%
• 6M: 15.35%
• 1Y: 36.55%
• 3Y*: 30.04%
• 5Y*: —
• 10Y*: —

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

QLENX vs. QNZNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QLENX AQR Long-Short Equity Fund Class N	-0.63%	34.07%	30.18%	23.67%	4.41%
QNZNX AQR Trend Total Return Fund	15.35%	22.88%	34.96%	22.73%	1.37%

Correlation

The correlation between QLENX and QNZNX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.77

Over the past year, the correlation between QLENX and QNZNX has dropped to 0.52 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

QLENX vs. QNZNX — Risk / Return Rank

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

QLENX

QLENX Risk / Return Rank: 54
QLENX Sharpe Ratio Rank: 61
QLENX Sortino Ratio Rank: 66
QLENX Omega Ratio Rank: 58
QLENX Calmar Ratio Rank: 49
QLENX Martin Ratio Rank: 38

QNZNX

QNZNX Risk / Return Rank: 95
QNZNX Sharpe Ratio Rank: 97
QNZNX Sortino Ratio Rank: 93
QNZNX Omega Ratio Rank: 90
QNZNX Calmar Ratio Rank: 98
QNZNX Martin Ratio Rank: 98

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. QNZNX - 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 Trend Total Return Fund (QNZNX). 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	QNZNX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	3.42	-1.31
Sortino ratio: Return per unit of downside risk	3.08	4.39	-1.31
Omega ratio: Gain probability vs. loss probability	1.39	1.61	-0.23
Calmar ratio: Return relative to maximum drawdown	2.56	7.71	-5.15
Martin ratio: Return relative to average drawdown	7.88	27.56	-19.68

QLENX vs. QNZNX - Sharpe Ratio Comparison

The current QLENX Sharpe Ratio is 2.11, which is lower than the QNZNX Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of QLENX and QNZNX, 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. QNZNX - Drawdown Comparison

The maximum QLENX drawdown since its inception was -38.50%, which is greater than QNZNX's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for QLENX and QNZNX.

Drawdown Indicators

	QLENX	QNZNX	Difference
Max Drawdown Largest peak-to-trough decline	-38.50%	-18.38%	-20.12%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-4.88%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	-13.48%	+6.39%
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	-1.26%	-2.74%	+1.48%
Average Drawdown Average peak-to-trough decline	-7.46%	-2.77%	-4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.36%	+0.61%

Volatility

QLENX vs. QNZNX - Volatility Comparison

The current volatility for AQR Long-Short Equity Fund Class N (QLENX) is 2.86%, while AQR Trend Total Return Fund (QNZNX) has a volatility of 3.42%. This indicates that QLENX experiences smaller price fluctuations and is considered to be less risky than QNZNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLENX	QNZNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	3.42%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	5.78%	7.51%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	7.40%	11.02%	-3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.01%	12.06%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	12.06%	-1.46%

QLENX vs. QNZNX - Expense Ratio Comparison

QLENX has a 1.57% expense ratio, which is higher than QNZNX's 1.52% expense ratio.

Dividends

QLENX vs. QNZNX - Dividend Comparison

QLENX's dividend yield for the trailing twelve months is around 1.65%, more than QNZNX's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QNZNX AQR Trend Total Return Fund	0.74%	0.86%	16.46%	23.14%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLENX and QNZNX in my portfolio?

QLENX and QNZNX have a correlation of 0.52, 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 QNZNX?

QNZNX has higher volatility (3.42%) compared to QLENX (2.86%). In terms of maximum drawdown, QLENX dropped -38.50% vs QNZNX's -18.38%.

Which has better risk-adjusted returns?

QNZNX currently has the higher Sharpe Ratio (3.42 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.