QLENX vs. RCTIX

Last updated Jul 15, 2026

QLENX (AQR Long-Short Equity Fund Class N) and RCTIX (River Canyon Total Return Bond Fund) are both mutual funds - QLENX is a Long-Short fund actively managed by AQR Funds, while RCTIX is a Short-Term Bond fund managed by River Canyon. Over the past 10 years, QLENX returned 11.38%/yr vs 5.51%/yr for RCTIX. At a 0.02 correlation, their price movements are largely independent. QLENX charges 1.57%/yr vs 0.89%/yr for RCTIX.

Performance

QLENX vs. RCTIX - Performance Comparison

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

Returns By Period

In the year-to-date period, QLENX achieves a -1.56% return, which is significantly lower than RCTIX's 1.11% return. Over the past 10 years, QLENX has outperformed RCTIX with an annualized return of 11.38%, while RCTIX has yielded a comparatively lower 5.51% annualized return.

QLENX

• 1D: 0.25%
• 1M: -0.64%
• 6M: -0.39%
• YTD: -1.56%
• 1Y: 13.62%
• 3Y*: 24.38%
• 5Y*: 22.11%
• 10Y*: 11.38%

RCTIX

• 1D: -0.20%
• 1M: 0.30%
• 6M: 0.71%
• YTD: 1.11%
• 1Y: 4.45%
• 3Y*: 7.36%
• 5Y*: 4.44%
• 10Y*: 5.51%

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

QLENX vs. RCTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLENX AQR Long-Short Equity Fund Class N	-1.56%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.18%	1.01%	-16.64%	15.48%
RCTIX River Canyon Total Return Bond Fund	1.11%	7.75%	7.49%	10.02%	-4.07%	4.26%	6.42%	11.71%	1.82%	9.76%

Correlation

The correlation between QLENX and RCTIX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.02

Return for Risk

QLENX vs. RCTIX — Risk / Return Rank

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

QLENX

QLENX Risk / Return Rank: 62
QLENX Sharpe Ratio Rank: 71
QLENX Sortino Ratio Rank: 73
QLENX Omega Ratio Rank: 68
QLENX Calmar Ratio Rank: 59
QLENX Martin Ratio Rank: 39

RCTIX

RCTIX Risk / Return Rank: 83
RCTIX Sharpe Ratio Rank: 77
RCTIX Sortino Ratio Rank: 79
RCTIX Omega Ratio Rank: 79
RCTIX Calmar Ratio Rank: 91
RCTIX Martin Ratio Rank: 87

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. RCTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund Class N (QLENX) and River Canyon Total Return Bond Fund (RCTIX). 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	RCTIX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.98	-0.12
Sortino ratio: Return per unit of downside risk	2.72	2.93	-0.21
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.35	3.81	-1.46
Martin ratio: Return relative to average drawdown	6.73	12.60	-5.87

QLENX vs. RCTIX - Sharpe Ratio Comparison

The current QLENX Sharpe Ratio is 1.86, which is comparable to the RCTIX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of QLENX and RCTIX, 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. RCTIX - Drawdown Comparison

The maximum QLENX drawdown since its inception was -38.50%, which is greater than RCTIX's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for QLENX and RCTIX.

Drawdown Indicators

	QLENX	RCTIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.50%	-10.89%	-27.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-1.20%	-4.89%
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	-1.48%	-5.61%
Max Drawdown (5Y) Largest decline over 5 years	-17.19%	-6.17%	-11.02%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-10.89%	-27.61%
Current Drawdown Current decline from peak	-2.17%	-0.41%	-1.76%
Average Drawdown Average peak-to-trough decline	-7.44%	-1.07%	-6.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	0.36%	+1.76%

Volatility

QLENX vs. RCTIX - Volatility Comparison

AQR Long-Short Equity Fund Class N (QLENX) has a higher volatility of 3.11% compared to River Canyon Total Return Bond Fund (RCTIX) at 0.75%. This indicates that QLENX's price experiences larger fluctuations and is considered to be riskier than RCTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLENX	RCTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	0.75%	+2.36%
Volatility (6M) Calculated over the trailing 6-month period	6.23%	1.89%	+4.34%
Volatility (1Y) Calculated over the trailing 1-year period	7.72%	2.32%	+5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.03%	2.50%	+7.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.57%	3.74%	+6.83%

QLENX vs. RCTIX - Expense Ratio Comparison

QLENX has a 1.57% expense ratio, which is higher than RCTIX's 0.89% expense ratio.

Dividends

QLENX vs. RCTIX - Dividend Comparison

QLENX's dividend yield for the trailing twelve months is around 1.66%, less than RCTIX's 7.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RCTIX River Canyon Total Return Bond Fund	7.32%	7.31%	7.89%	8.50%	5.98%	3.02%	5.97%	4.97%	3.30%	4.89%	2.16%	0.00%

Frequently Asked Questions

Can I hold both QLENX and RCTIX in my portfolio?

QLENX and RCTIX have a correlation of -0.01, 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 RCTIX?

QLENX has higher volatility (3.11%) compared to RCTIX (0.75%). In terms of maximum drawdown, QLENX dropped -38.50% vs RCTIX's -10.89%.

Which has better risk-adjusted returns?

RCTIX currently has the higher Sharpe Ratio (1.98 vs 1.86), 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.