QLENX vs. SPEDX

Last updated Jun 4, 2026

QLENX (AQR Long-Short Equity N) and SPEDX (Alger Dynamic Opportunities Fund) are both Long-Short funds. Over the past 10 years, QLENX returned 11.73%/yr vs 9.08%/yr for SPEDX. At a 0.34 correlation, their price movements are largely independent. QLENX charges 5.18%/yr vs 0.91%/yr for SPEDX.

Performance

QLENX vs. SPEDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Long-Short Equity N (QLENX) and Alger Dynamic Opportunities Fund (SPEDX). 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 SPEDX's 7.08% return. Over the past 10 years, QLENX has outperformed SPEDX with an annualized return of 11.73%, while SPEDX has yielded a comparatively lower 9.08% annualized 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%

SPEDX

• 1D: 0.47%
• 1M: 4.58%
• YTD: 7.08%
• 6M: 6.70%
• 1Y: 10.62%
• 3Y*: 12.21%
• 5Y*: 4.32%
• 10Y*: 9.08%

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

QLENX vs. SPEDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLENX AQR Long-Short Equity N	0.29%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.18%	1.01%	-16.64%	15.48%
SPEDX Alger Dynamic Opportunities Fund	7.08%	6.22%	23.03%	4.24%	-13.90%	3.96%	47.30%	12.79%	-2.32%	9.46%

Correlation

The correlation between QLENX and SPEDX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jul 17, 2013	0.34

The correlation between QLENX and SPEDX shifts across timeframes, from 0.26 (5 years) to 0.40 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

QLENX vs. SPEDX — 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

SPEDX

SPEDX Risk / Return Rank: 12
SPEDX Sharpe Ratio Rank: 13
SPEDX Sortino Ratio Rank: 13
SPEDX Omega Ratio Rank: 12
SPEDX Calmar Ratio Rank: 12
SPEDX Martin Ratio Rank: 11

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. SPEDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity N (QLENX) and Alger Dynamic Opportunities Fund (SPEDX). 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	SPEDX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	0.98	+1.23
Sortino ratio: Return per unit of downside risk	3.25	1.44	+1.81
Omega ratio: Gain probability vs. loss probability	1.40	1.17	+0.23
Calmar ratio: Return relative to maximum drawdown	2.62	1.17	+1.45
Martin ratio: Return relative to average drawdown	8.18	3.26	+4.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLENX vs. SPEDX - Sharpe Ratio Comparison

The current QLENX Sharpe Ratio is 2.21, which is higher than the SPEDX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of QLENX and SPEDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QLENX	SPEDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	0.98	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.16	0.37	+1.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.11	0.71	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.55	+0.67

Drawdowns

QLENX vs. SPEDX - Drawdown Comparison

The maximum QLENX drawdown since its inception was -38.50%, which is greater than SPEDX's maximum drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for QLENX and SPEDX.

Drawdown Indicators

	QLENX	SPEDX	Difference
Max Drawdown Largest peak-to-trough decline	-38.50%	-29.02%	-9.48%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-9.18%	+3.09%
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	-13.23%	+6.14%
Max Drawdown (5Y) Largest decline over 5 years	-17.19%	-29.02%	+11.83%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-29.02%	-9.48%
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-7.48%	-6.95%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	3.28%	-1.33%

Volatility

QLENX vs. SPEDX - Volatility Comparison

The current volatility for AQR Long-Short Equity N (QLENX) is 2.21%, while Alger Dynamic Opportunities Fund (SPEDX) has a volatility of 3.93%. This indicates that QLENX experiences smaller price fluctuations and is considered to be less risky than SPEDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLENX	SPEDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	3.93%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	5.60%	8.21%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	7.27%	10.94%	-3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.08%	11.83%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	12.85%	-2.26%

QLENX vs. SPEDX - Expense Ratio Comparison

QLENX has a 5.18% expense ratio, which is higher than SPEDX's 0.91% expense ratio.

Dividends

QLENX vs. SPEDX - Dividend Comparison

QLENX's dividend yield for the trailing twelve months is around 1.63%, more than SPEDX's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPEDX Alger Dynamic Opportunities Fund	0.08%	0.09%	0.00%	0.00%	0.00%	5.69%	4.94%	3.75%	1.92%	0.00%	0.32%	0.00%

Frequently Asked Questions

Can I hold both QLENX and SPEDX in my portfolio?

QLENX and SPEDX have a correlation of 0.36, 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 SPEDX?

SPEDX has higher volatility (3.93%) compared to QLENX (2.21%). In terms of maximum drawdown, QLENX dropped -38.50% vs SPEDX's -29.02%.

Which has better risk-adjusted returns?

QLENX currently has the higher Sharpe Ratio (2.21 vs 0.98), 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.